Written by Ray Coman
Coman & Co has become a Certified Advisor for both Xero and QuickBooks. After successful completion of the online examinations, we can add these two useful competencies to the existing skill set of the firm. Xero and QuickBooks are both market leading and among the top five accountancy software packages in the UK.
While we do not have certification, we are also able to handle most accounts preparation queries related to records held in Sage, Freeagent, Kashflow and other bookkeeping products.
Coman & Co has been QuickBooks certified since 2012, however this certification covered only the Desktop version of the software. We are now certified for the online product as well. We have taken this extra measure to provide clients with the assurance that we can deal their accounts and help prepare them for year-end processing. We have been on-boarding clients using accounts software since we started in business in 2009.
Some clients do not wish to use online accounts. Not a problem. We do not prescribe the format in which accounting records are delivered to us. Should a client wish to use excel, or simply relay totals in an email, or send records by post, we can accommodate that preference.
Our clients can give us accountant access to their online records. This helps to review accounts, reducing the amount of communications required in understanding the accounting entries. Calling on our knowledge we can help guide where an oversight or confusion has arisen in the accounts.
Accountancy software is increasing in use partly resulting from a movement towards cloud technology but also because of Making Tax Digital. Making Tax Digital currently requires a VAT registered business to report to HMRC using approved third-party software. With certain exemptions, most VAT registered traders are no longer able to use the free HMRC software for filing VAT Returns. This has been a requirement since April 2019.
The government has proposed that from 6 April 2023, sole traders and landlords with income over £10,000 will be required to report profits once every three months using tax compliant software. In brief overview, the current design is that profits for the three months from 5 April to 5th July would be reported to HMRC via an accounting software platform no later than 5th August 2023. This requirement would continue once every three months thereafter.
Coman & Co will be able to call on our existing competencies, in tax, in practice management and in accounting software expertise, to help guide businesses through this challenging transition. The Xero and QuickBooks certifications are further step we have taken to ensure we are one step ahead of this kind of shakeup.
We are reviewing with our clients how we can expand our offering to facilitate the proposed overhaul, while staying as keenly priced as ever.
We want to stay up to date with developments in tax but also in accounting. Our IT system is upgraded regularly. We adapt our practice to accommodate the changing demands of regulation. We embrace technological development in our field.
The badges in the footer of the website re-direct to the directory listing for the practice on both Xero and QuickBooks websites.