Over the past two years a constant thought has been running through our heads, why can’t small business and freelancers have the integrated business and accounting solutions available to large multinational businesses ?
Big business has a fantastic suite of solutions available to them which drive consistency, accuracy and simplicity into their business. The business undertakes actions which produce accounting results, but why has this level of functionality not available to businesses of all sizes?
Business Action Drives the Accounting
Let’s take an example of big business platforms:
- a sale is registered and the accounting is generated,
- if the sale is then subsequently cancelled, an employee presses a cancel button and the accounting is updated
- if the sale money is received from the client, the accounting is updated
The business action drives the accounting.
What would this look like for small businesses ?
- Let’s run through a simple example to understand how this would drastically improve life for small businesses.
In this example imagine you are a freelancer, charging a daily rate for your services.
- time worked would be entered, and would generate fees based on the daily rate
- the days worked and fees would be made available to the invoice, which is automatically populated, after a quick review, press a button and the invoice is created
- when the client pays the invoice, the pay invoice button is pressed on the invoice
- the payment received is matched to the bank account
During this entire process we have not mentioned accounting, the activities have all been normal business actions. Yet, while this is going on the following has automatically happened:
- the accounting has been completed
- the VAT and corporation tax calculated and the accounting entries made
- the cash in bank updated in the accounting, and made available to match against the physical bank account
All this happened in the background, automatically. The accounting for your business is done, and all you had to do is run your business.
Let's extend this further, into other activities
Now lets imagine that more tasks are fully automated, the business says what is to happen and the accounting is done for the business. For routine tasks, such as payroll.
- business inputs the monthly amount to be paid to each employee,
- on the last day of each month payroll is automatically run and the accounting is performed automatically
- the PAYE tax liabilities are automatically created, and accounted for in the company accounts
- the individual can see their tax liability on screen, see what they get gross, pay in each tax band and for National Insurance, and see the net
- payslips are automatically produced and the employee can just go and get their own payslip (current or past)
A future fantasy or reality ?
This sounds like a utopia, a place where you go online, sign up, input a few details, run your business while robots and AI does your accounting ?
Well, thats what we thought … two years ago … so we went out and built it.
The future is here today.
We are an eco-system which provides all apps in the price plan (no more paying extra for payroll or other functionality). As we add more apps, all users on all price plans gets access to these new apps.
And ... one more thought ...
We also thought why can’t business solutions be priced more like mobile phones. May this sounds like a strange thought at first, but with mobile phones you pay for what you use … shouldn’t business solutions work the same way ?
A mobile phone charges for minutes, texts and data used. This is a simple concept we all understand, we text more we pay more, we text less we pay less. But to make life easier for all we buy price plans which have allowances. We choose the right allowance for us and we know what we are paying for, and only paying for what we need.
Now, it does. Our price plans have an allowance for transactions, files and users. Select the price plan which has the allowance you need and off you go. You have the choice each month whether to upgrade, downgrade or keep the same price plan. And you select this in the app, no need to call us, just click and its done.