W B Myers T/A Accware Chartered Accountants
Accounting Services for growing businesses
When you log into your bank site, if you are asked to use some sort of security token or answer a live question, then this is what the banks call Multi Factor Authentication (MFA). MFA is something that Xero won’t be releasing support for until early 2011.
14th December 2010
A Professional Services Company receive handwritten paper-based data from a particular client type and wanted to evaluate ways in which time spent processing the data could be reduced. Accware recommended building a web based forms application that could be integrated with Xero using Web services, which would both reduce the manual effort of processing and also eliminate the paper and postage costs associated with the process. We set up a small project team using the client’s key employees to define requirements, design the application and create a workable data model. The development work was outsourced and managed by Accware and a web-based application was successfully delivered. Their clients can now enter data into a familiar form through the web, which can be validated by internal staff before being submitted to Xero. This will result in a significant time and cost saving, by reducing administration and processing costs as well as paper and postage costsas clients are signed up to this service**.
**Project ongoing
Xero have today announced that you now have access to Bank Feeds from many of the major UK Banks. Up to now the only supporting Bank was HSBC, but now you can add the likes of Lloyds TSB, Nat West, Santander, Bank of Scotland etc. to the list.
If you’re not familiar with Xero, a “bank feed” is where bank statement data is sent automatically and securely by your Bank on a daily basis into Xero. The benefit, of course, is that you don’t need to download and import your bank statement data (when you remember! [and assuming you use an online banking service]) so you have an immediate snapshot of your cash position. This helps streamline processes and helps you focus on your cash-flow.
Accware are a Xero Partner and Xero Certified Advisors, we help SME’s improve financial and operational controls, to minimise costs and increase profits.
30th November 2010
Accware are now a WorkflowMax partner.
Having spent time reviewing WorkflowMax and recognising the tremendous benefits this online software can bring, we decided to sign up as a partner.
WorkflowMax allows you and your staff to track time, manage jobs, create quotes, purchase orders and invoices. Using the advanced reporting, measure how productive your team is, whether you’re on schedule and more importantly how much money you are making on each job.
See our recent Case Study on the Pro-service Group for an independent view of the benefits WorkflowMax can bring when used in conjunction with Xero.
Do all companies have to keep accounting records?
The answer is a resounding ‘Yes’. Every company, whether or not they are trading, must keep accounting records.
What must accounting records include?
Accounting records must in particular contain:
Also, where the company’s business involves dealing in goods, the records must contain:
Parent companies must ensure that any subsidiary undertaking keeps sufficient accounting records so that the directors of the parent company can prepare accounts that comply with the Companies Act or International Accounting Standards.
Where must a company keep its accounting records?
A company must keep its accounting records at its registered office address or a place that the directors think suitable. The records must be open to inspection by the company’s officers at all times.
If the company holds the records at a place outside of the UK, it must send accounts and returns at least every six months and keep them in the UK. Those accounts and returns must disclose the financial position and enable the directors to prepare accounts that comply with the requirements of the Companies Act, including where the accounts are prepared using International Accounting Standards.
How long must a company keep its records?
Private companies must keep accounting records for 3 years from the date they were made. Public companies must keep them for 6 years.
The above is an extract from Life of a Company – Part 1 Annual Requirements – GP2 Chapter 3 as modified by the Companies Act 2006 – You can view the full text of GP2 here
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So what should I do?
For those of you who are using Spreadsheets as Accounting Records; Spreadsheets are fantastic tools for listing and analysing information, but they’re not for accounting!
OK, if you list all your financial information in a spreadsheet then that’s a big step forward over businesses who simply file loads of paperwork in Lever arch files. However, it’s time to recycle those spreadsheets. A small amount of effort on your part, with a helping hand from accware, of course, and all your information could be entered in an easy to use online accounting system, such as Xero, which will provide you with up-to-date information on how your business is performing.
Key Features:-
Once you realise how easy Xero is, you can then start to explore the other web based applications that extend Xero further e.g. WorkflowMax, Vend, CapsuleCRM etc.
Click here for a full list of our services around Xero.
