Tag Archive for: quickbooks

Marcus Batson from Xama Technologies shares what makes them the go-to solution for AML compliance.

Xama is a comprehensive anti-money laundering (AML) software used by over 1,000 accountants and bookkeepers of all sizes across the UK to stay compliant.

For accountants and bookkeepers, AML compliance is vital in preventing crimes that could harm their business and protect them from legal, financial, and reputational damage, allowing them to maintain the integrity of their systems and the trust of their clients.

As the go-to solution for AML compliance, Xama’s cloud-based solution offers multiple services and systems that set it apart and make it the provider trusted by Rosemary Bookkeeping business owners across the UK.

In this blog post, we sat down with Marcus Batson from Xama Technologies to see what makes Xama work so well and explore some of its key features and benefits for UK-based accountancy or bookkeeping practices that need to manage AML at scale.


What sets Xama apart?

While most AML tools require you to juggle spreadsheets, separate check-processing systems and disconnected document stores, Xama replaces this patchwork with a single, intuitive dashboard that unifies training, client screening, document management and reporting.

With out-of-the-box integrations into Practice Management, Proposal tools and leading accounting platforms (e.g. Xero), firms can gain real-time visibility into every compliance task and status — all in one place.

Not only does Xama show you exactly what’s outstanding, but it also proactively delivers all the quarter-on-quarter regulatory changes — from high-risk country lists to updated FATF guidance — straight into your inbox and Academy dashboard.

It’s built-in AML Academy then issues role-specific e-learning modules, tracks completions, and automatically issues certificates, so you never have to search for the latest rules.


Integration

Particularly if you’re an accountant, you’re likely already using existing bookkeeping or CRM systems in your role. So, how does Xama integrate with those?

“Every firm has different clients, software and processes, so it’s important to balance compliance with practicality. Our Risk Assessments can be created from scratch or can be customised to adapt to any firm. Our AML Academy training is tailored to services, client types and team roles, and client-facing elements of the platform can be branded in the firm’s logo to ensure consistency for the client,” says Marcus.

Via the Hub Apps page in the platform, you can view simple instructions for each integration for various existing software.

Most of them consist of an ‘API Key’ that allows the two tools to connect, and Xama has a short video for each integration within their Training Hub. Speaking of…


Training and onboarding for new users

If you want to sign up for Xama, you can… very easily. Signing up takes minutes and then directs you to a guided Compliance Checklist, which walks you through importing client records, migrating historic data, customising risk-assessment templates and updating policies. Beyond that, you also get:

  • On-demand video tutorials for every feature
  • Quarterly refresher courses via the AML Academy
  • A dedicated support portal (tickets and live calls) for anything more complex

Xama provide the flexibility to start at whichever point works best for you. Whether this is the process moving forward first (the migration of historic records can be done later) or the other way around, this ensures firms can see the value straight away, without needing to undertake a large migration project before reaping the benefits.


Success Stories

Marcus says that the biggest successes he has witnessed are when Xama has supported and or enabled a successful audit from a supervisory body. Multiple clients have passed FCA and HMRC audits with zero fines, thanks to Xama’s audit-ready documentation and real-time alerts.

“We’re lucky to have had many firms pass with very minor, if any, actions to be taken after.”

“We had one particular firm that was struggling with AML for a long time due to the size of their practice,” he adds.

“They had massive gaps in their compliance documentation and were very worried about getting fined. Over two weeks, using the structure and reporting provided in Xama – but the flexibility to do it their way – they were able to resolve this and (whilst they weren’t in a perfect position) left the audit without a fine, and just minor tasks to take forward afterwards.”


Ongoing Support and Adaptation

In the world of bookkeeping and accountancy, we know nothing stays the same for long, and there are constant changes and new implementations that need to be made for firms to remain compliant with legislation such as AML.

Xama have accounted for this. Their founding team have been working in the industry for a long time, with their Founder being a Technical Partner of an Accountancy firm, their Commercial Director – another partner at the same firm, and their Engineering team having supported their founder as one of the first development teams to build on Xero’s API.

At Xama, the team understands the complexity of AML as well as practical applications within Accounting and Bookkeeping practices. Marcus himself has worked with Accounting and Bookkeeping firms for over six years, supporting and delivering new services and tackling common process challenges.

Their compliance team monitors FCA, HMRC and international AML updates 24/7. Every quarter, the AML Academy automatically publishes new modules covering regulatory changes, and they release platform updates within days of any major rule change. That way, you’re always ahead of the curve without lifting a finger.

Xama aim to bring enterprise-level software to firms of all sizes, which means they need to ensure that they work with the best-in-class providers to accomplish this.

“AI is lowering the bar to entry for fraud, and we’re confident that with our providers who have tampering detection, monitoring services and more, we can proactively identify areas of concern before it becomes an issue,” Marcus says.


Changes and Upcoming Evolution

With these changes, Marcus expects the standards will continue to increase on how identity is verified, causing a greater focus on Identity Verification Tools (IDVT) and stringent processes to reduce fraud and money laundering activities.

