Online accounting systems, what will they do for your business?

Running a business can be tough, even in the best of times, this year has been unlike any other and has given all business owners many additional challenges. Managing your accounts and your tax returns should not be one of those, but unfortunately in many cases it has been.

There are a couple of questions that you should ask:

1. Have your accountants been able to provide you with a seamless transition during this difficult period?
2. Have you struggled to submit your VAT returns on time during this pandemic?

If the answer to either of these is yes, it might be worth you looking at how you do your accounts and tax returns. Over the past couple of years, HMRC has been pushing “Making Tax Digital” (MTD) an initiative that is making fundamental changes to the way the tax system works. In theory this should make it quicker and easier to not only complete your returns but also, where applicable, get a rebate from HMRC.

At Charterhouse we are experts in tax and have a history of helping our clients, both business and individual, secure returns from HMRC, many where the client has thought they owed money to HMRC.

Since MTD was launched, we have worked with all our clients to ensure they are fully compliant and in the process, helped to reduce the time it takes them to complete their returns.

Over the past six months we have been working with all our clients to ensure they have had all the support they need through the Covid-19 crisis and have managed to submit all of our clients VAT returns, accounts & CT600s in a timely manner thanks to our commitment to digitisation.

We have been prepared for MTD for over 4 years and continue to develop in this area to assist our clients in achieving their goals. During this evolution we have worked with all the major accounting tools including, Sage, Quickbooks and Xero, the latter of which we have developed as an area of expertise and are now platinum partners. These tools allow us to offer our clients many benefits including:

1. Cash flow forecasting
2. Real-time information
3. Improved debtors days i.e better cash flow
4. Covid19 management accounts for any loan requests
5. Review profitability of all different revenue streams i.e. can stop producing or selling unprofitable products in crisis.

With all the changes that have taken place over the past few years and especially this year we have looked at the specific areas where we can help businesses and central to these services are;

• A cloud accounting starter pack where we cover your Xero subscription
• We will manage your bookkeeping and VAT (If applicable) all for a fixed fee

If you think you need help making the transition to digital accounting or you want a fresh view of your current set up contact Cem today to discuss more.