HMRC’s Making Tax Digital – MTD – is a stop date, HMRC have basically said ‘from this date on: everything will be in the cloud.’” Equally, it seems the digital transition will also be a stop date for cloud companies, and Cloud Accounting NI is here to help small businesses shift to this software oriented […]
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The Virtual Finance Manager is a new concept. It's a way for small businesses to get ongoing accountancy and tax support that they wouldn't have been able to afford previously.
Small businesses who hire a Virtual Finance Manager get access to an experienced financial professional at a fraction of the cost of a full-time Finance Director. A Virtual Finance Manager will:
- Handle all the duties of a traditional Finance Director, but work remotely and on a part-time basis.
- Monitor the financial health and wellbeing of the business, usually with cloud technology.
- Offer financial insight and guidance on all company decisions and issues.
- Provide back-office functions such as managing accounts ledgers, depending on the client and their needs.
Advantages for small businesses
Having access to a Virtual Finance Manager can be a big benefit for a small business. Most of them can't afford an experienced, knowledgeable finance manager on a full-time basis and may never consider hiring one.
That's a problem, because many small businesses fail within the first three years. Reasons include failure to set themselves apart from the competition, and an inability to find a profitable business model. With an accounting professional acting as their Virtual Finance Manager, they could keep their financial goals and realities clearly in sight.
A Virtual Finance Manager is an affordable alternative to hiring a full-time Finance Director and can make a big difference to a small business, by:
- Creating budgets and forecasts.
- Pinpointing problem spending by highlighting trends in the market.
- Validating or discouraging business decisions with financial well-being in mind.
These are abilities that the vast majority of business owners don't possess – but they often need them in order to succeed.
With a combination of practice knowledge, cloud-based accounting software, mobile technology and modern data analytics, we can provide Virtual Finance Manager services that will be of great benefit to your business.
Get in touch with us at Cloud Accounting (NI) if you are interested in hearing how we can help your business.
The transition inevitably raises questions about the identity of a bookkeeping practice. Which services are core to our firm and its skillset? What services and service levels are expected by our clients?
Business owners as well as accountants and bookkeeper's now have the ability to look at the same financial information and have connected tools at their disposal for analysis and interpretation. This is changing the client’s perception of the bookkeepers/accountant’s roles in their business.
At Cloud Accounting NI our accountants focus on the value added services and automating data entry. for clients. Our CLIENT love it as s/he is usually paying reduced fees, has easy access to an end to end service without all the additional admin.
What the Client Expects
The most obvious change has been the speed of communication. Since accounting records are online and easily accessible, clients expect answers to minor accounting questions within hours. Fast responses can be delivered, as these questions take typically less than 10 minutes to answered online.
Faster communications and quicker access to client records allow accountants to build deeper relationships by taking an interest in the daily business happenings of their clients. There is no technological barrier preventing an accountant from reaching out to offer advice or simply touch base.
Advising on Technology
It is also reasonable for clients to seek guidance about which accounting and business systems will work for them. Would a particular cloud inventory system fit their process? Can a client’s cloud accounting program work with their online shop? Cloud Accounting specialises in advisoing on the right online software and setting it up for you hassle free.
Certain areas, such as technology setups, system conversions and associated training and support do require a deep understanding of the technologies but not necessarily deep accounting expertise. This work can also be repetitive and time consuming and Cloud Accounting NI can provide this service to set clients up with the right technology around them.
Cloud Acccountancy Cloud accountancy systems are revolutionary. How do I know? Well, my accounting practice has been using the cloud for a number of years, and we have shared this passion with many of our business clients. 90% of our clients now use cloud accounting systems too. We have seen firsthand how the cloud accounting […]
As long as you are genuinely investing in R&D projects, there’s a great opportunity to cut your corporation tax bill. Or even get R&D tax credits from HMRC in the form of an actual cheque!So, what do you need to know about Research & Development Tax Relief Incentives? What are R&D Tax Relief incentives? The […]