By automating processes, accounting and finance teams can shift their focus to more rewarding work. An exceptional accountant can evolve toward providing higher-value services in areas like fraud detection, compliance, data analytics, technology, and business advice. Here are the six skills that exceptional accountants will need. 1. Analytical skills and Predictive Data For the finance function, […]
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Tax Returns – Don’t put them off! HM Revenue & Customs (HMRC) are in the process of writing to taxpayers to remind them that they need to file and pay their 2017 self assessment tax return on time (by 31st January 2018). Despite HMRC’s best endeavours, taxpayers often put off preparing their tax return until […]
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.
FROM beer to cheeses, smart - watches to video games, crowdfunding has snowballed over the last few years. But despite the buzz, crowdfunding has yet to hit the mainstream in Northern Ireland.
Certainly there is precedent for technology using crowdfunding to develop products from virtual-reality headsets to a low-cost robotic hand.
While crowdfunding clearly works for some consumer technologies, it remains to be seen whether crowdfunding is right for all electronics, software or med-tech enterprises.
By going to the crowd, entrepreneurs are forced to go to market early and get immediate feedback. It builds a loyal customer base of “early adopters” and creates noise around a launch. It is also far quicker than traditional investment routes, which can take months.
But, investment is not all about the money. Traditional investors – Angels and VCs – come with a wealth of experience, contacts, skills and business acumen. The crowd won’t necessarily get involved in a company, and pitfalls around sweat equity, dilution of shares and tax implications are as yet untested.
Crowdfunding is a unique route to verify demand and to open the door to other forms of business funding. It can be used to validate the product, service or market, and it can help to reassure funders that there is a potential demand for the product or service into which they are putting their money.
As start-up costs decrease and funders want to see start-ups commercialise early, crowdfunding fills an obvious gap. Most start-ups go to friends and family for seed funding. Effectively, the crowd acts as an extension of “friends” and “family”, offering enthusiasm, confidence and belief in the concept.
So, in conclusion, while the global crowd can help a Northern Irish company get off the ground, crucially, it does not offer business advice – and this is where solid network of connections to accountants such as Cloud Accounting NI who are familiar with the sector, specialist legal advisors, Patent Law specialists, Social & Visual Media experts, as well as business mentors who have ‘seen it all before’ are essential to the success of your Startup.
Please feel free to get in touch with Richard at Cloud Accounting NI if you would like to discuss more about this article. You can contact us at 07868 663 538