2018-06-12 06:17:05Making Tax DigitalEnglishResearch Reveals Uncertainty In The Run Up To MTD — But QuickBooks Is Ready To Help

Research Reveals Uncertainty In The Run Up To MTD — But QuickBooks Is Ready To Help

2 min read

The hottest topic at this year’s Accountex was definitely Making Tax Digital – or Making Tax Delightful as we like to call it here at QuickBooks. The action-packed two-day event was the perfect place for us to announce the findings of our latest survey*. The results? Well, it’s clear that accountants want clear, practical guidance around the issue of MTD. And that’s what QuickBooks will be offering as we support all accounting professionals in the run up to this massive change.

 

AWARENESS OF MTD

The majority of accountants (75%) have heard of MTD, but of those, only 30% know what it means for their practice. If you’d like learn more about how the changes will affect your firm, sign up for a MTD breakfast roundtable event led by a local QuickBooks Account manager.

 

UNDERSTANDING THE OPPORTUNITY

At QuickBooks we see MTD as an exciting time for accountants. As Nick Williams, our Head of Business Development puts it, “cloud technology empowers accountants with real-time insights that can be used to transform their role from bookkeeper to financial advisor”. But do our industry colleagues agree?

 

38% of the accountants we surveyed feel the legislation is an opportunity to drive positive change within the industry but only 20% feel prepared for that change.

 

The most valuable opportunities stemming from MTD wer cited in the survey as:

  • faster and more efficient workstreams on the cloud (24%)
  • the opportunity to build a more digitally-forward practice (22%)

 

Start taking steps towards transforming the way you work. Download our free eBook on value pricing.

 

MOVING CLIENTS TO THE CLOUD

According to our research, 33% of the average accountants’ clients already use cloud accounting software. But nearly one quarter of the accountants we surveyed (23%) said that none of their clients use cloud accounting software.

 

Our MTD marketing kit has resources for you to customise and share with your clients, explaining the benefits of cloud accounting.

 

KEY CONCERNS

It’s clear from our results that many accountants see MTD as more than a personal challenge. One-third (34%) of accountants said that changing client behaviour was their top concern in the lead up to MTD. The next biggest worry was how to educate staff on its implications (24%). If you need an easy introduction to MTD for your staff, show them our 4 minute video The MTD Conversation.

 

At QuickBooks we’re committed to making your practice’s path to MTD as smooth as possible. For more information about how we can support your journey, visit our dedicated MTD webpage for accountants.

 

*Intuit commissioned an online survey of 101 UK based accountants in April 2018.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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