Member Since: 25th Apr 2013
2nd Mar 2018
The battle seems to be between quickbooks and xero for supremacy and sage is playing catch up due to complacency though the damage may already been done. I just don't see many accountants recommending Sage to their clients.
I really like quickbooks as a company and how they take care of accountants. When I first come across Quickbooks online I liked the design, functionality and ease of use. Though they seemed to have changed design and layout. Furthermore, the new payroll tool is poor as they could have made it much better. It still has flaws. They should really concentrate on making its core offering as perfect as they can before delving into practice management tools which is nice and very basic but risk just being involved on many areas and hence risk being jack of all trades and master of none.
Sorry, was the practice assistant part demonstrated at quickbooks connect where you can ask questions to the software verbally and an answer would be provided (similar to Siri on the iphone) ?
7th Feb 2017
Should it be moneybox on 11th Feb not 1st Feb ?
7th Feb 2017
The majority of our clients use cloud accounting software
Some don't use it but we have no idea when to move them when we don't know how the pricing of software is going to work. Someone is going to pay for the "free" software. Who the client or the accountant.
Will clients move. If they could cope with MTD then they also clever enough to file their self assessment return now unless I am missing something.
Its far far too early to discuss software etc with clients when nearly everything is still up in the air and HMRC may change the goalposts which will then mean contacting clients again. I agree you should email clients in very general terms- MTD is coming so beware or be doomed.
Contact clients later when there is certainty as clients will come back with lots of questions which cannot be answered at this stage
3rd Feb 2017
I guess they are only interested in looking into personal tax accounts and later they will try to figure how to deal with business tax accounts so many questions but so few answers. Accountants need to know exactly how it works (and costs) now then we can start preparing our clients. This is the ideal time to prepare hence everything should be finalised at this point in time not six months later. Should just put their hands up and postpone it for year.
Do the software providers know what to do ? How can some charge and some won't - doesn't make sense as the sole traders will go to the ones that is free even though the software may not be that great. HMRC must be subsidising the software companies. Maybe its free for the first year.
3rd Feb 2017
Little unclear how the data will flow say for a micro company
Will data flow from the Clouding accounting software to Accounts Production software then to Corporation Tax Software or will the data just flow from the Cloud Accounting Software to Accounts Production then to HMRC to file a Corporation Tax ?
What software will be free - will it be the data capture and cloud accounting software. Is HMRC subsidising the software development companies
I didn't see any mention of the software developers e.g freeagent, quickbooks. Is HMRC just dealing with a few software companies ?
28th Apr 2016
I agree it does look bleak for those clients who are Tech savvy. However it may take for them to realise how easy it is - I bet some of them could easily complete a self assessment return now
I think the high street accountant will start to see a drift as price of a tax return will be a factor too. It may create an opportunity to train clients and organise them.
Some will leave but sure something will come along to keep the work ticking by. I have already start planning a few things that will keep my head above water. I know I will never make a lucrative living from accountancy due to MTD and competition but as long as it keeps me busy and earn a fair amount then I am happy. I guess there are other more important things in life to worry about than MTD.
28th Apr 2016
I don't have a problem with Receipt Bank the software as its good in parts but I do with the company itself. They simply do not listen to accountants i.e Pricing. I don't get a good vibe when dealing with Receipt bank as if I am not wanted and they are doing me a favour.
Not sure RB actually like accountants apart from the fact they can access their clients but this maybe a mute point in future.
Of course the accountant will be bypassed in due course, its dog eat dog and neither HMRC or the software houses will need them or particularly care for that matter.
21st Oct 2015
Having checked for jobs on some websites, I see many employers decreasing the salary range knowing that there are still many accountants looking for work.
I supposed if you have Niche skills then there will always be a demand
I think supply will always exceed demand at the lower end of the market whatever the surveys say which tend to be biased.
13th Feb 2015
Well I agree with the report findings, fraud is rife. Its really a ME culture and trying to get whatever they can. It does make me sad that people do not care
I saw it at first hand in my previous organisation. Growing company lacking in controls and so many people taking advantage and making large sums of money on the side, Management turned a blind eye to certain things. It was disheartening to see even though it was not my money at stake. Certainly, it was an eye opener and only good thing that resulted from the fraud is that I can advise my clients to make sure they put in controls at the earliest and be more suspicious of odd behaviour like if their employees insist in using certain suppliers
Organisations should be trained on how to prevent and detect fraud.
6th Jan 2015
learning the hard way
Its not possible to check every transaction but obviously you can concentrate on the risk areas and spend time on those areas. Unless you do the book-keeping you are dependent on the client booking everything correct but what I have found most have a casual approach hence the errors and I do correct or clear up where I can and the amounts are material but not possible to do everything. I seem to pick up clients that are either behind with the book-keeping then with deadlines approaching they just quickly manage to do the book-keeping over six weeks and then there are so many errors.
From 2015 I have changed my approach for new clients and be in control. I perhaps have been little pressurised to meet their deadlines in the past and been naive. I have taken on clients which I needed being still relatively new to practice but have been totally disorganised hence causing me problems
However, now its going to be my way or the highway. I have changed the engagement letter so clients know what is expected. I will try to educate them more from the outset and be even more involved in their business. Try to anticipate potential problems, be wiser if this client is going to be lax with record keeping which mean more risk of errors. Scrutinise the accounts and take more time over them.
I noticed sole practitioners seems to be more meticulous than larger practices who seem just to be filing service and do not really spend any time looking at the accounts and picking up errors. I recently picked up a client from a smallish practice and they just filed the accounts without asking any questions to the client. I normally have at least 10 questions.