A trend in recent years has seen providers moving their software from traditional on premise solutions to “the cloud”, where they can offer more flexible, subscription as a service (SAAS) based solutions. Some of the main benefits for companies transitioning to these new offerings are increased control over when and where they access their data and with a reduced reliance on local IT infrastructure it can also mean companies see their costs lowered.
As part of the HMRC’s ambition to become one of the most digitally advanced tax administrations in the world they are introducing Making Tax Digital (MTD), initially this will begin with certain companies having to keep digital records and use software to file VAT returns.
The point being that if they don’t already have one companies will need a roadmap to digitalize their business, while this may seem daunting to some, it doesn’t have to be. There are a wealth of solutions available to businesses that are easy to use and will not only offer compliace with new legislation but will help streamline many other areas of the business. So while this path to digitalization may seem like additional work and potentially cost, it could also be looked at as an opportunity to create efficiencies and gain greater control and insight into the business.
Here at Wayfinder Consulting we pride ourselves on working closely with our clients to provide them with the support and advice to transition to the right online solution for their business.