“This is very difficult to keep on top of, at scale, as well as ensuring you’re delivering client work, without leveraging tools like Xama,” says Marcus.

“Accountants are feeling this first with the new Companies House ID requirements, but I feel this will continue to evolve the way the AML standards are set.”

Moreover, as the financial and technological landscape changes, Xama is itself balancing new automations with the need for human oversight.

Whilst the platform does a lot of the heavy lifting, Xama also provide reports to see each check that was done and a clear understanding of the results. When the system doesn’t have a high confidence, it will ‘refer’ the client to you for a manual review, alongside the supporting report to give you direction.

To enhance the ways Xama helps ensure compliance, they are working on several evolutions to combat the ongoing challenges of AML.

 “We have a long list of tools and enhancements,” says Marcus.

“With the suite of tools available to firms ever-growing, the challenge of visibility and bringing all of the elements of AML together becomes more and more challenging. Integrations will always be a key driver of our evolution. But we also want to make sure we continue to improve the way the platform looks and feels, as well as make sure we use best-in-class technology.”


Stay compliant with expert bookkeeping and software solutions

Rosemary Bookkeepers nationwide use Xama for expert AML solutions, alongside our specialist services and cloud-based tools like Xero, QuickBooks, Sage, and FreeAgent to help you stay compliant and support your business’s unique needs and specifications.

Whether you’re just starting or looking to hire a bookkeeper to support your growth, we’d love to help you on your journey to becoming the best business you can be. To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation today.

How to choose the best accounting software for your business.

For any small business owner, keeping track of your incomings & outgoings is one of your most vital tasks.

Due to recent government initiatives around MTD (or Making Tax Digital), having a digital record of your finances is essential. Thankfully, there is a wide range of online software options available. All of which claim to offer you the best possible service.

Some advertise more often and are more well-known, like QuickBooks and Xero. At Rosemary Bookkeeping, we know businesses are as varied and unique as the people who run them.

What works for one person’s business doesn’t work the same for another. To make the best move for your business, you need to look at what each service offers and figure out what works for you. That’s why we’ve compiled a list of factors you should consider when selecting your accounting software.


What are the costs?

One of the main things to think about is, of course, price. And the price for accounting software can vary considerably. There are packages at the lower end of the price range, but these will often be a more basic package. Think about your business requirements now and in the future. Will a basic package be enough, or will you need more features further down the line?


Usability

The size and structure of your business will affect how many users there will be accessing your accounting software. Do more users mean more cost? Is it scalable if needed later? Do you want your accounting software to be installed on a particular desktop, for example?

Something like this considerably affects your pool of available choices, as most systems are now cloud-based. Especially with the new MTD regulations, we recommend a cloud-based system that you can access anywhere, without limiting your number of users.

However, if your preference is a desktop, there are still some good options such as the free, open-source, desktop software GnuCash.


Features

Work out what you need from the accounting software and what you need it to do. Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management, and payroll?


Which to choose?

Of course, as bookkeepers ourselves, we have our preferences when it comes to software.

We work with all sorts of platforms and packages but there are a few we see time and time again.

These are:

Xero

Widely acknowledged as one of the top pieces of accounting and bookkeeping software – especially if you’re working on a Mac.

Xero is great if you’re just starting, or if you need your accounting to be straightforward. Another plus of Xero is that it is designed to grow as your business does.

We like that it’s affordable, easy to use, offers a ton of add-on features and integrates with hundreds of third-party business solutions, many of which you likely already use.

There is also a 24-hour email and live chat support function, meaning there’s always someone there to help you whenever you need it.


FreeAgent

Unlike many bookkeeping and accounting software products that limit your transactions, unless you purchase a more expensive package, FreeAgent supports unlimited users, clients, invoices and transactions for one monthly price.

Like many of its competitors, it is cloud-based software, but it also comes with a built-in project management feature.

These make it ideal for keeping track of billable hours and expenses. As a FreeAgent partner, we recommend it for freelancers, consultants and other project-based businesses.


QuickBooks

QuickBooks is another of the most popular accounting software packages out there (and for good reason).

QuickBooks works for all types of small businesses, with three different small business plans to choose from, plus a separate plan for the self-employed, freelancers and contractors: it’s got something for everyone.

Both new start-up businesses and bigger, established businesses have benefitted from its range of features, which cover basic bookkeeping to advanced accounting and business analytics.

Sage

Sage is one of the bigger brands, and it’s been around a lot longer than most.

Sage Business Cloud Accounting has two plans for small business owners, starting with invoicing, expense management and reporting, as well as the creation of quotes, estimates, tracking, and inventory management.

It’s most popular with retail-based businesses due to its ability to integrate with POS systems.

Sage also appeals to businesses with large finance departments thanks to its support for multiple users and payroll systems.


How Rosemary Bookkeeping helps your business

Each online bookkeeping aid offers something different, with both strengths and weaknesses. This might make one a great fit for how you run your business or, by the same token, a terrible fit.

At Rosemary Bookkeeping, we work with you. We know that every business is different, and our bespoke service reflects this. By regularly consulting your local Rosemary bookkeeper, you’ll be able to receive support specially tailored to you and your business, and we can take care of your bookkeeping for you. From helping you choose the right software to use, software supply, training and data migration to a complete outsourced bookkeeping service – we can help.

