Mike visits a number of clients each day. These can be the general public or businesses.
Each job requires an invoice and a payment. He also has expenses for parts used and tools.
Mike tries to collect payment after each job. At the end of each day Mike doesn’t return home to a pile of paperwork.
By using cloud accountant Mike can invoice, take payment and have these reflected in his accounts before leaving his client.
When he buys materials he can match them to his job ensuring costs are reflected and recharged.
He can scan paper receipts for easy storage.
Mike doesn’t have a pile of paperwork to return to at the end of his day.
Mike has no worries about completing his year-end tax returns.
John takes short term assignments that can be for a few weeks or over one year. John is not caught by IR35 and has set-up his own business. Each week he has to submit a timesheet for approval, raise an invoice and collect the money he’s due.
He also has expenses for travel and food & drink. He wants to draw his profit out tax efficiently. He likes to know the most he can draw from his company at any point. He doesn’t have to worry about his year-end accounts or PAYE & VAT returns.
With cloud accountant this is all taken care of. He can benefit from the VAT Flat Rate Scheme.
John also uses cloud accountant for his Personal Tax return.
While other contractors spend their weekends sorting their accounts he spends time with his family.
John has real time information and therefore knows how much he can safely withdraw.
Fees are comparable to a High Street Accountant and are less than many his colleagues get charged. He has also been able to save them money and has taken part in the referral incentive scheme.
John loves that he can log into his accounts even while travelling to and from work meaning he can use otherwise wasted time spent on the train. He scans expense receipts so they are easily stored. John is regularly updated regarding Xero apps that may be of use to him. Recording expenses and processing mileage claims are key.
Julie is a London Cabbie. She charges on a meter and takes cash or card payment. She incurs costs on the running of her taxi which she shares with a 3rd party.
Cloud accountant enables Julie to ensure all costs and jobs are recorded and her takings and payments easily reconciled. Each time she buys fuel she can ensure the receipt and payment are processed.
Saeed runs his own business and employs 4 members of staff. He issues quotes, keeps a record of his time spent on projects and invoices for Work in Progress.
Cloud accountant enables Saeed to manage and invoice for all his work performed. His cashflow has greatly improved.
He can payroll his staff using Xero.
Total Synergy add-on enables seamless, transfer of data to Xero including invoices, supplier and sub-consultant invoices, staff expenses and contact information. It also includes invoice payments sent to or retrieved from Xero.
For further information please visit the Total Synergy Website
3 Consultants set-up their own agency. They now employ 5 other members of staff.
They place candidates for permanent and temporary positions.
Some contractors are paid PAYE while some work through their own limited company or umbrella company.
Cashflow is key to the business. Cloud accountant take care of all payroll processing on their behalf.
Xero add-ons help manage timesheets and invoicing. To learn more visit the Xero Website