An asset that has highly appreciated and owned in joint names can cause a challenge when it comes to IHT planning. Here we take a look at some careful IHT planning we assisted a client with in relation to a jointly owned asset.
Streamlining Financial Management with Cloud-Based Solutions
Cloud
Our client approached us when their office manager, who handled all bookkeeping, payroll, and financial tasks, was leaving.
Their current system, Sage desktop software, was costly, time-consuming, and not user-friendly.
While they had secured a new office manager, the individual had no prior bookkeeping experience.
Task
The client asked us to train the new office manager in bookkeeping.
During our review, we identified an opportunity to transition the business to a cloud-based system, Xero, to streamline processes and reduce costs.
Action
System Conversion
We fully converted from Sage desktop to Xero cloud, transferring all opening balances, debtors, and creditors to the new system.
Automation and Integration
We set up automatic bank feeds, VAT, and payroll within Xero, and integrated Dext software for scanning invoices and receipts, automating data transfer to Xero.
Training and Support:
We delivered tailored, on-site training for the new office manager and provided a bespoke support package, including telephone support and quarterly reviews of bookkeeping, debtors, creditors, and VAT returns.
Result
Cost Savings
Switching to Xero significantly reduced accounting software costs.
Time Efficiency
Bookkeeping tasks, which previously took a full day each week, are now completed with brief daily input, streamlining financial management.
Real-Time Financial Management
The client now has instant access to up-to-date financial data, improving decision-making and business oversight.
Summary
We helped our client navigate a critical business transition, identifying an opportunity for significant time and cost savings.
By migrating to Xero, we not only simplified their processes streamlining financial management, we were also able to give them greater financial insight and control over their business operations.
Getting in touch with us
Our team are highly experienced in finding solutions to your accounting needs and are dedicated to assisting you in identifying opportunities to save time.
If you would like to talk to us about how we can assist you please take the next step and request a call back or call us on 01634 731390
Our services
If you would like to find out more about some of our services that might help you please take a look at our related pages:
Cloud Accounting Upgrades & Bolt ons
