Access Accounting first to bring UK Standard Audit File to market
Press Release - Friday, August 11, 2006
Award-winning accounting and business software vendor, Access Accounting, has upgraded its SQL accounts applications to include the new HMRC Standard Audit File – Tax (SAF-T) export facility. The file, which is part of the hotly debated BSI specification for accounting software, will allow users to comply with requests from HMRC for detailed VAT information in a standard XML data format.
Kevin Misselbrook, customer service director for Access Accounting, commented, “HMRC estimate that being able to produce data in this format may save larger businesses up to £15,000 per VAT audit. This new data export is an international standard defined by the OECD* and we are very proud to be the first software house in the UK to be able to offer this facility.”
"Giving our users the ability to output historic data in the SAF-T format also empowers them to fulfil their obligations to keep electronic records, in a format acceptable to HMRC, for 6 years. This new feature allows them to archive data in a standard format that is non-software (or version) dependant," he continued.
BASDA, who has played an instrumental role in helping to define this new standard, commented in a press release, “All sizes of businesses will be able to use the standard audit file but the biggest gain is for the small and medium size enterprises, who currently find tax compliance more onerous than larger businesses.”
The ability to extract VAT audit data in a standard common format is an initiative being taken on by a number of countries including Portugal, Canada, and Australia. Holland has had a similar methodology in place as early as 1999.
The government is increasingly moving towards utilising electronic data. This is evident from the recent PAYE e-filing, the forthcoming CIS changes and the whole ethos behind the Carter report.
In addition to offering the SAF-T electronic file, Access Accounting has also released a suite of 25 self-audit reports which will allow both new and existing customers to self-check their VAT data and highlight any potential errors or anomalous transactions before submitting their VAT returns.
For more information on Access Accounting or their range of solutions, please telephone 0845 3453300 or visit www.access-accounts.com
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Editors’ notes:
Asyst Solutions Ltd, which is based in the City of London, has been providing fully integrated business and accounting software solutions to growing mid-market organisations since 1988.
A subsidiary of Access Technology Group, which includes Access Accounting Ltd, Asyst Solutions offers a wide range of software to help clients improve business processes through the use of technology.
Its comprehensive portfolio includes the award-winning Access Dimensions, which combines true Client/Server architecture and Microsoft SQL Server database to produce a scalable business solution with a powerful array of integration technologies. Suitable for all sectors of business, Access Dimensions serves medium and large enterprises with one to 500+ concurrent users. Asyst Solutions also offers service management software; web portal services for procurement, project management, timesheets, expenses and reporting; BACS and direct debit functionality and a whole host of analytics and reporting tools.
Providing expertise across a wide range of sectors including not-for-profit, finance, publishing and construction, Asyst Solutions aims to intimately understand the needs of a business before a solution is proposed. The team of consultants take a proactive approach to rapidly and seamlessly delivering highly configurable software solutions ‘out-of-the-box’, while its software design team is on hand should additional bespoke functionality be required. Implementations are carefully monitored to ensure a smooth transition, with a focus on tight project management, superior after sales support and continued customer care.
Media information:
Helen Carpenter
Head of Group PR
Access Accounting Ltd
T: 01206 322575
F: 01206 322956
E: helen.carpenter@access-accounts.com
W: www.access-accounts.com