We have been working hard to help get businesses across the region ready for a fully digital based tax system. By the end of the 2020/21 tax year, Her Majesty’s Revenue and Customs (HMRC) will require all businesses, including landlords, to interact and liaise digitally. This initiative is known as “Making Tax Digital” (or MTD). I shared a useful insight earlier last year.
Our entire team is transitioning their portfolio of VAT registered clients to MTD and cloud-based accounting, with Quick Books one of the software options available to us. All of our staff are now Quick Books trained, and two-thirds are Advanced Training qualified, so we understand how the systems work together seamlessly. We’ve introduced apps – Receipt Bank and AutoEntry – that makes traditional methods of collecting and recording receipts much easier and time effective.
With over 900 clients to support we have 900 different companies to help adapt, accept and change for MTD. One such company is St Johnstone Football Club. The MMGA team were tasked with bringing the club’s accountancy systems and financial oversight up-to-date and compliant. Our in-depth knowledge of Quick Books software ensures that the football club’s accounts are now more efficient and transparent.
Nicola Crawford, the financial controller at St Johnstone commented on the results of the change that has made the Club more than just ready for MTD. “As a result of the integration, the processing of banking transactions is significantly faster, saving approximately three hours per week. The club also uses Receipt Bank for its purchase invoice processing. This application attaches a PDF copy of the invoice to Quick Books, saving an additional five hours per week of the finance team’s time as they find it quicker and easier to open an attachment, rather than look for the paper copy of the invoice.
The finance team has also used the email function in Quick Books to send sales invoices to customers, allowing them to check if a customer has opened the invoice and to send reminders when required.
The practical application of Quick Book extends beyond the finance team. The Board of Directors at St Johnstone Football Club now has greater visibility of the financial performance of the business and can access the accounts from anywhere, which is very helpful given that they are not based at the Club. This allows for greater visibility and real-time information and leads to greater control, as decisions can be made proactively rather than reactively.”
If you would like to find out how we can get your company ready to make tax digital and enhance its management information system in the process, please get in touch with one of our team.