Digital accounting - is it purely compliance or a real opportunity?
Paul Tofton, a partner and head of digital accounting at Forrester Boyd.
By Grimsby Telegraph | Posted: 30 Jul 2018
FB Digital, launched a year ago as the digital face of Forrester Boyd, is transforming the way businesses think and use their accounting information.
The sub-brand launched following disruption in the industry from online accountancy platforms, add-ons and HM Revenue and Customs.
HMRC set out a Making Tax Digital roadmap in the 2015 Budget and, although there have been postponements along the way, the first group of businesses – VAT registered
businesses with a turnover above the £85,000 per year threshold – will need to be compliant from April 2019, under the latest official guidance.
Businesses affected will need to keep digital records and submit VAT returns directly from core digital data which may require businesses to invest in new or upgrade their existing
Little is known about when other businesses will be affected and how other taxes will get reported to HMRC, however, this could be from as early as April 2020 and may require a quarterly submission of basic financial information.
With a compliance requirement clear, FB Digital is seeking to change the mindset in the business community, highlighting the opportunity for growth, which should not be put off.
Paul Tofton, partner and head of online accounting said: “Online accounting allows a business to streamline and automate manual processes, ditching the cash book in favour of an efficient accounting function which is fit for purpose in this digital age.”
The FB Digital offering covers a wide range of online accounting services such as outsourced bookkeeping and payroll, software training, even extending their service to that of a virtual financial director.
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Paul said: “Many owner managed small and medium sized enterprises don’t have a dedicated accountancy resource internally, a number of my clients do the books in the evening or at the weekend, which eats into their personal life and family time. We are able to offer competitive outsourced bookkeeping, leaving the business owners to focus on what they do best, or enjoy a better work life balance.
“Year-end accounts are too historic in the fast-paced world we live in today. By adopting and accepting change we help our clients open the door to real time accounting, while assisting business owners to make informed decisions, by asking challenging questions and exploring growth opportunities”.
FB Digital is partnered with the leading providers of online accounting platforms, Xero, Quickbooks Online and Sage.
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