Technology has revolutionised how we do our taxes, and paper records are quickly becoming a thing of the past – not just because of upcoming MTD rules. Storing your financial records digitally offers a wide range of benefits.
Instant updates
Keeping digital records means no more scrambling around for the latest financial statements. Instead, all the information you need can be stored in the cloud and updated in real time. Once you’re signed up, you’ll be able to create instant reports and forecasts with the confidence that you’re always working on the most recent figures.
Furthermore, automatic quarterly updates under MTD for ITSA will allow you to keep a closer eye on your estimated tax bill throughout the year, giving you more time to put cash aside before the self-assessment deadline.
Freedom to work from anywhere
It doesn’t matter whether you’re at home, in the office, or on a long train journey – so long as you have a device with an internet connection, you’ll be able to log onto your account and view real time data with ease.
Stay secure
MTD-compliant software can also help you keep your data secure. You’ll be able to restrict access to financial information to the people you choose and revise permissions at the click of a button.
Storing everything digitally will also make it easier to create backups, helping to ensure you don’t lose important data.
Easy collaboration
Cloud accounting software is also perfect for collaborating with your accountant on the go. Multiple users can access the same data simultaneously, allowing you to work on tasks with others and reducing the risk of anyone using outdated information.
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