August 26th, 2010 in Urban Ledgers news
This article was published in the Xero blog on 17 August 2010 by Gary Turner (Xero UK Managing Director). To view the video, either scroll down to the next blog post or click http://blog.xero.com/2010/08/online-is-the-key/.
Online is the key enabler
Last week – with my video camera in tow – I met up with Catherine Davis, managing director of London based firm Urban Ledgers who came on board as a Xero Partner earlier this year. Here’s what she had to say…
Through speaking with Catherine it was obvious that both her personal outlook on the profession and the culture and feel of Urban Ledgers as a firm are yet further examples of progressive, forward thinking that sees nothing but opportunity in the growing modernisation of accountancy, with smart use of new technologies to drive up client service and satisfaction while at the same time squeezing internal costs and inefficiency.
In my role at Xero I concede that I operate in something of an unreality bubble; clearly the majority of UK firms are not funky, progressive or online whereas all the Xero Partners I hang around seem to be. Naturally.
But what I got from talking with Catherine I regularly get from other Xero firms, and this can range from modest ambitions to gently modernise a dusty regional practice, through to big scale and global domination where ambitions are measured in the acquisition of thousands of new clients.
My experience and based upon countless conversations over the year since I joined Xero tells me that making this change work as a practice is not as simple as just introducing Xero – there’s TONS of other hard stuff – but the most consistent denominator they all share is that online is the key enabler.
July 19th, 2010 in Articles
Don’t worry – it’s a surprisingly common question. Here we’ll briefly explain the main differences in plain English.
Bookkeeping is a very task-oriented function, in which the day-to-day financial transactions of your business are routinely and systematically recorded. These regular transactions include (but are not limited to) entering invoices to be paid, producing and entering invoices to send to your clients, entering bank transactions and performing bank and other reconciliations.
Accountants deal with the bigger picture. They can help you choose the best accounting system to use, design the overall structure for reporting your financial information and perform the decision making around the financial entries posted by the bookkeeper. Accountants are trained to analyse and interpret financial reports and are in a good position to forewarn you of any potential issues or upcoming cashflow problems. They can also recognise process deficiencies and implement controls within your accounts function.
Working together, a Bookkeeper and Accountant make a very powerful team. Your financial data is kept up-to-date and accurate, plus you have the benefit of understanding exactly what your numbers mean and where your business is heading financially. We strongly believe that timely, meaningful financial reporting and analysis is imperative in the current climate and for the future success of your business. We have a funny feeling you may agree.
June 14th, 2010 in Articles
It’s simple really. In effect, your company will receive specialist expertise in return for a reduced cost base. Let’s investigate further.
1. You’re partnering with experts
We have over 20 years experience in bookkeeping and accounting, which we like to think makes us experts. It leaves you to stop fretting about your lack of internal expertise or going out to the market to recruit.
2. Your cost base reduces thanks to economies of scale
No longer do you have to worry about directly recruiting staff for your Accounts Function. There are so many hidden costs of direct employment that, frankly, can leave you scratching your head when you see your P & L. For example, consider annual leave, sick leave, employer’s NI payments, bonuses, benefits…and the list goes on. Outsourcing takes away all of these costs and provides you with an expert service in its stead.
3. Leaves you to focus on your core business.
Self explanatory really. Finally, you’ll have more time to focus on growing your business.
4. Increased flexiblity
If your business suddenly grows quickly, or has regular troughs and peaks, your outsource provider can offer more flexibility that if you had an in-house team.
5. Best practice assured
You don’t need to worry about keeping up to date with all the various regulations and standards. That’s our job to provide you with best practice service.
6. Easy access to innovation
We have our ear constantly to the ground and are well placed to suggest alternative or new technology or processes to manage your Accounts Function even more cost effectively.
