Guest Post - Are you keeping good records?

Posted by AccountsPortal Jon on 20 January 2014

Today's blog post is courtesy of Lee Murphy from The Accountancy Partnership


During our 8 years as online accountants, we have noticed that the quality of the records we have received from new clients has not generally been of a good standard. Because of this we decided to carry out some research into the amount of businesses in the UK that had inadequate records.

We sampled more than two thousand businesses that had joined with us as clients over a period of six years. The samples of businesses that we took were in a range of locations and were a range of different types including contractors, builders, transport et cetera. To find out whether the records were adequate or not we looked at a number of metrics including the completeness of the records, if a double entry bookkeeping system was used (if applicable) and if certain accounts has been reconciled or not. We did not consider things like bookkeeping mistakes as factors but more the methods of how the bookkeeping was completed.

Our findings showed that 78% of new clients that submitted their records to us for their first year of trading were sub-standard. What’s more, 52% of the clients that joined with us and submitted records to us for the second trading year were also below a decent standard.

We felt that these figures were high because new business owners did not have the necessary skills to use complex bookkeeping software packages and as the business was so young, did not have the funds available to employ a bookkeeper to outsource the work.

As this problem seemed to be so large we thought that it would be a good idea to think of ways that we could help improve the standard of the bookkeeping records that we were receiving from clients. The first thing that we did was to issue new clients with a starter guide that outlined what is expected of a business owner with regards to their bookkeeping, accounts and taxes. This basic guide also outlined the timescales involved and the potential penalties for missing those deadlines.

Thankfully this prompted clients to take much more of an interest in their bookkeeping and it meant that they were willing to put a good system in place early on. We recommended these clients to try an online accounting system such as AccountsPortal as it’s easy to use features and support is perfect for business owners who are new to bookkeeping. Getting a system such as this in place from the beginning also helps business owners to know their finances inside out which ultimately will help them to monitor costs more easily.

We explained to these clients that if a good system was not adopted early on then paperwork could mount up and they may find it difficult to remember what some transactions relate to. When the time came for us to request records from these clients the process was much smoother than usual, as we avoided having to ask for more and more details which is always time consuming and hassle for the clients as well as us.

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Bank Imports - Payee Field Enhancements

Posted by AccountsPortal Gidon on 06 January 2014

Previously when importing and processing bank statements, the value in the Payee field was not transferred to a transaction field. The Payee field was only used to determine the relevant Bank Import Rule.

This restriction has been removed. When assigning the Payee field, you can now select from one of the following options:

  • Payee (no transaction field updated)
  • Payee (updates transaction Reference)
  • Payee (updates transaction Note)
  • Payee (updates Item Description)

This means that it is now possible to include the Payee's name in your transaction, making it easier to cross-reference at a later date!

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Increase in Email and Transaction Description Fields

Posted by AccountsPortal Gidon on 17 December 2013

The description field in Credit Notes, Quotes and Orders has been increased in size from 255 to 1000 characters.

The same has been done for the Message box in the Email feature throughout the application.

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VAT Total Displayed in Bank Transactions

Posted by AccountsPortal Gidon on 16 December 2013

A small enhancement has been made to the General Receipt and General Payment transactions. The VAT/Tax Total for all the lines is now displayed when the transaction contains more than one line item.

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Nominal Ledger Exports - Change in format from XML to CSV

Posted by AccountsPortal Jon on 11 December 2013

We have changed the Nominal Ledger export to use the CSV format, instead of the Excel XML format.

Although the XML format did offer some advantages (mostly the ability to format each individual cell), it came with a number of disadvantages. These include much higher processing requirements, longer compilation times and larger file sizes.

For the techies out there, since moving to the CSV format, memory consumption during compliation has dropped by 90%, and we're seeing similar reductions in the final file size.

The new format also means that it will be easier to open the new report in a greater variety of different programmes.

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Online Invoices

Posted by AccountsPortal Gidon on 29 October 2013

All invoices, credit notes, orders and quotes can now be viewed online in a browser without having to log into the system. This is a powerful alternative to the PDF versions which are normally sent to your customers and suppliers.

Online invoices will inherit your custom design from Invoice Brands and Templates and also offers the following key advantages:

  • Ability to print a PDF version of the invoice at any time.
  • Automatic update of any outstanding amounts. For example, if you enter a payment against the invoice in the system, then the online invoice will be immediately updated to reflect the payment.
  • The online invoice also has enhanced PayPal integration. Where customers pay you via the PayPal link in the online invoice, an option exists to let the AccountsPortal software automatically create the payment transactions and match the invoices being paid.
  • Automatic email notification when you have received a payment via an online invoice.

A unique url is generated for each of your transactions and can be sent to your contacts enabling them to view the items online. For more information on how to get the most out of this feature, please have a look at Online Invoice Links.

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Planned Downtime - 10 Sept 2013

Posted by AccountsPortal Jon on 02 September 2013

Hi folks,

This is a prior warning that we will be migrating our servers on Tuesday 10 September 2013.

The migration will commence at 22.00 GMT and is expected to take a few hours to complete. Our services will be completely unavailable during this time period.

We will be back to normal by 05.00 GMT on 11 September 2013.

Your data will remain 100% intact and safe during this transition.

Apologies in advance for any inconvenience caused.

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Customer and Supplier Statements - Show Unpaid Items

Posted by AccountsPortal Gidon on 19 August 2013

You can now select from two options when generating the content of Statements for customers and suppliers:

  • All Transactions – this is the same as the current methodology and lists all the transactions between the dates specified
  • Unpaid Transactions at End Date – only displays unpaid or unallocated items at the end date

You can switch between the options at any time. This is a great way to quickly view all the transactions which have not been fully paid at a specific date.

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Quantity Field - Increased Decimal Places

Posted by AccountsPortal Gidon on 19 July 2013

The Quantity Field in invoices and credit notes was previously limited to 2 decimal places. This has now been increased to allow for a maximum of 4 decimal places.

This will be particularly useful to anyone selling products by weight or services with precise time units.

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Product Reports and Negative Transaction Items

Posted by AccountsPortal Gidon on 18 July 2013

Prior to this update, the Products and Services Report excluded negative items entered on invoices and credit notes. Negative items are now included in the results of these reports.

You are provided with two options for displaying the report regarding negative items:

Include Value Only
This option will only include the value of negative items, and exclude the quantity, and is most applicable if you use negative items to process discounts.

Include Quantity and Value
Most applicable if you use negative items to process a return/refund on the invoice.

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