In the run up to Making Tax Digital, which will come into force in April 2019, accountants need to get prepared for when Self Assessment will be abolished and the completion of quarterly tax returns will become a necessity for small businesses.
Choosing a cloud accounting software now is important so that both you and your clients have time to adjust to the changes. Here’s a list of everything you need to consider before diving straight in and choosing the first accounting software that catches your eye.
Some accounting software is best suited to larger businesses that require more in-depth tax considerations, while other software will be more suited for smaller businesses or freelancers.
Before choosing, you should consider the size of your clients’ businesses, as well as your own business. Do you have clients who require specialist tax help? If so, you’ll need to decide if this will mean looking for a niche cloud accounting software and possibly compromising on price.
Transferring and securing your clients’ data
One of the messiest parts of receiving new clients’ accounts will be having to transfer them to other software, and making sure the data is secure during and after the process.
Make sure your clients’ data is secure by checking the security policy of the cloud accounting software you’re transferring the information to. This should be at the top of your list when deciding which software to go with, since your clients won’t be best pleased if they begin to get contacted by third parties.
The features you’ll need
When choosing your cloud accounting software, you should consider exactly what features you and your clients will need on a regular basis.
If you have any requirements that aren’t included in the software you want to try, get in touch with the provider. They may be looking to implement in the future and if not, they may consider including it if enough people inquire.
Give clients time to learn
Whichever software you decide to go with, it’s important that you sign up and give it a trial run in plenty of time for the switchover. This way, you’ll be able to give your clients more of a helping hand when they’re trying to navigate the new system.
As cloud accounting allows you to work remotely alongside your clients, this process can be easier and less stressful for clients who don’t understand accounting as well as yourself.
Have you made the switch to a cloud accounting software solution yet? Check out what a partnership with Pandle could offer you and your clients ahead of the switchover to MTD.