Essential Virtual Financial Management

We will post all receipts and payments for all business bank accounts including any PayPal accounts. 

Reconciling your bank account on a regular basis is critical. When you get to the year-end, if this doesn’t reconcile your accounts will be wrong. You could end up paying too much tax because you’ve missed allowable expenses. Or you risk fines and penalties from the tax authorities because you’ve missed taxable income. Or you have to pay higher accountancy fees for the accountant to sort it out. So, what we do is reconcile your bank account at regular intervals. 

 We will post expenses to the correct expense codes enabling you to obtain relevant financial information and comply with the tax authorities. 

 We will post all transactions on your business credit card and reconcile the closing balance every month.

Your monthly purchase ledger reconciliation so you know exactly what you owe(accounts payable) at any point in time to your suppliers. And your monthly sales ledger reconciliation so you know exactly who owes you and how much they owe you (accounts receivable) at any point in time. 

 To make sure your sales tax records are compliant. 

 If you run a payroll we will post the correct journals each month.  

 It’s so important to keep the right records to keep on the right side of the tax authorities and to support your claims for tax deductions. We do is show you exactly what you need to keep, how to keep it and how to do it in the easiest way. 

Our firm is completely cloud based. You get access to our secure online portal making it easy for you to share documents with us, saving you time and giving you peace of mind everything is secure. 

At the end of your financial year, as soon as we have completed your reconciliations we will provide you with an annual trial balance, which can then be exported and used to complete your year-end financial statements and annual tax filings. 

We recommend a system that will remove the administrative burden that bills, invoices and receipts place on small businesses. It makes the gathering, storage and processing of receipts and invoices as easy and cost effective as possible. The system will make your life easier and remove clutter by filing paperwork in the cloud. 

Let me explain one of the most popular features of this system…

Every time you get an invoice or cash receipts (for example, a parking or meal receipt) all you need to do is take a photo with your smartphone. You can then throw that piece of paper away! The system will store the image of your invoice and, when you’re connected to the Internet, it will be sent from the system into our cloud accounting system for us to post it to the correct place.

And best of all, we will supply you with the software free of charge* and show you how to use it.

*If you subscribe to our monthly payment plan

 As part of your Virtual Financial Management service we will take you through a list of some of the most common tax-deductible expenses. This means you will be able to claim every amount possible against your tax bills and have more money in your pocket.  Many of these tax-deductible expenses are often overlooked which means many business owners end up paying unnecessary amounts of tax (for example, use of home as office and mileage allowances).