Whether you're thinking of starting as a contractor or freelancer, have an idea for a new business, or have an already established business but want to grow further or take advantage of the latest technology, we can help. Just choose the option which best fits your situation, and we'll describe our solutions which fit your needs.
Here we've set out some of the factors you might want to consider as you start to decide on the support you need...
If you're starting up a new business, you can skip this section....
If you already have a business, think for a few minutes about what you already have in place. You may have a part time bookkeeper, or a friend who's willing to have a go. You may do the books yourself, or a relative might be compiling things for you. Whichever it is, chances are you're relying on a chartered accountant to compile your accounts and submit them to Companies House and HMRC. You may rely on them to compile and submit your self assessment tax return every year as well. We'd suggest you compile a list with these headings;
Where are you keeping your records? Think about where you keep your original receipts (or electronically stored copies) and also where you keep a running total of what's going in and out of the bank account.
You'll be keeping an eye on the bank and what's due to be paid. You'll also be checking which customer is late paying, and perhaps you'll need to give them a call. Chances are you'll also want to know what tax is due to be paid, either at the year end or after VAT quarters end if you're VAT registered. All of these we lump into a heading called "management reporting" - so called because they're helping you to manage the business.
If you have a bookkeeper or accountant, they'll also need to get some information from you to compile the reports ("statutory reports") needed for HMRC and Companies House. How do you get this information to them, and how much does it cost to get them turned into statutory reports?
How do you know if a bill's been paid twice, or not at all? If a supplier is demanding payment and you think you've paid, how can you prove it? If your customer says they've paid the bill and you can't find a record they have, how will you know? Could that payment you can see on the bank statement be for this bill or a later one?
Once you have compiled your list, have a think about whether you'd be comfortable with a cloud-based solution to your accounting and bookkeeping needs.
You may be paying for payroll and if you're not already paying for pension support, you probably will be soon. You may also pay for a registered address service. How much does the business pay for this?
Give some thought to these questions, which will help you to decide how easy and valuable it will be to move to an online solution;
Add up the cost of your accountant or bookkeeper. Also, make sure you factor in the hours you or a friend or relative spend keeping your records up to date, and multiply this by a sensible hourly rate. Finally, take out the cost of any software you use, updates, and backups you may pay for. Finally, add in any other services such as payroll you pay for.
Now you can compare the total with our pricing examples. All of our prices are tailored to your business and include everything you need - from statutory and management reporting to credit control and checking bank against entries. We also include payroll and self-assessment, full support with backups and upgrades included. There are no hidden bills or charges.
We typically find customers are saving 20-50% when making the switch to us.
If you have any questions or concerns about anything you've read, or just want to chat through the options with us, please do get in touch.