Invoice Approval System - Simplifying Multilocation offices

 Invoice Approval  system is an invoice management and processing solution run by an electronic workflow, which replaces paper-based invoice approval. It allows for the easy storage, tracking, editing and approval of all invoices in a single web interface.

Let’s understand how it works following are the steps in the process:

• Invoices are scanned and saved into an electronic data storage system.

• The software generates an individual workflow for each invoice.

• You / your manager process the invoice by keying invoice reference, invoice date, payment due date, and other details into the computer system.

• You review the processed invoice.

 • Subject to the approval (or otherwise), the invoice will either be paid, or returned with instructions regarding further action.

Invoice Approval system significantly reduces cycle times and costs while optimizing process control and cash flow management. It is very difficult to deal with multiple location offices  and to ensure everyone follows same process. With Invoice Approval  system this is simple and very easy to execute.

Here at Corient, we are a technology-driven company  to automate and reduce manual work, and streamline internal processes, and you gain all advantages without investing anything for technology process maintenance. If you’re interested in learning how we can help your organization benefit from the latest paperless process, call us at (44) 24 76997742

Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk

The best apps to save you money

 We at Corient helps our clients to save money and time by offering them tailor-made Accounts Preparation Services. At personal level, we too should be weell organised when it comes to money. We have sourced the best information from online so  here is our pick of the week Telegraph Money's pick of the bunch

MoneyWiz

£2.99; iPhone and iPad

Have all your accounts, transactions, budgets and bills in one place – the app syncs the data across different devices so you can update the information wherever you are.

Meter Readings

£0.99 iPhone and iPad

A tool to help you monitor the energy use of your household. Enter all the data from your paper bills and then tap in meter readings to learn how much energy you’ve used and what it will cost. UK users can compare prices with other energy suppliers in their area.

Debt Manager

£0.69 iPhone and iPad

Debt Manager helps you to organize, track and pay off all your debts. Choose how you pay off your debts and develop repayment strategies.

UK Salary Calculator 2013-14

Free; iPhone and iPad

Calculates take home salary from your annual, hourly, daily, weekly or monthly wage. This calculator also allows you to see the difference between an old salary and a new one, and it takes into account National Insurance contributions, student loan repayments and pension contributions.

Goodbudget (formerly Easy Envelope Budget Aid)

Free; iPhone, iPad and Android

A household budgeting app that syncs between devices so you can budget with friends and family, based on a budgeting method that maps your spending needs into different categories.

StockWatch

£6.99; iPhone and iPad

An app to help you track all of your investments with personalised portfolio watchlists that can be synchronised across multiple devices.

VAT Toolbox

Free; iPhone and iPad

Useful for business, shoppers and travellers who need to calculate VAT figures. This app works out what VAT to add to a figure as well as the tax already included. It can be used in different countries with adjusted rates.

Vouchercloud

Free; iPhone, iPad and Android

Vouchercloud uses GPS technology to find deals and discounts nearest to you. Users select the offer they want and the voucher is downloaded straight to your phone. Current offers include 25pc off knitwear in H&M and 25pc off dinner at Strada. Available in the UK, Ireland, Germany, the Netherlands and Malta.

Account Tracker

£1.49; iPhone, iPad

Designed by Graham Healey, the same developer of Meter Readings, this app is a budgeting tool which helps you track spending and monitor balances across multiple accounts. It can be personalised and comes with handy alerts like bill reminders. There is a free version available to test it out before buying.

Onavo Count

Free; iPhone, iPad and Android

It is hard to keep track of how much data we use each month, which can mean unexpected charges, especially on smartphones. Onavo, recently bought by Facebook, is a compression app that minimises how much data your phone uses when not connected to Wi-Fi and displays all your data usage.

Savings Goals

£0.69; iPhone and iPad

If you are saving for a house deposit, a holiday or just looking to put some money aside, this app can help. Users enter a target amount and an optional target date and the app suggests a schedule and tracks your progress.

PriceSpy

Free; Android

A shopping price comparison app for Android that helps users find the best bargains available online and on the high street. Users can search for a product, and create lists of items to monitor their prices. It also features a barcode scanner, which will display product information, reviews, and the best web price.

for more about our bookkeeping and accounting services kindly visit www.corientbs.co.uk

Is it really important to have knowledge of all the current Online Accounting Software?

Before you start your business, or if you are an owner of a SMEs, you are expected to know how to keep score (basic accounting), and how to maintain cash in your bank account (cash flow control). You need to know the basics. And after kick starting your business, if you decide to subscribe to any online accounting software, then it is also required from your to get familiar with computer software that is used to support your particular business. You can have the most advanced accounting software available, but if you feed garbage information in you are going to get garbage information out.  If the people who set up, maintain and use the software don't understand the information they are using it will be just that-garbage.

