For Better or Worse
For Richer or Poorer
Irrespective of which side of the debate you fall on, our world has changed after Jan 31st, 2020, in this Post-Brexit Age. It’s essentially irrelevant which politician you supported, or which particular stance appealed to you. What happens now is that a lot of things we have taken for granted for many years have changed significantly, and will continue to evolve for several more years to come.
Certainly, you could completely avoid EU trade for a while and focus on the Americas, Asia, or the remaining non-EU nations nearby. Eventually, of course, things will settle down and you’ll know exactly where you stand. Conversely, you need to ask yourself if there aren’t significant advantages to staying the course and continuing trade, as the new rules settle into place.
By pressing on, you’ll know more than your competitors. You’ll also be in a position to offer insights to your Parliamentarian about Trade Rules and how they could be altered to minimise disadvantages and make positive gains for the whole country. The nation needs participants like you, with empirical data, instead of being awash in guesswork or opinion, and a dearth of facts.
We Can Help
PushDigits has been in the international accounting business for decades, offering a whole range of bookkeeping and accounting services in London. What we don’t know about taxes, free trade zones, and all of the associated impedimenta, is not worth knowing. Despite being career professionals, all of our accountants, bookkeepers, and staff members attend courses annually to make sure they are up-to-date with the latest rules, regulations, and requirements.
The accountants at PushDigits have been steadily acquired from around the planet—working in every single jurisdiction—each an expert in their field. The advantage to having so many specialists available is unmatchable.
And with the current world problems, online bookkeeping services in the UK have never been more in the forefront of people’s and business’ minds. Working offsite is going to become much more prevalent in the future. Online accounting services in the UK will be “the new normal”.
If your assigned personal accountant doesn’t know the answer to a question, s/he is surrounded by experts from around the world who can fill-in-the-blanks at a moment’s notice. Importing beer or ale into Singapore? Do you want the tariffs quoted in kilolitres, gallons, tuns, or hogsheads? Imagine having all that incredible ability and hard-won, remarkably diverse knowledge at your disposal!
Times Have Changed
It is no longer appropriate for every single business and institution to have a unique (yet redundant) Accounting Department. AaaS (Accounting as a Service) is a back office technique used by accounting firms for provisioning virtually all forms of bookkeeping and accounting services to many, many businesses.
PushDigits has dozens upon dozens of professional career accountants in its offices, and we make a point of making sure they are well-paid. Why? Because they work on each account as needed, but as soon as the job is done they can move on to a new client. This makes it possible for our offices to have thousands of clients, each getting premium level service from top professionals, but not paying for the idle time when they don’t have any tasks.
How does it work?
Offsite accounting is on servers with a minimum of 99.97% uptime, meaning all your records are certified as available for 364.89 out of 365 days per year. Another way to think about it is 2½ hours (total) per year of downtime—and the machine reliability continues to improve every day. With the reliability of the modern internet, your information and records are virtually always available.
Your existing department can only benefit by having our expertise ready at hand. And as someone retires, or moves on to a new opportunity, PushDigits simply picks up the slack. Attrition is the company’s friend, because employees don’t feel threatened; in addition, it offers the added benefit that you don’t have to interview for weeks or months to find a replacement, and you then avoid devoting time and resources to training.
We’ll help you transfer from your current accounting service, or to a new one, if your needs change. We make every decision easier and more result-orientated so you can focus on growing your business and reinvesting all of those savings.
Key Elements of Accounting & Bookkeeping Service
- Setup of your Chart of Accounts
- Recording transactions of your business as per Accounting Principals g sales, purchases, journals etc.
- Tax compliant accounting to avoid any issues with HMRC
- Payments & receipts allocation to outstanding customer and supplier invoices
- Reconciliation of payments and receipts with bank statements, POS, credit card statements, portal etc.
- Bank reconciliation on daily/weekly/monthly basis
- Preparation and finalization of year-end working papers, accruals, prepayments, depreciations, year-end journals etc. to ensure timely completion of internal/external audit
- Reconciliation of General Ledger
- Daily/Weekly/Monthly reconciliation of accounts receivables
- Daily/Weekly/Monthly reconciliation of accounts payables
- Daily/Weekly/Monthly management of Aged Receivables
- Daily/Weekly/Monthly management of Aged Creditors
- Preparation and presentation of weekly/monthly financial reports. Our detailed reporting pack includes income statement, balance sheet, cashflows statements, notes to the accounts, expenses ledgers, operational and financial ratios and many more
- Monthly review of company accounts by a qualified Chartered Accountant
- Monthly payroll management
- Preparation, review, and processing of salaries, advances, final settlement etc.
- Coordination with internal auditors for internal controls audit
- Coordination with external auditors for external audit
- Posting of year end audit adjustments recommended by external auditors
- In case of a partially outsourced accounting service, regular co-ordination with your accounts department
- Budget module setup in your system in order to perform actual vs budget analysis (if required)
- Break-even analysis (if required)
- Weekly/Monthly/Yearly cashflows projections (if required)
- Data file backup and storage
- Bank level security when you work with us
- And of course, fantastic customer serve
Artificial Intelligence in Accounting
Having all of our incredible experts enthusiastic and ready-to-go allows us to handle thousands of accounts each year, but it doesn’t end there! We also employ artificial intelligence (AI) programmes to oversee everything, double-checking every calculation, and running multiple scenarios on every decision, millions of times faster than a human being could do so.
