How online Accountancy Works
Online Accounting is a system of managing small business finances through cloud based software such as FreeAgent.
It is used by business owners and their accountant to work as a team to
- Record the financial transactions of the business
- Raise sales invoices, get paid, and
- Get an accurate financial snapshot of how the business is performing
- Forecast the amount of tax due (Corporation Tax, VAT, PAYE, Income Tax)
- Discuss ways to increase profit, improve efficiency, and minimise risk
- Plan tax efficient ways of paying the business owner
OK…but I’m concerned about not being able to deal with my accountant face to face
We appreciate the importance of the relationship between a business owner and their accountant. We use email, Skype, Screen-sharing and the good old BT landline to communicate with our clients. Our Silver and Gold packages have scheduled tax planning and business review meetings, and these are put in the diary at the beginning of each year. You’ll get to know our team by name, and we want to get to know you, your business and your hobbies outside of the 9 to 5.
There are dozens of accountants listed in my Yellow Pages…so why should I appoint an online accountant rather than go local?
The main benefits of using The Cloud Accountants online service are
- No need to make a special trip to see the accountant at their office, just deal with us from the comfort of your own desk (or sofa)
- Our fees are fixed, so you can spread your accountancy cost with a low monthly payment across the year
- Technology allows us to run our business with lower overheads than a typical high street accountancy firm, and we pass these savings on to you
- We’re raving fans of good technology as it saves you (and us) time, and it’s fun to use
Here’s an overview of how we will work together with you.
- Select the Cloud Accountants package that suits your needs
- Once you get in touch with us, we’ll get you set up as a new client and arrange for any pre existing records to be transferred to us if you’re switching from another accountant.
- We’ll sign you up to an online training session with the FreeAgent training department and help you get started
- You start processing your invoices and expenses using your FreeAgent account
- You import your businesses bank statements and reconcile the transactions on a regular basis
- Email us when you have a question, anytime from anywhere
- We’ll send you important Tax Dates Notifications, like when your VAT Return will be due or when you need to pay your PAYE/NIC
- Pre Year End Record Health Check
We look at your FreeAgent accounts two months before your year end to “sense check” the numbers. If we identify any potential issues or corrections required, this gives you a chance to make changes before the year end.
8. Accounts & Tax Return
After your financial year end, we will prepare a set of accounts based on the information in your FreeAgent account. Depending on the type of business you have, your accounts will be used to prepare either a corporation tax return, partnership tax return or as a sole trade tax computation to be included in your personal tax return. Once your accounts are complete, you will also have the information you need to submit an annual return to Companies House if needed.
9. And then we start the fun all over again for another financial year
From start to finish, everything will be done online, including signing your completed accounts. And you will always have access to your prepared accounts which could come in handy for those last minute meetings with your bank manager.