cloud accounting

In keeping with our aim to use the latest technology to better serve our clients and add value, we have recently struck a partnership with cost management consultancy Reducer to offer you free and easy savings on your business utilities.

Reducer are a price comparison company that targets and helps businesses that are overspending on their utility bills annually. Reducer takes the stress out of endless hours shopping for savings. Reducer’s goal is to empower businesses to make better buying decisions by swapping the manual price comparison process with fast and simple software solutions. 

The way Reducer works is by looking at your business spending on:

• Electricity 
• Gas 
• Water 
• Payment processing 
• Telecoms 
• Broadband 
• Waste 
• Recycling
• Hosting 

By observing these factors and the cost implications they have on your business; Reducer are able to analyse and calculate how much you could be saving annually by making simple utility provider switches. By using Reducer businesses find they save on average £1,500 per year. 

Reducer have made comparing your utility providers even easier by designing a mobile app. Reducers app integrates with your accounting software, analyses your spend data and compares prices from 100’s of suppliers to produce personalised cost-saving reports. These reports are shared with you before a member of their team gets in touch to talk you through your options. If you decide to take up the savings, they handle the switch. 

The service Reducer provide is free to use, Reducer will receive a small fee from the supplier of utility if your business decides to switch. 

Security and compliance are paramount for Ad Valorem and for Reducer. It is good to know that Reducer have security measures in place such as: 

• Encryption – All connections to our application are encrypted with a strong certificate/key 
• Testing – We test our own security through static code analysis, vulnerability scanners and penetration testing 
• 256-bit key – Our data at rest is encrypted with a 256-bit key using the AES algorithm 
• AWS – Our systems are hosted by AWS, same as Xero. AWS are ISO 27001 compliant 
• Multi factor authentication – All core Reducer Administrator accounts have Multi Factor Authentication enforced 
• Remote passwords – We use Secure Remote Password protocol for authentication 

Any savings that are identified as a result of using Reducer, will be sent to you as a notification via email; a link will be present in the email that will take you to the evidential report.

If you would like any further information or have any questions about Reducer, then please contact us using our details below: 

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

What is TransferWise and how does it work?

TransferWise is a money transfer platform that allows you to send, receive and spend money internationally. TransferWise enables you to send money abroad, get paid in other currencies and then spend abroad using no debit or credit card.

Exchanging your currency online can end up costing you an unreasonable amount. However, TransferWise use real interbank rates and are more reliable that most Highstreet Banks. TransferWise do not add additional charges and hidden fees.

With TransferWise, you can hold more than 50 currencies at any one time and convert between them in seconds. This allows people to send local money direct to accounts that you create. 

The Idea of TransferWise came about when the founders discovered they faced the same problems when converting their currencies and sending money abroad; the problem being that it was very expensive to carry out these tasks. 

The customer figures stand today at 8 million, with those customers moving on average $4 Billion every month.

What fees you pay on TransferWise will vary depending on how much money you are sending and the currency you are converting from/converting to. TransferWise pride themselves on being transparent with their fees so you know exactly what you’re paying before you’ve made the transaction; using their fee calculator. 

Transactions can be made via Bank card, whether that be credit or debit or Bank transfer. You are also able to track your transfer in your account with TransferWise notifying your recipient that the money is on its way. 

When making a transfer, TransferWise will take money from your account. If you do not have sufficient funds of the right currency within your account, TransferWise will automatically convert the balance with the lowest fee.  

TransferWise can be accessed via the web or the app. By using the application, you are able to add an extra level of security; using Face ID. 

TransferWise and Xero

You are now able to pay with TransferWise on your Xero account. Xero and TransferWise have made it easy for you to enhance your accounts payable process. By linking your TransferWise account to Xero you will not only save time, but alleviate yourself from the added stress and worry of hidden fees and additional charges.

When using TransferWise with Xero you can manage your accounts payable process efficiently, fast and securely. To link your accounts, simply login to your Xero account, go to Business; and then Bills to Pay. 

“Pay with TransferWise is a bill payment feature that lets you pay your suppliers through Xero using your preferred bank account.

Save time by paying multiple bills in one transaction, rather than individually.

A seamless, more efficient accounts payable process that means less time on business admin and more time on your business.”

For further information click here…

What are the benefits of using TransferWise with Xero?

There are many benefits of using TransferWise with your Xero account. It’s fast, efficient and simple to use. Anything with these three qualities’ will always have a positive effect on your business or your finances. Here are some of the many benefits that will come if you use Pay with TransferWise on Xero. 

• Quick and easy processing – Fast and simple ways to pay suppliers and the ability to make UK bill payments in a regulated fashion.

• Pay bills with just a few clicks – Pay and reconcile multiple bills from any UK bank in just a few steps.