Whether you’re just starting, or looking to hire a bookkeeper to support your growth, we’d love to help you on your journey to becoming the best business you can be. To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation today.

Hanaa Raydan from Rosemary Bookkeeping Wembley picked up the coveted Rookie of the Year award for her exceptional first year in business at this year’s Rosemary Bookkeeping Spring Forum.

Rosemary Bookkeeping’s annual spring forum is a red-letter day for our bookkeepers up and down the UK, where we come together to network, learn, grow, and catch up, too!

The day also saw some business owners awarded for their successes in 2024.

This included Hanaa Raydan from Rosemary Bookkeeping Wembley, who won an award for significant business growth in the last year.

In her first year in business, Hanaa made key strides through achieving key qualifications that allowed her to provide exceedingly excellent services to her clients through a range of vital services, including help using software like Xero and QuickBooks to work towards targets around Making Tax Digital and meeting crucial deadlines in the bookkeeping calendar.

Raising awareness of her business and brand in the local area through focused marketing efforts, alongside making space for her family and personal commitments, Hanaa has seen great success.

“[For the] first year, I prioritised the franchise and tried to dedicate my time and concentration on the business to be seen,” she says.

This has paid dividends to Hanaa’s visibility within her community as she has found that Rosemary has become a growing name in her area.

“I found that my biggest success is that most of my clients were calling me Rosemary, which made me feel I did succeed in making the franchise seen and remembered.”

Hanaa says her other successes and greatest pride have been in helping clients and supporting them in managing deadlines, all while connecting with her community and owning a business that allows her to be flexible in work.

Bobby Garland, Brand Leader for Rosemary Bookkeeping, adds:

“Hanaa has hit the ground running in her first year, showing remarkable dedication to hunting out potential clients and getting them over the line to achieve some great progress towards her growth!”


Need an award-winning bookkeeper?

If you’re in Wembley and the surrounding areas and could benefit from professional bookkeeping services from a local expert, contact Hanaa on 0208 5750286 or find your nearest Rosemary Bookkeeping business to see how we can help you today.

Grant Dye from Rosemary Bookkeeping North Kent and Isle of Sheppey picked up a prestigious growth award at this year’s Rosemary Bookkeeping Spring Forum.

Rosemary Bookkeeping’s annual spring forum is a red-letter day for our bookkeepers up and down the UK, where we come together to network, learn, grow, and catch up, too!

The day also saw some business owners awarded for their successes in 2024.

This included Grant Dye from Rosemary Bookkeeping North Kent and the Isle of Sheppey, who won an award for significant business growth in the last year.

In 2024, Grant made key strides in his business development through providing consistently excellent services to his clients through a range of vital services, including help using software like Xero and QuickBooks to work towards targets around Making Tax Digital and meeting crucial deadlines in the bookkeeping calendar. Delivering a valued service to his clients across the region has allowed Grant to exceed targets for his business.

Congratulations!

Bobby Garland, Brand Leader for Rosemary Bookkeeping, said:

“Grant’s commitment and steady performance have seen him hit the £50k milestone, a testament to his professionalism and client dedication.”


Need an award-winning bookkeeper?

If you’re in North Kent, Isle of Sheppey and the surrounding areas and could benefit from professional bookkeeping services from a local expert, contact Grant on 07970 696391 or find your nearest Rosemary Bookkeeping business to see how we can help you today.

Rosemary Bookkeeping Brand Leader Bobby Garland sits down with Aaron Patrick from Ask the Accountant. 

Recently, Bobby Garland, Brand Leader for Rosemary Bookkeeping across the UK, featured on Ask the Accountant while visiting the Finance, Accounting and Bookkeeping Show (FAB).

Alongside playing a game of (Not) Top Trumps (see full video), the two dive into discussions of the best ways to capitalise on networking events like FAB, Bobby’s plans for Rosemary, and the evolution of the bookkeeping industry.

In this blog post, we’ve transcribed the highlights of their conversation, but you can watch the full interview here.


(Note: Some quotes have been slightly tweaked for clarity and ease of reading.)

Aaron: Bobby, first of all, tell people who you are, why you’re here and what you want to talk about.

Bobby: “My name is Bobby Garland. I am the Brand Leader for Rosemary Bookkeeping. I’m relatively new to the accounting industry. I’m just a couple of years in, but I have lots of experience working with SMBs on business growth and collaboration plans and things like that.”

And relatively new in this new role as well?

“Yeah, my role at Rosemary Bookkeeping started in January, and it’s a franchise network. I’m the Brand Leader, so I help support the whole network and take it in the direction I think will benefit the whole accounting community.”

So, Bobby, what are you looking forward to on day two of FAB?

“I want to spend a bit more time on the HMRC stand. When we’re looking at things like Making Tax Digital coming into fruition, I feel like everybody’s got over this paranoia of ‘Will it, won’t it?’ We’re in the home run now, they’re sending letters out. I feel like we’re locked in. So, I think it’s their time to shine. Some of their speakers have been really, really good, really engaging. I feel like they’ve brought their A game this year.”

