East Anglian based chartered accountants Ensors has launched a new web-based accounting service which gives instant access to a company’s financial information, allowing them to provide more targeted and ongoing advice, and highlight any concerns or problems as they arise.
The firm has adopted the ICAEW [Institute of Chartered Accountants] accredited Liberty Accounts system which can be accessed online from anywhere in the world, and can also be used by more than one user simultaneously, allowing for live updates and feedback. It is aimed at any business’ that have either outgrown spreadsheets and manual records, or need a more comprehensive system to help them with such facilities as producing sales invoices, monitoring debtors and creditors, reconciling the bank accounts, running payrolls and producing VAT Returns.
Rather than figures being handed to Ensors on a quarterly or annual basis, Liberty Accounts allows for a business’s data to be updated continuously, either by the practice or the business, and for advice to be provided in real time.
Steve Runnacles, partner of Ensors, said: “The main difference with this system is we can access everyone’s data remotely and review their finances on a more timely basis, rather than waiting to receive their manual records. It also allows the clients to do more themselves – for example they can enter the data in the system, then we can go in, review the data and produce a VAT return. It’s also a quicker turnaround when completing the clients’ year end accounts, because the information is already in a suitable format for us to review and use.”
He continues, “We always try to give our clients as much help and advice as possible, but in the past this advice has usually been in hindsight, based on historical data. With Liberty Accounts we can monitor business accounts in real time and offer advice on their current position, which can really make a difference.