Cloud technology delivered by expert accountants
In recent years, cloud accounting has revolutionised the way that company finances are managed. With help from our experts, getting the most from this technology is far easier than you might think.
Thanks to software like ClearBooks, Xero and FreeAgent, everyday accounting tasks have been automated and financial information is available 24/7. This has freed-up a huge amount of time, helped companies take more control of their finances, and means that SMEs, team members and accountants have never been more connected. At Maitland, we make it easy for you to use cloud technology and maximise its potential within your business. Here’s how cloud accounting works at Maitland:
Your personal dashboard
Through ClearBooks or other cloud software, you gain access to a customised dashboard that’s accessible from any mobile-enabled device. This allows you and your team to access and share real-time financial information whenever you need to.
With all your finances up-to-date and stored in one place, we can carry out our accounting duties more efficiently, quickly identify problems before they occur, and dedicate more time to delivering higher-level services.
The ClearBooks dashboard shows you:
- Your bank balances in real-time
- What your customers owe you
- What you owe your suppliers
- OOP expenses approved and pending
- VAT owed to/due from HMRC
- Reports – profit and loss, balance sheet and cash flow
- For Limited Companies – you can also view profits available for dividend and corporation tax payable, and see an estimate of corporation tax accrued.
- For Sole Traders or Partnerships – Income Tax, NIC estimates and retained profit available for drawings are also visible.
Brilliant monthly reporting
Our monthly reporting system is simple, effective and easy to use. Each month, our clients manage their accounts through ClearBooks, FreeAgent or Xero, ready for our Online Accounting Team to process.
Firstly, our clients carry out five monthly tasks
- Invoice customers for the month’s work
- Upload business bank statements
- Submit out of pocket expenses claims
- Submit business mileage claims
- Scan/photograph and upload invoices and expense receipts
Next, we processes your monthly accounts
Once all five tasks are complete, a dedicated member of our Online Accounts Team processes your monthly pack. This involves:
- Explaining and reconciling business bank statements
- Attaching supplier invoices to bank payments
- Preparing quarterly VAT returns for approval
- Processing monthly payroll, providing salary payslips and advising on net pay and PAYE and NICs
- Processing monthly dividend declarations, providing minutes, dividend tax vouchers and advising on net dividend payments
- Dealing with queries there and then rather than waiting until Year End
Stress-free year ends
Processing your Year End accounts and completing your business tax returns is straightforward, with your monthly accounts complete and all your financial information up-to-date and stored on your dashboard.
Throughout the year, we cross-check anything that looks unusual, and deal with queries there and then. We never rely solely on automated cloud accounting functions, as many decisions still come down to human judgement and an in-depth understanding of your business. This meticulous approach helps us to complete your Year End efficiently, with no nasty surprises or unexpected tax bills at the end.
Better cloud accounting for 2017
In the right hands, managing your accounts should never feel like a chore. With us, cloud accounting is easy, and you’ll quickly start seeing the benefits. Our cloud expertise is backed up with years of wider financial experience and, while we fully embrace new technology we firmly believe that cloud software is no substitute for professional knowledge.
Whether you’ve never used cloud accounting before, or feel that you’re not getting enough from your current accountant or software, make 2017 the year you start doing your accounts the Maitland way.
For advice or more information, contact our Online Accounts Team on 01825 748308