How do you ensure, from any event, that you act on it? What are your key tips?

“Step one is definitely to learn something. I always look at the speakers and pick out a non-negotiable. And then I’ll write something down: just one thing to do the next day. Whether that’s rolling something out to my network of bookkeepers, or going and having a demo booked in.”

“I’ve booked three demos yesterday, just from walking around. You’ve got new players in the game, like Mimo. I was talking to them, and was like, I’m just gonna book a demo. It’s great chatting to them here. But sitting down and having dedicated time is better. If you do it while you are here, you’ll commit to it. My meeting with them is next week, and I’ll attend that and get something from it. My diary next week is jammed, with just demos. I think that’s how you’re gonna get something out of these things: committing to something later date.”

You are in a unique position where you’ve got twenty different bookkeepers, and that’s growing, right? You’ve got X amount of differing pain points to solve. What are the key pain points you are looking to fix?

“Yeah, so one of the things that I think I’m passionate about with the Rosemary Bookkeeping Network is flexibility. Because with new or existing franchise partners, they’re all in different places. You’ve got some who are just one-man operations and have been going for a year. You’ve got others who have been going for 15 years and have employees and a couple of offices, so sometimes there isn’t a one-size-fits-all solution, and if we’re rolling something out across the network, I’ve got to make sure that it’s fit for purpose for everybody”.

“So, I really love something scalable, that can be relatively inexpensive to start with, but is happy to grow. And those sorts of solutions are ones that I keep an eye out for. Because they’ll benefit everybody, and that’s ultimately one of the priorities of my job: servicing and supporting everybody in the network equally.”

I completely understand that you want to be flexible and make sure it’s right for the purpose, but how do you keep on top of that? What’s your pro tip? Because a tech stack, when it’s just one for each category, is hard work. So, trying to keep it on top of all of that, what’s your secret there?

“I’ve sat in a lot of demos the last couple of weeks. Starting in the role in January, that’s something that I’ve prioritised because when I worked at QuickBooks and worked with accountants on software and even before that, working in marketing and business development roles, one of the things that I was always keen on was to be a functional expert.”

“I’m not a bookkeeper. I’ve got no qualifications around that, cards on the table, but I could use QuickBooks. And I felt that that was important when working with my accountants then. And this is no different, working with my Rosemary bookkeepers, I’m not going to be able to deal with the bookkeeping, but it’s important I understand how it works. We’re looking at AML software at the moment, getting under the skin of that, and I love it because I love learning about new stuff, new tech, new everything.”

It’s problem-solving.

“Yeah. I think you get far more out of it if you immerse yourself in it. Sometimes I can go a little down the rabbit hole, but that functional learning is key. I don’t want to just be somebody who’s talking about it. I want to be able to pick it up and show somebody. My aim is that all of my bookkeepers, for example, would be able to use it a million times better than me, but at the starting point, I can explain it and show them.”

“Even though I’m not a bookkeeper. I’m a functional expert to a degree. Don’t trust me to do your books though! [laughs].”

But credit to you, because we’ve done videos and product demos and all sorts together in the past, and one thing I admire about you is that you get your hands dirty, get involved in the product and kick the tires.

You were the first to say, ‘This doesn’t do this, have I missed something here?’ Because you were questioning, am I the problem, or is it the software? And I think that’s something that, in your role, is really important.

“I get a bit passionate because I see something, and it doesn’t quite do what I want it to, and I’m like, ‘Well, why doesn’t it do that? And should it?’ And then you go round in circles, and you’ve got to think about everybody in many different positions. But for me, immersing in it is the only way you’d uncover those issues.”

“And credit to software companies. It is a challenge because they’re not bookkeepers either. So, some of the best innovations come from people in the industry using the software. You can see some of the software created by accountants and bookkeepers, they stand out because they’re using it day-to-day.”

“And I think leveraging that information, whatever software company you are, is essential to success and leveraging the experience so people who will use it every day.”

We all love the big shinies, the big new feature releases. We were talking off air, weren’t we? Apron is releasing the new–

“The new card, yeah.”

We love that. And that’s an amazing thing to celebrate. But actually, some of the best work they’ve done lately is those little, tiny workflow changes, which are game-changing for the people using and relying on it daily.

“The number of times I’ve had a bookkeeper, or an accountant come up to me and they’re like, ‘Oh my God, do you know what my favourite feature is?’ And they say it, and I’m like, ‘Does it do that? Show me.’ And sometimes we miss that, especially those of us who aren’t bookkeepers or accountants, and we need to listen to that sort of feedback, so we know what the priorities are. Otherwise, how else are we going to learn?”

“But that happens all the time. I love it, though, because you learn something new. The best bit is that an accountant or bookkeeper tells me that, and then I go and find another accountant or bookkeeper, and I go, ‘I tell you what, have you seen this?’ And they’re like, ‘No. Oh my God, that’s amazing.’ I’m like,’ Yeah, I found that.’ [laughs]”

So, obviously, you’re passionate about this industry. What do you love most about it?

