Cloud (Online) Bookkeeping
With the help of technology around us, it has now become possible to outsource the core business activities to an outside provider. You can outsource the bookkeeping to a virtual bookkeeper outside your organisation who will be able to maintain your books. Based on your requirements, we can set up your company's books which will produce the desired results.
As your virtual bookkeeper, we will be preparing the books in the background without any unnecessary noise and you will get all the relevant information as and when needed.
We provide cloud bookkeeping services to some of our existing clients and the main challenge for us is to get the required details of clients' finances across.
Over the period of time, along with our clients, we have learnt a lot in this field and below is our main process with virtual bookkeeping to keep the disruption to the minimum level.
A cloud bookkeeping software:
There is a number of cloud bookkeeping software available in the market. But, we confine ourselves to Xero and Quickbooks. The reason is simple. Ease of use and reliability. Both of them give us, the bookkeepers, really great flexibility. They can be integrated with a number of other systems. For example, if you accept payments through PayPal, the software can pull data from PayPal and thus the data input can be reduced which can be
Generic Email Address:
You can give us an access to your own email address like "accounts@yourcompany" or "finance@yourcompany" and instruct your suppliers to send their invoices to this email address. We will pick them up and will process them on your cloud bookkeeping software.
This is where the virtual bookkeeping becomes a bit tricky. Different businesses do have different requirements with regard to their invoicing. After all, this is a very important document, that your business produces which gets much-needed cash in the business. If in the initial client meeting, we find that the invoicing cannot effectively be outsourced due to complexities of your business, we provide a thorough training to your operational (non-accounting) staff so that, they can prepare accurate invoices without errors. Our clients have achieved an accuracy of over 99% in their invoicing, thanks to easy to use drop-down menus offered by the online accounting software and the expertise that we bring in.
There are number of ways to manage purchase invoices. Most convenient method is to create an email address like "accounts - at - yourcompanydomain" and giving us an access to that. You can then ask your suppliers to send their invoices and statements directly to this email address and we will then process all these invoices as and when they arrive. Those receipts that you pick up when you are out and about can become bit of a challenge for you to keep hold of. We can address that issue by using some data capturing software like receipt bank, Evernote etc.
With cloud bookkeeping software, data entry for bank is a thing of past. You can send us the CSV file from bank and we will upload all the transactions to your online bookkeeping software in a flash. This gives you main two benefits.
All data would be updated so, you get up to date reliable information all the time.
A considerable time is saved manually entering data on the system making it bit cheaper.
Once the bookkeeping system is up and running, once every month we will send you two files in excel. One file will list all the transactions for which you have not sent me any information, which you can then send to us. Such information will be important from HMRC viewpoint.
If you think, your business is small and that, you don't require a bookkeeper but you don't know as to what will be required and how you can set up your company books, please get in touch and we will help you set up the books in most efficient manner and just as per your business's needs.
We hold a vast experience of VAT including various special VAT schemes. With our bookkeeping services, VAT returns come all inclusive. Right from the onset, we will ensure that the accounting system is capable of capturing all necessary details about VAT and the returns can be submitted without errors.