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MTD ITSA: How 17 accountants are feeling and preparing

28th Nov 2022
Brought to you by
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Award winning CRM & practice management software

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We’ve been asking accountants and bookkeepers how they’re feeling and preparing for MTD for ITSA.

How do you feel about MTD ITSA?

If the comments on AccountingWEB are anything to go by, you might think the whole profession is up in arms about MTD ITSA. If so, you’ll be surprised with the glimmer of positivity that crept through in these responses.

am1

How are you preparing your clients?

Back in July, we explored MTD ITSA with BTC Software, FreeAgent and IRIS and how it’s both a behaviour shift and a mindset shift for you and your clients. Their advice for preparing clients was to take action as soon as possible by:

  • Making your clients aware that MTD ITSA is coming and what it means for them
  • Moving clients onto software to keep digital records

The majority of accountants and bookkeepers we asked have made their clients aware and have started moving clients onto accounting software. One is planning for a pilot year and a couple admit to not doing anything yet. How does your practice compare?

am2

What do you see as the problems?

You probably don’t need to be told what the areas of concern are with MTD ITSA. Seeing them written down by fellow accountants and bookkeepers isn’t intended to stress you out further, but to remind you that you’re not alone.

Write down your own fears

If you do feel stressed, use this as an opportunity to get your problems down on paper and explore strategies that could help. Is it new pricing packages depending on how much work you will do versus how much your clients can take on themselves? Is it hiring extra part-time staff or reaching out to other practices to outsource? Is it a clear calendar for when clients need to submit information and penalties if these are missed?

am3

What do you see as opportunities?

When we talk about the ‘opportunities’ of MTD ITSA, we worry that accountants and bookkeepers up and down the country are flipping tables in disagreement. So it was reassuring to read these responses. (Only two flipped tables.)

Most interesting of all is the correlation between the problems our respondents listed – and the opportunities. Increased work and fees is both a problem – and an opportunity. As is moving clients onto software.

So how do you turn a problem into an opportunity? It all comes down to – as one person says – having robust systems and processes in place.

am4

Talking of robust systems…

While practice management software like AccountancyManager won’t magically solve every problem, it will help you manage an increased workload, avoid bottlenecks and communicate with the right clients at the right time.

  • Control your internal deadlines and set targets to free up time for busy periods
  • Get automatically generated (and highly filterable) Task Lists of all client deadlines
  • See all work in progress and records received
  • Automatically chase clients for records and e-signatures
  • Share and reallocate work between colleagues
  • Set up steps for each Task for consistency across your practice
  • Calculate how much time each job takes to complete
  • Use AccountancyManager as your master client data and – through our integrations – automatically keep your accounting software up to date
  • Save hours of time on admin and onboarding new clients

Join our next live demo of AccountancyManager

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