The 21st century brings a new kind of technology that has not been around for past businesses. Online tools can help make business more streamlined, efficient and productive. 1 Accounts strive to adapt these new technologies to not only help our business but to help our clients too. With this blog I will talk you through how we have automated our processes to allow us extra time to help our clients.
When we receive a new enquiry we start our process on Karbon. Karbon is a work flow program that helps our team work together and not miss any important deadlines. We assign an on boarding template to the enquiry. This includes pre-written emails that can be sent with just a click of a button. We have also used Jot Form to create secure forms for our clients to fill out with all the information we need. The links to these forms are included in our pre-written email. This leaves out any need for unnecessary work.
Once a prospect decides they would like to sign up with 1 Accounts, we then create a proposal in Practice Ignition. We love this piece of software. Our proposals are already set up, we just fill in any specific details and send to the client. Once signed Practice ignition automatically sets up the direct debit for our client.
All our clients are on a monthly fee which is taken via direct debit in Go Cardless. This is set up through Practice Ignition and takes the monthly fee. Go Cardless means that we are no longer chasing payments and our ‘getting paid’ process is completely automated. Go Cardless will then generate an invoice into Xero automatically.
Once the direct debit has been taken Go Cardless prompts Xero to create an invoice to be emailed to the client. Our whole process is automated, eliminating the need for manual work.
We are working on ways to automate even more of our processes. Information requests for year end accounts and tax returns are now becoming automated so that we can receive information earlier to enable us to complete the work quicker. We are always looking for new ways to help automate our clients business’s. If you need help with this please contact firstname.lastname@example.org and she will be sure to help.
The 6th of April marked the first day of the financial year. This brings a few changes to individuals and businesses.
The Personal Allowance
The personal allowance (the amount you can earn before paying Income Tax) has increased from £11850 to £12500. This will lead to a small reduction in tax. For higher rate tax payers the allowance will increase from £46,350 to £50,000.
The National Minimum Wage
The national minimum wage has changed on the 1st of April 19.
For 25 years and older the minimum wage has changed from £7.83 to £8.21
For 21-24 years the minimum wage has changed from £7.38 to £7.70
For 18-20 years the minimum wage has changed from £5.90 to £6.15
For under 18 year the minimum wage has changed from £4.20 to £4.35
For an Apprentice the minimum wage has change from £3.70 to £3.90
The earnings threshold has also increased for paying back students loans.
Plan 1 loans will rise from £18,330 to £18,935.
Plan 2 loans will rise from £25,000 to £25,725.
This will apply to all current and future student loans where employers make student loan deductions.
The minimum amount for auto-enrolment has also increased. Employers now must contribute a minimum of 3% of the employees qualifying earnings (an increase of 1%). Employees must pay 5%. The total minimum contribution is now 8% (from 5%)
In preparation for the influx of personal tax returns we are preparing early this year. Our clients would have received an automatic email from Jade requesting information to complete their self assessment. This is not due to be submitted until January 2020, however we are aiming to have all tax returns completed by the end of the year!
We have stepped into spring with March, the clocks have changed meaning lighter evenings leaving the office very cheery.Here are just a few of the things we got up to in March.
Jade Went To Prision…
… but unfortunately they let her out!
Jade went to Highpoint Prision to see how rehabilitation is helping the ex-offenders. She was taken on a tour of the prison and then networked with the ex-offenders. Here at 1 Accounts we support Highpoints mission to help educate the ex-offenders so they can leave the prison and not re-offend. Jade learnt that many of the ex-offenders would like to leave and start their own business as employment is hard to find with a criminal record. Paul is due to speak at Highpoint in April to discuss how to become self-employed.
Katie turned 20
This month was Katie’s birthday! Although she works for Fiscale Ltd and not 1 Accounts Online due to accessibility she works from our offices and is part of the team. She was very grateful for all the birthday messages she received from clients! For her birthday she went to Prezzo and got loads of make-up, making her a very happy girl!
1 Accounts Cambridge got a great review from personal fitness trainer Joe Mitton:
” HIGHLY RECOMMEND!!!!!!!! I have known Mark for years and he has been nothing short of incredible in helping with my taxes, end of year accounts and a whole host of other issues. Accountancy isn’t my area at all yet Mark made it a seamless processes for me enabling me to get on top of and stay on top of my accounts.He always goes above and beyond and I recommend him to everyone!!!! Can’t thank you enough for everything you’ve done for me!”
James went to Paris
James went away to the city of love with his girlfriend. He came back with stories of climbing up the Eiffel Tower, eating French food and river cruises. He had such a great time he brought the office back tasty treats and keyrings!
Good Job Kerry
Our star bookkeeper is also the queen of payroll. She spent March preparing us for the payroll year ends. If anyone completing their own payroll is struggling please let Kerry know and she will be happy to help – Kerry@1accounts.co.uk
Lloyds Cyber Fraud
Jade went to the Jocky Club in Newmarket to hear Lloyds Bank speak about cyber fraud and how it is affecting business. She learnt the following tips:
If you get an email stating that bank details have changed always ring the person to find out if it is correct, also check the numbers over the phone! This is the same for internal emails as these can also be intercepted.
Use a £ sign in your password as many international keyboards do not include this symbol
Never give your bank log in details over the phone! No bank would ever need these details, no matter how convincing they sound.
Never click a link on an email from an unknown source (even the unsubscribe button)
Fraudsters are clever, it is easy to be fooled so be extra vigilant.
They also showed us this video about how easy it is for people to find out your passwords, make sure your password isn’t too obvious:
In March we announced that we are sponsoring this years Accumulator Challenge. The challenge involves receiving a £50 note and having to make as much profit from it as possible. All of this is in aid of St Nicholas Hospice. For more information on how to sign up please email email@example.com
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If you’d like to learn more about how we can help your business, please get in touch today to arrange a meeting.