Frequently Asked Questions

What is Accounts Outsourcing/Bookkeeping? Answer »

We are a firm of accountants who can do your bookkeeping in house here, which removes the need to hire a member of staff yourself and supervise them. We believe this is a cost effective solution to the problem of continually hiring and training in house accounts staff, and the related tax and employment risk.

What about Software costs? Answer »

We use Sage Accountant, there is no need for you to invest in Software if you do not want to.

Where is the work done? Answer »

We offer a complete postal service without having to come to your to premises as the most cost effective solution. Or any combination in between that suits your business requirements.

How long is the tie-in period? Answer »

There is no tie-in period.

Agreements are very flexible, e.g. one or two days every week, monthly, quarterly, half yearly or annually. We will meet the needs of your business.

The majority of our new business stems from recommendations and professional referrals.

You are assured of a dedicated professional service to help make the most of your business.

Is it cost effective to outsource my accounts? Answer »

We believe that our systems-based approach can reduce costs: in some cases significantly. However we can provide an On-line calculator for you to do your own internal appraisal before using us.

What do I deliver to you and what do I get back? Answer »

We will work with you to develop your own in house file which contains all the data you need for processing.

This will typically include bank statements, paid invoices and a listing of cheques written and received. These are typically scanned to us and we work with the soft copies so no hard copies / original documents leave your office.

From that data we are able to process the accounts. This makes sure that the books are up to date.

We can also use this data to go one stage further and produce Up to date accounts for Directors (Management accounts) if required.

This service is very popular and rated very highly by business owners who need this information on a regular basis.

If you do not have a scanner or access to one we can scan your documents before working on them.

We can return scanned documents to the business owners within 24 hours.

Do the accounts have to be monthly? Answer »

No, sometimes weekly accounts are more appropriate and sometimes quarterly.

Are there other benefits besides cost savings? Answer »

We don't think it is a good idea to concentrate on cost savings alone:

  • Having access to up-to-date financial information on a timely basis will help you manage your business and plan effectively.

  • Other benefits can include: Allowing employees to focus on profit-increasing activities; applying the latest technologies to your accounting process ; reducing errors.

What other services do you provide? Answer »

The core of what we provide is cost effective processing of accounting information.

The following can be added at any time:

  1. Forecasting
  2. Cash Flows
  3. Draft Accounts and Statutory Accounts
  4. VAT returns
  5. Corporation Tax
  6. Payroll
  7. Directors tax returns
  8. Statutory Accounts
  9. Expenses and P11D
  10. Employee benefit plans

Do I need to write a Procedures Manual? Answer »

We have designed an in-house procedures manual for your use which is free of charge to our clients that is intended to cover the Statutory and Revenue requirements of day to day record keeping.

Online accounts is run by Robinsons, a firm of accountants who have been established in London for over ten years and have had extensive experience.

New business: What are the Inland Revenue record keeping requirements etc? Answer »

Both the Inland Revenue and HM Customs & Excise produce leaflets on record-keeping for income, capital gains, corporation and value added tax. In general, they stress the need for businesses to record all transactions and keep all documents relating to them, such as receipts, invoices and bank statements; there are statutory bookkeeping requirements for businesses to keep financial records, and to keep them for particular lengths of time.

Business records for the Inland Revenue tax returns must be kept for at least five years from the latest date for sending a tax return; there is a fine of up to £3,000 for failing to keep proper records. If a business puts paper records onto a computer, it will still need to keep originals, but it does not have to keep a paper record of tax deducted under PAYE.

VAT-registered businesses need to keep business records for HM Customs & Excise for six years. If this creates problems, for example with storage, a business should contact HM Customs & Excise's National Advice Service (0845 010 9000).