Category: 1 Accounts

Accumulator Challenge group shot

The 1 Accounts Accumulator Challenge

Posted on | by Jade Donno

The 1 Accounts Accumulator Challenge

This year we are thrilled to announce that we are the sponsor for St Nicholas Hospice’s Accumulator Challenge. We felt it fitting that on their 10th year anniversary we should be the sponsor as Paul won the first one raising £2600. This year we hope to get lots of business involved and make this the best year ever!

Who are St Nicholas Hospice? 

St Nicholas Hospice is a local charity providing help, advice and support to people in West Suffolk and Thetford in the final chapters of their life who are living with long-term and life threatening illnesses. Their services are not just for patients but for family members and friends too. They include anything from specialist medical care to bereavement support and practical help. To run the hospice they require £11,000 every single day. Any help to raise money to help is greatly appreciated.

What is the Accumulator Challenge? 

The Accumulator challenge is a great event for business to get involved in. On the 13th of June you will receive a crisp £50 note. From that £50 you need to generate as much profit as possible. You have until the end of September to raise as much money as you can. There will then be an awards ceremony in October to announce the winners.

What can I do to raise money? 

Here at 1 Accounts we want to help you with creating ideas to make the most money from your £50. Below are just a few ideas you could action:

  • Hold an auction
  • Hold a fundraising event
  • Complete a sporting challenge
  • Social activities

For 5 years Paul, Jenni, Jade and Katie were involved in the Challenge, they dressed up as clowns, busked, held a casino night and wine tastings. The video below shows all the fun they got up to!

What’s in it for you? 

We understand that as a business your time is precious however the Accumulator challenge can be beneficial for your business as well as the Hospice.

  • You will gain networking opportunities with people and other business.
  • It can build teamwork and moral within your staff.
  • You will gain PR/marketing opportunities from the Hospice and 1 Accounts Online
  • You will make memories for your business and have fun doing so.
You are not a bank

1 Accounts – You are not a bank

Posted on | by Jade Donno

You Are Not A Bank

As a small business, credit control can be a nightmare. Paul will tell you that when he first started running his traditional accountancy practice (Paul Donno & Co) he was pulling his hair out when he would do work, invoice the client and then not get paid. Unlike buying a product, paying for a service seems to have less urgency when it comes to paying. It used to take Paul on average just over 90 days for collection on 10 day accounts.

There is a group we belong to called the 2020 Group. One of the founders, a guy called Gordon Gilcrest spent some time with Paul to help his overcome this problem, he sat him down and said to him:

“Paul, you are not a bank. If people want a loan, they can go to the bank and they can pay interest on it. You are not a bank; you have credit terms, stick to the credit terms. If you give 14 days’ credit that gives them the right to pay within 14 days, not over days and pay you 50-60 days later”

This advice has stuck with Paul, and he re-evaluated his approach as a result. He spoke to the clients who were taking a long time to pay and advised them that they needed to change their ways. He also parted ways with a couple of companies.

When starting 1 Accounts Paul did not want these problems again. We set up Go cardless and have automatic direct debits taken every month. The direct debit is automatically set up when the proposal is signed. This saves time, money and chasing.

Here is our advice to you if you are struggling with credit control:

  • Look at your trading terms and ask yourself why you are offering credit, and if you do offer credit, want are your terms? Work out on average how quickly your customers are paying.
  • If you are lending money long term, that is for banks to do and not you!
  • Look at all types of money collection and do not put barriers in the way. Take credit cards, offer direct debit, provide alternative funding to customers
  • Remember ‘Turnover for vanity, profit for sanity but cash is reality’
  • It is no good tying up your money in stock that takes ages to turn over, measure stock turnover and don’t lock up your cash.
  • Don’t give extended credit, and if you do chase it hard, you have already paid for the goods sold or staff to provide services.
  • Without cash, you cannot make rational business decisions to move forwards.
1 Accounts New Website

1 Accounts launches new website

Posted on | by Jade Donno

1 Accounts opened its doors 5 years ago. As time and technology has moved on, so has 1 Accounts and so to celebrate our 5th birthday we decided to treat ourselves to a new Website! – Whoop!

Growth

Over the last 5 years 1 Accounts has grown dramatically. We have moved into a larger office, expanded our client base and gained 5 new staff members. The business has come on leaps and bounds from when Paul & Jenni were running the business from their home. It was clear this growth needed to be reflected in a cool new website.


Click here to see our team

Feedback

The feedback we have had from our clients over the past year, is that their new online software is giving them their lives back. We are freeing up our clients time so that they can spend more time with their families, increase their handicap or even go on longer holidays. We believe that time is unnecessarily spent doing your accounts when you should be out enjoying life.


Click here to see our clients feedback

Products 

Our old website has a heavy focus on Sage One. As our existing clients know we still use Sage, however we have now broadened our horizons and are now Xero Gold Partners. We are looking forward to expanding our expertise so we can offer our clients the best online accounting solution for them.


Click here to see our products

Services

You will notice that our services have changed. We are no longer offering the essential, full and premium service. We felt these names were boring and did not reflect our clients’ needs. We now offer services for a range of Limited Companies according to where they are at in their business journey.  Young Business, Growing Business & Rapid Growth.


Click here to see our services

The last 5 years have been a whirlwind and we can’t wait to see where the next 5 takes us!

“I have always enjoyed being an early adopter of technology and saw the potential of cloud based accounting from the very beginning. Starting a new company based solely on a cloud based service was a risk but I am delighted to say that it has paid off.

“We have carved a niche as experts in the online accounting arena and have formed solid relationships with the leading providers of online accounting software – Sage and Xero.

“We are using the technology to do things differently to a traditional accountant. No time sheets, fixed fees paid by monthly direct debit and we use the software to automate the compliance. We can then use the time saved to add value to the client’s business.

“This approach works really well, as can be seen by our growth over the last four years. I am confident that, with our talented team and investment in systems and processes, we will continue to go from strength to strength.”

Paul's new book

Boring to Soaring

Posted on | by Jade Donno

Paul's new book

Paul writes his first book

Our director Paul has written his first book. The book tells of how he started his business life as a young lad collecting golf balls from the local golf club, to building a business, merging a business and ultimately building the current business.

1 Accounts Online is a growing business that could be described as disrupting the accountancy profession.

What to call the book?

After asking friends, family and clients for title suggestions on Facebook Paul decided to call the book ‘Boring to Soaring’. This title seemed fitting to describe how the business has moved from the boring traditional world of accountancy to soaring into the clouds and changing the perception of the profession.

The book details Paul’s journey through business so far which has had some bumps and challenges along the way. Paul frankly speaks about his own mistakes in business and how he overcame them. Ultimately, when the chips were down, and he hit his lowest point in business it was both determination and the support of friends and family that he proved that you can bounce back stronger.

Paul also talks about his long and strong relationship with Sage UK. Like any relationship, it has been both challenging and rewarding working with a large organisation. Paul encourages smaller businesses to work with larger organisations and never feel like they are too small to make a difference. He claims that anyone can be a specialist or even a ‘thought leader’.

The book is aimed to help any business owner showing that whatever your business is, many of the issues and problems are just the same. The book has some key messages, tips and advice that Paul hopes will help small business owners to have confidence and grow.

The 14 key lessons at the end of the book include:

  1. Learn from your mistakes
  2. Be Nice
  3. Branding
  4. Outsource to Good Quality People
  5. Just say ‘Yes’ and feel the fear
  6. Know your numbers
  7. Go Online
  8. You are not a bank
  9. Collaborate with your team
  10. Social Media
  11. Never too late to learn
  12. Automate as much as you can
  13. Awards
  14. ENJOY

The most important lesson?

The most important lesson is to enjoy what you do and have some great fun on your journey.

Want a copy?

If you would like a copy of Pauls book please email boring2soaring@1accounts.co.uk

All proceeds for the book are being donated to Little People UK. This is a charity very close to our hearts. You can also donate to this charity by following this link: http://littlepeopleuk.org/ways-you-can-donate/justgiving

Looking to publish a book?

