24 Mar 2023

Focus on: our Digital Accountancy solutions

We spend an average of around seven hours online each day. Across countless devices, laptops, smartphones, tablets, even watches, we’re accessing our social media platforms, doing our banking, ordering our shopping, buying tickets and much, much more. In doing so, we’re all using cloud accounting technology and businesses are increasingly taking advantage of a myriad of platforms that improve accessibility to their own finances.

The irony is that along with the number of platforms and apps that supposedly make our lives easier growing by the day, comes more and more complexity in terms of choosing which is best for your business. Because, whether you’re a landlord, farmer or retailer, a sole trader, or CFO of a multinational corporation, it’s true what they say; “there’s an app for that”. Add in the shifting rules and regulations around the implementation of Making Tax Digital (MTD) – which will see all businesses having to keep digital records and file their tax returns using compatible software – and it’s understandable that business owners are scratching their heads.

Monahans’ Digital Accountancy team can remove that stress so that you can focus on the important matter at hand; running your business. Our team of qualified cloud accountants, whose job it is to be on the pulse of updates in the financial technology world and have detailed knowledge of these systems, can advise on the best platforms for your business. We can help you in setting them up, and even training you to use them – many of these apps are designed to be easy to use, but there can often be intricacies to them if they’re new to market and we want to make sure our clients are getting things just right. Our aim is to always be one step ahead of the latest developments, so that if a client asks us about a new product launch, we’ve already mastered it.

Of course, our service extends further than simply playing around with apps! From how cloud accountancy extends to cashflow, data capture, expense management, inventory, payment systems and more, we might be doing a software review one minute, a data migration the next, or helping clients with important deadlines, such as their tax returns, when they’re within the cloud software environment.

On the subject of MTD, the changes to its scheduled introduction have come as both a blessing and a curse. Software providers have been frustrated because of large amounts of money invested in developing new apps, thinking MTD was just around the corner, whereas more time could have been taken to refine these solutions and iron out these issues.

As a group Monahans was ready to start full MTD trials in April this year. Although the delay has put this on hold, we are still helping our clients understand how they can make an early switch to ensure their digital transition is as smooth as possible for them.

However, any businesses that were late coming to the party now have invaluable extra time to make the switch. They may fear doing so, for the changes that they will have to go through, but with support from an expert, this need not be a complex process. If you’re not confident with IT systems there’s a temptation bury your head in the sand, but a cloud accounting specialist can make the changes far less daunting and your life a lot easier.

If you need support in getting on board with digital accountancy, get in touch with our Digital Accountancy team today who will be more than happy to help.

Cara Mastrodomenico