Manjinder Devgon
3 minutes length
Posted: 10th April 2018

Still using an A - Z?

 

Just as we did with FRS implementation our early delivery of MTD functionality not only gives our customers (and their clients) the time and opportunity to get to grips with a new regime and adjust process as required, it allows us time to tweak and improve the system based upon the valuable feedback we receive from those who use it. 
 
We will continue the roll out of this functionality as and when it becomes available from HMRC, so that IRIS customers are always at the forefront of Making Tax Digital. Our aim is to make the adoption of MTD as painless as possible and deliver productivity benefits to our customers as they embark on their digital transformation.  
HMRC are hoping to come out of the pilot for Income Tax MTD filing and into a public Beta very soon. The pilot is currently only open to individuals with income from only one trade and/or rental income, if you are interested in taking part and have a client (or several) that meet this criteria feel free to get in touch with me at MTD@iris.co.uk and we can get you and your client(s) subscribed and registered with HMRC

Navigating around an unfamiliar city was always a challenge. Most motorists would take a copy of an A-Z. In fact before leaving home most people went through the same routine – keys, wallet and street map. 

The A-Z was a great way to plan your journey, but they were not perfect. Inevitably as soon as the map was printed they were out of date. New roads from recent housing developments, pedestrianised town centres and congestion zones all challenge the motorist.   

However times have changed first sat-navs and then smartphones became the preferred navigation method. Not only can you determine your route but now with dynamic updates it’s possible to change routes as prevailing conditions demand. Congestion can be avoided, as can toll roads; drivers can even select a quick routes or take a more scenic journey.

Many drivers suggest using sat-navs gives them a feeling of control and reduce the stress of driving.

When setting your business goals and monitoring performance most businesses still use their final accounts from the prior year. 

Final accounts are typically prepared 6-9 months after the end of the fiscal year – basing your company’s future on 9 month old data is questionable – waiting until the next set of final accounts to determine if your plans have been successful is quite another. Most businesses would benefit from reviewing their progress on a monthly basis.

IRIS Insight takes the guess work out of business performance.  

Identify problem early

Create profit & loss, balance sheet and cashflow forecasts quickly. Clearly presented data highlights performance and upcoming cash flow issues before they become critical. 

IRIS Insight enables leaders to track actual financial performance against their plan. Review progress, make updates and collaborate with advisors to help achieve business goals.

Problems in cashflow could have various sources – higher costs, poor sales performance or increased debtor days. If your business is missing their cashflow targets, leaders can quickly evaluate the potential causes and take appropriate action.  

The powerful ‘what if’ function can identify cashflow risks and model possible business changes. The impact of potential decisions is available in seconds, make informed choices and ensure you always stay on top of your cashflow.

Still a role to play

The A-Z still has its place and defenders of paper maps note that they are immune to the 3G black holes that afflict some cities. However the success of the new business planning tools leaves little room for older planning methods. 

IRIS Insight allows businesses to identifying issues early, evaluate options, and take appropriate action to ensure goals are achieved.