6 Months of My Digital Accounts!

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:

  1. To embrace the government’s, and more specifically, HMRC’s digital accounts initiative
  2. Use bank transactions to automatically pre-populate accounting records
  3. Utilise cash accounting methods to reduce complexity
  4. Develop ‘Smart Software’ which intuitively “learns” the accounts to which transactions belong, reducing manual intervention
  5. Provide customers with ‘Real-Time’ (updated at midnight each day) showing what they can draw from their business bank account
  6. To facilitate Real-Time communication between customer and accountant and avoid the traditional time-lags associated with accounts preparation
  7. 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.

mobile

My Digital Accounts 4.5.1 Updates




The latest release of My Digital Accounts is now live!  Here’s a quick summary of the key features:

Payroll

Custom Pay Elements

Where a wide range of pay types are required, Custom Pay Elements can be set, e.g. Overtime, Double Time and Weekend Pay etc.

Hours x Rate Pay Calculator

Custom Pay Elements may be used to calculate the gross pay for an employee by using the Hours x Rate Pay Calculator.Double time and overtime payment

These are also displayed on the employee’s payslip:

Example Payslip

Should you want to suppress blank rows, simply delete that particular Custom Pay Element from the Hours x Rate Pay Calculator.

HMRC Inbox

Need to check HMRC’s Inbox?  You no longer need to leave My Digital Accounts!

From the eSubmission RTI menu, select HMRC inbox to view incoming P6, P9, SL1, SL2 and RTI messages.

Inbox details

Auto Number Generation

Customise your invoice and assignment numbers by setting the criteria used in Automatic Number Generation for assignments and invoices:

Auto Number Generation interface

Bulk Transactions

 

My Digital Accounts Menu

Bulk Transactions are now run from the main menu on the left side of the window, making them easier to navigate to.

Roadmap

To view the My Digital Accounts public roadmap please visit https://trello.com/b/txq2P4e1/my-digital-accounts-roadmap.

Contact Us

Support

For feedback and suggestions please visit our support page https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2.

Social Media

Follow My Digital Accounts for regular updates, news and information on our social media channels:

Twitter icon @MyDigitalAcc

Facebook icon @MyDigitalSoftware

LinkedIn icon www.linkedin.com/company/my-digital-accounts