Digital Record Keeping
Following on from our newsletter re MTD for VAT and penalties, just a reminder that all VAT registered businesses must keep and preserve certain records and accounts. Under Making Tax Digital, some of these records are required to be kept digitally.
Taking digital record keeping one step further forward is to store the backup for the transactions in the computer package itself.
Many software packages now offer the ability to scan, upload and link in documents, such as receipts which can save businesses a lot of time.
One part of this is using a bank feed. This is a secure connection between your bank account and software. If set up correctly the bank’s transactions can automatically be posted into the program. Rules can be set in order for them to be to the correct place.
If you wish to consider any of these digital links or require assistance please get in touch with your normal Wheelers contact.
Article written by Debbie Chaplain