Cloud 9 has more talent!!

We are delighted to introduce our newest franchisee, Tracy McLeod, who is heading up our C9 team in Milton Keynes.

Tracy joins C9 with the perfect combination of experience. Originally coming from a banking background, Tracy then made the transition in accountancy and bookkeeping taking a job at a firm of accountants in Buckingham.

Having worked with Xero in practice, Tracy, like we all do, fell in love with the software. So much so, she then took a job working for them, advising clients how to use the software and helping them with their day-to-day queries.

Despite enjoying each of the steps in her career path, her real passion remained in bookkeeping, and this is what has led her to join forces with C9 so that she can start assisting businesses and their owners with all things bookkeeping related.

Tracy sets herself apart from other bookkeepers, with her ability to interpret financial statements which stems from her time spent in the accounting industry. In addition to this, Tracy has taken it upon herself to study toward her IAB qualification, which is a rarity in the industry.

Tracy has been a fantastic addition to the team, and we are thrilled she chose to team up with Cloud 9 to pursue her career as a bookkeeper.

Tracy would love to help you with your business, and she can work with any accountancy system. So if you you would like a free, no obligations quote, to see how Tracy and C9 can help you and your business, please do not hesitate to get in touch and we would be happy to help!

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Taking the labour out of data entry

This month we take a look at Xero's multi-award winning Add-On Partner,  Receipt Bank.

Receipt Bank have revolutionised the face of bookkeeping, taking what what used to be a labour intensive process of entering on purchase invoices, and making it into a streamline procedure. They have achieved this by taking documents from online storage platforms, such as Dropbox, and automatically transfers them into an accounting software, such as Xero, Quickbooks  or Kashflow.

How does it do it? We aren't going to pretend that we understand the technology behind it, we will leave that up to software whizzes.  What we do know, is that they have taken Optical Character Recognition (OCR), and made it work better than anyone we have seen before.  For those that are new to OCR, this is where a document can be scanned in, and the software will automatically be able to pick up the date, amount, supplier name and description and enter it into a chosen system.

Once Receipt Bank has worked it's magic, and sends the data across to your accounting software, you are then just left to finish off the transaction by allocating it to a nominal code so it appears in the correct place within your reports.  It's always advisable to give the entries a "once over", to ensure the entries are accurate as they will affect VAT Returns and other reports if they are not entered correctly.

With pricing starting from £9.99+VAT a month, Receipt Bank doesn't have to save you much time for it to have paid for itself.

Most bookkeepers are reluctant to recommend Add-Ons such as Receipt Bank, in fear of it making them redundant. However, here at Cloud 9 we are embracing it, as we believe the less time we spend entering the day-to-day invoices, the more time we can spend on other services to add more value to your business.

If you would like a free trial with Receipt Bank, please feel free to get in touch and we can arrange this for you and advise you on how best to integrate it with your current accounting system, and into your daily routine.

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Unwelcomed changes to Flat Rate VAT!

Following The Chancellor's recent Autumn Statement,  there was very little to report to our C9 followers.  However, there was the unwelcome news surrounding the change to Flat Rate VAT.

For those unaware of the Flat Rate VAT Scheme, this was a simplified VAT scheme introduced by HMRC, where business are unable to recover input (excluding capital purchases in excess of £2,000), but they could apply a reduced rate (based on the industry in which they operate) to their gross income, thus gain from a small margin in the process.

This was the perfect scheme for business was little costs, as they would not incur much input VAT to recover so it made perfect sense to benefit from the marginal gain on their sales.

Ironically, HMRC introduced the scheme to help small businesses, only to later change the rules because small businesses were benefiting too much from it.  To combat this, they have brought in a new rate of Flat Rate VAT of 16.5%, which businesses with little costs, or "low-cost traders" as HMRC have brandished them, must apply to their gross sales when calculating what they must pay over on their VAT Returns.

The 16.5% of VAT on the gross sales, equates to 19.8% of the net sales, which almost brings it inline with the standard rate on VAT at 20% and mitigates any possible gain.

HMRC haven't released the full details, but we have been given limited guidance that a "low-cost trader", would be a business who's costs (excluding services) equate to less than 2% of the business's gross income, or £1,000.

Our bookkeepers are constantly trying to ensure our clients are operating as efficiently as possible. So if you would like a review of the VAT scheme that you operate on, please feel free to get in touch.

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Join C9 so that you benefit from your hard work, not your boss!

At some point in their life, everyone dreams about being their own boss and owning their business, but more often than not they are put off by the risk that comes with starting from scratch. So what if someone else did all the hard work of setting up a recognised brand, setting up a website, and finding you clients so you could hit the ground running? Sounds too good to be true right, well that's exactly what Cloud9 Bookkeeping offers as part of joining their growing franchise.