Why Accountancy Software is Essential for Your Business, Even if Making Tax Digital Doesn’t Yet Apply to You

19 April 2019

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At FD Works our team of accountants believe all businesses can benefit from embracing the world of digital accountancy.

On the 1st April 2019, it became compulsory for all VAT registered businesses in the UK with a turnover in excess of £85,000 to file their tax returns directly. Either with specialist accountancy software or by using a digitally enabled spreadsheet.

At FD Works our team of accountants believe all businesses can benefit from embracing the world of digital accountancy.

Here’s the top three reasons we believe all UK businesses should move their finances online (and not just those that are VAT registered).

Real-time Information

Going digital means you’ll no longer have to wait until the end of the year to find out how much you owe in taxes. Instead, real-time information is accessible throughout the year – meaning you’ll always have visibility of how much you owe.

This information helps you better understand your company finances and provides actionable insights around profitability, future business purchases, dividends and cash flow. 

Save Time 

Spending less time managing your business finances is another major benefit of moving your accounts online. Rather than having to collate all your invoices and receipts at the end of the tax year, you’ll no longer need to provide the taxman with info they can instead access elsewhere i.e. directly from your bank.

Accountancy Automation 

Beyond the core compliance benefits, there are a number of automation advantages that come from getting your business finances online.

Xero, a cloud-based accounting software platform, has a marketplace of over 700 apps. Here you’ll find online tools to help you automate admin tasks, save time and improve efficiencies within your business. 

Where to Start?

If you’re interested in making the transition to digital accountancy, but aren’t sure where to start, please get in touch with our Bristol team.

Here at FD Works we offer a different approach to finance. We’re a firm of accountants, business advisors and Xero specialists based in Bristol and working with innovative organisations across the UK.

Who are FD Works?

Our accountants, business advisors and Xero specialists are based on Greenway Farm in Wick, located between Bristol and Bath. The business was founded in 2013 with the simple aim of providing businesses with hands-on finance support and FD-level strategic advice. 

Questions about Making Tax Digital?

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