“I’ve worked in lots of industries. When I’ve done marketing, I worked with SMBs across all different industry verticals. Now that I only work within the accounting industry, the thing I notice is that it’s so collaborative. Everybody gets on, and I think that’s because it’s such a necessary service that there’s obviously competition, but accountants are far more likely to sit down and help each other than ignore each other. If one’s got a problem – and I saw it outside when we were queuing to get in, and one accountant was chatting to another about year end and how busy they were in January and then one’s telling the other like, ‘I’ve done this, you should think about that’ – and I think that’s brilliant.”

“Collaboration and partnership, in my career, are big priorities. I read it the other day, and you must have heard this: ‘If you want to go fast, go alone. If you want to go far, go together.’ And I love that. That is ingrained in me as a person. And I see that all the time in this industry, above other industries, and I’ve worked in a lot of others.”

And there was a chance that you could have left the industry, and you decided this is the industry you want to stay in. So, that must say something.

“Definitely. And I’ve been dedicated to this industry for, in my eyes, a relatively short period, two or three years now. But I’ve made so many connections and friends. Even just coming here today, the number of people I’ve seen who stopped me to say hello, I’ve really loved keeping those connections going.”

So, that’s what you love about the industry. What would you change about the industry?

“That’s… that’s a tough one. I think pace. I do think that accountants and bookkeepers, rightly so, are relatively risk-averse. And I think that’s fair to say, and that’s not a detriment to any of them, but they should be. I’d want my accountant to be risk-averse.”

“But I think sometimes when it comes to things like Making Tax Digital for income tax coming in and new software and efficiencies, we can err strongly on the side of caution. And I’m not saying throw the baby out with the bath water, but it would be good if we had more risk-takers, to give it a go and see it through. But it’s their business, so I get it. So many accountants are self-made, so I understand why they don’t.”

“In my time at QuickBooks and at Rosemary, working with my franchise partners, I want to be super supportive, so it doesn’t blow up in people’s faces. Nobody wants that. But try those little things, try something new. That’s the one bit of advice.”

Exactly, and it’s that disruptive mentality, isn’t it? Sometimes we feel like we shouldn’t disrupt. But that little bit of disruption won’t stop the whole industry, will it?

“Absolutely. And it doesn’t need to be changing everything.”

Little tiny steps.

“A hundred per cent. If you made a 1% change every day, that adds up. It is tiny, tiny steps. So, yes. That would be the thing. But I think that’s coming.”

“Even in the few years I’ve worked directly in the industry, you see a change. And I think it is a testament to guys like you who lead from the front. And you are seeing more people putting themselves out there, doing podcasts and talking and things like that.”

Sharing the knowledge, right?

“Yeah. Yeah, definitely. So, I think it is happening.”

If we got you a time machine, think about something you are using today. It could be an app, a piece of software, or a gadget. What piece of technology would you love to take back 12 months and say, ‘You should be using this now.’

“Chat GPT, I have doubled down on things like that in the last couple of months, and it has transformed my life. I think it’s such a useful assistant. It’s not replacing anything.”

It’s a brainstorming tool, isn’t it?

“I love, like I said earlier, collaboration and some of my best ideas come when chatting with someone, and they evolve in a conversation. But I work remotely, and the franchise partners I deal with are all over the UK. So, I’m not necessarily with someone every day. I don’t work in an office. So, Chat GPT is really helpful when I’m trying to brainstorm.”

I don’t know if you’ve seen some of the videos we’ve done on the training, but now it’s evolved to watching your screen and being contextualised on your screen, so you’re thinking about the training point of view, you have that app on the screen.

It’s telling you, ‘If I need to reconcile this or I need to do this, or I need to add this transaction,’ it can go, ‘Oh, go up here, click that. See this box here? Make sure you put it in there. No, no. I wouldn’t use that date. And it’s watching you do what you’re doing, giving that constant feedback. It is very, very, very scary, but very, very good.

“It’s terrifying. Don’t think about it too much.”

So, we’ve gone back 12 months, let’s go forward 12. How do you think AI is going to impact the accounting industry?

“I think the more and more it’s integrated, the more it’ll get used. Intuit Assist is a great example of that. You’ve got Jax with Xero, in the accounting world. Once they’re properly there, then I think that will accelerate everything.”

“I am slightly – not worried – excited and terrified of where all this will be in two years. So, it’s exciting times, and I think it’s in addition to your brain. It’s not instead of your brain.”

Well, that’s where we add value as bookkeepers and accountants, right?

“The other thing I think is massive about the accounting industry is that it isn’t about numbers. It’s about people.”

100%.

“It’s a people industry, and nothing’s going to change that. If you could spend more time with people, and AI is doing some of these monotonous things for you, it gives you time to have that coffee with your client that you couldn’t before, or go out to that networking event and meet new clients. Those are the things you want to do. I don’t know about you, but I love spending time with people; the more of that I can do, the better.”

Awesome. So, this is your opportunity. Plug, plug and plug away. And tell the people where they can find you and what you’re all about.

