freeagent-friendlysafe_image

The use of cloud accounting systems by freelancers, contractors and small businesses in the UK is growing rapidly. At JF Financial we work with two of the market leading systems for micro businesses: FreeAgent and Xero.

They are both very simple to use cloud based accounting systems that enable business owners to take control of their finances and take away the stress of their paperwork and book-keeping. They are a key tool in enabling our entrepreneurial clients to make quicker smarter business decisions as their financial information is always available in real time.

screenshot-2014-10-02-06-14-51

Key features:

  • Cloud based so your finances are accessible from wherever you are including your mobile device
  • Simple to use for non-accountants
  • Invoicing clients – easy to email an invoice and you can set-up recurring automatic invoices
  • Bank feeds – many banks now automatically feed transactions into the system overnight meaning the system is always up to date
  • Clever – the system will learn about recurring transactions and will allocate transactions accordingly
  • Tax estimate – the system will give you a running tax estimate throughout the year giving you more clarity of your position

At JF Financial we use these cloud accounting systems to enable us to work more collaboratively with clients and add real value throughout the year. We offer a quarterly “health check” to our clients where we log in to their account to check:

  • Quarterly VAT return
  • Payroll
  • Trade debtors
  • Profit and Loss account
  • Balance Sheet
  • Transaction coding
  • Bank / Cash position
  • Tax position

We also login on an ad-hoc basis when a client has a query on a particular issue so we can deal with it straight away. All our services come with free telephone and email support for business accounting and tax queries as well as system specific issues.

When it comes to the year end accounts we make sure that all adjustments and journals are done on the clients FreeAgent / Xero system first and once complete we use that to create the Statutory accounts that have to be filed with Companies House and HMRC, as well as the corporation tax return. This means that the clients numbers are always completely in sync with the statutory accounts and the client is completely in control of their own financial information. It is surprising how many clients come to us from other accountants and when we look at their previous accounts they often bear no resemblance to what is on their FreeAgent / Xero accounts!

If you are thinking of using a cloud system, or already do and are looking for an accountant that not only uses them, but embraces them, then please do get in touch with us so we can discuss your business and quote you a fixed monthly fee for all the services you require including your software subscription.

We are able to offer you a no obligation free trial and we can recommend which system will best suit your business.