Know your profits in real time, not just after year end

Written by  Wednesday, 09 November 2011 00:00

Chris Wrighton

Chris is a partner in the accountancy firm Harold Sharp, providers of the popular Flow online accountancy software.

What makes Flow so successful is the combination of online technology and experienced accountants. Data is stored securely in the cloud and, because it’s fed directly from the client’s bank, there’s no problem with backups.

“The system allows businesses to know their profits and tax liabilities in real time, not just after year end,” says Chris. “Armed with this information the accountant can advise as situations develop, rather than just with hindsight.”

Immediate benefit

According to Chris people choose Flow because the benefits are immediate. “One client had been entering data into a spreadsheet, so had no idea of his profit until several months after the year end. With Flow, he always knows where he is, allowing us to advise on tax liabilities and possible incorporation. What’s more, his accountancy bill has halved.”

“Another client applied for bank finance and they asked for up-to-date management accounts. Thanks to Flow these were provided next day. Yet another Flow client knew they had made a substantial profit in their first six months’ trading. We then requested a meeting to review their tax planning accordingly.”

A step up for spreadsheet or Sage users

Although the Flow system is advanced, it’s very easy to use on PC, Mac, tablet or smartphone, with a mobile phone app for instant entry of expenses. This makes it ideal for businesses using spreadsheets or Sage with, typically, up to ten employees and a turnover up to £2 million.

Chris on networking…

“We receive regular introductions from Bowdon Business Club members. And, in turn, when discussing business with our clients we can and have referred work to others including group members Steve Allen and Andy Key.”

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