Our Clients

Our Clients

At 1 Accounts we work with all types of businesses, from sole traders to large corporations.  Regardless of size, our clients have a number of characteristics in common:-

  • They do not want to be slaves to the business
  • They want to save time and money when it comes to managing the accounts
  • They want to be in control of the business finances
  • They want the peace of mind that their accounts are 100% compliant
  • They want to grow and develop their business

The 1 Accounts client base covers a wide range of industry sectors, from builders to childcare nurseries to driving instructors and software developers. Despite this diversity 1 Accounts has developed a strong presence in the following specialist areas:-

Construction
The number of construction firms increased by 6.2% in 2017 however the number of insolvencies also increased by 3.4% according to the latest report published by the Office for National Statistics (ONS) in October 2018.

Businesses operating in the construction sector typically face similar challenges:-

  • Managing cash flow
  • Controlling working capital to fund projects
  • Increase in demanding and complex projects
  • Delivering projects on time and to budget, which is key for reputational management
  • Poor profitability arising from heavy competition and cost pressures
  • Planning for business growth
  • Slow/late payments within the supply chain
  • Reluctance to adopt technology
  • Complexity involved in managing subcontractors

Online accounting has helped the 1 Accounts construction clients to address the challenges above

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  • By using the Xero CIS Module the complexity of the Construction Industry Scheme (CIS) is removed and the management of subcontractor payments is greatly simplified, saving the business time and money.
  • The ability to access your real time cash position with digital accounting, rather than dealing with historic data, ensures that knowing and understanding the numbers has never been easier. When it comes to tracking profitability, managing cash flow and forecasting requirements for working capital - online accounting ticks all the boxes. Slow and late payments can be reduced with the use of online payment systems and invoice reminders.
  • Online accounting makes it easier for construction clients to collaborate with 1 Accounts and seek more detailed guidance on the financial implications for more complex projects. Easy access to information ensures that the quality of decision making is improved. Decisions can be taken on hard financial facts rather than gut instinct.

Those construction companies working with 1 Accounts have been willing to adopt technology into their business processes and are reaping the rewards.

Care Homes
According to the ONS the number of people in the UK aged 85 plus is predicted to grow by 36% over 2015-2025. The growth is expected to lead to an increase in demand for care homes.

Whilst this is a positive the care home sector is not without its issues:-

  • Rising operating costs
  • Cuts to funding by local authorities
  • Impact of National Living Wage, auto-enrolment and workplace pensions
  • Tight profit margins
  • Anticipated nursing shortages as a result of Brexit
  • Increased use of agency staff
  • Energy efficiency
  • Rising property maintenance costs in order to comply with increasing regulations
  • Managing people and payroll
  • Complying with regulations

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The Quality Care Commission (CQC) has reported that staff costs make up 60% of total costs in care home and residential homes. Controlling costs is crucial if care homes are to build profitable and sustainable businesses. There is a balance between the quality of care provided and costs.

Online accounting addresses many of the issues above. Access to real time data helps care home operators to keep control of their costs. Deviations from the budget can be identified immediately rather than several months down the line, which is what typically happens with traditional accounting.

  • Integrated payroll modules ensure that managing the wages for large numbers of staff working a range of hours can be completed quickly and efficiently. The payroll can be reconciled automatically in the accounts.
  • The capability to integrate with a wide range of third party applications enables care home operators to manage timesheets, job scheduling and appointments seamlessly with their online accounting software.
  • When it comes to care homes good financial management is believed to be key in delivering high quality care, the use of online accounting helps to achieve this objective. Working with 1 Accounts care homes can plan for the anticipated growth in demand, creating strong and sustainable business development plans.

When it comes to care homes good financial management is believed to be key in delivering high quality care, the use of online accounting helps to achieve this objective.  Working with 1 Accounts care homes can plan for the anticipated growth in demand, creating strong and sustainable business development plans.

Restaurants & Hospitality
The hospitality sector in the UK is expected to be exceed £100 billion by the end of 2018.
It has grown by around 6% for the last 5 years.

In spite of the growth there are various challenges facing businesses operating in the Hospitality sector:-

  • Profitability – the profit for the top 100 restaurant groups fell by a collective 64% in 2017
  • Impact of seasonality on cash flow
  • Insight into profit margin by revenue stream
  • Competition from non-traditional businesses, such as Airbnb
  • Staff shortages, retention and recruitment
  • Use of technology in the kitchen
  • Increasing rents and business rates, especially in cities
  • Customer loyalty

Need help or advice?

The use of online accounting can help to address many of the issues outlined above.  The ability to know and understand the numbers within the hospitality business is a critical success factor.

  • Tracking revenue and profitability by different income streams, such as food, beverages, events, accommodation, can make the difference between the business delivering an overall profit or a loss. Cash flow forecasting helps to iron out the peaks and troughs of seasonal trends.
  • The hospitality sector has become characterised by offers, with consumers regarding discounts as the norm. Offers can drive business and create a reason to buy but it is imperative that they do not impact negatively on the bottom line. Access to real time accounting information will enable the business to make well informed decisions.
  • Managing a number of staff who may be part time, full time, temporary or permanent can be labour intensive. Online payroll systems that integrate with the online accounting software can save hours of administration time and reduce payroll errors. With an estimated 1 in 5 employees in the industry considering leaving the UK because of Brexit paying staff quickly, on time and without errors will help with retention.
  • Use of time saving applications like Receipt Bank can be utilised to photograph purchase receipts and stream line the bookkeeping function
  • Integrated point of sale, payment, CRM and inventory third party applications can enhance the customer experience helping to increase customer loyalty. Loyal, happy customers are critical for repeat business, reputation management and word of mouth.

In the highly competitive hospitality sector the ability to see exactly how the business is performing on a daily basis is essential – online accounting puts the information required at the fingertips of the business owner. ​