At TaxAssist Accountants we believe that full service does not mean that you should be dependent on us for your day-to-day. We believe that each client and each situation is different, and we want to provide you with the flexibility to choose the approach that works best for you.
This is why we provide online tools for bookkeeping and payroll that allow you to do as much or as little as you want to. We then decide together how much of the work you want to do and how much you want us to do. And that split can change over time as you gain more confidence with the tools. You decide!
"No data-entry" bookkeeping
We provide our clients with access to Dext (previously known as Receipt Bank) or Hubdoc, online services that allows automated capture of receipts and invoices. You just need to forward by email the electronic receipts you have received or scan them from your smartphone using the dedicated application.
Data Extraction that works every time
Technology based on AI extracts all relevant data from each item, with industry-leading accuracy using a combination of OCR technology and manual checks. The software will also categorise expenses and extract VAT when relevant. You can even rely on the results when receipts and invoices have been scrunched up!
All documents saved automatically into the cloud
No duplication or lost info as all data is saved securely to the cloud. If you also use Quickbooks Online or Xero, the data can be transferred to that application at the click of a button.
Sends extracted data to us automatically
No need to scramble to find information as a VAT deadline approaches or as the Accounts due date arrives. Just take a photo of the receipts as you receive them and never worry about losing them again.
Advanced Bookkeeping
If you need more functionality like be able to track your P&L in real time, be on top of your debtors, or have the ability to automatically grab transactions from your bank, Quickbooks Online or Xero provide your small business with the ultimate solution.
For a small monthly fee, you will always know how your business is doing. Plus it comes with full Dext integration making it an ideal tool for heavy volume businesses.
Here is a non-exhaustive list of their features:
Easy to use
- Accessible from anywhere in the world
- Multiple concurrent users
- Intuitive interface
- No accounting jargon
- Free and fast support
Saves Time
- Reminders by email when an invoice becomes overdue
- Peace of mind knowing you will never overlook an invoice
- Save time and never forget to repeat invoice a customer
- Quickly and easily generate VAT returns
- Saves you time and money
- The freedom to respond quickly to queries regardless of if you are at home or in the office
- Ability to send invoices by email
- Stay on top of unpaid invoices
- Easily store and retrieve information on all of your customers and suppliers
- Record how and when payments have been made and received
- Accurate record keeping
Notable features
- Easy production of invoices, including recurring invoices
- Handles multiple currencies
- Full VAT support
- Automatic bank downloads and reconciliation
- Production of various management reports
Advanced analysis and forecasting
Taxassist Accountants has partnered with Fathom, an advanced reporting and analysis tool that connects automatically to your QuickBooks or Xero account and allows in depth analysis and forecasting for your business.
The product is very popular amongst small businesses and is being used by 75,000 businesses worldwide across various industries.
Financial analysis
With Fathom, users can create and track various financial and non-financial metrics that are relevant to their business. For example, users can monitor profitability, liquidity, efficiency, growth, and cash conversion. Users can also create custom formulas and ratios to measure their performance. Fathom provides interactive dashboards and charts that help users to explore their data and identify trends, patterns, and outliers.
Management reporting
Users can design and customise their own reports using a drag-and-drop interface. Users can choose from a range of templates or start from scratch. Users can also add commentary, annotations, and images to their reports to provide context and insights. Fathom allows users to share their reports with their team, clients, or stakeholders via email, PDF, PowerPoint, or online. Users can also set up recurring reports that are automatically updated and delivered on a regular basis.
Cash flow forecasting
Users can create realistic and accurate cash flow forecasts based on their historical data and assumptions. Users can adjust the drivers of their cash flow such as sales, expenses, inventory, receivables, payables, and capital expenditures. Users can also model different scenarios and compare the impact of their decisions on their cash flow. Fathom provides a cash flow statement that shows the sources and uses of cash for each period.
Consolidation
With Fathom, users can easily combine the financial results of multiple entities into a single report. Users can choose from different consolidation methods such as full consolidation, equity method, or proportional consolidation. Users can also eliminate inter-company transactions and balances to avoid double-counting. Fathom allows users to create group-level KPIs and benchmarks to compare the performance of their entities. Users can also drill down into the individual results of each entity for more details.
For more details, please refer to the extensive feature list.
Crypto Asset Reporting
We have partnered with Koinly to provide automated reporting for our client engaged in Crypto trading or investment. Koinly is the UK's #1 crypto tax software. Calculate your crypto, DeFi, NFT, and mining taxes fast & accurately today!
- 800+ integrations
- Capital gains, losses, income & more
- HMRC tax report
1 - Easily import your crypto trades
Add your exchange accounts via API or CSV files and connect your blockchain wallets using public addresses.
- DeFi & NFTs. Whether you are staking on Solana, lending on Curve, or providing liquidity on Polygon - Koinly can handle it all.
- Local exchanges. Import your trades from Coinbase, Kraken, and 800+ platforms.
2 - Preview your taxable gains
Get a glimpse of your profit/loss for any tax year - for free!
- Portfolio tracking. See your total holdings, ROI, and growth over time on a beautiful dashboard.
- Tax loss harvesting. Easily visualize the impact of selling your assets, before your tax year ends.
3 - Download your tax report & forms
Koinly provides a complete, HMRC-compliant crypto tax report. Whether you're filing yourself or with our help, Koinly has you covered.
- HMRC-compliant reports. Koinly supports the Share Pooling accounting method for compliant calculations, including same-day and bed-and-breakfasting rules.
- Comprehensive tax report. Generate a full crypto tax report with all your short/long-term disposals, capital gains, and income. Everything you need to pass an HMRC audit.
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