The trouble with accounting
Financial statements are a necessary evil, at least that’s the traditional view. Let’s face it, for many businesses their accounts are produced typically nine months after the year-end. by which point they are so out of date they are useless as a management tool for decision-making. So they’re viewed as a cost.
Unfortunately, they are unavoidable. They have to be produced to enable you to report income to the tax authorities. If you trade through a Limited Company, Limited Liability Partnership and some other entities, you must file statutory accounts with Companies House.
And if your accounts are either wrong or late both HM Revenue and Customs and Companies House impose penalties. These can be severe. This is the bottom line. You have to produce fully compliant year-end accounts by law.
So we might as well do the job properly and turn what is normally seen as a necessary evil into what financial statements should be - the core management tool for every business. A management tool which reports the current health of your business and aids decision making so you build a great business.
Introducing the real-time information system
We use a real-time information system, which means we can help you with important business advice throughout the year. Our Cloud Accounting solution offers a range of packages so you can choose the level of support that is best for you.
Real-time accounts put management information at your fingertips. By using an industry-leading cloud accounting system you get instant access to the information you really need in real time. So you will be in complete control of your numbers and your business. Here are just some of the many benefits:
1. 24/7 access to up-to-date financial information and reports from any device with an internet connection (you can access your numbers with your smartphone or tablet).
2. Up to date - Real-time accounting means your records are always completely up to date making it easier for you to make the right decisions.
3. Business support - Since we can access your data 24/7 you get more value from us – we can help you run and grow your business rather than just add up the numbers. We can support you with your key decisions.
4. Easier invoicing - Fast, simple customised sales invoicing will make your life simpler. And the facility for emailing of invoices, with the option to attach a statement at the same time makes it so easy to manage your sales and get paid quicker.
5. Quicker cash collection - The system allows you to embody payment methods into your invoicing. For example, click and pay to drive quick collection of your debts. It makes it so much easier for you to get paid, reducing bad debts and slow payers and putting more cash in your bank account. You can also chase debtors whilst you’re on the go.
6. Automatic processing - Your bank accounts can feed directly into the system, which keeps your accounts up to date and fully reconciled to the bank… this feature will save you a significant amount of time.
7. Financial dashboard - One of the most popular features is the “Financial Dashboard”; a fully customisable screen showing you the key financial information you need to run your business. You’ll come to rely on this Financial Dashboard just as much as you rely on the dashboard in your car when driving.
8. Instant reports - At the touch of a button you can get instant reports on your business.
9. Security - Being able to sleep at night knowing your sensitive financial data is always secure and backed-up automatically.
10. Maintenance free - No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle.
11. Lower professional fees - Reduced accountancy fees because it makes it easier for us to produce end of year accounts.
12. Free software - As well as helping you, this system makes our life much easier and that means we can pass this onto you in the form of cost savings, i.e. we will pay the monthly fee for the system on your behalf.
Our easy payment solution helps your cash flow
To make your cash flow easy and to help with budgeting our Cloud Accounting packages are payable monthly in advance by Direct Debit. And if you have a set of accounts due to be completed within the next year, we even have a range of easy payment options to help with any catch-up. These include paying by credit card, paying by finance, paying by cheque or spreading the payment across the first few Direct Debit payments.
And the great news, the price is fully tax allowable which means – subject to the rate of tax you pay – the tax man will effectively be paying up to 50% of this amount.