There have been many people that have helped in the production of our book, but I can’t thank the printers enough for their help and patience. If you are looking to publish a book please speak to Danny at Gipping Presshttp://www.gippingpress.co.uk/

From strength to strength

From strength to strength

Posted on | by Jade Donno | Leave a Comment on From strength to strength

From strength to strength

Multi-award winning accountancy firm 1 Accounts Online Ltd is celebrating success as it enters into a fifth year of business with ambitious growth plans for 2018.

1 Accounts was established by Paul Donno in December 2013. The aim of the new business was to offer clients an alternative to the traditional accounting model through the use of cloud based solutions.

The company began operating from a home office with just 2 members of staff and a handful of clients.

Fast forward to December 2017 and the number of clients has increased to over 160. Additional staff have been recruited to support the growing client portfolio. The team now stands at seven, including two Chartered Accountants and two apprentices. The company is committed to the apprenticeship scheme and developing talent internally.

An expanding team

1 Accounts has moved offices twice in the last four years to accommodate the expanding team and now occupies a large, modern office space in Haverhill High Street. In July Paul partnered with Cambridge businessman Mark Coplowe to launch 1 Accounts Cambridge to extend the company’s reach into Cambridgeshire.

Awards

1 Accounts has been recognised with a number of national accolades and awards including Highly Commended for the British Accountancy Awards in 2013 and 2014 and Winner of the Best New Practice Award in 2016. They were also awarded Most Innovative Sole Practitioner in the 2020 Innovation Awards in 2016 and in November this year were shortlisted for the Practice Excellence Pioneer of the Year Award.

Ambitious Plans

Paul and the team have ambitious plans for this year and they are looking forward to pursuing the opportunities that the future holds.

“I have always enjoyed being an early adopter of technology and saw the potential of cloud based accounting from the very beginning. Starting a new company based solely on a cloud based service was a risk but I am delighted to say that it has paid off.

“We have carved a niche as experts in the online accounting arena and have formed solid relationships with the leading providers of online accounting software – Sage and Xero.

“We are using the technology to do things differently to a traditional accountant. No time sheets, fixed fees paid by monthly direct debit and we use the software to automate the compliance. We can then use the time saved to add value to the client’s business.

“This approach works really well, as can be seen by our growth over the last four years. I am confident that, with our talented team and investment in systems and processes, we will continue to go from strength to strength.“

We've been nominated

High hopes for prestigious award

Posted on | by Jade Donno

We've been nominated

The team from 1 Accounts Online, is celebrating after being shortlisted for a prestigious national industry award. Managing Director, Paul Donno, has been nominated for the Practice Excellence Pioneer of the Year 2017.

The annual Practice Excellence Awards celebrate excellence in the accounting profession. They aim to highlight the key role that accountants play in supporting UK businesses. This year there have been a record number of entries with over 200 submissions across 10 different categories, up by 16% on last year. There are 4 other accountants shortlisted in the Pioneer of the Year category. Paul will be competing with some of the leading names in the industry to win the coveted title.

Paul comments, “Over the years we have won several notable industry awards including the British Accountancy Awards for New Practice last year. The Practice Excellence Awards are definitely a big deal within our profession and I am really delighted to be shortlisted.”

The Practice Excellence Awards Ceremony takes place on 19th October at The Brewery, an impressive venue in central London. 500 guests will attend the dinner which is being hosted by comedian and satirist Marcus Brigstocke. Paul and his fellow director, Jenni Donno, will be attending the event as guests of Sage UK and are hoping to return to Haverhill with another trophy to add to their growing collection!

Since establishing 1 Accounts the number of employees has increased from 2 to 6. The latest member of the team is ex Castle Manor student James Revell. He will be undertaking an Association of Accounting Technicians (AAT) Apprenticeship through West Suffolk College. James was put forward for the role by Karen Chapple, ONE Haverhill’s Youth Skills Manager. In December the level of expertise within the company will be further enhanced with the appointment of another Chartered Certified Accountant.

1 Accounts has also recently extended its reach into Cambridge with the opening of 1 Accounts Cambridge Ltd, headed by experienced Cambridge businessman Mark Coplowe.