Butterworth Barlow is offering businesses a digital solution to help them with the government’s ‘Making Tax Digital’ initiative.
The Prescot-based chartered accountants are already ahead and planning for the up-coming scheme, which is set to come into effect in April 2019 with the aim of it to transform the tax system into the most digitally advanced system in the world.
The Director of Butterworth Barlow, Gavin Butterworth said:
“Making Tax Digital is an initiative that will completely change the way that businesses operate in terms of their record keeping and tax filings and as a result, we are planning ahead in order to make the transition for our clients as simple and seamless as possible.
“In this new digital era, it is no surprise that things are starting to make a shift towards online and we are already one step ahead implementing systems and software into our work. Software such as Xero, Kashflow and Sage enable us to give our clients a real time view of their financial position and Receipt Bank offers the opportunity to take a photo of each receipt and discard the paper copy.”
Recent research has found that 16% of SMEs use a shoebox to store business receipts, 23% use manual bookkeeping and only a third use accounting software.
“Despite general statistics, around 60% of our clients are already using a digitised accounts system despite the initiative not coming in to place until next year. From an accountant’s point of view, using a digitised method of recording expenditure offers a much more effective, hassle-free way of keeping on top of your finances and ensures that everything is recorded correctly. We are huge advocates of using digital systems and our tech-savvy approach guarantees accuracy that can save our clients both time and money in the long-term.”