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Do I need an accountant or a bookkeeper?
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Ten tips to reduce your tax bill
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Record keeping and dividends
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Find Your Solution

Find your ideal bookkeeping and accounting solution

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.


If you want to be sure you're meeting your business needs, you might want to ask some questions first

Here we've set out some of the factors you might want to consider as you start to decide on the support you need...

What do you currently have in place?

If you're starting up a new business, you can skip this section....

writing3.jpgIf 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;

>  Your record keeping

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.

>  Your reporting

ipad2.jpgYou'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?

>  Checking what's happening 

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. 

>  Other services you may need

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? 

Leaving aside the cost saving, how much value is there in cloud based accounting for me?

laptop4.jpgGive some thought to these questions, which will help you to decide how easy and valuable it will be to move to an online solution;

  • How confident am I using an internet browser such as Explorer, Edge, Firefox or Google Chrome?  (If you're happy searching for and reading information on the internet, you'll be fine with a cloud solution).
  • Is there any value to me in having an app so I can generate and send invoices, check bank balances etc on my smartphone or tablet?  (Often the answer is "yes" - especially if you work away from home or offsite, or travel for business).
  • How much time and money do I spend entering information from bank statements? (If the answer is more than a few minutes a month, you'll benefit from direct download of transactions from your bank into your cloud accounting package)
  • Would I benefit from electronic storage and easy access to my paper records - for example, to make sure they're not lost and are easily available if HMRC come to check my records? (If the answer is yes, then a cloud accounting package will almost certainly benefit you)
  • Would I benefit from semi-automated credit reports and credit chasing? (Our cloud accounting solution includes specialist tools to help with this)

How much money could I save?

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.

 

Now have a look at what's available

Questions?

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.