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MAKING TAX DIGITAL – A MERITED APPROACH

What is tax digital?

Making Tax Digital (MTD) is an initiative by UK government with a widespread thought to make it easier for individuals and businesses to get their tax right and on top of their affairs. Ending up the tax return process is well outlined with a vision to ‘Transform Tax System’ by 2020, contributing to HMRC’s pretention to turn into one of the most digitally advanced tax administrations in the world.

HM Revenue and Customs (HMRC) states that the main target of MTD being the transformed tax system is to refurbish the tax administration for the taxpayers making it more effective, efficient and simple for the customers to comply. HMRC is working closely with accounting software developers to ensure that taxpayers including most businesses, micro-businesses, self-employed people and landlords, as well as individual experience a smooth shift to digital tax.

What has changed and from when?

Reporting taxes just once a year is on its way out. Businesses will need to start making quarterly tax submissions from 2019. Although it may mean you have to make changes, it can absolutely help streamline tax and accounting.

How will “Making Tax Digital” help?

Making Tax Digital for Business is a widespread agreement and the merited approach for the future, that will help positively to streamline tax and accounting as well as reduce the amount of tax lost through some errors. However, to flatter and ease out the number of concerns about the pace and scale of switch that has been raised, the government has announced that the rollout for making the Tax Digital for Businesses have plenty of time to acclimate the changes.

An Overview –

Businesses will not now be mandated to use the Making Tax Digital until April 2019 and then only to meet their VAT obligations.

This will apply to businesses which have a turnover above the VAT threshold.

The smallest businesses will not be required to use the system, although they can choose to do so voluntarily.

The government remains committed, supporting all businesses and their agents to get their tax right and reducing the amount of tax lost through an avoidable error by delivering a modern digital tax system.

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Your all in one “Conversion buddy”

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Traveling for work is a different game than traveling for fun, but it doesn’t have to be all bad. You just have to know how to prepare, especially for your accounting needs. Between accommodating all the possible weather conditions and addressing all the various activities you have planned, plus meeting the weight restrictions, etc, it’s easy to get irritated. Sending files by searching it on different platforms becomes time-consuming and many times it gets entangled with one another.

Now with MMC Convert you don’t need to go elsewhere. We give you all accountancy conversions under one roof. Just select the accounting software that suits your need and we shall convert all your records in just 3 business days. Keep your accounting up to date by posting Historical data from Quick books, Sage, Sage pastel, Wave, Account Edge, QBO, Freshbooks, Zoho Books, Sage Peachtree, TAS, Kashflow, FreeAgent, Clearbooks, Sage One, Reckon, Sage Simply Accounting, MYOB, Exact, VT Accounts, Netsuite, Bench, Indinero, Omni etc to the chosen software.

With the help of our highly experienced team and latest automated tool, we manage to deliver your work on time. We believe in improving constantly and adding new challenges for the betterment of your business. We are always ready to serve your all the query’s 24X7. Our support team is always available to help you with choosing the correct approach for your conversion needs. Please contact us and we’ll be in touch via e-mail, telephone or web meeting to help answer your questions.

“Our conversion packages are very affordable starting with $289 USD for Basic and $389 USD for Full Transactional”. We also create customized data conversions depending upon your business and requirements.With that our conversion process supports all multi-currency accounts.

Now here at MMC Convert you have the opportunity to earn money by just recommending it to your loved ones so that they also could use this all in one MMC Convert and make a new buddy on their list.

A process to the referral program:

Just Login & receive a Customised URL on your E-mail ID
Email it to your friend, Share your email with your clients we’ve written up for you.
Post your customized URL on your wall or to your selected connections on as many social media platforms like Linkedin, Twitter, etc.
For the first referral, you will get $50
For second referral you will get $50 + 25*
Then for third and onwards referral, you will get $50+50*

Make use of your social network, the more you refer the more you earn in $. So do come and explore the potential of MMC Convert.

We would certainly love to help you. Contact us

Conversion to Xero is easier than you think

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If you are looking to utilize Xero in your business we offer a service of transferring the data from your current accounting software to Xero. Be it QuickBooks, Sage, Wave or Myob, Conversion to Xero – leading cloud accounting software is easy, quick and cost effective with MMC Convert.

Why Xero?

Xero is the beautiful alternative to your old accounting software, providing a real-time view of cash flow – anytime, anywhere. It’s small business accounting software that’s simple, smart and occasionally magical.

Run your business on the go : Use our mobile app to reconcile, send invoices, or create expense claims – from anywhere.

Get paid faster with online invoicing : Send online invoices to your customers – and get updated when they’re opened.

Reconcile in seconds : Xero imports and categorises your latest bank transactions. Just click OK to reconcile.

Using a cloud based system means that you can get information in real time on any internet enabled device. Cash flow, daily bank feeds and creating and tracking invoices are just a few of the features which are available anytime, anyplace.

