Stratford-upon-Avon
13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP
Making Tax Digital and GJA – Xero Platinum Partner
The Making Tax Digital (MTD) for VAT deadline is getting closer. From 1 April 2019, it will be mandatory for all UK businesses, above the £85,000 VAT threshold, to keep records digitally and submit VAT returns to HMRC using MTD-compatible software. Over the coming months, we will be working to make sure all of our clients are on the right software and ready for MTD. If you are already using MTD compliant software, the great news is there’s nothing you need to do.
Getting your business ready with Xero
To get our clients businesses ready for Making Tax Digital, we are currently converting many accounts to Xero, the UK’s leading online accounting platform.
The team at Xero have been busy building their MTD functionality and are working closely with HMRC to have it ready well in time for April 2019. Once the functionality is ready, the team at Grenfell James Associates will work with Xero to ensure we’re well-equipped to support you with your MTD compliance.
Why Xero?
Grenfell James Associates has chosen to partner with Xero as our online accounting platform of choice. More than 300,000 subscribers across the UK and more than one million subscribers around the world use and love Xero.
Xero helps businesses save time on admin and get paid faster. You can login anytime on your PC, Mac, tablet or smartphone to see up to date financials and we can do the same, which means we’re able to advise you based on real-time, up-to-date financial information. With Xero, your accounts will be secured safely and securely in the cloud and you will be able to easily submit VAT returns directly to HMRC.
Want to know more?
If you have any questions about Xero or Making Tax Digital, please don’t hesitate to get in touch. We would love to hear from you.
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.