York and Leeds based chartered accountants and Connect Yorkshire Partner, Garbutt + Elliott, has recently achieved Xero Platinum Partner status.
As part of their strategic direction to offer a cloud-based accounting solution to their clients, ahead of the Making Tax Digital deadline, Garbutt + Elliott have been partners with Xero, the global market leader in online accounting software for over five years. Platinum status has been achieved as a result of the high volume of clients Garbutt + Elliott have already helped transition from traditional accounting to cloud-based accounting.
James Fry, Business Services Manager at Garbutt + Elliott, says, “The increase in status allows us to provide even more cloud-based accounting advantages to our clients. We look forward to continuing the growth pattern of transitions from traditional to digital and are pleased to be able to provide our clients with additional new benefits, due to our status increase.”
In simplistic terms, cloud-based accounting allows small businesses to be paid faster via means such as mobile invoicing, automatic reminders and online payments. It also provides the opportunity to automate bank transaction imports, reconciliation, payments and much more. Of course, with digital accounting anyone can quite literally run their business from the palm of their hand with the easy-to-use Xero app. Being able to access real time information in an easy to use format will keep business owners better connected to their finances and will allow for a better informed and speedier decision-making process.
Jackie Senior, Director at Garbutt + Elliott comments, “With live data held securely in the cloud, not only can our clients access their accounts from anywhere at any time, but so can we. At Garbutt + Elliott we embrace using the latest technology, providing our clients with the very best service available to them. Xero has always stood out against the rest, as providing a user friendly, intuitive cloud-based accountancy platform and we are thrilled to part of the movement towards making tax digital.
Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software. With the deadline fast looming it is imperative that small businesses do not get left behind.
Current statistics suggest that up to 65% of UK small businesses are not yet using suitable accounting technology to move them into the digital age. Furthermore, and indeed significantly more worryingly, research from Intuit has found 44% of accountants admit to not knowing much about MTD, while 30% admit to knowing little, or nothing at all. Garbutt + Elliott are well placed to help any small business, throughout the UK, make a smooth transition into MTD and welcome anyone to contact them for advice.