Member Since: 13th Jan 2014
Accountant in practice, also launched Accountancy Market ( .co.uk ) website which allows accountants to find, compare and review the products and services they use in their practice.
24th Nov 2014
DD Indemnity with GoCardless
GoCardless have a guide to DD Indemnity here:
They say they help with this by:
"The GoCardless processes are designed to minimise the risk of an indemnity claim and to make sure you always abide by the Direct Debit Guarantee and the Direct Debit scheme rules. These include:
- Invoices sent in advance for you. Under the GoCardless terms and conditions customers agree to a three day notice period. GoCardless automatically notifies your customers via email 3 working days in advance of a payment.
- Provide clear contact information and good customer service. GoCardless offers a first stop for customer support helping you to manage any indemnity claims from your customers.
- Follow the Direct Debit scheme rules. GoCardless keeps up to date with all Direct Debit scheme rules. We precisely follow the rules and help you do the same."
24th Nov 2014
Easy with GoCardless
No hoops at all with GoCardless.
I set my clients to a "payment plan" at the start of the engagement and the monthly payments are then taken automatically each month without me needing to do anything. As I set all my clients to pay me on the 1st of the month, all my client payments are then transferred to my bank account in one nice lump sum a few days later.
As BigBadWolf says, fees are 1%, capped at £2 per transaction. Therefore, on a £100 monthly fee I get £99. Makes billing so easy that fees are worth it.
Some more details here, and you can get £50 credit towards GoCardless fees by signing up using the second link:
GoCardless are regulated by the FCA too.
5th Nov 2014
Agree on caveat
I agree that the terms of your engagement should state that you are not responsible for any third party software/data issues.
If you want to be as secure as possible, you could also use something like this for automated backups: http://www.businessbackbone.co.uk/xero/safeguardmy-xero-backups
Also, while we have scans of receipts stored with transactions in our cloud accounting packages (e.g. Xero) for example, It might be overkill but we also have these in Receipt Bank and backed up to another cloud storage. So receipts are covered....just haven't got the cloud accounting data backups in place yet.
5th Nov 2014
Completely misread the question!
Please do ignore my response - i won't read & reply in such haste in future.
5th Nov 2014
I would recognise the 25% after 7 days
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured.
I would argue that the 25% is much more than probable after 7 days, and would book this as revenue. The remaining 75% would remain on the balance sheet.
1st Nov 2014
I don't offer this either
I don't offer this service - don't see it as critical to accounting services offered to my clients, and one less thing for me to worry about. Like outsourcing payroll, I don't want to get involved in what is not my core offering. Plus I'm paperless and don't want the expectation of clients that I will deal with their official post too.
I have two registered address suppliers I suggest to clients, and one of these even pays commission if the client decides to use that particular address.
11th Sep 2014
Change from Pre-IRIS days
Kashflow have announced they are introducing bank feeds via a third party such as Yodlee?! That's quite a change of tack from this:
This is probably the biggest reason we've kept away from providing/using this service.
A KashFlow customer pays us for a service and they rightfully expect it to work.
If something breaks, they don't care that it's because of a third-party using a slightly dodgy data gathering method and it's out of our hands."
Direct bank feeds are certainly preferable and we can hope that the banks eventually come round and offer these.
EDIT: on their blog announcing feeds, they do actually mention their previous stance on 3rd party feeds pre-IRIS
2nd Sep 2014
Rachel beat me to it.....
2nd Sep 2014
I noticed that this morning too - it was from SimpleTax , who do sole trader self assessments, and "suggest" common tax savings as the user goes through their self assessment (e.g. working from home £4). Not great for us accountants doing compliance work, but is a warning of what is to come really.
It might be Google Adwords automatically placing that ad on here, but yes they probably have some control over it and can block certain advertisers.
6th Aug 2014
I would tend to agree with BananaMan
...that blog post is not correct. It says:
"If you’re supplying physical goods as rewards for backing your project, the VAT recognition point and when you should issue your invoices is when you dispatch them – or the point when they are available for people to collect from you. "
But HMRC state:
"For transactions where a VAT invoice is issued and payment is received in advance, the time of supply is the date the payment is received or the date the invoice is issued - whichever is the earlier."