Bookkeeping:

We are Xero and Quickbooks certified as per the footnote and Xero Certified Adviser

We use  Xero and  Quickbooks online  for our bookkeeping and accounting. As these two platforms are cloud based, they are now highly sought after by most businesses as they are easy to use and accessible from any where in the world. In addition to online access, they also come with Apps that are downloadable to your phone which makes it easier for business owners to view their financials on the go.

Purchase invoices and receipt claims can easily be sent to both platforms directly or through third party apps. We use Hubdoc and Receipt bank as additional apps for processing expenses to both xero and quickbooks as they are very intuitive. Payments through Xero are now easier with transferwise  ( Xero Central/Transferwise ) provided you have set yourself up with them.

Xero & Quickbooks also allow for invoicing your clients and payment can also be paid at the click of a link in the invoice. They allow for integration of payment services like  GoCardless for XeroPaypal and  Stripe . By using these payment services, they can keep a tight leash on their cashflow following closely on their debtor days.

The ability of online cloud accounting platforms in adopting the introduction of bank feeds has helped of businesses with regards to bank reconciliations. As they are intuitive systems, they can recall the last posting of a recurring transaction which makes it easier for the bookkeeper/accountant to agree to the match or re-adjust, pretty simple intervention.

As a small business starting up from scratch with Xero, we can help with setting you up.  to ensure that your financial transaction recording is ready to go from day one. We also help with moving clients from one system to either Xero or Quickbooks online.

 

 

Making Payments with Xero

We help clients by running their payment runs monthly which relieves our clients of a lot of time they would spend preparing the payments on the system and then running them through their bank. Business owners time is better spent developing the business and marketing their products. We provide a payment file to the clients for approval and payment,  as it is easier to run batch payments. We always recommend processing payment runs twice a month which gives clients a routine and an effective way to manage their cashflow.

As stated on our bookkeeping page with Xero, Xero now supports payment using Transferwise  provided you are registered with them. It is an add on service which doesn’t require any complicated bank integration, it works from any UK bank account, by transferring the money in one batch from your own account to transferwise, then from transferwise to your supplier. This marks the bill as paid.

Xero also supports the option of downloading the payment file and uploading it your bank but it needs review to ensure that the information uploaded within bank matches your payment file. Systems can be prone to error. However, with the payment file, you can also manually enter each payment in your bank individually – time consuming but effective.

We can help manage your payments, reach out.

 

Xero Payroll

Processing payroll on Xero is seamless and very easy to set up. We are able to set payroll up for your team, adding new employees, removing leavers while issuing P45’s for them. We are also able to submit the final payroll information (FPS & EPS) through the system.

Xero provides the option of setting up the employees to be able to access their payroll and retrieve their payslips once they are set up. However, the system also offers the option of sending the staff payslips via email which are encrypted with a password and therefore can only be opened by the intended recipient.

Through the payroll administration, you can also link up pension schemes, most clients that we have worked with use  NEST Pension and the system automatically submits the information to the pension provider at a click of a button. Once submitted, a notification is sent via email to confirm that it has been submitted successfully.

Xero  can track annual holiday allowance and also handle holiday requests from employees, it can also deal with statutory pay calculations, maternity and paternity pay and leave.

Employee expenses can also be handled through the payroll system and be reimbursed at the same time as payroll is run.

Given that payroll is an integral part of Xero and allows direct journal posting of the payroll journals following submission to HMRC, it means that  the bookkeeping is up to date with staff payments. This allows us to provide accurate monthly reporting.