How to bring bookkeeping in-house: A step-by-step guide

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As the world begins to reopen and business owners get back to doing what they do best, bookkeeping is likely to be low on the list - with income-generating work at the forefront of their minds after 18 months of upheaval.

However, with the tax system taking a turn towards more digital record keeping, in the form of Making Tax Digital (MTD) changes for voluntarily VAT-registered businesses in April 2022 and MTD for Income Tax Self Assessment (MTD ITSA) in April 2023, the argument for in-house bookkeeping has never been stronger.

Many traders may lack the skills or time to do this record-keeping themselves, making it the perfect opportunity for accountants to not only expand their portfolio but re-engage with clients and build closer relationships.

This step-by-step guide takes a look at:

  • How you can educate and support small business before the first changes in April 2022
  • Why these changes could be an opportunity to open the door to potential new clients who have never needed an accountant before
  • How in-house bookkeeping presents an opportunity to generate recurring monthly revenue in addition to the annual fee, which in turn helps the cash flow of your clients’ businesses
  • Why this is an opportunity to encourage clients to turn providing digital receipts and invoices into a habit rather than it being considered a chore
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