KashFlow, by IRIS Software Group, is today announcing the launch of a new VAT Dashboard, enabling accountancy firms to streamline the VAT process for their Making Tax Digital (MTD) clients. This enables accountants to utilise detailed insights and provide digital-first advisory to help grow their clients’ businesses.
The VAT dashboard enables firms to manage VAT for their MTD clients in one centralised area, streamlining the MTD process, saving time and improving overall business productivity, while enabling accountants to approach problems or opportunities in the next normal.
As part of MTD, the deadline for VAT-registered businesses to keep VAT records in digital form has been extended to April 2022, so firms are still heavily focused on supporting clients as they move into the next normal. As such, many plan to rely on traditional assurance and compliance services to meet the mandate, rather than investing in a digital-first advisory.
KashFlow’s new VAT dashboard will enable firms to both meet the MTD mandate now and offer first-class, digitally powered advisory to clients.
JF Sullivan, Chief Product Officer for IRIS Software Group says, “While no silver bullet, technology has, and will continue to play, a central role in helping accountants support businesses through these uncertain times and throughout the next normal. Accountants have done an incredible job in reacting quickly to address clients’ needs, they now have the tools needed to be proactive and act as a business’ guide as we move forward.”
Through this new dashboard, firms will be able to clearly see and separate all MTD VAT return clients from non-MTD clients (where appropriate). It will also enable partners to submit multiple VAT returns at once, or individually, automatically sending client correspondence when a VAT return has been submitted on their behalf. This significantly saves time and helps businesses and accountants manage finances efficiently – which is vital for survival.
Phil Brown, partner at Allan Brown Accountants has been using KashFlow to quickly submit accounts and is now presenting clients with regular management accounts to show how they have performed during the period. Phil explains, “Our initial focus was to ensure compliance, but we quickly realised the efficiencies KashFlow brings to our firm. This has allowed us to initiate more business value conversations with clients, highlighting performance which helps them make better longer-term decisions.”
This new functionality also brings a range of other enhancements designed to make it easier and more efficient for firms to help clients in MTD. Including the use of colour-coding to highlight different VAT return statuses and easy-to-use navigation paths from clients’ Taxes Dashboard, Return Summary Reports and Return Daily Reports within the KashFlow Connect platform.
Also enhanced as part of this launch is the sorting capability, with firms now able to sort by client name, date and/or VAT return status. A progress bar has also been added, which highlights how far along the submission process is and what elements are left to complete, along with improvements in the retaining of a search result when filters are applied and removed.