Tag: cloud

Why we ask for your ID

Posted on | by Jade Donno

As part of our onboarding process we ask all of our clients for two pieces of ID. You might be wondering why we need this and what we do with it afterwards? We explain it all here.

Why we need your ID

As we are a regulated accountant, we are required by our regulatory body (AAT) to hold two pieces of identification for all clients for whom we act. This is so that we can complete anti money laundering checks on all of our clients and ensure that all of our clients are who they say they are.

What ID do we need

We need two pieces of ID from you:

  • Photo ID – such as driving licence or passport
  • Proof of Address – Such as bank statements, credit card bills, council tax bills, utility bills or driving licence.

All ID must be in date and display your current name.

Note – you can use your driving licence for either piece of ID, but not both. If you are giving us your driving licence please also submit an additional piece of ID so that we can still have two pieces of ID for you.

How do we use your ID

We request your ID using our Karbon client portal. This is the most secure way of getting your ID to us and is preferred to email which is not as safe.

Once in our possession, we upload it to our secure cloud storage system, Sharepoint. It is never saved onto individual computers.

We will use your ID to confirm your identity during our anti-money laundering checks. If we have not met you face to face we may arrange a zoom call with you to make sure you are the same person as in your ID.

All of our systems are GDPR compliant.

When we’ll need you to update your ID

If you have changed your name for any reason, we will need an updated copy of your photo ID and proof of address with your new name. If you haven’t arranged for updated ID yet we can accept your marriage certificate or deadpoll document until you can obtain your updated ID.

If you move address, we will need updated Proof of Address ID. We understand that these can take a while to come through but if you can get them to us as soon as you have something, in these cases often bills are the first thing to come through, then we can get started on updating our systems.

We will check your ID once a year when we update your anti-money laundering check. If we find your ID to be out of date we will simply request that you send us an updated copy as soon as possible.

Cloud Accounting Benefits

Posted on | by Jade Donno | Leave a Comment on Cloud Accounting Benefits

Cloud Accounting Benefits

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

Accounting software shouldn’t be a chore to use!

Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value, and takes the fun out of being in business. Cloud software can save your company time and money.

So what is this thing called the cloud?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Problems with traditional accounting software

  • The data in the system isn’t up to date and neither is the software.
  • It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
  • Only one person has user access. Key people can’t access financial and customer details.
  • It’s costly and complicated to keep backups (if done at all).
  • It’s expensive, difficult and time consuming to upgrade the software.
  • Customer support is expensive and slow.

Why the cloud and accounting software are the perfect match

You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use.

In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.

Cloud security is world class

As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, this is where the data lives – as opposed to on your hard drive.

In the event of a natural disaster or fire, being in the cloud means business productivity doesn’t need to be affected because there’s no downtime. All of your information is safely and securely stored off site. As long as you have access to any computer or mobile device connected to the internet, you’re back up and running.

In addition to this, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.

Cloud-based software companies ensure that the security and privacy of data about you and your organisation is always airtight. If you use online banking, then you’re already primed to use cloud accounting.

Five ways cloud software benefits your business

  1. You have a clear overview of your current financial position, in real-time.
  2. Multi-user access makes it easy to collaborate online with your team

    and advisors.

  3. Automatic updates mean you can spend more time doing what you love.
  4. Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
  5. Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.

Work smarter with accessible data in the cloud

The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.

Software updates can be developed and delivered faster and more easily in the cloud. This means you don’t need to worry about installing the latest version and you’ll get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. And when data is fluid and accessible, the possibilities are endless.

To read Xero’s original small business guide please follow this link: Xero’s Blog

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.“