• Better visibility – There is always transparency of payment with Xero and TransferWise. You can be rest assured that your suppliers will be paid on time. A remittance will be sent after you make a transfer to notify the recipient that payment is on its way. 

• Always accurate – Potential errors will be alerted to you before a bill payment is processed. This reduces the risk of failed payments.

• Easy reconciliation – You will be able to reconcile payments with just one click though a single statement line in Xero, regardless of how many bills you pay. 

If you have any questions on the above then please contact us on the details below

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Whether you’re just starting out or a Xero veteran, you will benefit from using these top tips for getting paid on time. Everyone selling or providing services will at one time or another experienced a late payment. Chasing up your customers for payment can be time consuming and frustrating, but with Xero there are several steps you can take to reduce your debtor days, which we’ve highlighted below.  

Make payment straight forward

Setting up payment couldn’t be easier. Using the payment service option means your customers can access their invoice and only have to click pay now to make the payment there and then. Not all your customers will pay the same way, Xero gives you the option to set up more than one payment method. A good example would be if you use Stripe, then your customers can pay by using either credit or debit card. With Xero you can even set up automatic payments for your regular customers; using the GoCardless option you can also except direct debit payments. 

*The payment method is worth exploring, but please remember to check the fees for the different service options before setting up. 

Set up reminders

The easiest way to remind your customers they have an invoice outstanding for payment, is to set up invoice reminders. Setting up invoice reminders reduces the time and frustration that comes with chasing up your customers. These reminders automatically send emails to make your customer aware of an upcoming invoice or if they’ve missed an invoice payment. These reminders are also customisable so you can decide when they’re sent and who they’re going to. 

One other way you could remind your customers is by sending them customer statements. This option sends the customer their outstanding transactions, previous invoices and/or payments from you. 

Keep up to date with what you’re owed 

One way of keeping track of your owed invoiced is by using the invoices owed to you panel on your dashboard. This shows you a quick insight into who still owes you money and how long it’s been since they received their invoices. 

Setting up customer credit limits is also a good way of making sure your customers aren’t getting too many invoices which are consistently not being paid. You can set this up by pressing set a credit limit before you send an invoice, this gives you control of how many unpaid invoices you can have at any one time.

Keep focused on debt

Xero have come up with a clever way of making sure you follow up on your debt with customers. By using the aged receivables summary report you’ll able to see up to date outstanding transactions for each of your customers. This report can show you a range of customisable information such as customer emails and mobile numbers; you can then generate a list from this information by pressing update, this will allow you to see which customers have outstanding payments.  

Another efficient and functional way to keep on top of your credit control is connecting an app such as Satagoto Xero. Satago is an all-in-one cash management tool that gives you access to risk insights, credit control and funding options, which helps you manage all stages of your debtor cycle. This helps towards keeping your cashflow moving and business running smoothly.

Satago can also run credit checks on your customers. Having insight into your customers financial history can help you decide if it’s a good idea to move forward with transactions.

If you would like further information about Satago or how to sign up for a 14-day free trial, please contact us on the details below

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

The importance of keeping your books & records in real-time

With the ever-enhancing pressure on businesses to be more competitive within the market, the capability to know how you’re performing in these unprecedented times is more essential than ever. 

This is where real-time accounting comes into force to an even larger extent. Historically, it was common to only bookkeep quarterly for VAT or annually for year-end accounts, however only viewing accurate figures quarterly or annually does not give an accurate picture of your business, whether you are looking at your P&L or stock figures.

If you keep daily records of all transactions that come in and out of your business, you can recognise areas which are doing well and those that need some improvements. If you keep your data precise and up to date, you can make decisions when they are required.

In today’s business world, time is costly. How often do you utilise your management accounts information to help you run your business on a daily business? How quickly can you currently access your data? Or maybe, it’s the information that’s inaccurate and not useful?

This is where real-time accounting can give you the help and accuracy you need. 

Keeping your accounts in real-time gives you information instantly. You will be able to see your current financial position and profit & loss statement within seconds and with this detail, you can be more driven to helping your business grow.

So what accounting software would be recommendable to keep your books and records in real-time?

We are Xero platinum partners and have seen it help businesses by making bookkeeping tasks faster and reduces manual data entry error.

Click here to find out more about Xero.

Here’s a screenshot of a Profit & Loss Statement on Xero, comparing budgeted figures to actual figures. With real-time data, you can immediately identify areas that need reorganising and restructuring to ensure increasing profitability and growth in your business.

* (Profit & Loss Statement used from Demo Company in Xero)

Real-time accounting will give you peace of mind and confidence of a true up-to-date reflection on your business accounts.

