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January 2021

Magic Tax Update Jan 2021 1170x630 - Magic Tax Continues to help businesses comply with Making Tax Digital in 2021
1024 538 Nicki Smith

Magic Tax Continues to help businesses comply with Making Tax Digital in 2021

Magic Tax continued to help businesses throughout 2020 to comply with HMRC’s Making Tax Digital legislation.

Magic Tax is a bridging software solution and as the name suggests, was was designed to “bridge the gap” digitally between HMRC’s Government Gateway system and your own records.

Many businesses have been successfully using the solution every quarter since it’s launch in 2019 in order to comply with HMRC’s Making Tax Digital legislation which first came into effect for businesses in 2019.

KFA are thrilled at the response to the solution and also the user feedback too.

Magic Tax was not developed as a profit-making solution – just as a good thing to do for the business community – but also as part of their ongoing commitment to raise funds for various charities, which has always been high on the list of KFA’s priorities. Since we were unable to do a physical challenge for charity in 2020 as we usually would, Magic Tax has been more important than we could have imagined when we first started the development project at the end of 2018.

Having now raised £3225 from Magic Tax for Marie Curie, it’s still going strong and will continue to be available for our registered users until such time as HMRC announce that bridging software is no longer an acceptable method of making your submissions.

MC Logo Primary RGB 300dpi png 235x300 - Magic Tax Continues to help businesses comply with Making Tax Digital in 2021

We wanted to take this opportunity to say thank you to the many Magic Tax users, some of whom make generous donations every time they use the software – and we know the charity are very grateful for the support during this trying time.

We have learnt from conversations with our users, that Magic Tax has helped large businesses who have legacy systems which are not compatible with MTD yet, smaller businesses who run their business on spreadsheets but also lots of sole-traders too!

Many accountants and bookkeepers have also used the solution to file as an Agent on behalf of their clients.

We hope we’ve helped!

300 magic tax 300x96 - Magic Tax Continues to help businesses comply with Making Tax Digital in 2021
2021 Happy New Year - Are Your IT Software Systems Ready for 2021?
1024 559 Nicki Smith

Are Your IT Software Systems Ready for 2021?

Happy New Year!

Are Your IT Software Systems Ready for 2021?

Companies who have put off making changes to IT software systems to help cope with what was being referred to in 2020 as our “new normal” and what really is now just “normal”, should act now.

If you haven’t already made sure that your systems are ready for what 2021 has in store for us, you should be looking to make these changes as soon as possible.

As many businesses now face managing their day-to-day operations with some or perhaps all of their team working from home, it’s more important than ever to have a good solid software system/s in place to help your team give the best possible service to your customers.

Some of the areas which really need to be addressed or reviewed might include:

eCommerce Website

Does your eCommerce site offer the same level of service to your customers as the staff in your stores or on the phones would? Suggesting additional products, up-selling and suggesting alternatives if their first choice isn’t available is important when your customers are browsing your site.

A slick Magento eCommerce site will have your customers coming back for more.

It’s also imperative that the stock levels are shown on your site accurately and in real-time to avoid over promising or worse – missing out on sales altogether!

If you sell to the trade, does your website have the ability to allow your trade customers to login and see the prices that apply to them, remind them of multi-buy bulk discounts where applicable and encourage other additional sales?

Integration

Even large companies often still have gaps in the way their systems are integrated, which in turn means information has to be exported from one system, maybe then manipulated before being uploaded or manually keyed into another system. This process causes delays and as it relies on humans is error-prone.

If your business operates on a variety of systems, you will be surprised at how much time is freed up by seamlessly integrating them. By automating your business processes your customers will experience a much-improved shopping experience from your company.

Courier integration is also a key area so that your business is using the most suitable and cost-effective shipping method available.

Companies who sell through multiple sales channels such as Amazon and eBay as well as those trading with large brands who use EDI for ordering and invoicing will also need this process to be as simple and easy to manage as possible.

Reporting

If the information is in your system but you can’t access it quickly and easily, your decision-making will be much more difficult and delayed.

If your system reporting gave you the exact information you need, in real-time and when you want it, with useful alerts – you can react so much quicker.

For example, receiving alerts when your best-selling product’s stock goes below a certain level to enable you to trigger the procurement process or if you are sitting on a lot of a certain product which might need business focus to sell-through.

If your competitors have this information at their fingertips, and you don’t – you will be missing a trick.

Warehouse Barcode Scanning

Where can you make improvements to your pick, pack and despatch process?

KFA’s ScanB1 Barcode Scanning solution for pick, pack and despatch can reduce errors, speed up the despatch process and automatically update your backend system with the despatch information.

ScanB1 Dashboard - Are Your IT Software Systems Ready for 2021?

The pick process is planned based on where your stock is located in the warehouse to use the most efficient route around the warehouse for the pick teams. You can also set up ‘wave picking’ to pick multiple orders at once and a dashboard will show you exactly what is going on in the warehouse, what stage each order is at and who is working on the order.

No need to print pick notes anymore as the scanner screen becomes the pick note.

Will your 2021 begin with a business review of how your software systems cold work better for you?

If your New Year review of your IT software systems identifies areas you require assistance with, get in touch with our team here.

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