Accounting Software UK

Small businesses cry out for strategic guidance from accountants

• More than half (57%) of small businesses want more advice from accountants, not just admin
• More than half (58%) of small businesses face greater financial management pressures than they were a year ago
• Small businesses employ an accountant at five employees (76%)
• Accountants in Northern Ireland perform the best, with 93% of small businesses satisfied, compared to just 53% in Wales

London,  A survey of 500 small business owners (2-20 employees) by MYOB Limited today reveals that over half (57%) of small businesses are demanding more strategic advice from their accountants to overcome the mounting pressure of financial management complexities. This illustrates an important move beyond the traditional tax and VAT administration support that accountants are most commonly associated with.

The survey by MYOB, the accounting software and services provider, revealed that with almost half of respondents (43%) citing legislative compliance as a top concern, 57% want more compliance and legal advice from their accountant. A high demand for operational management assistance was also top of the small business agenda with almost half (48%) requesting payroll services. Small businesses value advice from accountants, with almost half (45%) asking for recommendations for accounting software to manage bookkeeping.

The statistics also show that once a small business reaches five employees, it is highly likely to look to an accountant for bookkeeping (76%). Tax returns are the most popular service with 60% of small businesses calling on accountants to help ease the tax burden. 35% use VAT returns and also auditing services to help run their business.

Accountants in some regions are not performing as well as others resulting in variations in satisfaction levels with the accountancy services received. Northern Irish practices best meet the expectations of small business clients with an overwhelming 93% saying they are satisfied with the services they receive. In contrast, the North East and Wales achieve 54% and 53% of satisfied small business customers respectively.

Simon Crompton, general manager of MYOB says: “The desire from the small business sector for a wider range of services from accountants is encouraging news for accountants. The statistics show that it is more important now than ever to seek ways to diversify your practice to offer a greater level of strategic and business advice to support smaller clients.

Crompton continues: “As staff retention and recruitment challenges continue to harm practices profitability, business services offer a breath of fresh air and a competitive advantage to practices wanting to grow. A strategic offering will help revive the staffing crisis and encourage practitioners that being an accountant can be far more rewarding than simply filing VAT returns.”

Media enquiries

For media enquiries please contact:

Nicola Truman, Kate Hamilton or Amy Gooch
Hotwire PR
Phone: +44 (0) 20 7608 2500
Email: myob@hotwirepr.com

For enquiries regarding MYOB products and services, please visit our Contact us page.

About MYOB

MYOB is a global provider of solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 500,000 businesses and over 10,000 accounting practices worldwide.

Owner-operated businesses are the most dynamic force in the world economy and yet they are universally challenged by limited resources. MYOB uses its knowledge, expertise and scale to help them build better businesses.

MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the ‘Big 4′ firms.

Through its understanding and partnership with both business owners and accountants, MYOB strives to further enhance the links between them for their mutual benefit.

MYOB Limited is a public company listed on the Australian Stock Exchange (ASX symbol ‘MYO’).

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MYOB for retail businesses

Whether you’re just starting your retail operation or are looking to ways to improve its efficiency, MYOB has the answer. MYOB retail solutions are powerful yet easy to use and integrate with MYOB Accounting or MYOB Accounting Plus to provide an end-to-end solution to all your retail needs. No wonder that 500,000 business owners worldwide rely on MYOB software and services.

For further information - or to buy or try any of the software - select from these links. Alternatively, call the MYOB Customer Service Team on 0845 130 3975 (Mon-Fri 9 am - 5:30 pm).

MYOB RetailBasics

A powerful point-of-sale solution that gives your PC even more functionality than a cash register, and gives you an efficient way to process sales.

• Find out more about MYOB RetailBasics
• Try MYOB RetailBasics free for 45 days
• Buy MYOB RetailBasics online today with a 30 day money-back guarantee

MYOB RetailReady

All the essential software and hardware peripherals you need to turn your PC into a powerful point-of-sale solution.

• Find out more about MYOB RetailReady
• Try MYOB RetailReady free for 45 days
• Buy MYOB RetailReady online today with a 30 day money-back guarantee

Get more information about MYOB software and services

• Read recent product reviews
• See a list of awards given by the computing press
• Find out what MYOB customers think by reading their case studies

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Taxation

The MYOB Tax Family encompasses the entire spectrum of taxation software needed by any practice.

