How Making Tax Digital is a Great Opportunity for Your Business
Making Tax Digital for business begins on April 1st. We aren’t bookkeepers or accountants, so we won’t get into the nitty gritty. Xero did an excellent round up blog about it, which you can read here if you need to know more.
I will say I think it’s a great idea. About time someone dragged HMRC kicking and screaming into the 21st century! Has it created a bit of work for us in the short term? Of course, but it’ll make life easier in the long run.
If you’re willing to embrace the change, it’s also providing a fantastic opportunity for your business.
If you’re the kind of business owner that’s fiddling with spreadsheets and bits of paper, then you’re holding your business back. Sure you could bury your head and let your accountant sort this out for you, but the shift to digital isn’t going anywhere.
Why not use this as an opportunity to get on board?
If you have to get all your financial records onto fancy software, why not go one step further and get all your important business records onto fancy software. HMRC has provided a list of software which can help you comply with Maxing Tax Digital. The best part is that lots of those can also be integrated with other software. There are so many powerful tools that can improve your life and your profits.
I’m sure you’ve heard of Customer Relationship Management software before, commonly referred to as CRMs. In the simplest terms, they’re databases for storing your contacts, but they can be so much more. A good CRM will enable you to systematise and automate your processes, which boosts your profits.
A client I worked with recently holds a regular conference. Every time, they would email each person an invite, then set themselves a reminder to follow up with a phone call, then a reminder for the email and so on. When the customer booked, they had to send them an invite to the payment system. When the customer paid they got an email confirmation, which they had to then go and send another email with the details and add them to the list of attendees. And so on. You get the idea.
We used Capsule CRM, MailChimp, and Zapier to turn all of that into two clicks.
That allowed them to drastically reduce the amount of work required and therefore increase the amount of booking they could process and still leave time for growing the business in other ways.
What’s more is that they stopped losing people. Every contact that reached out to them was automatically recorded and the follow up process automatically organised for them. They kept exactly as much control and human touch points as they wanted.
That’s what it’s about really. In the same way Making Tax Digital is about being more organised and making things easier, The Office Genie can help you do the same for many other areas of your business. Give us a call on 01604 529 171 and ask to speak to Lesley about our PAS service or fill out the form below.