What does MTD mean for accountants?
MTD has seen mixed responses from the accounting industry, with some worried it spells the end of the profession, and others excited at the opportunities it offers.
In our position in the software market we have seen many businesses start to thrive in the post-MTD world by putting the right systems in place. Here’s what MTD could mean for you.
Enhance your service
MTD is gradually introducing automation and efficiency to the compliance areas of the accounting profession. With the VAT stage now complete, next in line is aspects of income tax self-assessment and then at some point corporation tax.
With this digitisation should come a slickness that both you and your clients benefit from – you doubly, as not only can you operate more efficiently, but you’ll look consistently good at doing the basics in your clients’ eyes (perhaps even more so than ever).
But now you are not spending so much time on compliance, the opportunity for accountants through MTD really presents itself through what your new-found efficiency allows you to do. It doesn’t mean that your profession is redundant. It means you can concentrate on developing and delivering higher value services.
For many, the most natural way of doing this will be by developing advisory services to drive value in your clients’ businesses. This could include much more advice on:
- Revenue generation, cost cutting and overall profitability
- Tax planning to optimise their position in future years
- Launch, growth, consolidation and exit strategy
…or wherever your expertise lies (or wherever you’d like to grow it).
The digital tools that are driving MTD are also your secret weapon for enhancing your advisory services. With the right infrastructure in place, you can get almost all the real-time data you need to make insightful suggestions, monitor the effects of your advice and present information to your colleagues and clients.
Because this data is now so accessible, you can devote much more time to building closer client relationships – ones that offer more value to you as well as to them.
Get the right software
The potential is there if you have the ambition to take it. But, of course, having the right software solutions in place is essential to both implementing MTD effectively and offering enhanced services.
Modern accounting software can not only take care of all the MTD compliance and give you the real-time business insights into your clients; it can also help you run the operations of your practice far more efficiently.
This includes functions such as secure and effective client and team communications channels, file storage, diary and calendar functionality, and powerful reporting. Once you go down the path of embracing technology, it can transform the way you run your practice. But you have to choose the right software.
Software demos
We have been pioneering accounting and practice management software, and our expertise can help you take your accountancy practice to the next level at this exciting time. If you’d like to discuss your options or see a demo of what can be achieved, please get in touch with us and we can help you get started.