If they find an anomaly, or simply a curiosity, they can instantly signal for a human being to review and make a decision about something. Machines will never run the show over here, but they are the most incredible partners—and a direction towards the future that your own accountants probably haven’t yet embraced. The online accounting and bookkeeping scenario is one that deserves your attention.
When an AI is programmed with the knowledge of hundreds of accountants, it combines all that experience into a huge database. It looks at all of the decisions that have been made before, and all the circumstances that prevailed while those decisions were being made. In the current context, it can assimilate data and creates proposals for new solutions that people haven’t thought of before. How amazing is that?
We Love Numbers
Our accountants love to stay busy. Some people may hate numbers, but all our staff members have an affinity for them. Numbers may be intricate, but they are always logical; they always make sense; there is always a right answer. This is not something that can be said about every job or occupation.
Getting the exact, absolutely correct, irrefutable answer is one of the most satisfying things for a numbers-person. It’s difficult to explain to ordinary folks, but those are the people that work at PushDigits. It’s a point of pride—we always get it right!
We Know the Rules
There is something you should know, however… You’re not getting all the credit you are due—and you can accept that as an axiom. When (or whether) you file your VAT can have a large impact. How you divest your company of a division can have an enormous bearing on your year-end tax position. The same can be said for acquisitions, providing huge write-offs for several years, if they are managed properly. Saving a write-off for a robust year makes more sense than using it in a lean one.
Getting you Set Up
If a new AaaS setup is in your future, PushDigits will help with implementing the most widely used accounting software packages. We can handle them all, of course, but there are customer favourites such as QuickBooks, with its notoriously steep learning curve, but dedicated users; Zoho Books, and its powerful tools, but highly intuitive interface; Xero, providing a SaaS (Software as a Service) experience, where the software itself lives on a remote server, and all your system has to support is a thin-client to interface with it.
Then there is MyCorporateBooks with its clean, easy-to-use interface, plus the high-grade security that suits Medium to Large Enterprises; and finally, Sage, which you may remember as Peachtree Premium Accounting, that is so full of high-end tools the even Crystal Reports are a built-in function.
The Tools You Need
No matter what stage you are at, we can arrange your accounting so that it works best for you. There is no such a thing as one-size-fits-all in accounting. Yes, few people would be averse to bank-level security, and virtually everyone needs a Chart of Accounts, transaction entries, the matching of invoices to payments and receipts, and reconciling bank statements.
If however you need something special, such as budget setting and related reports, or combined payroll & commission payment calculations for sales staff, or management of Aged Payables or Receivables, Break-Even Analysis, Data Files Backup & Storage, and dozens of other items, all of that can be accomplished with ease, avoiding unnecessary stress.
Our advisors can provide all sorts of personal insights, but for a corporate level advisor, you should consider using our CFO Outsourcing service. Since most companies, of any size, are reluctant to invest in a six- or seven-figure salary for a single person, most do without that level of expertise.
That doesn’t have to be you—click the link above to learn more. You can benefit from the skills of a vastly experienced CFO professional, on demand, for a tiny fraction of a normal salary.
Like our accountants, a single CFO can advise many companies, spreading the cost over many organisations. This makes it manageable for companies of all sizes to experience the same skills as an international corporation. Why not enjoy it, instead of just a few elite giants with billion dollar incomes?
We’ll Save You Money
There are different levels of service available, and by far the most economical is Remote Accounting. The records are kept on your servers, using software you own; we simply acquire your permission to log on, perform the work, and log off. This way the material is always in your possession.
Transfer of Electronic Records is possible, too, so the work can take place entirely at our secure facilities. Direct Pickup of existing physical, tangible documents is possible; you can also ship them to us, via secure courier.
Finally, Onsite Service can be useful, with a dedicated accountant(s) coming to your place of business to perform the work, albeit at a higher cost. The practical upshot of this is that they can provide hands-on training to your staff. Of course we provide access to all of our online tutorials, too. These can be reviewed at a moment’s notice to refresh memories about any procedures or techniques.
The Economies of Scale
If you are setting up a new business, you will never need to have your own accounting department. If you have an existing unit, you don’t need to let them go, either.
Ideally, creating an AaaS for a new company is best. You don’t have to invest in rental space, desks & chairs, computers, salaries or wages, overtime, annual salary increases, benefits, sick days, training costs, vacation leaves, HR services, company cars, car parking facilities, transportation, air flights to remote offices, housing/hotels, and all the hidden expenses associated with a department.
Having an in-house accounting department is now more of a vanity than a financial practicality. The time has come for most of us to move on to a 21st century AaaS platform that is reliable, efficient, secure, and far more economical than the system we’ve had in place since before the time of Ebenezer Scrooge!
Centralisation and consolidation serving many businesses lowers costs because onsite provisioning of services is resource intensive. Modern security techniques have rendered air-gapped servers mostly irrelevant.
Ring us up anytime and we’ll show you how you can receive all the accounting services in London and all over the UK that you are accustomed to, plus the remarkable range of expertise from our account professionals. PushDigits is here to make your process versatile, more competent, and cost-effective. We would love to hear from you!