If your accounting fundamentals of online softwares are clears then you can talk intelligently about your accounting needs with employees, bankers, your own accountant and in that case any stakeholder.

But there are so many online accounting softwares available today. Is it necessary for you to know everything about all online softwares? The answer is a resounding NO. Because, as an owner, as an entrepreneur you are running a business, not an accounting firm, isn’t it? Beyond basics or fundamental knowledge, it would be like you are deviating yourself from your business objectives and concentrating more on accounting and book keeping. The professional accountants or accounting firms endeavour to continually horn their skills for continued relevance in the profession. No doubt you should keep yourself abreast with all latest news and trends. Indeed, now you have a option to outsource your bookkeeping software management to accounting preparation firms, as they have a team to handle all your account management requirements. In doing so you off load your burden of training your staff or to hire extra staff for managing it .

We at Corient, has been advising our SMEs clients the same, it helps them to save a great deal of money and time.

Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk

When to hire a Book-keeper or an Accountant?

For entrepreneurs, SMEs, individuals  the responsibility -  to manage the money coming in and out of its coffers, like many others, often falls upon their own shoulders.
While you may find basic accounting easy to do, but it takes your considerable time and actually it takes you away from working on your core business. Meanwhile, the accounting, bookkeeping and tax planning have become more complicated in the last six years or so.
But being one's own bookkeeper or tax preparer is, at best, a temporary or stopgap solution, and, at worst, a recipe for entrepreneurial disaster.
And research has shown that it costs less to outsource bookkeeping than hiring an employee; you need to weigh your options before taking a final decision.

But let us see when it is the time for you to hire a book keeper or an accountant: 

Save More Money!
To Save Time – We all know to work smarter, not harder. An Outright.com survey revealed that small business owners spend about 5 hours per month on bookkeeping even though a professional can complete the same tasks 63% faster. Why bother plugging away at something you don’t like that only slows you down anyway? Use those extra 5 hours to write some copy,

Want to focus only on your business, not your books!
 Your time is worth way more than what you’d pay a bookkeeper to keep your organized, you just haven’t realized that yet… If you are a “do it yourself” business owner, you can keep your own books until it hinders your business growth. If you want to be more successful in your business, you will reach a time when you have more high value activities to complete. Then it will be time to hire a bookkeeper.

De-Stress yourself!
Do you enjoy bookkeeping? Probably not, otherwise you would be in business as a bookkeeper. An experienced bookkeeper knows what to do and how to do it. A bookkeeper stays up-to-date on the latest information, software and tax rules and actually enjoys doing the work (crazy, right?).

Overall, the answer to when you should hire a bookkeeper is now. Besides recording expenses, a bookkeeper categorizes them for business purposes and tax purposes. Bookkeepers also reconcile your bank accounts. They help you make sure that your financial records accurately reflect the state of your business.

Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk

Choosing an Outsourcing Partner - What to look for?

You might be a lean startup or an established SME who is looking out to outsource IT, ITES or accounting services and build an offshore team to handle your requirements. Choosing the right outsourcing partner can be one of the most difficult tasks that organizations face today. And when it comes to selecting an outsourcing partner for managing bookkeeping and accounting services, then one needs to be more precisionist and look for one who has "an experienced team that provides up to date financial information close to real time bases, transforming processes, as well as providing cost saving. Here’s a plan – few very useful tips - to help you choosing a right outsourced finance and accounting provider.

Cost-effective & efficient:

Outsourcing solves the need to control and reduce cost. When carried out properly and done with the right outsourcing company, your business will reap the benefits greatly. No doubt the foremost factor to outsource your account management could be save your cost. Select wisely, it should be cost effective but not at the cost of efficiency and quality too.  

Quality of Service

Quality is probably the next big thing to consider after costs. As they say, you get what you pay for. The cost may be cheap but quality should not be sacrificed. The decision in this case may be influenced by choosing which tasks to outsource. If an outsourcing company has an abundance of skilled workers in a field that your company lacks, might as well grab the deal for that task.

Check for proven track records

 Find out more about the experience of your outsource partner, the different types of clients that they have serviced and the number of projects that they have completed. Find out if your offshore partner has experience in delivering the required services at the scale of your business needs. Make sure that your outsourcing partner understands your organization and your employees.

Ask for references

Just do not read testimonials and accept them to be true. Go a step further and ask for references / client’s details. Speak to them to know more about the quality of service and timely deliveries. You will also be able to get more information about issues such as, responsibility and turnaround time. Talking to their clients directly can give you first-hand information.

 A solid technical platform

A robust technical platform is essential for delivering high quality services. Look for a financial outsourcing t partner who can works with your preferred softwares like Sage, Quick Books, Xero, Kashflow, etc.

Look at the different outsourcing partners and weigh the pros and cons before signing the deal. Find the right people to deliver real solutions to help you grow your business. Choose a Partner that Understands Your Business

Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk