MTD delayed, but don’t miss out on the benefits of cloud accounting

While we wait with bated breath for the eventual launch of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) in April 2026/2027, depending on income, many may be wondering whether or not to implement cloud accounting.

Using an HM Revenue & Customs-compliant cloud accounting platform will be an important part of the phased implementation of MTD, but these ever-evolving platforms also offer many other benefits.

Transitioning from traditional accounting systems to a cloud-based platform may seem initially daunting but it brings benefits to you and your business in the following ways:

Real-time access to financial data

One of the most appealing features of cloud accounting is the ability to access your financial data in real-time, from anywhere in the world.

Traditional accounting systems often require you to be at a specific physical location to access your financial information, but cloud accounting platforms offer the freedom to manage your finances on the go.

What’s more, it can often deliver a greater depth of information to improve your decision-making, allowing you to be more agile.

Enhanced collaboration

Cloud accounting allows multiple users to access the same financial data simultaneously, enabling real-time collaboration among team members and with your accountant.

This accessibility is particularly useful for businesses with multiple locations or remote staff, as it allows for consistent and efficient financial management based on current data.


Transitioning to a cloud accounting system can result in substantial cost savings. The initial setup costs are typically lower than those for traditional accounting software, and there’s no need for ongoing maintenance or upgrades.

Most cloud accounting services operate on a subscription model, which makes it easier to scale your package to suit the needs of your business as it grows.

Robust security

Security is often a concern when transitioning to cloud-based systems, but modern cloud accounting platforms come equipped with robust security measures, including data encryption and multi-factor authentication – similar to what many banks operate.

This level of security is often more robust than what many businesses can implement in-house, making cloud accounting a secure choice for financial data storage.

Streamlined processes

Cloud accounting platforms frequently offer integrations with other business tools, such as inventory management systems, CRM software, and payment gateways.

This interconnectedness allows for a streamlined flow of data between various parts of your business, automating manual tasks and increasing operational efficiency.

Looking ahead, cloud accounting is seen as the foundation for further automation and AI capabilities within accounting. Investing now could put you ahead of the curve in future.

Ready to make the change?

If you aren’t yet fully utilizing the power of cloud accounting or haven’t even started to investigate its use within your business or personal tax affairs, now is the time to seek advice and support.

Our dedicated Business Innovation team can help you explore and implement the best solutions for you – Speak to them today.

Posted in News, Newswire.