HMRC’s ‘Making Tax Digital’ (MTD) moves closer gaining its momentum. In light of this issue, IRIS warns accountants they must act now to close the digital gap pestering UK small businesses.
The initial deadline for MTD compliance remains April 2018 and there is work to be done throughout the industry to ensure businesses are prepared, regardless of their attitudes towards digital transformation.
This comes on the day IRIS Software announces the launch of two new digital products to support accountants on their MTD journey; KashFlow for Accountants and IRIS WebPortal.
The former enables accountants to provide a branded, online bookkeeping bureau service which facilitates MTD compliance, sustainable for both clients at the forefront of digital adoption, or those still working with paper receipts, physical account books or spreadsheets.
Sion Lewis, CEO of IRIS Accountancy Solutions, says, “Small businesses find themselves at different stages of the digital journey. Many accountancy firms work with a diverse selection of clients – some have embraced digital as early adopters while some may never have even heard of MTD before. However, regardless of where they stand currently, by April 2018 the majority of small businesses and sole traders need to comply to the new digital tax regulations. This is why we’re releasing the KashFlow for Accountants package, to offer accountants the tools needed to manage their clients’ books and offer invaluable business advisory services, regardless of how digitally advanced their systems are.”
The package includes four key elements:
· KashFlow - an online bookkeeping and payroll solution for accountancy firms and their small business clients;
· KashFlow Rapidfire - a platform for accountants with ‘batch-entry’ digital record keeping for paper-based clients
· KashFlow Connect - to manage multiple clients from a single platform
· Gearshift - to provide forecasting, analysis and reporting for business advisory services.
Sion Lewis, CEO of IRIS Accountancy Solutions, says, “With this capability, accountants can position themselves at the forefront of the digital tax revolution as indispensable advisors to their clients. They can take complete ownership for online bookkeeping and ensuring they avoid the pitfalls of failing to comply with government legislation.”
It isn’t just small businesses embarking on a digital journey, and IRIS WebPortal supports accountants on their road to MTD by providing a web-based platform to showcase and enable the digital services they can offer prospective clients.
Sion Lewis, CEO of IRIS Accountancy Solutions, says,, “In the connected age, websites are the digital shopfront for businesses in every sector. Showcasing a strong online presence has never been more important and enables clients to judge whether a firm is qualified to manage MTD compliance on their behalf. A poor digital representation could be the difference between continued business growth and failing to attract and retain clients. This is why IRIS WebPortal offers tailored websites, optimised for use on mobile devices and complying with the latest changes to Google Rankings to ensure strong SEO at all times.
“Uniquely for accountants, IRIS WebPortal features an integrated Client Area providing access to KashFlow for bookkeeping and IRIS OpenSpace for document exchange between the practice and their clients. This fully branded portal creates a seamless digital journey for the accountant’s clients.
“IRIS has an unrivalled track record in delivering industry leading software that ensures full legislative compliance, empowers practice productivity and facilitates online client collaboration for the accountancy profession and MTD is no exception. These launches are yet another step on the journey towards MTD and one which will simplify what could be a very complex path over the next year.”