So why not make the next logical leap and just use purpose-built Cloud accounting software? Indeed, by using tools such as Dropbox, they were using the Cloud to carry out their work. Such ‘hold outs’ are also fundamentally mistaken, in that everything they were doing with VT Transaction+ was just badly replicating what Cloud accounting software does anyway. Many accountants who used VT Transaction+ were King Canutes wishing to hold back the tide of Cloud accounting and other modern practices, but tides unfortunately never retreat on command.
However, the howls of despair from some quarters are not called for, as there are plenty of alternative software solutions out there that are relatively inexpensive and that improve accounting processes above and beyond what VT Transaction+ offered. Making Tax Digital will represent a significant shift in the way accountancy operates as a whole. VT Software is not necessarily wrong in its judgement. As a consequence, VT Transaction+ will no longer be suitable for these businesses.” VT Software wielded the knife because “the government plans that all VAT returns for businesses with a turnover above the VAT registration threshold must be submitted via MTD from April 2019. What had brought about this chorus of despair? VT Software had announced that it would be halting the development of VT Transaction+, a small business bookkeeping tool that often operates as a front end to their final accounts package.Īpparently many, many accountants were reliant on Transaction+, which allowed them to use Excel spreadsheets, desktop accounting software and Dropbox in collaboration with their clients. “I love this product, and now I have to work out what to replace it with” said one, “I do the vast majority of my clients’ bookkeeping so will now need to either switch and pay for other solutions!” complained another. If you’re an accountant and you read Accounting Web recently, you would have thought that the apocalypse had arrived. The Demise of VT Transaction+ Spreadsheets: ExHell or ExHeaven?
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