One of the easiest decisions you can make in getting ready for the new digital accounting era is to adopt a ‘pre-accounting’ app. After evaluating a few options, we’ve recently become a partner for Receipt Bank as we believe it’s a really robust, practical way to record your business spending.
What we really like about it is that once you’ve taken a quick snap of your receipt, Receipt Bank automatically sends it to us. So you can forget about hanging on to all your bits of paper and instead, you can deal with each receipt as it arises and then forget all about it. Receipt Bank works for invoices as well as receipts so you can keep track of your spending effortlessly. If you care about the science, the app cleverly recognises the important part of the data it reads and translates it for accounting purposes.
This is a really strong move towards getting everything you record online in a format recognised by HMRC – and therefore your MTD compliance is a step nearer. You’re doing a big part of your own automated book-keeping which gives you more control and saves everyone time. We are also recommending Xero and Free Agent as the preferred accounting systems for our clients – happily, Receipt Bank integrates seamlessly with both (and many other mainstream accounting systems such as Sage and Quickbooks). You can also export the data if you prefer. What’s important is – no more manual data entry!
As we move ever closer to MTD and, together with using an app like Receipt Bank, it means we have evaluated how we charge for our book-keeping services. We’re moving towards a much more pragmatic approach where we charge a basic monthly retainer and then a price per transaction. As your processes become more digital, and therefore more streamlined, we can reflect that in the fee we charge. We won’t charge for anything other than the processing of each entry so you don’t pay for our down-time, just simply for the volume of transactions and a finished result. We plan to review this with you once a quarter to make sure it’s all working seamlessly.
As a practice, being at the forefront of cloud-based accounting is very important to us and this is another way in which we can demonstrate the ease of working together to satisfy HMRC requirements, but longer-term and more importantly – to make your accounting processes work for you and your business.
Ask us for more information – email firstname.lastname@example.org.