Accountants are the New Heroes in a Digital World
Over the course of the last year, it would be fair to say that there have been some ‘ups and downs’ in relation to MTD and the future of the new digital tax regime has been unclear at times.
However, we can now say with certainty that the tax system is being brought into the 21st century and businesses will need to keep their records in a modern streamlined way and digitally provide that information to HMRC.
How to make the digital leap
It is how these businesses make that digital leap that we care passionately about. We have been working closely with accountants for many years, listening carefully to their dreams for a platform of eco-tools that will help them to work seamlessly with their clients and in a way that they prefer to run their businesses: on their Smartphones.
This ethos is at the heart of our development of an MTD App-driven solution that will help to champion the true heroes that are in the prime position to help businesses succeed in this new digital world: the accountants and bookkeepers.
On the brink of huge change, accountants now stand to play a vital role in educating and guiding uncertain taxpayers and to reach out to these small businesses with guidance on the future of tax digitisation and Cloud accounting.
In recent days, a major accounting software provider for small businesses has announced that providing free programmes for MTD quarterly reporting is not practical and should not be expected as the costs to build the software and provide a good service to taxpayers are too high. This, we believe puts accountants in an even stronger position to drive the digital transition and to provide their clients with the technology to solve their legal obligations for quarterly digital reporting in a painless, and simple way.
Are accountants going to charge clients for MTD services?
A pricing debate is inevitable, as accountants will need to decide whether they want to charge for digital MTD tools or to offer them free of charge to win customer loyalty and differentiate their services from others in the marketplace. Some of our customers tell us that are considering charging anywhere between £5 and £45 per month for access to our App-driven MTD solution, which centralises the storage of all the data required to produce the quarterly return. Others tell us that they see it as a loss-leader as the technology makes it much easier to stay connected with clients and track what they are doing via a centralised dashboard and Cloud portal where entries can be monitored and amended.
Our development of an end-to-end App-driven solution for accountants and the SME community is progressing well and the feedback has been extremely positive especially in relation to our pricing policy. As a software company focused on making this digital transition easier for accountants and their clients, we have taken the decision to offer free activation for up to 75 clients of the MTD Collect App as part of the monthly subscription to the Platinum version of the App. This, we believe, will make it easier for smaller firms to truly champion the digital transition and gain competitive advantage.
"Success is where preparation and opportunity meet." Bobby Unser
Simplicity is at the heart of our App-driven solution and by giving clients one solution, every time they interact with it, it’s the accountant’s branding, service and solution they see on their phone and the accountant is at the heart of the client’s business world. This represents a major step forward in solidifying the accountant’s status as trusted advisor, protecting clients from competitors and streamlining the service the firm provides.
We are fully committed to doing what it takes to help accountants become digital champions in this new streamlined digital tax world. Responding to client needs by reaching out in a mobile way and bringing everything together into one sensible and centralised place, has huge benefits to firms and customers alike.