Since 2003 we have offered the option for clients to collaborate with our accountants in real time with our Online Accountancy Service - now usually called Cloud Accounting. MTD now requires you to submit your VAT return from compliant software and many more clients are adopting a more up-to-date approach.
You - or your bookkeeper - prepare most of the accounting transactions in the software. You ask for help as you go along - because correcting inaccurate entries is more time consuming than answering a question to get it right in the first place.
Every quarter someone needs to confirm that the VAT transactions agree with your bank record. that could be you or you may want us to do it for you.
A modified approach can also work if you want to outsource the whole of your accounting function. You provide us with the information and we will maintain the accounting records on your behalf in an MTD compliant manner.
We then review your VAT return and it is submitted to HMRC. At the year end more of the work has already been done. If any transactions were misposted - then they are corrected early - and you can understand how to enter them correctly in the future to keep your costs down.
Clients and accountants working together in real time for greater efficiency.