Positivity around MTD increases with familiarity

32% uplift in SMB’s attitudes toward MTD since go-live date.

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London, UK - 1 May 2019

Intuit QuickBooks today reveals the results of its first Making Tax Digital (MTD) sentiment tracker since the new legislation came into force. With more businesses than ever aware and taking steps to become compliant, there has been a significant increase in positive sentiment, as firms appreciate the benefits digital can bring.

  • 89% of businesses are now aware of MTD, up from 82% at the end of March, just before MTD came into force

  • 84% of those who have heard of MTD believe they are compliant, an increase from 76%^

  • 32% uplift in SMB’s attitude, as 49% of SMBs now believe MTD will have a positive impact on their business, up from 37%^

  • Less than 1 in 10 (9%) SMBs foresee a negative business impact

To help SMBs and accounting professionals maximise this digital potential, QuickBooks is demonstrating the full extent and functionality of the MTD product suite, including Bridging Software at Accountex 2019.

The first public demo of SmartCheck will happen during the two day show¥. First revealed at Quickbooks Connect in February, SmartCheck, helps accounting professionals and small businesses save time by identifying common mistakes when submitting a VAT return.

SmartCheck, currently in beta, is one of many new features automatically generating intelligent solutions to common issues faced by customers. Already available for accounting professionals is SmartLook, a virtual customer service solution using video technology to help with tech support, and available soon is Smart Notifications, a system that notifies accounting professionals when their clients need to file for VAT.

Nick Williams, Director of Sales UK, at Intuit QuickBooks, said: “The transition to MTD was never going to be without its stumbling blocks for accounting professionals and small businesses, but it is pleasing to see increasing numbers realising the time, efficiency and cost-saving benefits that digitisation can bring.

QuickBooks is determined to continue innovating and iterating our product, releasing new features that help accountants better serve their clients as they navigate industry and legislative changes like MTD and Open Banking this year. By embracing and using the latest technology, AI and machine learning for their practice, accountants and bookkeepers become the true puppeteers of prosperity for their clients.”

Also demonstrated on the stand will be QuickBooks Online Advanced Payroll, a new solution that solves for accountants and payroll bureaus that manage multiple businesses with complex payroll needs. Available now in QuickBooks Labs, QBO Advanced Payroll provides a route to payroll automation, a streamlined pension experience and a self-service portal for employees, including a mobile app. QBO Advanced Payroll is a different product, but complements the existing QuickBooks Online Standard Payroll, a simpler payroll solution.

To meet with the QuickBooks team and discuss the product, innovations and MTD, visit stand 990 at Accountex at ExCel on1-2 May 2019.  There will also be a series of short and informative workshops and lectures at the stand including; ‘Marketing Tools to grow your practice”, “How to win at Payroll” and “What’s new in QuickBooks”.

Alternatively, for more information on the QuickBooks product suite visit www.quickbooks.co.uk

Sources

^increase/decrease since Intuit QuickBooks MTD research March 2019 (independently conducted by Opinium with 500x SMBs)

¥SmartCheck is currently in beta, customer representatives at the stand can showcase the latest iteration. Customers can turn on the beta within Labs in the QuickBooks Online product.

Disclaimer

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, and functionality are subject to change without notice.

For more press information

Josh Kaye

+44 (0)7810 527514

josh.kaye@ogilvy.com

About Intuit

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