Exhibition round-up: Swoop opens accountant portalby
Some suppliers hoarded news of their latest product developments to unleash at Accountex this week. Tom Herbert navigates his way around the announcements.
Swoop opens Advisor Portal
Online finance marketplace Swoop has added an Advisor Portal to give accountants a clearer view of funding options ranging from grants, to finance and equity offers. The advisers can choose a product and make applications on screen to get swift answers and strengthen their client relationships, the company said.
Swoop founder and CEO Andrea Reyolds commented: “Accountants are often the first people business owners ask about funding. In the past, finding the right grant or financial product meant hours of searching for the best deals – and you never know if there is a better deal around the corner. Swoop’s Advisor Platform takes this problem and makes it into an opportunity for accountants to delight their clients with a fast answer.”
Swoop has been working on the portal for over a year and is supporting the new interface with a CPD-accredited course of content to build advisors’ funding knowledge and expertise.
TaxCalc introduces FRS 102 accounts template
TaxCalc announced that it is working to develop a full FRS 102 solution to cater for practices that work with larger clients.
TaxCalc Accounts Production currently caters for smaller clients below the FRS102 thresholds. But additional templates and features will be added by the end of 2022 to bring FRS 102 into the application, starting with individual limited company filings. Further releases for LLPs, groups and charities will follow.
The announcement shows TaxCalc is moving up the practice food chain and responding to demand from its larger customers for FRS102 disclosures.
CEO Tracy Ebdon-Poole explained: “As more and more firms recognise that TaxCalc offers better functionality, usability and, importantly, greater value for money than their current providers, it’s a natural evolution for us to address and accommodate their needs.”
Tax Systems implements VAT checks on digital tax platform
Tax Systems has announced it has implemented HMRC-recommended checks into its cloud-based AlphaVAT digital tax platform. This new feature enables users to make correct decisions for VAT handling and improve the accuracy of submissions and payments. Tax Systems are the first software vendor to bring this functionality to its VAT customers, following a successful trial in conjunction with HMRC.
By integrating in-product prompts to the AlphaVAT platform, key elements of the VAT return process are automated, reducing re-work when HMRC runs their checks. Customers can then ensure accurate calculation of their VAT amounts, avoid fines and protect their reputation. Digital checks will also reduce errors, potential tax gap and, as a result, improve financial planning.
“We’ve been working closely with HMRC in recent months to design and implement our digital checks process, and feedback to the pilot programme has been extremely positive,” commented Russell Gammon, chief solutions officer at Tax Systems. “We’re delighted to have had the opportunity to work alongside HMRC on this pilot and be the first vendor to bring these capabilities to our VAT users, particularly within our widely used cloud-based solution.”
Coconut and Tide announce tie-up
Tax and accounting app Coconut has launched a tie-up with business banking and financial services platform Tide. The deal allows self-employed people who open a Tide business bank account to connect to Coconut through open banking.
The partnership builds on Tide’s Open Access service introduced last year, which opened its services to non-account holders, allowing small and medium-sized businesses to connect their existing bank accounts to its platform.
Both fintech firms say the partnership will save time and money for the self-employed and their accountants. Account holders will have access to software to help them with financial admin and quarterly MTD submissions, and their accountants can access clients’ accounting information and spend less time chasing paperwork.
“Whilst we would always encourage sole traders to have a business bank account like Tide, and that’s why we’re partnering, many don’t do that yet," commented Sam O'Connor, founder of Coconut.