We’re pleased to announce that we have become a Xero platinum partner and are working closely with the team at Xero as we continue to champion cloud accounting for businesses.
At Randall & Payne we have staff across all teams who have Xero certifications. To become certified, advisors complete learning modules on Xero’s key features and pass a practical exam. Most are Xero-certified advisors, and we also have specialists in Xero payroll and Xero migration. This certification means that our team can log in to Xero accounts at the same time as the client and are able to answer questions and give advice at the time of need.
Will Abbott oversees our Management Services team and comments:
Becoming a Xero platinum partner is important for us in a period of great change for the Accountancy Industry and our clients. There are considerable developments in tax law mandating Making Tax Digital over coming years but also the development of technology is moving at great speed. Therefore, it is important for us to be at the forefront of this technology, harnessing the power of the automation that is available to make day-to-day record keeping and tax submissions as seamless as possible. We are proud to be one of very few Xero Platinum Partners in Gloucestershire.”
Automation of bookkeeping
As automation of many bookkeeping tasks continues, Dext Prepare (previously Receipt Bank) is an important tool for data capture. Gone are the days of manually keying in data to your accounting software, saving you time and removing the need to retain all receipts – just scan and then bin them!
We offer a full bookkeeping service for clients who would prefer to concentrate on their businesses, through to advising on appropriate packages, reporting structures and add on applications to complement the basic accounting package.
Making Tax Digital
Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
From April 2022, MTD requirements extend to smaller VAT businesses. All VAT-registered businesses need to have signed up for MTD for VAT by their first accounting period starting on or after 1 April 2022, and must also keep their records digitally using MTD compliant software such as accounting software or a spreadsheet. If they choose to keep digital records on a spreadsheet, then bridging software must be used to be MTD compliant. There is a useful page on Gov.uk to explain when you should have signed up based on your accounting period here.
From April 2024, MTD for ITSA will apply to sole trade businesses and landlords with a total business or property income above £10,000 per year.
We strongly recommend you use accounting software such as Xero, for many reasons. Xero is mobile which means you can generate invoices on the go or process payments immediately. Data capture and entry are more automated using apps, reducing the time required. The software is secure and backed up online and is compliant with HMRC’s MTD for VAT regulations.
Make sure you are ready for MTD and that you are embracing the technological improvements. Please come and see us for a demonstration of Xero or chat to us about your requirements for the transition to cloud accounting. Get in touch on 01242 776000 or Contact Us via the contact form.