For more information on the Job support scheme please visit Gov.uk

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Xero is an efficient and popular accounting software that makes running your business simple. Xero is used by millions worldwide and can be easily accessed anywhere via the cloud. We are proud to be a Xero Platinum Partner and have implemented their software internally. During lockdown alone we have helped over 130 clients to convert to using Xero, with the ‘cloud’ aspect being highly beneficial during the period of reduced functionality. There are many reasons to love Xero, but we’ve highlighted our favourite benefits below. 

Time Saving Capabilities

Modern day bookkeeping and accountancy should be fast and efficient just like the modern-day business owner. Xero gives you the opportunity to take control of your business finances anywhere in the world via a mobile app. With automation and high-performance accuracy, Xero helps to create endless efficiencies by reducing the amount of time you spend manually inputting your business finances.

You are able to view your real time financial details including information such as: outstanding invoices and bills you are still required to pay.

Anytime, Anywhere

Xero has now made it easier than ever to go mobile by giving business owners access to their business finances anytime, anywhere. Using the Cloud, Xero can be accessed on any devise using a 2-step authentication for extra security. All information on Xero is encrypted so only you can see your finances. By downloading the Xero app on your smart phone it allows you to track your finances on the go. With Xero you’re in control. 

Efficiency

Another benefit of keeping your accounts on Xero is the efficiencies it creates. Having your real time financial figures at your finger tips, available anywhere in the world helps to create educated decisions. Through the use of the Xero app you are able to raise invoices and upload and expense receipts as soon as required with the simple push of a button helping you save time.

Instant Financial Reporting

With Xero you are guaranteed fast and updated results upon log-in. Every transaction made, every profit and loss and other information is instantly updated onto your private account. As a business owner you need to be confident the numbers you are seeing are up to date. With Xero, you can have accurate results and information at your fingertips. 

Always Improving

Xero is always testing new ways to improve itself, such as giving regular free software updates to all its users. Xero releases monthly product updates to keep track of any changes, one recent example of this is Xero’s making tax digital connection. With Cloud software there is no need to install or update, all data is backed up automatically. Cloud-based software can be used from any devise with internet connection, keeping small business owners connected with their accountants and data. The software can also integrate with third- party business apps which is not only easy and simple to use but cost effective. Flexibility with remote working is also something that Xero are working on closely, making data fluid and accessible. 

Navigation Made Easy 

Navigating your way through Xero couldn’t be simpler; be it on the app or web. Xero have designed easy click steps to make your experience quick and accessible. All the information you will need about your business finances can be found in the new organisation menu. The menu is clearly displayed and gives you access to files, organisation details, invoices and bank accounts. Xero has also designed a dashboard to show all financial aspects with the help of illustrated and up to date graphs and charts. 

For any further questions or to request a demo of Xero please do not hesitate to contact us.

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

Throughout the past 12 weeks businesses have had to adapt their way of working to become more flexible and agile in order to operate in the current climate. Businesses have had to rely on remote and flexible working to keep active and open during this time of economic uncertainty and reduced operation. 

It’s important during these unprecedented times for businesses to know and understand their financial position, in order to help manage cashflow and have the flexibility to make quick business decisions based on real-time information. Cloud accounting is one of the best ways to stay on top of your numbers!

Cloud accounting simply means keeping your business finances online. Our preferred cloud accounting system is Xero. Xero makes it easy for business owners to keep on top of their book-keeping, providing the ability to see up to date financial figures anywhere in the world using the app or via your online login.

Its features allow you to feed your bank transactions into the system and upload purchase invoices by taking a photo, reducing the amount of time inputting information and automatically keeping up to date. Xero has over 800 connected apps, which can be linked to the software to streamlining tasks and create further efficiencies such as entering purchase invoices, managing stock or extracting sales data from your website. 

What are the benefits of using Xero?

Xero offers multiple benefits but our top three are:

Things to consider when looking to move to Xero.

If you are looking to move your accounts onto Xero there are a few things to consider to make the process easier. The easiest time to change over is at the end of your financial year, so that your previous tax year has been closed off and you can start fresh when using Xero.

There are a couple of options if you find yourself wanting to bring transactional data across from your current accounting system. It is also possible to transfer systems during your financial year and we have assisted many clients with a data transfer. As we are a Xero Platinum Partner, with all of our accountants being Xero certified, we are confident in completing this task. 

Thinking of using Xero?

Don’t take our word for it! We have seen cloud accounting change many of our client’s businesses…

‘Having moved to Ad Valorem just over 6 months ago we saw improvements immediately in our accounting processes, with everything being reviewed and then streamlined. With the use of software such as Expandly and Receipt Bank this has helped save us substantial man hours. The prompt advice on all queries has also allowed us to assess the impact of business decisions quickly. Ad Valorem are the most forward-thinking Accounting Practice we have dealt with!’ Tony Jassal – TRME Sports Ltd

Get in touch to find out how we can change your business.

(E) enquiries@advaloremgroup.uk  (T) 01908 219100