Bookkeeping in the cloud
The Internet and new technology is changing the world and at Sackmans Accountants North London we are always looking to improve our service and deliver better value for money.
I like online software like Xero because the financial administration and bookkeeping can be split. Businesses can do their own invoicing and credit control, we can take care of everything else.
It’s vital that invoices are issued as quickly as possible and credit control is undertaken regularly. This is why I recommend this work remains the responsibility of the business.
However, Xero online billing and bank fees make this work quick and easy. You can build a list of inventory which means you can generate and send an invoice in seconds. When the invoice is paid and the money hits your bank the Xero bank feed will pick it up and put it into Xero for you. All you need to do is match the money to the invoice and click the OK button.
With online invoicing you send e-invoices to customers by email. The email has a link imbedded. This means that when a customer clicks the link and opens the invoice you know they have seen it. No more excuses about the invoice not being received!
You can also add a “Pay Now” button on the invoice and get paid faster. Figures from Xero suggest online invoicing will get you paid 33% quicker.
There are two ways of dealing the cost side of the business.
One option is that we provide you with a bookkeeping email address @sackmans.co.uk. All you need to do is scan and email your invoices to us. You can even give the email address to your suppliers and they can email us directly.
We will enter the purchase invoices for you and check off the payments from your bank when the data comes through into your Xero bank feed.
The other option is that we do the bookkeeping directly from the bank feed. This means we will need to add an adjustment at the end of a period or year when we come to do the accounts. This is because you include all costs for the year against sales, not just what has been paid.
If you are interested in an all in service which includes bookkeeping, payroll, accounts and tax then prices start at just £200 plus VAT a month for up to 1,000 purchase invoices a year.