Vs

When it comes to making your bookkeeping as streamlined as possible, there are new technologies popping up all the time. It is sometimes difficult to decide which one will be right for your business when they claim they are all singing all dancing. 

The main two 'firms of the future' applications we have encountered are 'Receipt Bank' and 'Expensify' which appear to be the market leaders at this present time. Although they are both apps to simply take a picture of a receipt, they slightly differ depending on what type of business you are. With both services having OCR detection technology, designed to eliminate time entering manual information. 

I have summarised the main features of the two applications below which may influence your decision.  If you do have any queries however, please do not hesitate to contact me. 

Receipt Bank

Set up in 2010 to relieve the administrative burden placed on small businesses Receipt Bank; 

• Integrates with most cloud accounting such as Xero & Quickbooks
• Is useful if you are a business processing a lot of purchase invoices and receipts
• Takes pictures of your Invoices and receipts and submit through the app.
• The receipts sit on the cloud
• Offers a 14 day free trial

Conclusion

Easy to use app that can create various reports. Multi mode function allows you to take a picture of multiple invoices and receipts at once. It does take a while for the OCR detection to process the information once the picture has been taken, but I haven't encountered many hiccups with the result. I do think it is quicker to categorise the information yourself rather than wait for it to finish and double check all the information.

Overall if used consistently, this does reduce time a business can potentially spend on bookkeeping.

Vs

Expensify

As the name suggests this app is more geared towards expense reporting as opposed to sales and purchase receipts like Receipt Bank. It is; 

• Good if you need your employees or contractors to send in a picture of their expenses. 
• Need to reconcile company credit cards on a monthly basis
• Require approvals for submitted expenses
• Good if you require expense policy enforcement
• Offers a 30 day free trial
• Most users of Expensify are in the IT & Service Industries
• Receipts are retained on the central cloud
• Integrates with most Cloud and accounting packages

I find this app very user friendly, and facilitates several expenses reports to be creates at once as well as 'buik' adding expenses. As with Receipt Bank, I find the 'smartscan' facility does take a while to pull the information together, and sometimes it is easier to categorise photos instantly yourself. 

Conclusion

Both apps are very user friendly, With any of these apps, the onus is placed on the business owner to post up their receipts regularly. The advantage of course is a business gains a real time insight into how it is performing and their advisor can look at ways to enhance profitability. 

If you would like more information about bookkeeping solutions, contact Caroline on 0845 3031144 or email caroline@coopercurtis.co.uk. 

Post by Caroline

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

I am delighted to announce that Cooper Curtis has been accepted as a Recruitment Service Provider for TEAM, (The Employment Agent Movement) the UK's largest network of independent recruiters. 

We are looking forward to sharing industry knowledge with our fellow members and attending meetings through TEAM's regular networking events. 

We like TEAM's ethos 'nice people to do business with' because we like to think that's how our clients see us and is why I believe our new partnership will work well. 

To see Cooper Curtis on TEAM's website or to find out more about the benefits in becoming a member;

Post by Brian 

 Are you thinking of purchasing a pool car rather than going down the expensive company car route? It is possible, but if these strict conditions are met a business can escape a taxable benefit for their employees (and employers NIC!).... 

1/ The Pool car is made available to and used by more than 1 employee.

2/ It is made available by reason of the employee’s employment.

3/ The car was not used by 1 employee at the exclusion of others.

4/ In the case of each of those employees, any private use of the car made by the employee was merely incidental to the employee's other use of the car in that year (60% as a rule of thumb) such as a short diversion to shops on way to, or from work premises.

5/ The car was not normally kept overnight on or in the vicinity of any residential premises where any of the employees was residing, except while being kept overnight on premises occupied by the person making the car available to them. (Eg setting off early to a business meeting.)

If any of the above conditions aren’t met, this will be classed as a company car and taxable benefit on each employee.

Do you have a query on pool cars? Contact Brian or Caroline on 0845 303 1144 or email info@coopercurtis.co.uk. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

Don't leave your head in the clouds, only your Accounts! 

You may already be aware as a business owner that regular digital accounts submissions from most business unless very small (TBC) will be mandatory from 2020. Are you still working from spreadsheets? Or even pen and paper? Or are you unsure if the cloud accounting solution you are currently using is the right one for you?

Now is the time to be thinking about change! 

When choosing the right cloud accounting solution for your business, you may want to know; 

• Can i get a running report on how my business is performing?
• Can I access my accounts info on my phone and tablet?
• Can I print/email professional looking invoices?
• Can I produce repeat or draft bills?
• Will it save me money in the long run?

• Will I get ongoing business performance support from my Accountant?

Cooper Curtis can get the right systems in place for your business, and provide business support through regular, in-year, face to face meetings.

Call 0845 303 1144 or email to arrange a free, no obligation consultation or to discuss how cloud accounting solutions can help your business grow.

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

 

Cooper Curtis Accountants are delighted to celebrate their 5th Anniversary of trading in Warwickshire.

Since opening its doors in Leamington Spa in April 2011, the progressive accountancy practice has steadily grown and in 2015 moved into larger premises in the delightful Warwickshire village of Fenny Compton close to the Oxfordshire border.

Brian says, ‘When we started up, our offering to Clients was limited to End of Year Company Accounts and Taxation as well as Tax Returns, VAT, Bookkeeping and Payroll but what we are now offering Business Planning, Exit Planning and Tax Planning which are all proving very popular with Clients’.

Cooper Curtis are also specialists in working with Recruitment Companies with offices in Birmingham and Manchester covering the West Midlands and the North-West of England.

To arrange your free, no obligation consultation ring Brian on 01295 770844 or request a call back.

From the 6th April, ALL limited companies & LLPs will be required to hold and have available for inspection a register of people with significant control over the business. The Companies House Annual return will be abolished and details from the PSC register will need to be submitted every 12 months instead. 

'What constitutes significant control?'

A person defined as having control is someone who meets one or more of the following conditions.... 

1. Direct or indirect ownership of 25% of the company's shares

2. Direct or indirect control of 25% of  the limited company's voting rights. 

3. Direct or indirect right to appoint or remove a majority of the board of the company of directors. 

4. Has the right to exercise significant influence over the control of the company

5. Has the right to exercise significant influence or control over activities a trust or firm which itself meets one or more of the first four conditions.  

'So what do you need to do next?'

Once you have identified every person with significant control, you must maintain the following information about each individual...

1. Name

2. Registered office address

3. Nationality

4. Date of Birth

5. Usual residential address

6. Date from which person became a registrable person or person with significant control in the company

7. Nature of their control (%age of control) 

An updated 'Confirmation Statement' formerly the Annual return, must be submitted to Companies house every 12 months, and a register must be maintained from April 2016. Filing at Companies House will commence from  30 June 2016. 

What will happen if I fail to keep accurate information on a register?

Failure to provide accurate information when requested for an inspection is a criminal offence and you could find yourself with a hefty fine or even up to 2 years in prison!

If you would like more information on the Person with Significant Control 'or 'PSC' Register, please contact Brian on 0845 0303 1144 or email brian@coopercurtis.co.uk. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.