If you produce tax returns for your clients, you need the PerTAX Family of Tax products . This suite of tightly integrated applications handles personal, partnership and trust and estate tax affairs.

Securities income and Capital Gains Tax calculations are simple with SecTAX , and links to share price data feeds mean client portfolio valuations are always up to date.

CorTAX performs UK corporation tax computations and produces facsimile CT600 tax returns.

Republic of Ireland

Professional firms in the Republic of Ireland can use Taxpack and Compad for personal and corporate tax and administration. Find out more about these two applications on the MYOB website for the Republic of Ireland .

PerTAX Family

Handles all compliance work relating to your client’s personal, partnership, trust and estate tax affairs.

PerTAX eQuest

Capture client information via your website

PerTAX eSP

Produce and export detailed reports easily. 

PerTAX R185 Beneficiaries

Store taxable income details of each trust or estate beneficiary and produce R185.

PerTAX Aide-Mémoire

Automates production of personalised, paper-based questionnaires for gathering client data

PerTAX Data Conversion

Convert data from competitor systems

SecTAX

Makes Securities Income and Capital Gains Tax calculations simple 

CorTAX

 Performs UK corporation tax computations and produces facsimile CT600 Tax Returns.

Other Products + Services

Central

Run your accounting practice efficiently with MYOB practice management systems, tax solutions and services

Accounts Production

The Viztopia Accounts suite is in use at over 1,000 sites, making it one of the UK’s most popular choices for accountants in practice.

Practice Management

 Easy to use and comprehensive, VPM provides practices with key management information on demand.

Document Management

 Access client information, documents and practice knowledge through a web browser interface.

Trust Accounting

Manage investments with an integrated tax and accounts suite that includes formatting, reporting and data import tools.

Insolvency

 MYOB Insolvency is a flexible and fully integrated accounting system that comprehensively supports personal and corporate cases, both trading and non-trading.

Accountants Services

Outsource your compliance work to UK qualified ACAs and ACCAs

Support, Consulting and Training

 All MYOB software is backed with comprehensive services and support to ensure you get maximum value for your business.

Case Studies

 Accounting firms who use MYOB software cover the entire range of practice size – from sole practitioners to Top 20 firms. Read about their experiences here.

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Overview

CorTAX handles UK Corporation Tax computations and returns under the Corporation Tax Self Assessment regime.

CorTAX acts as a data collection and calculation program, combining ease of use with a high degree of general functionality.

There is now a Report Pack within CorTAX which allows users to run the following reports:

• Multi Year Variance
• Tax Calculation (detailed)
• Loss Review
• NCD Workings
• Group Relief (across all companies in each group)

Features & benefits

• An intuitive user interface
• Simple and fast data review and amendment via on-screen Tax Returns or Computation Reports, via drill down to the underlying data
• Production of Revenue approved facsimile tax return form CT600, CT600A, CT600B,CT600C, CT600E, CT600G, CT600H and CT600J.
• Produces high quality, fully cross-referenced tax computation reports
• Handles trading companies, investment companies, hybrid companies, group companies and close companies
• Ability to work on clients off-line
• A simple and easy to use work flow management and control system with a wide range of cross-client reports
• Comprehensive context sensitive help system

Ease of use

CorTAX is a true Windows application that provides all the flexibility and ‘ease of use’ of today’s applications.

Designed with the familiar look and feel of Microsoft applications, dropdown menus provide full access to all functionality, and ‘hot keys’ ensure that all operations can be carried out via the keyboard.

Quick and easy data entry and review

All permanent data for a client can be set up from one screen in a single session. Variable data is held in tax accounting periods and can be accessed via a single menu.

Each menu item is summarised to indicate the taxable/relievable figure, and any subsidiary calculations or analysis can be accessed from within the summary screen using buttons, toolbar icons or hypertext links directly to other screens.

With long POA, all necessary apportionment is automatically calculated.

A series of fully user-definable common data files is available for use. These are:

• Trade/management expense descriptions
• Non-trade expense descriptions
• Capital gains relief descriptions
• Banks/Building societies
• Countries/currencies
• Tax districts
• Retail prices indices

These allow you to save time by creating commonly used items in these common files to avoid having to write the same item over and over again.

The final two items in the above list come with data already included, to avoid you having to spend time creating these files from scratch.

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