Access Accounting assists users in self-auditing their VAT data
Press Release - Monday, August 21, 2006
Access Accounting has released a suite of 25 reports within its SQL-based accounts software, designed to help businesses check their VAT data before submitting VAT returns. The reports complement Access Accounting’s recently unveiled Standard Audit File – Tax (SAF-T) export facility, allowing users to easily extract their data for VAT inspection.
Pip Trowles, deputy product manager for Access Dimensions, commented, “We have developed these reports in discussion with HMRC’s audit team, looking at the areas where a business might make an error. These will provide our users with the necessary tools and the additional assurance that their VAT returns are correct.”
At the recent launch of the new BSI PAS 76 specification for accounting software, David Garlick, director of large business service for HMRC, stated the department’s wish to move towards a culture of self-audit. Commenting on the inclusion of self-audit reports within PAS 76, Robert Stace of the HMRC Audit Service stated, “We estimate that for smaller businesses, self-audit reports can reduce errors by up to 25%.”
Access Accounting believes that HMRC wants to encourage businesses to take a more pro-active role in auditing and correcting their own VAT figures. It also believes that HMRC will then be able to focus on businesses where there is greatest risk to tax.
The reports are provided as an integral part of the VAT features within Access Dimensions and Access Dimensions Lite solutions. They are designed to highlight areas where there are anomalous or unusual transactions in the data, and to look at areas that might attract the interest of HMRC. They will track transactions as diverse as invoices that are awaiting approval in a batch and therefore might be omitted from the correct return, through to highlighting credit notes that may have been processed incorrectly.
This suite of reports is available free of charge to both new and existing customers.
For more information please telephone Access Accounting on 0845 3453300.
Access.210806.HC.SAF-T2
Notes to Editors:
Access Accounting is the UK’s leading business software house serving the mid-market. Its solutions have been chosen by over 10,000 UK companies - helping them to achieve business success.
A subsidiary of Access Technology Group Ltd, Access Accounting was the first UK vendor to recognise the potential of Windows and create a mid-range accounting platform based on this technology. Today it offers four scalable, web-enabled systems including its flagship solution, Access Dimensions. The company also offers Access Payroll, a combined payroll/personnel suite, which is fully compliant with the latest CIS regulations.
Access Accounting is a Microsoft Gold Certified Partner and a member of the Business Application Software Developers Association (BASDA). It has also received accreditation from major authorities including the Institute of Chartered Accountants in England and Wales (ICAEW) and the HM Revenue & Customs’ rigorous Payroll Standards Scheme. In 2007, the company won ’Financial Software Provider of the Year’ in the Real FD/CBI FDs’ Excellence Awards and ’Mid-range accounting Software Provider of the Year’ in the Sift Media Business Software Satisfaction Awards – both voted for by customers.
Media information:
Helen Carpenter
Head of Group PR
Access Accounting Ltd
T: 01206 322575 / 07833 936311
F: 01206 322956
E: helen.carpenter@access-accounts.com
W: www.access-accounts.com
