Thanks John, useful roundup
I find it interesting that the system I'm using doesn't include a snapshot of accounts payable and receivable on the dashboard, but shows me a graph of monthly billings - which is fine, but not as useful as knowing who I need to pay and who I need to chase. Actually I think the dashboard should allow for a degree of customisation.
I'm afraid there are more where those came from, but not uploaded yet.
Helpful person on their online chat service solved the bank matching problem, for which I'm truly grateful, but it wasn't quite as straightforward as I thought it might be. We don't seem to have arrived at the "the system will do it all for you" utopian state we've been led to expect, just yet.
ooops! Now I know who my friends are Mark!
Having spent most of last night trying and failing to persuade my mainstream cloud based accounting software to recognise bank transactions where payee and amounts obviously match transactions I've already input but where it seemed to throw a hissy fit, I'm sceptical. Having said that, Applepay seems to be a convenient mechanism and no doubt other FAANGs participants are going to need to expand into this market. This is clearly going to develop, probably in unexpected ways, but having watched the banks in the 1980s try and fail to supplant the need for bookkeeping, and with the aforementioned frustrations demonstrating that the software companies don't really understand transactions very well, it may take some time and provide accountants with a good deal of work. Finally, my journey into cloud accounting makes me wonder about the training of firms' staff if they are really going to be effective in implementing cloud based systems for clients.
Thanks Rebecca - clear and concise as always
Rebecca - a clear well argued article as always.
The lack of clarity re tax software and the lack of available information about a taxpayer's affairs (I still don't know why there was underpaid tax of £80 to be collected when I did my SA return this year, but it would seem to date from 14/15 and I lost the will to live trying to track it down) but I think the software vs legislation problem goes deeper than this.
Financial reporting software presents similar issues as does audit software.
At our AGM last year, a member of SPA (Society of Professional Accountants) raised the question of the liability of a practitioner using or recommending software for submission of clients' financial information to HMRC or Companies House, where an error occurs due to faults in the software and which may not be covered by PI insurance. It's a very tangled web indeed.
Thanks Rebecca - think I can feel another song coming on!
A number of things:
I'm reading Robert Harris' the Fear Index at the moment - probably not his best book, but an interesting hybrid between The Big Short and I Robot - maybe this summer's reading list.
On a more mundane level, a colleague raised the issue of the PII position when Practitioners are using software to make submissions to HMRC on behalf of clients. or where clients are making submissions themselves using software recommended by their accountants - the position seems far from clear and practitioners may be well advised to check their position with their broker.
More generally, we are clearly seeing changes driven by technology - one person's efficiency gain is another's deskilling - which give opportunities as well as threats.