The future of accounting industry growth will rely predominantly on advances in technology. See finance and accounting outsourcing trends for 2021 here…
Accounting companies will harness artificial intelligence and machine automation to accelerate tasks, enabling focus on fundamental accounting jobs that increase productivity.
Helping small business owners complete their tax returns instantly will be a huge transformation for both clients and companies.
Research shows that over two-thirds of accountants will use cloud computing accounting software this year. It’s proven to provide clients with greater flexibility and ensures that every financial transaction is accurately recorded in a timely manner.
All cloud-based systems will allow greater productivity as it offers access to computing systems, client information, and inventories from any internet-connected device.
Undergoing widespread adoption of data in this digital age will allow accounting firms to accurately track client’s performance, alongside identifying ways of improving tax setups and other general business practices.
2021 Brexit requirements
Any clients that export goods or sell services to the EU will be affected. From July 2021 businesses that are subject to VAT in the destination country will be able to report and pay the EU VAT via a single EU One-Stop-Shop (OSS) VAT return.
As a result, VAT on sales to the EU after Brexit won’t have to be individually registered in every EU country as OSS avoids this need. However, using OSS isn’t mandatory.
The introduction of the Import One-Stop-Shop (IOSS) gives sellers the opportunity to charge destination VAT upfront, and avoid import VAT. The seller will report and pay any tariffs required at the international level through a single EU IOSS return. This will expedite the movement of goods through customs as the IOSS system eases the process.
VAT refunds after Brexit incurred on or after 1 January 2021 can still be claimed by using the existing processes for non-EU businesses. The process varies across the EU so procedures will need to be followed set out by the relevant country. UK businesses may need to provide a certificate of status in order to get a refund.
Impacts on accountants and businesses
Many business owners and managers will turn to accountants for advice and support during this year as tax and administrative requirements continue to grow. Despite the disruption of the ongoing coronavirus and Brexit implications, numerable business opportunities will become available in the form of selling existing companies or offering new services. Gaining comprehensive knowledge for both accountants and their clients will prove invaluable as the year progresses.
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Outsourced accounting services will provide you with access to professional input and specialist accounting software. VAT return services will ensure you get the best VAT scheme for your business, with all the help, tips, and advice you need.
Outsourced bookkeeping for any size of business will be offered at an hourly rate so will fit into any budget. You’ll be able to find the exact cloud-based solution for your business needs.