Accountancy firms must get connected in the world of mobile technology to satisfy the Government鈥檚 digital taxation plans, according to the boss of a specialist app development firm.
The Government鈥檚 Making Tax Digital policy means all businesses will soon have to pay tax digitally.
Joel Oliver is CEO of MyFirmsApp, the world鈥檚 leading app developer in the sector.
He told 老九品茶Cloud: 鈥淲ith HMRC鈥檚 commitment to Making Tax Digital, we believe it鈥檚 even more vital for accountancy firms to get connected in the mobile world.
鈥淭his is a fantastic opportunity to ensure they are the digital conduit between clients and HMRC, or be left behind.鈥�
The company is developing a new artificial intelligence-enabled app solution, on track for completion by the summer, which allows clients without any accountancy knowledge to deal with their tax affairs directly.
All the data concerning receipts and income will be stored securely in an Amazon-powered server and be available from any computer, phone or tablet with internet access.
鈥淲e have a clear plan for growth for the next three years which is totally focused on developing our core business,鈥� said Oliver.
鈥淲e have already invested in additional developers to ensure we can meet our ambitious development roadmap for our app. We will be enhancing current features and the user interface as well as adding some amazing new functionality into the app.
鈥淥ne of the exciting developments will be the launch of AI within the app, coming early summer.
鈥淒espite the announcement earlier this month by HMRC that there will be a one-year delay in the introduction of MTD for businesses with turnover below the VAT threshold, our development plans remain unchanged.
鈥淲e believe that it is important that the tools to manage MTD are made available at the earliest opportunity as accountants face a huge challenge to get their clients digital-ready.鈥�
Each bespoke app developed by MyFirmsApp delivers a suite of compliant and approved tax tools to make running a business easier and includes calculators, mileage and income trackers, receipt management, finance news, calendars and push notifications.
鈥淎ll our apps are designed specifically to meet the needs of our clients,鈥� continued Oliver. 鈥淲e discuss with clients which functions and integrations they need built into their app. We then create a bespoke design for the user interface for them, which supports their own firm鈥檚 branding and image.鈥�
MyFirmsApp is the only app to be fully compliant and endorsed by industry bodies such as ICAS, ACCA, ICPA and CiMA.
ICPA chairman Tony Margaritelli said: 鈥淪mall practice accountants everywhere are concerned鈥� they keep manual records or use their own spreadsheet and for some it’s just a bag or box of receipts.
鈥淗ow are they to cope and how can we help without trying to teach them bookkeeping or using expensive software? That’s where an app will come in 鈥� it will be simple and need no expertise [yet] will allow our members to retain their overriding control of their clients鈥� tax affairs.
鈥淭hat’s why the ICPA are working with MyFirmsApp to develop the best product available.鈥�
Around 900 billion hours were spent inside apps around the world in 2016, making up 90 per cent of overall time with the rest coming from browsing the mobile web.
鈥淪uccessful businesses are realising that this does not just apply to social activity but it鈥檚 where their clients are spending their time within the working arena,鈥� Oliver continued.
鈥淭he key to the success of the app is that we effectively make it like having a member of your firm in your client鈥檚 pocket at all times.
鈥淚nstead of having clients seeking other sources of information via mobile searches, they come to you, their trusted financial advisor.
鈥淚t makes communication with clients and potential clients so much easy via push notifications, which get far higher engagement than email at 88 per cent.
鈥淲e also bring all the various apps together in one easy to use place via our integrations. Accountants are amazed at the time saving all this digital capture delivers for them.鈥