Making Tax Digital – Why Accounting Firms need to Move in Quickly?
A smooth business operation is as good as the accountancy and flow of cash. This has taken various meanings in today’s digital age with the need of companies to be “ Making Tax Digital ” to meet competitive business environment. An accountant’s job is that of a guardian at the steering wheel. Advantages of Digital Accounting and Taxation Digitization from the first step itself – invoicing to clients from vendors – ensures the right and timely records are maintained. Thus, all transactions, financial records, calculations, payments, current and fixed assets, liabilities can be stored in a spreadsheet which can be digitally utilized to link many calculations and create accounting systems around it. Such a setup overrides any possibility of errors and omissions that might cause critical issues in the accounting flow. A software company IRIS found in a survey that convincing businesses to move to an accounting software is the biggest challenge in the...