Making Tax Digital – Could the Cloud be the perfect choice for your dental practice?

You may be aware, that in under a year’s time, if your dental practice currently keeps its accounting records manually, you will have to be up and running on a computerised system to be able to make quarterly returns to HMRC.

If you haven’t heard about Making Tax Digital, then you can find out more information within our dedicated brochure available to read through and download here.

Although the government are currently still deciding which businesses report first (based on turnover), it will eventually impact all businesses, so now is as good a time as ever to make the move to a computer based package.

Could the Cloud be the perfect choice?

Cloud accounting packages, unlike traditional computer based packages, store their information on a secure website, allowing data to be accessed and processed from anywhere and at any time. They are flexible packages that can be tailored for your dental practice in terms of setting up departments and code lists for NHS income and non-NHS income

They also offer a host of other attractive features and functions including:

• Automatic bank feeds: which means that your records will reflect your current bank balance without the need to download or input a list of transactions from your bank.

• Cashflow control: the system will track invoice expected pay dates and can show when monies are due in or are payable.

• Invoicing: They can generate sales invoices which can subsequently be printed or e-mailed to patients.

• Debtors and creditors: invoices are logged on the system to ensure that the running total of amounts receivable or payable are tracked.

Users do not have to worry about keeping their version up to date as any new functions or updates are automatically applied to the system, so all users are on the same version.

The cost for these systems are based on a monthly subscription, with no large up front cost and no minimum subscription period so users are not tied to the package if it doesn’t suit their needs.

For more information or advice on Cloud based accounting packages, please e-mail – anna.coff@eqaccountants.co.uk, or call Anna Coff in the Forfar office on 01307 474274.