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Achieving Value From Bookkeeping: The Modern Approach
For a number of years, we have assisted the landlords of a local public house with their bookkeeping. This involved the preparation of quarterly VAT returns and subsequent year-end accounts and tax returns from their manual records.
Upgrading the bookkeeping software to our online solution not only enabled us to streamline the process from our point of view, but, due to the online nature of the software, also gave the client access to their own information on a real-time basis. For example, should the client want to know how the year to date figures were looking, they could run draft profit and loss reports straight from the software.
This was brought into focus soon after the new system was implemented. The client expressed their desire to purchase another local establishment and set up on their own. To do this they needed a business loan from the bank. Acceptance for the loan required up to date management accounts and subsequently, the regular submission of interim accounts. Something we were easily able to produce using FreeAgent.
Once the new venture was up and running, reports produced by the software were used to keep an eye on how the business was performing. Using this information allowed areas of low productivity to be identified and improved upon before they had chance to make a significant impact on the business as a whole.
Overall, the switch can be hailed as a great success. The client now has a greater feeling of control over their own business and is confident in making informed business decisions based on up to date information.
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