What is it?
Effectively it is an outsourced finance department and back office for your business. We can manage the daily administration involved in running your business and integrate it seamlessly into your accounts procedures. It saves time that your staff would spend on paperwork, whilst having it supervised by financial professionals with up-to-date knowledge of business legislation. As the process is kept off site and fully integrated into your accounts software, we can provide it cheaper and more reliable than it could be done in house. It is a no-brainer for many small to medium businesses, so we’re calling it the Entrepreneur’s Support Package.
Some of the benefits:
- Save costs over an internal finance function
- Support expands as you grow
- No need to be good at bookkeeping or accountancy, just be good at building a business. Spend time focusing on fixing problems or growing sales instead.
- The Government requires 7 years original documents to be stored but we keep them for you digitally. They are easier to retrieve than from paper archives.
- No need for recruiting bookkeepers or going through the expense of training staff; freeing up the time of your best workers for more productive activities.
- We can help you upgrade to more efficient software and procedures.
- No need to rely on a “once a year” accountant who has no knowledge of your business for advice and (expensive) support.
- You can immediately answer questions like “What did that supplier charge last time and when was he paid” simply through a browser.
- If you are opening new sales branches, forget about back office support. That will be looked after.
- You are kept up to date with changes to business and tax laws.
- Raising finance becomes simpler.
- You can sleep better.
It's like having a Virtual CFO
How it works
- Delegate your bookkeeping, accounts and administration to Baxterworld.
- Choose which bits you want to keep in-house e.g. sales invoicing
- Purchase invoices are sent to us by suppliers in digital form
- Any still in paper form such as receipts are scanned by a phone app.
- You or your managers approve bills for payment on-line, (viewing the original invoice)
- Sales invoices are generated in the cloud from any device and emailed to customers
- Your bank transactions are automatically downloaded each morning by our systems
- If you have retail sales:
- We pull your sales directly from your EPOS system
- Cash, cards and BACS are matched to daily till summaries.
- We can provide alternative good value EPOS systems
- If you pay staff?
- We can run your payroll, from 1 to 1,000 employees.
- We can pick up your hourly staff time details from your Time Recording system
- Hours or salaries are input into a cloud payroll system
- You have full access to all employee details from a browser.
- Staff can log in to their own area, view/print their payslip (3 years back)
- Staff can change their own personal details when they move house or get a new phone number.
- We can maintain disciplinary and attendance records and “right to work” documentation.
- We can maintain Health and Safety documentation with paperless verification of staff safety training.
- Giving you control
- We send you a weekly summary of KPIs (Key Performance Indicators) relevant to your business.
- We prepare accurate monthly profit and loss accounts and balance sheet each month for each section of your business.
- Annual accounts are integrated with monthly management accounts so no surprises at the year end.
- Keeping the Government happy by:
- Preparing and filing VAT
- Looking after payroll RTI compliance
- Completing the Company’s Annual return
- Filing your accounts annually with the Companies Registry
- Preparing and filing the Corporation Tax return
- Preparing your personal income tax returns.
- We have access to a wide resource of tax expertise to keep you tax payments to the minimum.
Where do we operate?
Our systems are location independent. We are based in Belfast but serve happy clients in London, Dublin, Cape Town and many other cities. We are always close to you and constantly in touch. We know everything that is going on in your business and can make you aware of issues and advise you instantly. Because we have three tiers of skills available from Accounts clerk to FD this support will always be better than would be possible in an internal accounts department.