Your business could be top drawer once you make tax digital with GSM

Making Tax Digital is an opportunity for you to update your accounting systems and if managed well by your accountant will provide you with additional tools to drive your business forward. It will enable you to benefit from more efficient and easier interaction with HMRC and the tax system. And, importantly, it will also ensure that all decision makers and advisors are fully informed for better financial management of your organisation.

So, businesses have nothing to fear from going digital. However, those who remain wedded to using paper, Excel or outdated software, for example, will likely be at a disadvantage.

Now is the time to prepare for a full transition to digital accounting. So, finding a technologically literate accountancy partner should be a clear priority for you right now.

Whichever firm you choose, it should have the latest cloud accounting software, but it should also have the ability to use it.

With the appropriate Cloud accounting software in operation - which can simplify complex tasks, automate actions, allow real-time reconciliation and offer a holistic view of your business finances - it will enable you to streamline processes, give you greater visibility and easy access.

Those who have this know-how, like GSM, can simplify this undertaking for you and deploy Making Tax Digital. Otherwise, the more of your time and resources are spent on manual financial reporting, the less time there is to spend on your business. So digital transformation isn't just a legal obligation, it's a commercial one.

In the first instance, all individual VAT-registered businesses, whose income is greater than £85,000, will need to record and file their VAT records digitally. So it is important not to treat Making Tax Digital as a burden to comply, but to embrace it.

Many businesses have needed to digitise their accounting processes for some time, so Making Tax Digital could well be viewed as a prompt in the right direction.

At GSM, we provide a comprehensive accountancy service, including closer tracking of your financial position. We are responsive to your changing circumstances and proactive with regard to you complying with regulations. So when it comes to Making Tax Digital, you will not be constrained by taxes, but best placed to view these as a platform for growth.

With this in mind, we have produced a pocket-sized guide for your journey that won't sit in your drawer. Making Tax Digital is one of a series of pocket-sized guides, all economically housed in a rather neat desk-top box. You can pick-up our Little Box of Accountancy Best Practice by arranging a no-obligation meeting.

Call us today on 020 7935 3793