(SP) was founded in 2003 in the UK, as a response to increasing demand for a more cost effective online retirement planning tool that caters for Financial Advisors, Pension Transfer Units, Actuaries, Scheme Trustees, and other pension professionals. SP provides an innovative and comprehensive pension and investment planning system, providing highly detailed analysis, in a user-friendly
package. The company is not funded by any Pension providers, and is completely independent and unbiased.
SP previously used Sage accounting software which was being updated internally by a member of the management.
This led to data entry errors in coding and allocations which were tidied up by the old accountant, once per year.
In April 2005, as part of a shareholders agreement with the original investors, it was a requirement that a proper
accounting system be introduced. It was at this point that Online Web Accounting was approached with a view to
installing a complete integrated in-house management accounting and reporting system. The new investor wanted to
have greater control over their accounting records and improve the availability of management information.
After careful review of their operations and business, it was decided that the introduction of online web accounting
software, Inrax would be a perfect business solution to their needs. This coupled with monthly management accounting
software would provide the Management/Investors with a basic bookkeeping service with a powerful management
reporting system, all provided online. The client initially did not do any of the data entry, but merely uploaded all the
required documents to the monthly folder and our team did the rest. All training and support was initially provided at
the clients premises and thereafter supported online each day as required.
As the client began to feel more confident with the whole process, we expanded the client’s involvement to include
the raising of sales/revenue and to receive payments online. This proved to be a major improvement especially as it
provided a significant improvement in the whole process, while guaranteeing greater quality of information available
to management.
The present system works really well at SP because one of the part time admin staff comes in to SP once per week to
scan and upload all the required documents and communicates any unusual issues during the month. Our services often work more effectively when a resource is available on the client’s premises on a regular
basis.
PROCESS
The following sets out the process that is now in place:-
1. All the source documents are uploaded to Inrax, the online accounting package. This allows both client and OWA
staff to view the source documents when required
2. Suppliers are set up in Inrax already containing the required nominal codes to ensure consistent coding of
suppliers invoices to the Nominal ledger.
3. A standard coding system is in place which covers how to code each expense or cost from credit card
statements, analysis of petty cash etc, this ensuring consistent coding of expenditure. Any queries by OWA
staff are solved by email or via online, realtime chat.
4. The client also has the opportunity to contact the Account manager in OWA Back Office directly, if they have any queries or they are unsure about anything. This process minimises any accounting or general queries and provides for a clear and simple process to solve any issues quickly. This link works both ways and avoids mis-understandings and errors on both sides, thus ensuring the high quality of the management information presented.
5. OWA then updates all transactions to the creditors; record the direct debits and credits, bank reconciliation,
reconciliation of accounts and management reports to publish on website.
6. Selecta Pension Limited has access to Project Management System (PMS) of OWA which allows the client to
view the progress of the project online anytime of the day.
7. OWA also provide other services on Taxation such as VAT returns and P11D filing as follows.
• Vat return & filing details are provided to client before the due dates
• Maintaining payroll records for clients, calculating BIK taxes etc
• Giving advice on claimable and un-claimable expenses relating to vat.
• Provide all the explanations and written schedules and workings to support a recent UK vat
audit
• Preparation of all P11D’S and Filing of P11Ds on due date
• Client does not have worry about the headache of Vat, payroll taxes
8. Management reports are in fully detailed and fully customisable to their industry and requirements. This
has proven most useful to the client as these management reports are prepared by the 10th of every
month and are available through our web site.The client has opted to receive a full monthly
management accounting reports, which provides the client with reliable key financial performance
indicators, to support better management decisions in the business.
9. The client receives annually the full set of statutory accounts required to be filed with the Companies
House and for Corporation Tax purposes.
"We operate in a fast changing industry which is highly competitive. The services we receive from Online Web Accounting, provide, not only an accounting solution, but also a high value management tool. This in turn enables us to focus more on our business! Having been through the whole process, from beginning to end, it provides me with the information I need to run my business more effectively. I would therefore have no
reservation in recommending them to any potential client."
Andy McCabe
Managing Director – Nov ‘2006
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