“Rosemary Bookkeeping is a franchise network. I’m the Brand Leader of it. What I’m looking to do with the brand is develop it so that we can partner with accountants. MTD for income tax is coming; accountants are going to need help. And I honestly believe bookkeepers are the answer. Ami Copeland talked about it at Engager Labs, collaboration is key. They’re not in competition with each other, so I’m looking for accountants who are looking for help that the Rosemary Bookkeeping network can help with, and we’re across the whole country.”

“I look after and know them all personally. I’m really excited about that, and hopefully working with some people I already know and maybe some new people as well. I’m really excited to be part of the network.”

It’s been great. Thank you for coming on.

“I really appreciate it. Thank you.”


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We love bookkeeping, but we know it’s not for everyone. So, leave the stress behind by leaving your books to the experts today.

Find your nearest Rosemary Bookkeeping business today to see how we can support you ahead of the new tax year.

Everything you need to know about MTD and how having a bookkeeper helps.

Making Tax Digital (or MTD) is part of HMRC’s ongoing initiative that has been underway since April 2019 to digitalise the UK tax system.

So, when and how will MTD affect your business? And how should you go about paying it? In this blog post, the experts at Rosemary Bookkeeping have all the answers.


What is MTD?

MTD has two core components:

  1. Replacement of paper-based records and a requirement for businesses and organisations (including those with property-based incomes) to keep digital accounting records.
  2. Using compatible software to submit tax returns and updates to HMRC – The government will be removing their current online tax services when a business registers for MTD and will require businesses and organisations to use software compliant with their API (Application Program Interfaces) to submit relevant updates and returns to HMRC instead.

MTD Timeline

Making Tax Digital was initially scheduled to become mandatory for income tax in April 2024. However, in December 2022, the timeline for compliance was revised.

    • Starting from 6 April 2026, those with an annual gross income exceeding £50,000 from self-employment and property letting will be required to comply.
    • From 6 April 2027, the rules will apply to individuals with an annual gross income of over £30,000 but less than £50,000 from self-employment and property letting.
    • Lastly, from 6 April 2028, the compliance will extend to those earning between £20,000 and £30,000 from self-employment and property letting.

The changes and how they affect your business

To check if you are eligible or apply for exemption from MTD, you can find guidance on how to do so via the HMRC website. If you’re concerned about the impact of MTD on your business, you can read more about its effects here.

MTD’s benefits:

  • It can reduce or even eliminate paper-based or manual tax processes. This allows you greater accuracy in tax returns, reduces the time you spend on administration, and gives you more time to maximise your business opportunities, productivity and profitability.
  • In the case that you opt to use cloud-based software, you’ll be able to see in real-time what is happening in your books and have better control over your finances, allowing you to make up-to-date and well-informed business decisions.
  • Using compliant digital software means that submitting information to HMRC is far simpler and less stressful.
  • Some accounting software links directly with your bank account, further reducing the paperwork and time spent filing taxes.
  • Digital software provides you with real-time management information so you can see how your business is performing.

So, if you have not already done so, you need to start weighing your options for MTD compliant software.


How Rosemary Bookkeeping can help with Making Tax Digital

We understand that making the jump to digital can be scary and daunting. But it’s not as costly or difficult as it seems, especially with the help of an expert bookkeeping service like Rosemary Bookkeeping. The benefit of changing to MTD now is that everybody else has already had years of experience working with it.

With a professional bookkeeper from Rosemary Bookkeeping to help you, making your tax digital is a very simple process.

We have been operating MTD for VAT submissions since its inception in 2019 and know its processes inside and out. Going digital may be a scary prospect, but by using a bookkeeper, your tax may be going digital, but your bookkeeping experience isn’t. We will assist however you need to get accustomed to the software, or simply do the work for you and make the process of sending returns to HMRC straightforward. We will also send generated returns directly from the software so that you have a well-kept and organised backlog of your records.

The main drawback of digital services like Xero and QuickBooks is that they depend on your financial knowledge and ability to work through MTD yourself. Our bookkeeping experts are trained to work digitally using MTD compliant software like Xero and QuickBooks, and Sage, but are a real-life human presence that can reassure and guide you through the process, so you’re not going it alone.

As Rosemary Bookkeeping is well-versed in MTD and online services, we can also offer advice on which software would be best for you, and often offer competitive prices for software subscriptions.

Additionally, we also offer an online exchange of documents, so you’ll be able to upload photos or scans of documents so that we can process them on the bookkeeping software. We also use Apps like AutoEntry or Hubdoc, which not only attach documents directly to the record on the software but also automate some bookkeeping processes – saving you valuable time and money.

To start receiving expert help and advice from your local bookkeeping experts, find your nearest Rosemary Bookkeeping business today for your free, no-obligation quote.

How a bookkeeper can help you manage MTD.

MTD (Making Tax Digital) is a government initiative to digitalise the UK tax system.

Introduced in 2019, developments at the beginning of the 2022 tax year saw MTD extend to include VAT for businesses.

With VAT return deadlines looming, many businesses have difficulty understanding MTD and its implications.

At Rosemary Bookkeeping, our experts are well-versed in online systems and financial processes.