As well as the standard Xero software there are over 500 apps which can add on to help a wide variety of businesses over many different sectors. Whether that be a CRM system to enable you to keep track of client interactions or a system that allows you to take credit card payments there will be at least one out there which could help your business.

As Xero add-on we often have the conversation with clients about moving from a desktop accounting software to a cloud based one, and now it has never been easier.

Convert to Xero | Xero Conversion from Multiple Accounting Software

More information about converting to Xero can be found at https://mmcconvert.com/. Let’s get started – When you’re ready to make the move to Xero, migrating your existing accounts is easy.

Alternatively, if you would like to have a discussion about making the switch then feel free to contact us at info@mmcconvert.com or twitter.com/mmcconvert

ChatBots in Accounting

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ChatBots are sophisticated computer programs used to communicate either via text or audio. A ChatBot is designed to mimic the way a human would communicate with another person while having a conversation. These Bots are being used in several industries to help facilitate communication with customers. As the demands of customers increases, the ability for a company to meet these demands is often not possible. However, many companies have found the use of Bots to provide basic customer service needs, to be a cost effective way to meet their customer’s demands. In the business of accounting, there have been many recent developments of ways to use this technology to perform a number of tasks.

Providing Customer Service

One of the ways ChatBots have been used in the accounting industry is by answering customer’s inquiries. Many companies have found that customers often ask the same types of questions. As a result, a ChatBot program is able to communicate with a customer over text to answer a number of questions they may have. One example of this is in the tax accounting arena. Many people dread doing their own taxes, mainly because they do not understand all of the rules and regulations surrounding personal taxes. However, services like AskMyUncleSam provide an opportunity for customers to ask their personal tax questions through chat. After their question is asked, the computer program is able to search for keywords in a database and provide answers to the customer.

ChatBots and Payroll

Many companies have a payroll department to help ensure their employees payroll needs are met. However, many companies have a significant number of employees, who have some common payroll questions which take away from the other payroll accounting duties. As a result, larger companies have looked for ways to answer their employee’s questions without taking time away from other duties. The use of a ChatBot program can help these companies to answer questions about how to complete direct deposit information, completing a W-4 form, or questions about pay periods and pay dates. The use of these programs make it possible for the accounting department to complete other tasks and only get involved in answering questions that are more complex than what the Bot is prepared to answer.

ChatBots and Tracking Finances

Another recent development in the use of ChatBots is in the ability to submit expenses and track receipts. The user is also able to track outstanding invoices so the user can follow up with customers to ensure invoices are paid in a timely manner. An example of this would be when a ChatBot allow the user to ask a question, like, “Do I have any outstanding invoices?” The program then is able to search the finance information to locate any outstanding invoices and communicates the findings with the user. As a result, the ability to track expenses is able to be completed quickly and accurately.

There is no telling what is next in the way ChatBots are going to be used in the accounting world to make the accounting process easier. The possibilities are endless as the technology continues to evolve daily. Only time will tell how ChatBots will continue to infiltrate the accounting industry.

Top 5 Reasons To Take Your Business From Excel To The Cloud Accounting Software

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Small business often start out utilizing Excel- but that’s only doable up until a point. Like every adolescent eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are employing cloud accounting software instead.

*Excel To The Cloud Accounting Software*

Why Excel isn’t a long-term solution

1. Doubling-up of transactions

In Excel you don’t get a alerting if you try to enter the same invoice number or invoice number twice, whereas you would if you used accounting application. Doubling up on accounting transactions can get you into a real mess.

2. Time consuming

It is time consuming to set up a detailed, useful spreadsheet. You need to have the end result in brain before you even start and then work out a designing that they are able to get you that purpose outcome. A plenty of day is wasted if you are part style through setting up a spreadsheet simply to realise that it can only do half the job you need it to do. For example, you might be able to set up a spreadsheet that tracks all of your revenues and expenses, “but its” tricky and day eating to define it up to track taxation codes for your Business Activity Statement as well.

3. No audit trail

If more than one person is entering information into a spreadsheet it is difficult to tell who has entered or changed information. This leaves the door wide open for fraud to occur.

4. Costly errors

Excel spreadsheets can be linked to other Excel spreadsheets, which can save you hour. Nonetheless it is easy to associate a cell incorrectly which results in errors that can be hard to see. You could be using the same spreadsheet for months without realising it is picking up incorrect figures from another spreadsheet. Just like in Reason# 1, Excel doesn’t warn you of possibilities errors. A quick internet search for” spreadsheet blunders” depicts just how costly some of these errors can be.

5. You still need to invest time into learning how to use Excel properly

You can teach yourself how to use Excel and set up spreadsheets, however with such easy to use accounting software on the market now, isn’t your time better spent study software that will do most of the hard work for you? For instance, applying software with automatic bank feeds, such as Xero, can reduce time spent on manual data entry once set up correctly.

It’s about letting your business grow

While it can often be hard to alter the way you do business and embrace change, the potential rewards are huge.

Excel was simply not built to replace accounting software – so it’s time to give your business the room to grow and succeed, without restrictions.