Record Keeping: HMRC Advertises Business Apps
May 8th, 2012
In an effort to assist small businesses & companies to improve their record –keeping, HMRC are now promoting a number of third party business apps that can be used with mobile phones: free to use accounting software produced by software companies like Sage & Intuit.
The majority of these are apparently no more than expenses & income lists & are simple to use but some of the more sophisticated ones are essentially links to cloud (internet-based) book-keeping programs. User reviews suggest the apps are liked but they are only a first step to keeping records from an accounting & tax point of view. One feature that is present with most of them is the ability to quickly & easily produce a report that can be transferred or exported as a spreadsheet file & then, with a little re-working updated into your main accounting software.
The idea should be encouraged. One of the most common difficulties accountants have with small businesses is with the quality of record keeping: these apps allow a busy person on the move to enter relevant income & expense data, mileage etc in a timely manner , the more information that is captured the better the quality of the accounts produced resulting in more accurate tax calculations.
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