System audit limited is a computer and networking solutions provider based in Ireland. They supply and install computers,
computer networks, offer Software and database management
solutions and provide maintenance and IT consultancy to
companies in Ireland predominantly as well as in other parts of Europe.
The accounting records were previously outsourced to a third party accountant annually, who previously processed all accounting
transactions offsite. This process often resulted in the client receiving numerous queries once per year in order to produce one set of statutory accounts. This process led to various issues regarding treatment of expenses and
supporting
documentation to support the sales, purchases and expenses of the business. The client prepared detailed work sheets in excel for every transaction for the old accountant. This involved the owners having to invest huge resources into admin, at the time, in order to satisfy the accounting requirements. This inevitably led to increased costs of accounting, not to mention lost sales revenue.
Online Web Accounting (OWA) was approached by the
company to seek a solution to the accounting issues facing System Audit. OWA started by gaining a good
understanding of the business and identifying any administrative complexities inherent in the business.
PROCESS
With this in mind, we decided that online web accounting
software would be ideal in this case, and we then set about
updating the bookkeeping online using Inrax from the
minimum information available from the previous year. Once updated, we then arranged a number of training sessions at the clients
premises, supported by daily support online.
Within two months, one of the directors was fully trained on Inrax to update the accounts online from home. The source documents are now scanned and uploaded to the web site within Inrax, which are available online for both the client and the accountants 24 hours a day.
Once the documents are received they will then be checked against the accounts by us, and queries will be raised if anything is unclear. We then reconcile the bank, creditors, debtors and other main accounts monthly and prepare and file VAT and payroll online.
The accounts are discussed with the directors quarterly or
whenever there is a need. In addition, the management accounts were then discussed and explained to the directors to give them a good idea of what is happening and the likely.
‘Thank you for the hard work put in the last 2/3 months- I have to say I am very impressed by the
Service!!!! I would have no problem to recommend your company to anyone looking for a partner in the
Accounting and Bookkeeping service!! ‘
- Didier Lebret
Director - System audit limited
10th November 2006
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