Right at the point when the UK Government introduced the Making Tax Digital (MTD) policy in 2015, the accountancy profession had begun to sense that change was near. And with the arrival of the MTD, the rising prevalence of AI and other digital takeovers, accountancy firms more than ever, now need a clear plan for … Continue reading Building a digital firm
If your clients have a VAT Registered business with a taxable turnover above the VAT registration threshold (currently £85,000) they are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software. The vast majority of businesses will need to do this for VAT periods starting on or after 1 April 2019. Businesses with a taxable … Continue reading MTD Compliance for Clients
Are you planning to hire a new team member for your practice? An accounts assistant would cost about £ 23000 these days varying from about £21k to £29k based on a city. You would be wrong if you consider this to be your total costs for a new hire. There are various other employment costs that you … Continue reading What does it cost to hire a new Employee today ?
The General Data Protection Regulation comes into force from May 2018 thereby overtaking the Data Protection Act of 1998. The 1998 Act governing the rules were thought to be inadequate to regulate in current business environment & the massive amount of personal data available today. The new regime would have major impact on accounting practices … Continue reading GDPR
The entire world is increasingly adapting to cloud services from connected appliances to internet-based educational programs. Basically, cloud platforms have helped medium & smaller businesses to offer their services more effectively to their clients using shared technology platforms. This has mostly happened by eliminating the need of dedicated IT infrastructure to handle data, accessibility & … Continue reading Cloud Accounting – Need for Accountants
Closings are the time of month you dread the most. Many enterprises form businesses to govt entities dislike the time as they need to put in extra time & energy to close their books. The public as well as other stakeholders rely on receiving reliable financial information on a monthly basis. An accountant is the … Continue reading Importance of WIP (Work In Progress) Sheets in Practice!!!
For small & mid-sized accounting practices outsourcing their work can be quite a dilemma. There are quite a few issues which need to be considered & most of the time partners/owners are in dark about major factors to arrive at a proper decision. Cost is not the only factor for making the decision as there … Continue reading Have you considered Outsourcing? Why Not?