Cloud Accounting for the Healthcare Sector

The use of cloud accounting software, QuickBooks Online (QBO) from Intuit is resulting in better reporting, improved performance and time savings for our Healthcare sector clients, and here’s how:

  1. Instant Access

As long as you have a stable internet connection, you can access your data anytime, anywhere. No software installation, no processing at a single desk or single office.

  1. Automatic Bank Feeds

The software is designed to sync automatically with most online banking. The transactions will appear in QBO as they appear on your online accounts and you then simply allocate payments and receipts to the correct place. As more transactions are added, the intuitive system starts to recognise your regular entries or match payments to previously entered purchase invoices, speeding the process even further, and ensuring consistency of transaction processing. Rules can also be set to split down complex transactions or automatically post entries.

  1. Import of Monthly NHS Statements

We can assist you with the import of the monthly payments and deductions statement received from the NHS, breaking down each individual element of the payment so it can be recorded accurately, ensuring management of information at the touch of a button.

  1. Multiuser Access

With our QBO offering, you can have as many users as you like, all for the same monthly fee. Users can have full, partial or reporting only access. Tasks can be delegated across users and managing partners can access management information from their own log in. We would also have access, so we can help you with queries on postings or help with interpreting performance.

  1. Paperless Possibilities!

There is a scan and attach feature for each and every transaction, which means all records could be digital. This could eliminate storage costs or space needed for filing, freeing up rooms to become income generating.

  1. Reporting Capabilities

Standard reports can be customised with ease to show the information you want. These reports can then be set to send to specified recipients on set dates, if required.

  1. Value for Money

Licence fees start at £10 (plus VAT) per month, making it a great price point and cheaper than a lot of software renewals. Licences include updates and support from Intuit. We are also happy to offer license only subscriptions.

Oh and here is an extra reason – Because Making Tax Digital is on its way!

From April 2018, HMRC are likely to implement their Making Tax Digital plans and part of this process will require you to keep your records up to date and on digital software that is compatible with HMRCs portal, in order to meet the quarterly reporting requirements. QBO will be compatible, this is why it may be a good idea to start thinking about the transition sooner rather than later.

If you would like to talk to us about Cloud Accounting or Making Tax Digital in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Cloud Accounting team.

This article originally appeared on the blog of our member firm, Moore & Smalley.

Making Tax Digital for the Legal Sector

Major changes are being made to the way in which all taxpayers interact with HM Revenue and Customs (HMRC). The government is referring to these changes as Making Tax Digital (MTD), and they are proposing a staged introduction to the new rules, starting for many in April 2018.

We have prepared and submitted a comprehensive response to HMRC’s consultations on Making Tax Digital with regard to how it impacts our clients and have suggested matters to improve implementation for businesses. We are expecting further announcements to be made over the coming months.

The proposals are wide-ranging, but one of the biggest changes planned is an electronic quarterly report to HMRC of income and expenditure. Where the business is a partnership, the proposal is that one ‘nominated partner’ will take responsibility for the submissions, which then feed into each partner’s digital tax account.

As many legal practices are partnerships, we believe more consideration needs to be given to the practicalities of this. There is a need to maintain and protect the confidentiality of each member.

For legal practices it is a requirement of the Solicitors Regulation Authority that the nominated partner should have an understanding of the business financials, and this will need to be reflected in the Making Tax Digital proposals.

Software providers will play a big part in the changes. HMRC’s current proposals suggest that invoices must be electronically scanned into software, with this software automatically uploading summarised data (not the invoices themselves). It is not currently clear whether bespoke legal software packages are capable of submitting information directly to HMRC, and so it is vital that these software providers collaborate with HMRC, the legal profession and their accountants.

Any legal practices still using manual cash books or spreadsheets are likely to have to upgrade to meet the requirements. We also envisage that many partnership agreements will need updating.

Broadband is still a major issue in many rural areas. Whilst HMRC have suggested an exemption for those with no internet or computer access, it is not yet known how far these exemptions will stretch.

Watch this space for further information and feel free to speak to us about the accounting implications. Contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Professional Practices team.

This article originally appeared on the blog of our member firm, Larking Gowen.

What could Cloud Accounting do for you?

Cloud; a term used to refer to a state or cause of gloom, suspicion, trouble, or worry. And ever since HMRC released their Making Tax Digital consultation documents, never has the doom and gloom been more strongly felt. However, surrounding all the negativity, we want to bring some positivity to the picture. Here are 8 reasons why cloud accounting could transform your entire business for the better:

  1. Instant Access – Whether you’re at your desk or sunning yourself on a beach, maintaining your business’s records has never been easier. All you need is a mobile device, like a tablet or a smart phone, and a half decent internet connection and you never need to be tied to the office again.
  2. Clearer Overview of Financial Position – The days of waiting 12 months after the end of your accounting period for a set of accounts to tell you what you did over 12 months ago are gone. Cloud accounting allows you to know exactly where your business is at any one time. Cloud accounting software has features which integrate with document scanning, enabling invoices to be scanned and automatically sent to the accounting system on a daily basis, where the accountant can then check and confirm the entry.
  3. Automatic Bank Feeds – The software is designed so that it can sync with your bank, meaning that bank transactions are immediately fed into the right accounts and sorted by category.
  4. Multiuser Access – This allows you to collaborate with different members of your team. You can also give your accountant access to either review or edit the information, or indeed do all the processing on your behalf!
  5. Cuts Costs – Cloud accounting software is available from as little as £15.40 a month. The fact that it is on the cloud means that you don’t have to upgrade your equipment on a frequent basis. There’s nothing to install or upgrade and you’ll never need to do a backup again.
  6. Makes You Money – The software tells you what needs to be invoiced and when and allows you to easily keep track of which invoices are still outstanding. Never do you need to worry about cash flow management again.
  7. Frees Up Time for You to Focus on Your Business – As information is available in a timelier manner, you can log into your software and see how your business is performing, helping you to make important business decisions with greater ease and efficiency than you have ever done before.
  8. Because MTD is on its way! – We now know for a fact that the Government’s tax digitalisation plans are concrete and will be in effect form April 2018. Part of this process involves keeping your records on digital software that is compatible with HMRCs portal. So it’s a good idea to start thinking about it sooner rather than later.

If you would like any further information or advice, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Digital Tax team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.