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One of the key issues is choosing the right accounting package to comply with MTD requirements. Here is a brief review of accounting package options.

Cloud Accounting Packages 

For many businesses, one of the Cloud Accounting packages will provide an excellent solution. I’m sure you will have heard the adverts for Quickbooks Online and Xero. These are well established packages that have been used for many years in the USA and Australia and are fully committed to being MTD compliant. They carry a number of advantages such as;

• Online updates so your software is always up to date.

• Cloud Accounting backup.

• Intelligent software that learns postings from previous transactions.

• Ability for bank feeds directly into accounting software

• Availability of many apps to customise the software and making it relevant to your business

• Relatively low level of monthly charges

• Ease of access from anywhere (with WIFI signal) on any device.

Other packages

But for some businesses this may not be the right solution, perhaps due to poor or unstable WIFI connection or familiarity with another package and an unwillingness to change. One of the most popular desktop software suppliers is Sage50 and they have announced that their product will be MTD compliant. However, Sage are releasing a separate MTD module that will be backwards compatible with the previous five years versions of Sage 50. However there will be an additional charge for this module (estimated to range from £350-£500 per year) on top of the existing perpetual licence cost. To avoid this additional cost, Sage are encouraging businesses to move to a monthly subscription plan that will include automatic upgrades to the latest version and ensure MTD compliance. 

 

We're releasing a series of short videos to compliment our blog articles on MTD, CLICK HERE to view these on our Youtube channel. 

For anyone requiring advice on accounting software, please do not hesitate to contact me