That’s why we’re here to share everything you need to know about MTD for the new tax year.


Refresher: What is MTD?

MTD has two core components:

  1. Replacement of paper-based records

MTD requires businesses and organisations (including those with property-based incomes) to keep digital accounting records.

  1. Using compatible software to submit tax returns and updates to HMRC

The government will remove the current online tax services when businesses register for MTD.

They will require businesses and organisations to use software which is compliant with their API (Application Program Interfaces) to submit relevant updates and returns to HMRC.


MTD Timeline

  • 1st April 2019: MTD has been in place since this date for the majority of VAT-registered businesses above the tax threshold of £85’000+ turnover. These included partnerships, sole traders, limited companies, non-UK businesses registered for UK VAT, and charities and trusts.
  • 1st October 2019: There was a six-month deferred start date to support more complex businesses.
  • 1st April 2022: MTD became mandatory for all VAT-registered businesses and organisations.

Upcoming Implementations

Making Tax Digital was initially scheduled to become mandatory for income tax in April 2024. However, in December 2022, the timeline for compliance was revised.

  • Starting from 6 April 2026, those with an annual gross income exceeding £50,000 from self-employment and property letting will be required to comply.
  • From 6 April 2027, the rules will apply to individuals with an annual gross income of over £30,000 but less than £50,000 from self-employment and property letting.
  • Lastly, from 6 April 2028, the compliance will extend to those earning between £20,000 and £30,000 from self-employment and property letting.

Eligibility for MTD

Even if you aren’t legally obligated, you have the option to voluntarily follow the MTD rules if you choose to do so.

To identify individuals who need to comply with the MTD regulations starting in April 2026, HMRC will first review all self-assessment tax returns submitted for the 2024/25 tax year.

Consequently, if you file your tax return for that year by the deadline of 31 January 2026 and your income from self-employment and/or rental income surpasses £50,000, you can expect to receive a notification letter from HMRC in February 2026 informing you of your obligation to comply with MTD beginning 6 April 2026.


The coming changes and how they affect your business

MTD legislation already means you must have completed your ITSA through MTD-compatible software.

If you were not already doing so, you’re now required to keep digital tax records and submit this information to HMRC through an MTD-compatible software when conducting your self-assessment tax returns.


Exceptions

If your business has received an MTD exemption, it will still be in effect.

These can be caused by factors such as:

  • Age, a disability or where you live
  • You object to using computers on religious grounds
  • Any other reason why it’s not reasonable or practical

To check if you are eligible or apply for exemption from MTD, you can find guidance on how to do so via the HMRC website.

If you’re concerned about the impact of MTD on your business, you can read more about its effects here.


MTD’s benefits:

  • It can reduce or even eliminate paper-based or manual tax processes. This allows you greater accuracy in tax returns and reduces time spent on administration. It also gives you more time to maximise your business opportunities, productivity and profitability.
  • If you opt to use cloud-based software, you’ll see in real-time what is happening in your books and have better control over your finances, allowing you to stay up-to-date and make informed business decisions.
  • Using compliant digital software means submitting information to HMRC is far simpler and less stressful.
  • Some accounting software links directly to your bank account. Further reducing the ‘paperwork’ and time spent filing taxes.
  • Digital software provides you with real-time management information so you can see how your business is performing.

So, if you have not already done so, you need to start weighing your options for MTD-compliant software.


Why now?

The new financial year is the best time to reset how you manage your books.

This period is notably less disruptive, as things are changing already.

By introducing new systems to work smarter, you keep your business information secure and make things easier to manage going forward. 


How Rosemary Bookkeeping can help

We understand that making the jump to digital can be scary and daunting.

But, it’s not as bad as it seems – especially with the help of an expert bookkeeping service like Rosemary Bookkeeping.

Expertise

The benefit of changing to MTD is that we’ve had around four years of experience working with it.

With a professional bookkeeper from Rosemary Bookkeeping to help you, making your tax digital is simple.

We have been operating MTD for VAT submissions since its inception in 2019 and know its processes inside and out.

Going digital may be a scary prospect. Using a bookkeeper, your tax may be digital, but your bookkeeping experience isn’t.

Software Support

We will assist if you need to acclimate to the software or do the work for you.

We also send generated returns directly from the software, so you have a well-kept and organised backlog of your records.

Our bookkeeping experts are trained to work digitally using MTD-compliant software like Xero, QuickBooks and Sage and are a real-life human presence that can reassure and guide you through the process, so you’re not going it alone.

As Rosemary Bookkeeping is well-versed in MTD and online services, we can advise which software would be best for you and often offer competitive prices for software subscriptions.

Additionally, we offer an online exchange of documents, so you’ll be able to upload photos or scans of documents so that we can process them on the bookkeeping software.

We also use Apps like AutoEntry or Hubdoc, which not only attach documents directly to the record on the software but also automate some bookkeeping processes – saving you valuable time and money.


Struggling with your bookkeeping?

The new tax year is a busy and stressful time, particularly hot on the heels of January Self-Assessment tax return deadlines.

