Mighty Accounting - Accountancy Automation for 1-person limited companies.

Mighty Accounting - 1 人有限公司的会计自动化。

• 批准号: 10100360
• 金额: $ 17.84万
• 依托单位: WE ARE MIGHTY LTD
• 依托单位国家: 英国
• 项目类别: Collaborative R&D
• 财政年份: 2024
• 资助国家: 英国
• 起止时间: 2024 至 无数据
• 项目状态: 未结题
• 来源: https://gtr.ukri.org/projects?ref=10100360
• 关键词: Mighty; Accounting; Accountancy; Automation; person

**Main motivation:** In 2023, Mighty Accounting (MA) - an expert financial services digital technology team - collaborated with a group of one-person Limited companies (freelancers) to investigate the potential of creating a first-of-its-kind automated accounting tool (called MIGHTY) tailored to their needs. These freelancers, (such as business-consultants, designers, videographers, lawyers and private doctors), primarily charge based on time or project rates. Consequently, their accounts are simple and standardised, but their annual accounting process is time consuming, stressful and costly. This issue is common across freelance sectors, and is known to contribute to late or incorrect tax returns to HMRC.The feasibility work that underpins this project - which was informed by freelancers, accountancy and digital banking experts - identified that there are many bookkeeping products on the market, but no accountancy tools. Bookkeeping and accounting, though often used interchangeably, serve distinct functions within the financial landscape:* _Bookkeeping_ primarily concerns itself with the recording of financial transactions, encompassing areas such as general transactions, invoicing, payroll, and VAT.* _Accounting_ outputs are more comprehensive and includes the yearly submission of Annual Accounts and Corporation Tax filings to HMRC & Companies House. The process of accounting is rules-based, formulaic, and of a higher level of complexity than bookkeeping.**Technological Challenges:** MIGHTY requires sophisticated algorithms for precise calculation of Annual Accounts and Corporation Tax. Key needs include cloud infrastructure, device compatibility, automated backups, intuitive reporting, tax strategies, user-friendliness, and error prevention.**Wider Impacts**: By reducing cost, time and complexity of accounting, freelancers can redirect their efforts towards business expansion, thereby stimulating higher growth. Furthermore, automation of accountancy can enhance compliance by minimising human errors and ensuring the prompt submission of necessary filings. This not only aids in circumventing potential fines and penalties but also alleviates the stress associated with accounting, granting peace of mind to countless small business owners. 2019 FSB studies indicate that financial barriers/stresses play a pivotal role in hampering the growth of businesses.MIGHTY aims to support freelancers to replace more expensive human accountants. Given the vast freelance community (there are 4.1m one-person limited companies in the UK), this could lead to a successive decrease in the accountancy workforce annually. However, the current accountancy sector grapples with the capacity to meet demand. During the project's feasibility study, discussions with three leading accountancy firms from the 'Top 100' revealed their interest in white-labelling MIGHTY to better serve their clientele and enhance operational efficiency.

** 主要动机：** 在2023年，Mighty Accounting（MA）-一个专业的金融服务数字技术团队-与一群一人有限公司（自由职业者）合作，调查创建一个针对他们需求的首个自动化会计工具（称为MIGHTY）的潜力。这些自由职业者（如商业顾问，设计师，摄像师，律师和私人医生）主要根据时间或项目费率收费。因此，他们的账户简单而标准化，但他们的年度会计过程耗时，压力大，成本高。这个问题在自由职业者行业中很常见，众所周知，这会导致向HMRC提交迟交或不正确的纳税申报表。支持该项目的可行性工作-由自由职业者，会计和数字银行专家提供信息-确定市场上有许多簿记产品，但没有会计工具。簿记和会计，虽然经常互换使用，但在金融领域中具有不同的功能：* _簿记_主要涉及财务交易的记录，包括一般交易，发票，工资和增值税等领域。_Accounting_ outputs更全面，包括每年向HMRC & Companies House提交年度账目和公司税务申报。会计过程是以规则为基础的、公式化的，比簿记复杂得多。技术挑战：** MIGHTY需要复杂的算法来精确计算年度账目和公司税。关键需求包括云基础架构、设备兼容性、自动备份、直观报告、税务策略、用户友好性和错误预防。**更广泛的影响 **：通过降低成本，时间和会计的复杂性，自由职业者可以将他们的努力转向业务扩张，从而刺激更高的增长。此外，会计工作自动化可通过最大限度地减少人为错误和确保及时提交必要的申报来加强合规性。这不仅有助于规避潜在的罚款和处罚，而且还减轻了与会计相关的压力，让无数小企业主安心。2019年FSB的研究表明，财务障碍/压力在阻碍企业发展方面发挥着关键作用。MIGHTY旨在支持自由职业者取代更昂贵的人力会计师。考虑到庞大的自由职业者群体（英国有410万个一人有限责任公司），这可能导致会计从业人员每年持续减少。然而，目前的会计部门正在努力满足需求。在项目的可行性研究期间，与“百强”中的三家领先会计师事务所的讨论表明，他们对白标签MIGHTY感兴趣，以更好地为客户服务并提高运营效率。