2020 Vision

29th January 2020

 

The Association of Accounting Technicians (AAT) recently published an article focusing on the accounting trends and changes that will shape 2020 (with content from Xero).

 

  • BREXIT – What will the significant changes be that will affect your business and your cashflow? Will your business have to look further into the future with management accounts and financial forecasts as an act of support into the unknown future? We already provide assistance to many of our clients with these services which they are benefitting from.
  • Open Banking – New Open Banking regulation changes the way in which banks connect with third parties including software providers such as Xero. Many of our clients have recently switched from bank feeds using Yodlee to the new Open Banking feed.
  • Artificial Intelligence and technological advances – Technology is endlessly evolving the way businesses (including accountancy firms!) run. At Whiting & Partners, we use third party software such as Receipt Bank and Auto Entry to automate our processes meaning that we can put more time into complex and detailed client matters, enabling us to focus on our client-centric approach.
  • App Integration – Application Programming Interfaces are allowing apps to share data and information with cloud accounting software such as Xero in a seamless and innovative manner. There are now over 800 third party apps which integrate with Xero! (https://apps.xero.com/uk)

 

So it seems that the continuous advances in technology will be shaping the accountancy industry even further over the next year.

 

How will the upcoming technology advances shape your business?

 

To read the AAT’s full article click here: https://www.aatcomment.org.uk/trends/future-of-accounting/4-accounting-trends-that-will-shape-2020/?utm_campaign=20200122&utm_medium=email&utm_source=cpd_roundup

 



 
Other items in Blogs
 
Chris Kelly
25th September 2020 COVID-19 Business Support – Winter Economy Plan

  With the Autumn Budget cancelled the Chancellor has announced a Winter Economy Plan introducing a package of measures to support businesses.   The highlights are:   The Coronavirus Jobs Retention Scheme (CJRS) – Will end as planned on 31 October 2020.   A new Job Support Scheme – To support viable UK employers who…

Read More »

Steven Denton
25th September 2020 HMRC Job Support Scheme (JSS)

On 24th September the government announced the launching in November of the Job Support Scheme to replace the existing Furlough Scheme that is feted to end on 31st October. The JSS is to run from 1st November through to 30th April, but initial rules may be amended after three months.   To qualify for the…

Read More »

Matilda Mawson
25th September 2020 2019/20 Pension Savings Statement – Request yours today!

  If you have made contributions to a registered pension scheme of more than £40,000 in the tax year, your scheme administrator should automatically send you a pension savings statement by 6 October 2020. This will detail your total pension input for the 2019/20 tax year as well as your pension input for the 3…

Read More »

Ian Piper
24th September 2020 Corporation Tax due soon: Not necessarily.

Companies with 31 December 2019 year ends will be due to pay their corporation tax on 1 October 2020. If that company is expecting to suffer a loss during the 2020 financial year, perhaps due to COVID-19 related reasons, it should be possible to carry that loss back one year and claim a refund of…

Read More »

Ruth Pearson
17th September 2020 Fuel Rates From September 2020

HMRC have updated the latest company car advisory fuel rates. These rates apply from 1 September 2020.   The guidance states that you can use either the previous or current rates, for up to one month from the date the new rules apply.   The new rates per mile are below: Engine size Petrol LPG…

Read More »

Robert Baxter
16th September 2020 Redundancy Pay & Payment in Lieu of Notice (PILON)

HMRC have introduced legislation which ensures employee’s statutory rights, including redundancy pay and payment in lieu on notice (PILON), are based on an employee’s normal pay and not their furlough pay.   Redundancy pay   An employee is entitled to redundancy pay if they have been working for their current employer for 2 years or…

Read More »