We expect to see many businesses undertaking a multi stage strategy in response to the e-filing rules. Initially, for many the most appropriate solution will be using an external service provider. This allows companies more time to assess the different solutions coming to the market. Further advantages can be found here.
A recent survey by Deloitte showed that, in the medium to long term, 53% of companies expect their accounts production process to be transformed or to install new accounts production software.
Some preparation work can be carried out within the firm. Our table of pitfalls and opportunities provide some initial guidelines.
This is likely to be the most cost effective form of achieving compliance in the short term.
In the medium to long term we would expect to see a significant transformation of the accounts process, to reduce overall cost and to accelerate the statutory accounts and tax compliance process.