intelligent

These solutions improve productivity within finance teams by giving them increased visibility on business transactions , using data analytics to highlight spending trends , automating month-end reporting and more . This is useful for complying with MTD requirements since it hugely reduces error by automating previously manual tasks and increasing the trustworthiness of data fed into reports .

Christian Muller , Chief Finance Officer at Moss

DIGITAL SPEND MANAGEMENT

TOOLS ARE

ALREADY DELIVERING ON INVOICE

MANAGEMENT , REIMBURSEMENTS ,

CASH FLOW INSIGHTS AND AUTOMATED ACCOUNTING TO HELP BUSINESSES

STREAMLINE THEIR INTERNAL

OPERATIONS AND FOCUS ON THEIR GROWTH

STRATEGIES .

The software tackles one of the most common pain points for businesses and individuals alike ; gone are the days of submitting your taxes and worrying for weeks about getting a call from HMRC telling you that something isn ’ t right ! With new taxation software , businesses are getting double the peace of mind for half the time . Win-win .

Also , having software in place to make record-keeping as streamlined as possible means introducing new digital tools to help . Companies can centrally store all their data , which removes the need to switch and change between numerous systems .

Tasks that were previously done manually can be automated , resulting in significant time saving across the board . When it comes to the day-to-day functioning of businesses – whether a sole trader is keeping their books , or an accountant in charge of tracking transactions on a larger scale , digitising the process makes the whole operation more efficient .

However , the largest opportunity created by MTD may not be related to taxes at all . MTD could be the catalyst for growth and internal change many SMBs have needed to jump into the digital world .

Many providers of MTD-compliant software can help small businesses with much more than taxes . Spend management solutions provide businesses with the means of tracking and controlling all company spending and

Even though this is a government-backed initiative , businesses thrive from real-time accounting data , along with many finance professionals . It ’ s incredibly exciting that businesses can now make data-driven decisions in real-time , which in turn helps them run more efficiently , look after customers better and explore new monetisation opportunities .

SMBs are buying into digitisation

Over half of accounting professionals have already dived head-first into digitisation , with 57 % agreeing that accounting will become entirely cloud-based or automated within the next few years as the industry embraces greater levels of innovation .

There is buy-in from the professionals , which is seeing new doors for competition to walk through within the accounting software market .

Of course , the power to transform SMBs and ensure their success lies with the decisionmakers , who hold the key to selecting the right , tailored solution for their company . However , to be successful , what is needed among those decision-makers is an acute awareness of their business needs and the various solutions that exist to serve them .

The greater the understanding is among those in control of business finances , the easier it is for them to make the right decisions and bring technology on board that either gives them a holistic view of their operations and enables them to make better business decisions or fits easily into their existing portfolio of solutions . Either way , the result should be a significant value-add . Ultimately , buy-in into the right solutions can lead to investment which drives even greater innovation in digital services .