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How To Choose a Cloud Accounting Solution For MTD

Posted by Warr Co in Business Accountancy, Latest Updates, MTD | 0 comments

No matter how small your business, you will benefit from going digital with your accounting, rather than relying on paper and spreadsheets.

Making Tax Digital (MTD) may seem like an obstacle right now, but it’s being introduced as a way of eradicating the dreaded tax return. Going digital means using cloud accounting software, and in a world driven by digital, MTD actually seems to be late to the party.

 

MTD-compliant platforms have been designed to save you time and money, making it easier to get your tax right (no more overpaying or penalties for accidental errors!) and doing a lot of the hard work for you. In addition, a digital bookkeeping solution can provide a certain degree of visual business reporting clarity that would be hard to achieve without it. So embrace MTD and use it to better your processes and business practice.

 

Cloud accounting software for UK businesses

As you prepare for the April 2019 MTD for VAT deadline, you’ll likely be bombarded with adverts and communications about online accounting solutions. There isn’t going to be any free software available from HMRC in time, so businesses and sole traders will all need to choose a paid-for solution. These solutions don’t need to cost the world, either, and there’s a good chance your chosen bookkeeping service will pay for itself in saved admin time and overpayments/penalties.

Today we’re here to help you make the right decision, and get the most out of your future MTD service. We have carefully selected the best digital accounting solutions on the market, drawing on our years of experience working with small businesses and our understanding of the challenges you face. They are HMRC-approved, MTD-compliant, and we’ve partnered with each provider to offer discounted rates to Warr & Co clients, making the transition that little bit easier. On top of that, our accounting teams have become well versed in each of these services, so that our accountants and supporting team will always be able to assist our clients.

The only way to know which platform will work best for your business is to take a look at what’s on offer and talk to your accountant to get advice on what will best meet your requirements.

 

Quickbooks

Quickbooks is the world’s leading cloud accounting software, with 3.6 million businesses all over the world using it to manage their finances. Quickbooks have been working with HMRC throughout the development of MTD to make sure that they are offering everything that small businesses need to get ahead.

We chose Quickbooks as a partner because we love how user-friendly their digital platform is. Quickbooks say that their software saves small businesses 8 hours a month on average, and we believe it! Quickbooks is our go-to recommended solution for most sole traders, contractors, and small businesses up to medium businesses because it’s simple, easy to use and suitable for smaller businesses.

The software boasts calculation and filing of VAT returns, direct connection to HMRC, customisable invoice and report templates, expense receipt management, a mobile app and much more. You can even take photos of your bills and upload them as expenses straight from your phone while you’re on the go.

Warr & Co are a Quickbooks Platinum ProAdvisor, which means that we’re well equipped to help you get started with your new Quickbooks account and get ready for MTD for VAT. That also means that we offer the top-level of Quickbooks to our clients, and at a fraction of the advertised rate.

QuickBooks Plus: £27/month
Warr& Co price: £7/month*

Price per month* Price for 12 months*
Full price £27 £324
Quickbooks direct discount £11 for 6 months followed by £27 for 6 months £228
Warr & Co client discount £7 £84

 

Xero

Xero is a highly functional accounting software that greatly reduces the time you have to spend to keep your accounts up to date. It allows you to stay up to date on your business finances and cashflow, generate real time reports and customise invoices. You can access Xero anywhere, anytime, from any device. The accounting application allows you to import bank transactions, making reconciliation a quick and easy task.

We recommend Xero to growing businesses because in addition to its range of built-in features, there are also over 200 apps that can integrate directly into Xero and provide additional functionality, so Xero can also grow with your business. Xero is our go-to option for larger and more complex businesses.

Xero: £22/month
Warr& Co price: £17.50/month*

Price per month* Price for 12 months*
Full price £22 £264
Xero direct discount 25% off for first 3 months £247.50
Warr & Co client discount £17.50 £204

 

FreeAgent

FreeAgent was voted ‘Small Business Accounting Software of the Year’ at the 2018 Accounting Excellence Awards. It provides a comprehensive small-business bookkeeping solution together with the ability to forecast UK tax liabilities. It makes the process of accounting simpler, reduces the time required to manage your business allowing you to focus your energies on your customers.

You will use the software to keep your records and bookkeeping up to date leaving us to deal with the complex work & compliance services.

FreeAgent: £29/month
Warr& Co price: £12/month*

Price per month* Price for 12 months*
Full price £29
  • £348 when paid monthly
  • £290 when paid in one annual sum
FreeAgent direct discount 50% off for 6 months followed by £29 for 6 months
  • £261 when paid monthly
  • £145 for first year, £290 thereafter
Warr & Co client discount £12 for 12 months followed by £17 thereafter
  • £144 for the first year, £204 thereafter

 

Sage Start

Aimed at startups and small businesses, Sage Start is a simplified version of Sage Accounting that Warr & Co offer to medium business sized clients. Sage Start has all the features you’d expect from an online accounting software, from invoicing to tax assistance and profit and loss information. Like the others, it connects to HMRC directly to make payments easy.

This platform requires some accounting knowledge, so is more suited to a medium or growing business that will benefit from its features.

Sage Start: £22/month
Warr& Co price: £7/month*

Price per month* Price for 12 months*
Full price £22 £264
Sage direct discount £6.60 a month for 3 months followed by £22 for 9 months £217.80
Warr & Co client discount £7 £84

 

KashFlow

KashFlow is an award-winning platform that offers straightforward bookkeeping for sole traders, freelancers, small and micro businesses.

We have chosen KashFlow as a partner because of their easy-to-use software that works seamlessly across desktop and mobile, allowing you to manage your business finances from anywhere, at anytime. It’s got a clear dashboard that includes a business health check score, and the software links directly to HMRC to ensure that you never miss a deadline when it comes to VAT returns.

KashFlow: £15/month
Warr& Co price: £7/month*

Price per month* Price for 12 months*
Full price £15
  • £170 when paid annually
  • £180 when paid monthly
KashFlow direct discount None
  • £111 when paid annually
Warr & Co client discount £7 £84

 

What to do next

  • Talk to your accountant – they know you and your business, so can advise on the best cloud accounting software for you
  • Confirm your subscription you’ll need to choose a solution in good time before 1 April 2019 and confirm your subscription, so you’re MTD-compliant for the new accounting year
  • Use the software early – don’t ignore any helpful emails you receive as a new subscriber to your chosen platform; the sooner you get started the easier the transition will be (and don’t be afraid to ask your accountant for help if you get stuck!)

 

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*Prices correct at time of writing. All prices are excluding VAT. 

Please note. Discounted prices via Warr & Co are limited, discount rate licences are offered on a first-come-first-served basis. After these discounted licences are taken up we cannot guarantee the same prices.

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