No.
If you’re comfortable with your spreadsheet – keep it!
A VAT Bridging App allows spreadsheets to comply with HMRC’s new Making Tax Digital regulations (MTD).
There is no need to waste your time on complicated, expensive and time consuming accounting software if you don’t want to.
Use your valuable time for something else, I don’t know – like growing your business instead.
Accounting software is very good if you need it. If you’re a larger company with a lot of transactions, employ a lot of people, then you need an accounting system to properly support your business. However, they are complicated and time consuming to learn and operate properly – and you’re not an accountant or bookkeeper. Also with accounting software you’re paying extra for additional facilities and therefore complications that you don’t need.
If you’re happy with what you have, why change?
It’s what you’re happy with that counts. If you run your business finances on a spreadsheet and that works for you, then fine – keep going with that.
You don’t have to change from a spreadsheet to accounting software to comply with MTD.
Spreadsheet combined with a VAT Bridging App will be your cheapest and simplest method of complying with MTD, especially if that’s currently your system.
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