Welcome to our weekly round-up of the latest news and updates from the accounting tech world.
This week, Tech Insights features Onkho’s free workflow solution, the new Expenses Online tool and the results of the latest MTD for VAT survey conducted by IRIS.
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Onkho offers a free workflow for life offer
Onkho is offering a compliance workflow solution for free to accountants in practice. Onkho’s workflow solution, which is part of the Onkho Practice Management system can be used as part of the full solution or as a stand-alone module. The free offer is available for life for unlimited team members.
The module comes with pre-built workflows and allows users to create tasks, as well as to plan deadlines. The platform tracks the deadlines, planned work and ad hoc requests all in the same pipeline and regenerated jobs for repeated tasks.
“Giving Workflow away free is our way of saying that every Practice Management system should include automated workflow and that’s a given. But there’s so much more to running a practice and we believe Onkho fills that gap,” commented co-founder, Susan Rahman.
Accountants can sign up for a free Onkho workflow online or at the Onkho stand at Accountex on 23 May and 24 May 2018 at ExCel, London.
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New online expenses tool
Software provider Cloud B2B Solutions has released a new online expenses product aimed at SMEs. Expenses online aims to reduce the paperwork and unpaid claims in organisations, allowing employees to enter expenses and car mileage claims by uploading scans or taking photos with a smartphone.
Users can set different periods for claims to match the accounting or payment policies and procedures in their companies. After submitting claims, users can see the status of their submissions on a dashboard, and receive notifications via SMS or email alerts to keep up to date with the submission progress. Once approved, the details can be exported as a CSV file or passed to a payroll service company.
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IRIS MTD for VAT survey
IRIS has published the results of its IRIS Accountancy Solutions survey, which illustrates the accountants’ views on the Making Tax Digital (MTD) VAT legislation, which will require businesses with taxable turnover above the VAT registration threshold to file VAT returns using MTD software from April 2019.
The results reveal over half (58%) of accountancy practices now expect to provide bookkeeping services for more clients, as they believe their clients are not willing to continue to spend time keeping their books up to date.
The findings also suggest that nearly three quarters (73%) of accountants will continue to carry out submissions for clients when HMRC’s online service is no longer available for businesses with a turnover above the threshold and that over half (63%) of accountants will make quarterly VAT submissions using bookkeeping software in April 2019.
Commenting on the findings, Sion Lewis, CEO of IRIS Accountancy Solutions said “The IRIS survey confirms MTD for VAT is likely to increase demand from UK businesses for accountancy practice compliance services. Accountants need to retain the compliance loop at the core of their practice but they should also use them as the springboard for value-added services, enabling to stay relevant in the coming years.”