As your business evolves so must your management systems. You need to keep pace and have the information you need, when you need it, in order to maintain control
In the beginning
Many start-ups use manual systems, often complimented by Microsoft Office (Word and Excel). These can work well whilst the volumes are low and you have a good awareness of what is happening in your business.
As your business grows
However, as the business develops and you become more reliant on other people, there comes a time when you need to consider implementing procedural and accounting controls to provide reassurance all is well.
Helping businesses progress
We work closely with clients providing tailored services to assist them with each stage of their business’s development.
Have you outgrown manual data recording and need timely management information? We provide an outsourced accounting service which acts as an introduction to computerised accounting and from which you will learn the key reports you need.
When you are ready we can assist with accounting software selection and implementation. We can also assist with recruiting a book-keeper or internal accountant.
Providers are constantly developing and modifying their accounting software. Cloud based solutions has seen the most traction, and aimed at the end user rather than the accountant. Typically these are priced on a monthly subscription (including support and updates) with remote access, a suite of standard reports, and helpful dashboards showing an overview of key data.
The characteristics of a good accounting system
- Easy access and easy to use
- Easy links for importing transactions (bank statements, credit card statements, expenses)
- Accurate up-to-date data entry
- Good control accounts
- Relevant and timely reporting
It would be wrong to suggest total reliance can be placed on any accounting software solution. There will always need to be manual reviews especially with tax and VAT sensitive transactions. There’s an ever increasing number of solutions available to scan receipts and post direct to your accounts. However, care must still be applied to expenses such as travel and entertaining to get the correct VAT claim or analysis for tax purposes.
Making Tax Digital (MTD)
For some time now HMRC have been rolling out requirements for businesses to submit information electronically, the first significant stage was Real Time Information (RTI) for payroll. From April 2019 another significant change means VAT registered businesses will no longer be able to use the existing Gateway service, instead they will require complaint software in order to submit returns through a new portal. Read our Tax Facts: Making Tax Digital.
Review your system
Whether you are concerned your current accounting systems no longer provide timely and relevant management information, may not be compliant for the next phase of MTD, or you feel it’s time to move on to something more sophisticated, we can provide an independent assessment of your needs. This may result in restructuring what you already have, thereby reducing the need for retraining your staff, or assisting in the implementation of a new accounting system.