ODB fitness is a small business entity set up in 2004 offering leisure and fitness services. The uniqueness of ODB fitness is that it fulfils the specialised fitness needs of both ladies and men by providing them with a short but intensive fitness and specialised weight loss programme.
The business started off small and transactions were recorded on a cash basis only and in this respect, the management/board did not have detailed financial information about all aspects of the business. Based on our experience of similar businesses, we were in a position to recommend to the board the most cost affective method of keeping their financial records, whereby they have 24 hour access to the accounts. In addition, we required to not only maintain payroll records and full annual statutory accounts as well as secretarial records, monthly/quarterly P30’s and Bi monthly vat returns.
We set them up with the Inrax online accounting system. We were then able to track monthly
subscriptions and new membership fees so as to identify unpaid members fees, purchase invoices unpaid as well as being able to clearly identifiable fixed and variable expenses and provide the board with a clear picture of the business performance as compared with plans.
PROCESS
The monthly source documents are sent by post to the head office, which are then scanned and uploaded to the web site. The back office then access all required accounting records through Inrax, where the detailed records are updated based upon the documents
uploaded to Inrax. Once the Bookkeeping/accounts are updated, they will be analysed by our management team and presented to the client with a monthly set of management reports which can be also accessed online through our website.
ODB now has its own membership details and outstanding membership fees and are in full control over the collection of their debts. VAT and PAYE are filed and paid online by us, so our client doesn’t have to worry about the tax issues. The client opted to receive a full monthly management accounting service, which allows the client to receive reliable financial and key performance indicators, which allows them to better manage their business.
“We enjoy a very close working relationship with Online Web Accounting and we consider them an important part of our management team. Their guidance on monthly management accounting allows us to have access to high quality, accurate and professionally maintained books and records. This has taken away the whole head-ache of preparation of day to day bookkeeping, accounting including VAT and PAYE. I would like to thank Nigel, Andrew and the OWA Team for their service and support during the past 2 years”.
Teresa Dalton
Managing Director – ODB Fitness Ltd
30th November 2006
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