Bluefrog Media - Solutions for a fast growing company
As a rapidly growing business, we needed our accounting and business systems to work efficiently and allow us to develop and keep close control on all areas of our business.
Glover Stanbury Chartered Accountants have been a fantastic support to find the right software to suit our needs; not just the accounting function, but also advice on making the everyday processes work for us.
We started on SAGE, however, we were recommended to make the transition to Xero, an online accounting package, which allows us to access our accounts from anywhere. Using the integrated bank feeds saves us time on inputting data, matching the bank transactions with outstanding purchases and receipts already on the system and as a result instantly reconciling the bank. We have set up recurring invoices for customers, which are sent via email.
To further automate our accounting process we use Receipt Bank. This has been a real time saver! All incoming invoices attached to emails are sent directly to Receipt Bank, and we take a picture of paper invoices and upload these too. Receipt Bank then processes them and publishes them straight into Xero with the correct pre coded information.
We were also introduced to an “app” which allows us to manage our business miles, automatically calculating VAT and distances between destinations and has been set up with favourites and recurring entries, and this also publishes the relevant details to Xero, automating our expense claims..
Glover Stanbury ensured that we were on top of our cash collection by implementing a direct debit system that took only a few minutes to set up. We now have direct debits set up for nearly all clients and collect invoices automatically on any day of the month. This means that we are not exposed to potential bad debts or bad payers!
As we continued our growth, an “income recognition” problem arose. We bill some clients up to 3 months in advance. In order to ensure our management reporting was accurate, and that we have dealt with income in advance correctly, Glover Stanbury introduced us to another online product which integrates with Xero. We import all our sales and purchases from Xero and allocate our income and expenses over the appropriate period for our financial reporting and monthly management accounts. All the adjustments are posted automatically every month.
Glover Stanbury have helped us save not only time and money, but ensured we are in control of our business. Being able to generate profit and loss reports and track costs against each client's budget has been invaluable to our business. With Glover Stanbury’s continued support it has allowed two directors with limited accountancy knowledge to manage their own bookkeeping, avoiding the need to take on any extra staff, and keep accurate up to date records which in turn ensures profitability and success.
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