While the widespread launch of Making Tax Digital has been postponed, HMRC remains committed to it and a digital future continues to beckon. Many small firms will be glad of the breathing space the delay brings but should not risk falling behind. Practices should use this time to get ready and make sure they are on a ‘digital journey’ that will benefit their business both now and in the future.
Research conducted by IRIS found that practices already adopting digital solutions are benefiting from greater efficiency and collaboration with their clients. Many accountants are already adopting digital strategies and record keeping – a central element of MTD. This will surely only stand them in good stead for when the inevitable MTD roll-out happens.
Accounting is a profession that is increasingly early adopters of technology, having moved a long way from ledger books! From accessing clients’ banking dashboards, using document sharing services, and custom apps, to 100% cloud-based firms; for many accountants, their digital journey is underway, and it is transforming how they do business.
Beyond using digital services and software that enables bookkeeping, tax and payroll online, consider what other digital tools can help the running of your business – and positively impact on client interaction. Keytime and IRIS already offer a variety of products that can help make the digital journey straightforward and worthwhile:
The revised schedule will ensure MTD is still delivered, but provides more time for education and preparation, and accountants need to make the best use of this time. Practices should act sooner rather than later to be able to handle it and make the most of the huge opportunities that the digital journey offers.