When selecting an effective accounting, finance, or even ERP solution, it is vital not only to ensure that the software you are using enables you and your team to process VAT returns according to MTD regulation but that it also features functionality that establishes a digitally linked VAT process. According to Catherine Hall, tax partner at Mazars, organisations must “find a functional, compatible software that can submit the VAT returns in an MTD-compliant manner [where] each aspect is digitally linked together”. In line with MTD requirements, organisations should be able to automatically provide HMRC with an update of figures via their accounting system. For many years, Aqilla’s VAT 100 report feature has produced the information required to file quarterly VAT returns online, and thus Aqilla was added to the HMRC’s list of VAT compatible software. Check out the full list of VAT compatible software here.
Hall also notes that, “many of our clients use spreadsheets to build their business VAT return workings and they draw data from their accounting system in order to do so”. This emphasises the importance for accounting software to offer simple and straightforward Excel integration. Aqilla’s Excel integration plug-in allows documents and journals to be prepared and managed in Excel, and then imported into Aqilla. Full enquiries can be replicated within a worksheet, negating the need to export financial data. This capability tackles MTD issues such as out-of-date information; risks associated with version control; human error through manual input; and complex security issues that can lead to questions about access and availability. Check out more about Aqilla’s Excel integration here.
Adding weight to the risks associated with human error through manually inputted figures, Hall goes on to explain, “we often see a break in the digital link […] as data is simply copied from the accounting system and pasted or manually typed into the spreadsheet, which is not permitted under the MTD rules”. Via enhanced workflow capabilities, effective processes can be established to reduce the likelihood of human error. Through Aqilla’s smart search, when typing data into any smart search field, Aqilla will automatically generate a drop down list of records that includes matching information. Not only does this enable users to find information quickly and efficiently but it also reduces errors in the preparation of documents, as mentioned above. This is just one example of how automation and AI software capabilities can improve an organisation’s MTD experience – check out more here.
It is vital that, when implementing accounting software to adhere to MTD legislation, your new system is set up to make your finance processes quicker and more efficient. Tailored, personal and helpful support that allows your accounting software to be fully integrated into your existing processes, and optimised to suit your organisational needs, is what will highlight the best accounting software providers. At Aqilla, we have a track record of setting up numerous accounts remotely, to suit whatever the working arrangements of your organisation are. With additional abilities to deliver regular support remotely, as well as ensuring that onboarding is a smooth process, we have developed a fast-start option to rapidly onboard new users, and get them started on a hassle-free MTD and digital Cloud-accounting journey. Check out how we could support your organisation here.
Finally, and most importantly, when it comes to MTD, organisations are often using accounting software providers that simply adapt their software to Cloud technology, rather than software that is harnessing the power of true-Cloud. Designed-for-Cloud, or true-Cloud accounting software not only provides users with powerful financial reporting capabilities through real-time data but it allows organisations to access their accounting data from anywhere in the world with just an internet connection and a browser! So no matter how your organisation is operating, whether you have employees working from home, or anywhere around the world, your finance functions can be easily managed, organised, and remain MTD-compliant. Check out how we’ve used Aqilla’s True-Cloud capabilities to help hundreds of organisations around the world here.