Cloud accounting has revolutionised bookkeeping and financial reporting for businesses. It’s also revolutionised our relationship with our clients.
By giving our clients (and us) easy access to up to date financial information and reporting, Cloud accounting allows us to make quicker, more informed strategic decisions about the business.
Cloud solutions that deliver measurable value
Innovative technology makes it cheaper and easier to maintain the bookkeeping for a business. This means we can now provide outsourcing services to your business at a price point that makes financial sense.
This time saving allows us to deliver extra value to your business.
Powerful and innovative solutions to harness your financial data
We use a suite of best in class software applications to prepare management reports; review accuracy; check deadlines; help capture staff expenses and invoices and assist with funding (if required).
Innovation is evolving fast. We are committed to helping clients run their businesses as efficiently as possible. This is why we constantly review new developments in the marketplace. If we find a solution that will do something better for your business, we will let you know. We can also help you learn how to use new applications.
Improve business efficiency with cloud accounting
Our specialist outsourcing team work with various software packages including Xero, Quickbooks and Sage. We work with each of our clients to optimise the flow of accounting information to us, to make our reporting more timely. When setup intuitively, cloud accounting reduces administration for both you and us. The variety of applications that connect with your accounting software means that there is almost always a way to reduce your workload, streamline your accounting and provide exceptional value.
Cloud accounting experts dedicated to your business
It’s important that you feel we are part of your team. This is why you will be assigned a dedicated specialist, supported by a team familiar with the needs and requirements of your business. This means that you always know who to call if you have any questions.
Flexibility is key to your business, especially in these changing times. And this is why we will work with you in the way that suits you best. This may mean working as part of your existing finance team, or working directly alongside management to meet your business needs.
Let's talk about how we can help you make the change.
Now that Making Tax Digital (MTD) for VAT has been in place for over 18 months we could be forgiven for thinking the period of transition to digital bookkeeping had passed. However, I think we have only just begun.
With the MTD programme due to be extended; firstly to all VAT-registered business in 2022, followed by MTD for income tax in 2023, more and more businesses will need to review their existing bookkeeping processes and consider digital solutions.
Moreover, some of the government support schemes made available as a result of the COVID-19 pandemic require detailed management accounts. The rock bed of management accounts is up-to-date bookkeeping records. Digital solutions are very useful in achieving this, for example by using open banking feeds.
Earlier this year I supported a small limited company through the transition to Xero. This helped the directors to achieve MTD compliance as well as application-ready management accounts. To keep the process as painless as possible I used MoveMyBooks to transfer their existing bookkeeping data to Xero. As a result the transition was swift and hassle free, and we had one very relieved and satisfied client.
Following this, we have been able to prepare the financial statements and corporation tax return promptly after the year-end. We now have regular catch ups with our client to hear how things are going for them and to advise on the business’s performance. By using Xero we’re reassured that it reflects a live snapshot of the company’s financial position and helps them make informed decisions about their business.
We were appointed by a client who did their quarterly bookkeeping and VAT return on Sage. The client has three bank accounts which have to be posted manually on Sage each quarter. As the client is registered for VAT on a cash basis, whenever the client didn’t supply the invoice corresponding to the bank transaction, the bank transaction was left outstanding from Sage and input on an excel spreadsheet to be sent to the client. This meant that the bank never matched on Sage and the bookkeeping process was very difficult if transferred from one individual to another to work on.
To streamline this process the client needed an updated system which integrated automatic bank feeds, one that was capable of producing easy to read reports. This would enable the client and accountant to keep track of the outstanding invoices required.
Our team transferred the bookkeeping from Sage to Xero, making everything quicker and smoother. Xero has integrated bank feeds so it was no longer necessary for bank statements to be manually uploaded. It also produces a bank reconciliation report which can be sent to the client directly from Xero.
The client now receives clearer reports on what is the outstanding from the bank and what needs to be reconciled. With the report from Xero you get exactly what appears on the bank statements, so it helps the client to look for exactly what is needed. The bookkeeping and VAT return now is a smoother process and takes significantly less time to complete each quarter.
Our client was using spreadsheets, which involved time consuming manual data entry. Accounting tasks were put aside and then completed in a rush. This, inevitably led to mistakes.
The business had a lot of transactions in foreign currencies, which were converted using excel formulae. Quite often an incorrect exchange rate was used, which led to understatement/overstatement of sales and forex (foreign exchange) gain/loss.
As a VAT registered tech business, MOSS returns have to be submitted for sales made to EU based customers. (pre-Brexit). As this was completed manually, sometimes the client applied the wrong VAT rate in error, which we spotted when reviewing their VAT returns.
All in all this resulted in frustration and wasted precious time.
We recognised the issues and had a chat with the client, explaining that using a software (such as Xero) would save them time and would help eliminate common mistakes (eg wrong Forex rates and incorrect use of VAT rates). Xero eliminates these errors by converting any foreign transactions into home currency automatically and pulling MOSS and standard VAT returns together for the businesses automatically.
As the business is growing, it also means that our client will soon need to be registered for MTD (Making Tax Digital). Xero delivers another benefit as the standard VAT returns will be submitted to HRMC with one click.
Our client now keeps books up to date (and knows more about the financial position of the business), forex mistakes are eliminated, standard VAT returns and MOSS returns are pulled together by Xero. This has resulted in saving our client time and money. We are spending less time reviewing VAT returns and so our fees are lower.
Our client also commented that learning Xero was quite easy for someone who isn’t trained in accounting. With help from Xero’s training videos and the searchable Xero Central providing step by step instructions on tasks, our client had all the support they needed to move from manual spreadsheets to cloud accounting. We have a very happy client with more time to focus on their business.
Our client returned to their office after the Christmas break to discover that their legacy offline computer system that they’d depended on for years had fallen and was damaged beyond repair. Fortunately, they had many pages of financial information printed out prior to the accident.
The client’s dedicated Alliotts partner immediately came up with a solution to the client’s problem and I was tasked with helping to make it happen.
Armed with those pages and pages of printed financial data and reports, along with the opening balance information from the most recent set of stature accounts, my colleagues and I were successfully able to import this information at the start of the new accounting period.
From this point we’ve implemented additional controls to make sure that this information is kept up to date. We have connected bank feeds to give us bank information on a daily basis, we use external API’s to enable rapid upload of purchase and sales invoices. By taking these measures we’ve been able to ensure that our client is now MTD (Making Tax Digital) compliant. In addition we’ve provided training sessions for our client and the team, so that they can begin to take on some of these tasks themselves.
The introduction of Xero cloud based accounting now provides our client with secure, and more importantly, backed up information. This information is now safe should such an accident ever happen again. The benefits of our solution doesn’t stop there, our client now has access to live reporting, allowing them to easily carry out their credit control procedures and carefully monitor cashflow; something that is currently extremely important to all businesses.