MINDBODY and Making Tax Digital for the UK
If your business is in the UK you are probably aware of the “Making Tax Digital” initiative from HMRC to use compliant software for your accounting record keeping, such as QuickBooks Online or Xero for example, (specifically, HMRC have stated: “All VAT-registered businesses are required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns”). If you are not familiar with what this is all about, here is a handy link to an HMRC page (click HMRC) with further information or have a chat with your accountant, book keeper or financial advisor for more information.
If you are using MINDBODY you ideally want to get your sales data across from MINDBODY into Xero or QuickBooks Online accurately, quickly and in an automated fashion.
So what does this mean for your business if you are using MINDBODY and how can you make compliance a bit easier?
HMRC are recommending businesses to link their operations type software systems (those that are not regarded by HMRC as compliant) to their compliant accounting software electronically in order to become compliant, so products such as QSSLink (for MINDBODY to QuickBooks Online) or QSSConnect (for MINDBODY to Xero) can link your MINDBODY system to your QuickBooks Online or Xero system to have your MINDBODY sales (with applied VAT) uploaded every 30 minutes automatically.
By automating the process with QSSLink or QSSConnect and uploading every individual transaction and sale line item with its associated rate of VAT and with the MINDBODY sale ID in your invoice number, your VAT on sales is recorded in Xero or QuickBooks Online without the need for you to manually do the data entry work in the accounting system.
With QSSConnect and QSSLink, once the initial setup is completed there is little more to do unless you are making changes in MINDBODY (such as new Revenue Categories or new Payment Methods). If those changes in MINBODY happen and you haven’t mapped the new item(s) in QSSLink or QSSConnect you will get an email reminder daily until you resolve the issue and create the mapping.
Setup is fairly straight forward and we have staff available to assist you. When you register with QSSConnect or QSSLink you will be assigned an account manager who is there to help you with setup, support and any questions you may have.
If you are ready to give it a try why not register for a 7 day free trial of QSSLink (MINDBODY to QuickBooks Online) or QSSConnect (MINDBODY to Xero) today? If you have any questions or would like one of our staff to contact you, your accountant, book keeper or financial advisor please fill in the enquiry form on our “Contact us” page and we will be in touch as soon as we can.