After officially launching in March earlier this year, My Digital Accounts has endured a great first 6 months. You can see exactly what we’ve conquered and what’s to come in the coming months on our public road map located here: https://goo.gl/VoTn81.
To mark our 6 month anniversary, here’s a brief explanation of My Digital Account’s aims and aspirations:
My Digital Accounts is a software package specifically designed for the temporary labour market and Personal Service Companies (PSCs) or Micro entities.
Having operated in the market as accountants for many years, we were aware that normal accounting software packages do not cater for this market in any meaningful way with much of the accounting work being completed off-line (e.g. deemed payment calculations). We therefore decided to set up a specialist software design project and My Digital Accounts is the result! The software was launched in March 2016 and is specifically designed for accountants servicing the contractor and temporary labour market.
My Digital Accounts (MDA’s) Strategy can be summarised as follows:
- To embrace the government’s, and more specifically, HMRC’s digital accounts initiative
- Use bank transactions to automatically pre-populate accounting records
- Utilise cash accounting methods to reduce complexity
- Develop ‘Smart Software’ which intuitively “learns” the accounts to which transactions belong, reducing manual intervention
- Provide customers with ‘Real-Time’ (updated at midnight each day) showing what they can draw from their business bank account
- To facilitate Real-Time communication between customer and accountant and avoid the traditional time-lags associated with accounts preparation
- To develop sustainable software solutions for our clients, maintain dialogue with HMRC and provide proactive advice on practical responses to emerging legislation
Our intention is to embrace HMRC’s initiatives and make coping with the rules simpler for the users of our software.