Accounting software helps IFA’s with FSA reporting.
SimplyBiz was launched in 2002 to offer compliance and business support to directly authorised IFAs. The SimplyBiz team, led by Chairman Ken Davy, developed the SimplyBiz offering to include discounted deals on back office and accounting software, expert technical guidance and file reviews, themed compliance visits, regular events covering business development, investments, mortgages and compliance, access to preferential deals and rates from market leading providers and a free website for each Member Firm.
Since its inception almost eight years ago, SimplyBiz has been awarded many accolades and industry awards.
The SimplyBiz Group now encompasses the Scotland based bespoke compliance support provider Compliance First, Capital Reward Plus which provides non face to face advice to orphaned or transferred clients, end to end investment process and fund provider Verbatim Asset Management and the not-for-profit training and development division New Model Business Academy.
SimplyBiz never loses sight of the fact that its Member Firms are individuals with individual business needs, and endeavors to provide services which are innovative, relevant and, most importantly, valuable to advisers who want to keep their firms operating in a compliant, successful and profitable manner.
How the Arithmo affiliation came about
All directly regulated Financial Advisers are required to report accounting information to the FSA every 6 months via a system known as Gabriel. Each member firm has 6 weeks from the date the Gabriel becomes available to submit the report. If they do not submit the report on time they will receive a £250 fine plus risk being de-authorised by the Financial Services Authority (FSA).
Simplybiz provides assistance to our members in relation to the FSA regulatory requirements and identified our firms really struggled to record/collate information they required to report to the FSA in a simple easy to use format.
By teaming up with Arithmo, we were able to create a bookkeeping system which is easy to understand but with a great twist – it can provide reports in the format required in the Gabriel report.
The benefits of Arithmo to both your clients and to SimplyBiz.
This system ensures our firms are not only maintaining accurate booking keeping information to help their Accountants but helps them with the FSA reporting requirements.
SimplyBiz offer this system exclusively to their members, with a free trial for the month in which you subscribe, and following that, at a cost of just £10 per month including VAT. Once your free trial period is complete, you can then sign up on a 12 month initial contract with a 2 month notice period.
Any comments on quality of service, including training and support for Arithmo?
Arithmo provide group and one to one training sessions with our firms.
Through this in depth training Arithmo have helped many firms meet their deadline dates by being able to report accurate data to the FSA in the timescales set.
Furthermore firms have cut down their Accountancy fees due to using the efficient bookkeeping system.
Arithmo is an online bookkeeping program designed for the small business. Its easy to use interface allows users to be up and running within minutes without training. At the same time, it is a sophisticated double entry system with all the features normally associated with higher end software.
Arithmo is a client bookkeeping solution that can help your practice with its branding capabilities, letting you give your clients a unique, invaluable tool in your own logos and colours. You also benefit from a fully-featured Accountant's interface allowing you to make sure your clients books are kept in the way you prefer.
Contact : Mike Parkes
Email : [email protected]
Web : http://www.arithmo.co.uk
Arithmo Accounting Solutions Ltd, 16 November 2010