BTC Software launches a cloud tax solution.
Posted: May 14, 2022
BTCHub ITR (Income Tax Return), a software as a service (SaaS) self-assessment application, integrates with the software firm's core BTCHub, which already has practise management functionality and an online VAT module.
According to BTCSoftware's chief product development officer, Paul Oldridge, the cloud ITR product was created with Making Tax Digital for Income Tax Self Assessment (MTD ITSA) in mind.
"The BTCHub framework happily accommodates MTD ITSA and the necessary HMRC API workflows," Oldridge explained.
According to Oldridge, one major advantage of the cloud tool is its ability to operate on multiple browser tabs rather than just one.
The company has no plans to discontinue its desktop products and has moved its desktop database to the cloud, allowing users to use the cloud ITR module alongside other BTCSoftware desktop products as long as the company hosts their database. Oldridge confirmed that any changes to cloud or desktop data will be automatically reflected in the other.
At the moment, the company's pricing strategy is to charge the same for cloud versions of its products as it does for desktop software.
Complete conformance"We're hearing from practitioners that there's a serious appetite for a modern, comprehensive SaaS compliance solution," Oldridge told Best Accountants in London."There are bookkeeping products that provide bits and pieces of compliance, but many practises require more than the bare bones."Although its engine and service layers remain unchanged, BTCSoftware's existing cloud VAT product has been redesigned to match the design of the new SaaS income tax product.
The vendor's accounts production and corporation tax modules, which are currently being tested by focus groups, are next on the list for cloud release. BTCSoftware intends to release the applications in the autumn after their feedback has been incorporated.
In terms of MTD ITSA, Oldridge stated that the company will be looking for users to pilot its product later this year. It's difficult to get people on the show right now, so we'll wait and see."
BTCSoftware will be demonstrating its ITR cloud module on stand 560 for accountants attending Accountex on the 11th and 12th of May.
The Evolution of CloudsThe transition of BTCSoftware to the cloud represents another step forward in the evolution of cloud accounting.
Early cloud enthusiasts may argue that the vendor is a little late to the party, given that cloud accounting tools have been around for over a decade, and Accounting own Insight research has revealed a gradual but steady decline in user satisfaction for companies such as Thomson Reuters, TaxCalc, and BTC.
The desktop-cloud software landscape, on the other hand, is more nuanced than many LinkedIn influencers like to portray it. Many early cloud adopters gave up functionality and product flexibility for the freedom that the cloud provided, but it didn't persuade every accountant. To use an obvious example, BTCSoftware's ardent userbase, which has propelled the Addlestone developer to seven Accounting software awards in the last five years, was not persuaded to abandon their desktop solutions for the cloud's allure.
The most difficult challenge for the new full-cloud BTCSoftware may be to sell its suite to a new generation of practise owners raised on best-of-breed, mix-and-match solutions while retaining their existing fans.
This appears to be yet another ingredient to add to the debate over best-of-breed vs full suite. While cloud practitioners may bolt together dozens of cutting-edge applications, with all of the benefits and drawbacks that entails, solutions like the ones now offered by BTCSoftware may provide practises looking to the cloud for efficiencies with a more fully rounded option, especially with MTD ITSA looming large over the profession.
You get tax refunds when you pay more assessments to your state government or the federal government, through finance retaining, for instance than your real duty obligation. For this situation, the government will write you a check for the sum overpa