Wherever you are in the world, Purr-Effect can maintain your books of accounts via user-friendly software which enables you to share your documents. There is no longer a need to put documents in the post or visit your accountant ….. simply put them on the cloud for processing!
Whatever you bookkeeping needs are, we have the right solution for you and can offer a variety of packages to suit your business and cash-flow.
We give a fixed price (based on your particular circumstances and what you want). That way you can budget and plan. And if we are slow and the work takes longer that’s our problem not yours.
For a small fixed monthly payment you will benefit from each of the following:
Your free real time information system
This is one of the features our clients find most valuable. We will set you up and support you every month with our real time accounting system. This system will put you in complete control of your numbers. Cloud accounting software companies charge a monthly subscription for using their system, but as part of our Quick Books cloud accounting packages we pay this on your behalf, which means you get all these benefits of a real time accounting system for free:
- 24/7 access to up-to-date financial information and reports from any device with an internet connection (you can access your numbers with your smartphone or tablet).
- Up to date – Real time accounting means your records are always completely up to date making it easier for you to make the right decisions.
- Business support – Since we can access your data 24/7 you get more value from us – we can help you run and grow your business rather than just add up the numbers. We can support you with your key decisions.
- Easier invoicing – Fast, simple customised sales invoicing will make your life simpler. And the facility for emailing of invoices, with the option to attach a statement at the same time makes it so easy to manage your sales and get paid quicker.
- Quicker cash collection – The system allows you to embody payment methods into your invoicing. For example, click and pay to drive quick collection of your debts. It makes it so much easier for you to get paid, reducing bad debts and slow payers and putting more cash in your bank account. You can also chase debtors whilst you’re on the go.
- Automatic processing – Your bank accounts can feed directly into the system, which keeps your accounts up to date and fully reconciled to the bank… this feature will save you a significant amount of time.
- Financial dashboard – One of the most popular features is the “Financial Dashboard”; a fully customisable screen showing you the key financial information you need to run your business. You’ll come to rely on this Financial Dashboard just as much as you rely on the dashboard in your car when driving.
- Instant reports – At the touch of a button you can get instant reports on your business.
- Security – Being able to sleep at night knowing your sensitive financial data is always secure and backed-up automatically.
- Maintenance free – No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle.
- Lower professional fees – Reduced accountancy fees because it makes it easier for us to produce end of year accounts.
- Free software – As well as helping you, this system makes our life much easier and that means we can pass this onto you in the form of cost savings, i.e. we will pay the monthly fee for the system on your behalf.
Posting of all financial transactions
We will post all of the following financial transactions on a weekly basis:
- Posting all business bank transactions – we will post all receipts and payments for all business bank accounts including any PayPal accounts.
- Posting purchase invoices and expenses – we will post expenses to the correct expense codes enabling you to obtain relevant financial information and comply with HM Revenue and Customs requirements.
- Recording cash transactions – we will post all cash transactions where you have proper cash receipts
- Credit card transactions and reconciliations – we will post all transactions on your business credit card and reconcile the closing balance each month
- Completing payroll journals – if you run a payroll we will post the correct journals each month.
- Making adjustments for any foreign currency transactions – Foreign transactions are complicated because you either have to deal with exchange rate conversions or accounting for finance fees on each foreign currency receipt or expense. But don’t worry; we’ll sort that out for you.
These postings will ensure that everything is posted to the correct place, which means your financial records will always be accurate enabling you to make important financial decisions about your business. And of course, you can sleep at night knowing your financial records comply with HM Revenue and Customs requirements.
HM Revenue and Customs (HMRC) can charge you a penalty if your records aren’t accurate, complete and readable. You may have to pay interest and penalties if your figures turn out to be wrong and you haven’t paid enough tax. HMRC may check your records to make sure you’re paying the right amount of tax.
Carrying out monthly reconciliations
Reconciling your bank account on a regular basis is critical. When you get to the year-end, if this doesn’t reconcile your accounts will be wrong. You could end up paying too much tax because you’ve missed allowable expenses. Or you risk fines and penalties from HM Revenue and Customs because you’ve missed taxable income. Or you have to pay higher accountancy fees for the accountant to sort it out.
So what we do is reconcile your bank account every month. We will also carry out the following reconciliations for you every month to make sure everything is accurate:
- Your monthly purchase ledger reconciliation so you know exactly what you owe at any point in time to your suppliers.
- Your monthly sales ledger reconciliation so you know exactly who owes you and how much they owe you at any point in time.
- Your monthly VAT reconciliation to make sure your VAT records are compliant.
At the end of your financial year, as soon as we have completed your reconciliations we will provide you with an annual trial balance, which can then be exported and used to complete your year-end financial statements.
Paperless expense and receipt processing system
We recommend a system that will remove the admin burden that bills, invoices and receipts place on small businesses. It makes the gathering, storage and processing of receipts and invoices as easy and cost effective as possible. The system will make your life easier and remove clutter by filing paperwork in the cloud. Let me explain one of the most popular features of this system…
Every time you get an invoice or cash receipts (for example, a car park ticket or train ticket) all you need to do is take a photo with your smartphone. You can then throw that piece of paper away! The system will store the image of your invoice and, when you’re connected to the Internet, it will be sent from the system into our cloud accounting system for us to post it to the correct place.
And best of all, we will supply you with the software free of charge and show you how to use it.
Management reporting every quarter
The real power of a cloud accounting system is having important management information to hand. Information such as, who owes me money, what are my sales this month and am I making a profit? As part of our cloud accounting service we will help you set up the key reports you need so that the most important information is always a click away. Having your finger on the pulse of your business is critical for making the right business decisions. You need to know the key numbers. Each quarter we will supply you with:
- A quarterly view of your reconciled account summary that will include a year to date total for each category of income and expense, and most importantly, your profit for the year to date.
- A quarterly sales ledger report showing you exactly how much money your customers owe you and how long those debts have been outstanding. This report will help you to keep on top of your debtors and put more cash into your bank account.
- A quarterly purchase ledger report showing you how much money you owe to your suppliers.
If you want to review your business on a monthly, rather than quarterly business ….. we can do that too!