Stephen Edwards is a business coach, accountant and consultant for accounting practices. Having started Cheltenham Tax Accountants from scratch in 2013 it now runs almost on auto-pilot leaving him with time to work on advisory related services for clients in the form of business coaching and also specialising with business automation and tech. Stephen works with other accounting practices to help them automate parts of their business and free the practice owner from the 'daily grind'.
If it's a new company and they don't have an accountant at the beginning then it's perfectly understandable how this could happen. It's not easy for a new business to understand that there's not enough funds on the balance sheet when they have cash in the bank to draw.
After year one the clients gets educated and the excuses run out.
Xero , kashflow and Clearbooks are popular .
I prefer Xero as the bank reconciling function is the best in my opinion for smaller businesses although I'm sure not everyone's agrees...
However Xero is expensive if the client needs invoicing .
Doxie go makes scanning almost fun !
Id say yes also.
Note in accounts
Put a note in the account under dividends stating that the director considered there to be sufficient funds to pay a dividend at that time.
Also put in a standard going concern basis adoption note
I'm guessing the refund was due to overpaying PAYE as a
higher rate tax payer leaving your job mid year . Or at least that is a common scenario and one where HMRC know you've over paid once the tax year passes.
There's a section for refunds already received for that year so just enter the amount there , I'm not in front of a return presently to find the exact box.
I find that practice management software (I've used Iris and taxcalc) is ok for the formal jobs such as VAT, accounts and tax returns but a) Not that flexible or intuitive b) all of them run on your local machine.
I have therefore been using Trello where you create as many 'board' as you wish and on each board your create a 'card' which can be a task for example.
I have a board for 'Jobs in', 'To do list', 'Resources' (to share practice info and common website links, passwords, research, guides etc), 'Books in', 'Books to go out' and have a board for each staff member to add to their list. I like it as it's very interactive and live.
I don't ignore taxcalc but prefer using this.
The fact that 'One Drive for business may finally have a product to rival Drop box' says it all for me!
IE it's playing catch up. Seems that there are too many legacy issues for me with OD (for business).
Shame as a 365 user.
I've used both and prefer the tree personally. Maybe it's habit.
Dropbox does save previous versions, around 10 I think.
I used drop box as a local folder that automatically saved in the cloud which worked well. Decided to try onedrive for business as part of the O365 offering and had nothing but problems.
I save my info in client folders A - Z with various sub folders for services and years etc. One drive hates vertical file storage methods like this and prefers you to have a very flat horizontal way of savings things. I get the issue for them but that's their problem and not the customer. The fact that dropbox handles this seamlessly says it all and so does the fact that I would rather pay for dropbox than use my 1TB of one drive storage available.
Don't even get me started on 'sharepoint', I mean can Microsoft make it any more complicated?
For the record I still use O365 for my email hosting and applications etc.
Using dropbox daly with zero issues.