A NORTH-east accountancy firm has introduced a new web-based bookkeeping tool which will bring significant benefits to sole traders, including small limited contractors who work offshore.
SBP Accountants and Business Advisors, which has offices in Aberdeen, Peterhead, Banff and Fraserburgh, is rolling out an innovative new accountancy service tailored for micro-businesses including sole traders, partnerships and limited companies with fewer than ten employees.
The new award-winning online bookkeeping product Iris OpenBooks, which is powered by FreeAgent, aims to make the accounting process simpler for business owners.
Michael Buchan, SBP client manager, said: ”We are now able to supply our clients, many of whom are in the energy industry, with the ability to monitor their own financial information live, 24 hours a day, as long as they have an internet connection via computer or mobile phone.
“Small operators can find it a tricky business balancing their workload for their clients while managing their own business. Now we offer them a system that they can easily monitored anywhere – even from the middle of the North Sea.”
He added: “There’s no app to download, no upgrades necessary in future as the system will automatically embrace technological progress. It is a stress-free way to manage your books.”
The new system can identify any urgent financial matters, such as overdue invoices, and gives clients a jargon-free way of checking their business’s financial health.
Mr Buchan said: “The software, coupled with our advice, is ideal for people who are tired of trying to decipher spreadsheets.
“This tool makes it easy and quick to record your outgoings, can monitor cash flow and can tell you how much is in your account at any time.
“Users can write up their cashbook online and we can discuss by phone with them on any problems or queries that can arise.”
One of its features is ‘Relax about Tax’, which offers projections of tax due and when to pay – putting an end to sole traders of contractors missing deadlines. The device can track all VAT returns and payments, and help people get VAT returns compiled in time.
Another focus is on checking on all work done, ensuring that all billable time is invoiced.
The system is extremely cost effective and requires little or no startup costs. Staff are trained in its use and licences can be obtained from any of SBP’s offices.
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