Welcome to our weekly round-up of the latest news and updates from the accounting tech world.
This week's Tech Lowdown features the new Croner-i tax tool, Clear Books solution for cash-based businesses, and the Zoho Suite.
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Clear Books tailors its MTD online spreadsheet solution for cash-based businesses
A new feature recently added to Clear Books Micro makes it easier to use for cash-based businesses that don’t need to generate invoices. Clear Books Micro's new cash-based business feature enables these businesses to eliminate sales invoice and bill/expense entry.
“Most accounting software is created for ‘pay me later’ businesses that issue an invoice and request a BACs settlement. These systems recognise income when the invoice is generated and allocate transactions recorded on bank statements to the invoice when it is paid. Whilst this is useful for many small businesses, it neglects those ‘pay me now’ businesses,” explained Clear Books CFO and head of product David Carr.
Instead of recording a sales invoice and allocating a bank transaction to it when the payment is made, ‘pay me now’ businesses can explain takings directly from their bank feed and still post all the double-entry accounting transactions behind the scenes.
Accountants using the Clear Books Practice Edition can see any information entered immediately, adjust the journal, and create and submit MTD VAT returns to HMRC.
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New interactive, transaction-driven tax tool from Croner-i
Croner-i has announced a new online product to provide tax practitioners help to solve tax issues. Navigate Tax provides users with guidance, taking them through practical steps of mindmaps, decision trees, checklists, calculators, factsheets and commentary.
The tool is split into modules based around real life scenarios covering both individual and business taxes (with 50 of them available at the moment and more in production) such as setting up a business, R&D tax reliefs, or buying property.
The tool aims to provide a more interactive alternative to looking up guidance and statutes. Instead, the user can click on the right unit to find information as well all the necessary documents, such as templates, pro forma documents, and handouts for clients.
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Zoho announces MTD compliance across its connected suite
Zoho Corporation has announced that its cloud accounting application, Zoho Books, can be used to successfully submit VAT returns under the government’s MTD programme. The UK is one of the prime markets for Zoho, which offers solutions ranging from CRM, mail or inventory to accounting software.
Data from transactions created in any of the more than 40 apps owned by the company will seamlessly flow into its accounting solution, as explained by Zoho Corporation's head of European operations, Sridhar Iyengar: "Zoho's MTD solution is not siloed. Zoho wraps MTD compliance around organisations' day-to-day operations, giving them confidence that they are fully compliant."