We also know that keeping track of your finances isn’t easy, especially when also trying to figure out MTD legislation and new software.

If you had a stressful time sorting your ITSA, the new tax year that swiftly follows may be a real cause for concern.

By contacting the professionals, you receive personal and expert support on all aspects of bookkeeping.

We love bookkeeping, but we know it’s not for everyone. So, leave the stress behind by leaving your books to the experts today.

Find your nearest Rosemary Bookkeeping business today to see how we can support you ahead of the new tax year.

Tools of the trade that will save you time and effort in bookkeeping.

As a small business owner, your time is gold dust.

And with so much to do, your bookkeeping is a chore that takes up that valuable time.

But, bookkeeping is not something you can skip out on, particularly with the growing need to keep a digital record.

Luckily, there are many tools on hand that small business owners can use to make bookkeeping easier.

At Rosemary Bookkeeping, we know there’s a lot to consider. What works for one business may be the wrong fit for another.

That’s why we’re breaking down the tools of the trade so you can figure out what bookkeeping aids work for you.


Quickbooks

If you’re researching, you might’ve noticed that many small businesses use QuickBooks Online.

But what makes it so good?

Pros: 
  • Scalable
  • Commonly used by professionals (including us!)
  • Integrates with 3rd party systems and Quickbooks Payroll
  • Cloud-based and available on mobile
  • Easy to use: All features are accessible through a central dashboard
  • Has a plethora of online resources to give you the support you need
  • 30-day trial
  • 4 Subscription plans that vary in price for business size, but can be upgraded as your business grows
  • More advanced plans offer more advanced features, though most small businesses will find the Simple Start Programme (£14/m.o) will suffice
  • Customisable options with mobile app
Cons: 
  • Requires an upgrade for additional users
  • Can suffer from syncing problems with banks and credit cards

Xero

Another popular accounting tool, Xero is rapidly growing into a bookkeeping giant. And like QuickBooks, Xero is designed to grow with your business across its different subscription options.

It also integrates with hundreds of third-party business solutions, many of which you may already use, like Gusto, for payroll.

Here’s the full lowdown:

Pros:
  • Cloud-based and available on mobile
  • 3rd party payroll integration through Gusto and app marketplace
  • Integration with 3rd party services allows online payment collection
  • Simple inventory management
Cons:
  • Limited customer service and reporting
  • Fees charged for ACH payments

FreeAgent

Another cloud-based software, as a FreeAgent partner, we recommend it for freelancers, consultants, and project-based businesses.

Pros:
  • Cloud-based and available on mobile
  • Doesn’t limit transactions behind a paywall
  • Supports unlimited users, clients, invoices and transactions for one monthly price
  • Ideal for keeping track of billable hours and expenses
  • Runs fully RTI-compliant payroll
  • Allows you to create and send estimates and invoices
  • Uses personalised Tax Timeline of upcoming deadlines and amounts due, cash flow, and profitability
  • Files VAT, RTI payroll and Self Assessment tax returns directly to HMRC (ideal for sole traders and limited companies)
Cons:
  • App development and compatibility for Android is lacking, but underway
  • Tax Timeline doesn’t offer a comparison of year-on-year comparison

Sage

Sage is one of the bigger brands, and it’s been around a lot longer than most.

Sage Business Cloud Accounting is specifically geared towards the needs of small to medium-sized corporations and offers two plans for small business owners.

However, it has been described as overly complex and difficult to use.

Here are the pros and cons:

Pros:
  • Cloud-based and available on mobile
  • Offers a free trial or demo before buying
  • Offers invoicing, expense management and reporting, as well as the creation of quotes, estimates, tracking, and inventory management
  • Provides monthly, quarterly, and annual financial reports and reports. These include balance sheets and income/cash flow statements
  • Produces comparison of financial statements, e.g. year-to-year.
  • Many features are preset  and ready for the user to make management streamlined, but also offer multiple customisation opportunities
  • Offers capabilities for budgeting or cash flow forecasting, job costing, auditing, and automated workflows, as well as industry-specific features.
  • Uses a central dashboard to access information and data in one place
  • Link your credit cards and bank accounts
  • Integrates with third-party apps
Cons:
  • Difficult to use and set up. May need a Sage expert to support you. (Luckily, we are!)
  • Features can be complicated to use and need expert support
  • Homepage can become cluttered if not customised
  • Geared towards larger businesses.
  • Lack of documentation and support, often necessitating further support

How Rosemary Bookkeeping helps your business

Each online bookkeeping aid offers something different, with both strengths and weaknesses.

And many can be difficult to use without the right support.

At Rosemary Bookkeeping, we work with accounting tools and offer bespoke support to get the most out of each software.

By regularly consulting your local Rosemary bookkeeper, you’ll be able to receive support specially tailored to you and your business, and we can take care of your bookkeeping for you.

From helping you choose the right software to use, software supply, training and data migration to a complete outsourced bookkeeping service – we can help.

Whether you’re just starting or looking to hire a bookkeeper to support your growth, the best bookkeeping tool for any small business is still a Rosemary Bookkeeper.

To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation with your local expert today.