Various options available to UK based businesses searching for a cloud accounting solution. Impartial, and informative . . .

1. Online Accounting Solutions
Presentation for the Evenlode Network on
10th
October 2013
Presented by Ray Mathew Koshy
of
Koshy & Co

2. It’s here to stay – for now!

3. What is Cloud Accounting?
Cloud Computing or something being in the
cloud, is a colloquial expression used to
describe a variety of different types
of computing concepts that involve a large
number of computers connected through a real-
time communication network such as the
Internet.
Accounting, Tax and related services in the
cloud!

4. Advantages
• More efficient processes than traditional book-keeping.
• Lower capital cost – when compared to many
traditional accounting packages. Absorb or charge.
• Software updates itself – very little chance of system
crash.
• Data will always be backed up – in the cloud.
• Move your processing from desktop to tablet or any
other device - works on any medium.
• It looks good – the modern savvy client may not just
like an app, they may expect it.

5. Disadvantages
• May lack power of more traditional accounting.
• Currently only as good as your broadband.
• Where is your data? Who knows?!
• Security.
• More likely to be tied in to one supplier:
– Fee increases.
– Company may not do so well – could disappear?
• Cost per client, on rolling monthly contracts.

6. Suggested Suppliers
• Brightbooks
• Clearbooks
• Freshbooks
• Kashoo
• Kashflow
• The ‘Megabucks’ - Sage & Intuit and . . .
• Xero

7. Brightbook
• Free Online Solution.
• Developed for very small businesses.
• Easy to use.
• Accountant can be added as a user.
• No bespoke client management interface.

10. Brightbook – Free?
'We have two additional paid extras which quite a
number of our customers use, which make it
pay it's way. The first enables you to send all
invoices from your own email address and have
no mention of Brightbook - and the second is
custom invoices which also send from your own
email address. We're going to be adding to that
list in the future...' Warwick Leicester (Director)

11. Clearbooks

This company has grand ambitions. It is
currently seeking a listing as a PLC.

Man behind the company is Tim Fouracre – a
Chartered Accountant who trained with KPMG.

Software is designed with the accountant very
much in mind.

Allows for online collaboration between book-
keeper and accountant.

12. Clearbooks Partner

Becoming a Clearbooks partners has several
benefits.
− Partners can update any client, by way of a
dashboard.
− Access to free listing on find-a-uk-accountant.com
with the opportunity to buy leads that come through.
− Cost of each addition client is provided at a reduced
rate to the advertised price.
− Co-branding of the book-keeping system is
possible, at no extra cost.

14. Pricing

15. Pricing etc. continued . . .

Accountants pay £7.50 (+VAT) to be a partner.

Each client is put onto the expansion product at
£7.50 (+VAT) each.

Cost can be absorbed in full, or partially or
passed on to the client (at a premium too).

A 30 day free trial is available to the accountant
and also to any prospective client.

Apple & Google mobile apps available.

18. Freshbooks

The story behind the company is quite special
and inspiring.

5 million customers have used Freshbooks

30 day free trial

Company based in Canada. They have a UK
contact number that works.

Support is free via phone or email.

No accountant login as of yet – future plan to.

Good reporting function.

19. Kashoo – from Wikipedia

Kashoo places emphasis on simplicity, integration, and accessibility for
users and includes double-entry accounting among other features.

Kashoo’s 13-person team, led by CEO Jim Secord,[4] is headquartered in
Vancouver, British Columbia, Canada. The team also includes CTO Chuck
Clark, a former Orbitz Chief Architect who joined the team in 2011.[5]
Kashoo recently welcomed former FreshBooks accounting ambassador
Kasey Bayne as its new director of business development.[6] Kashoo is
funded by private investment from FBC, a small business tax preparation
and planning firm.[7]

Kashoo claims to be used by over 51,000 small business owners, startups,
entrepreneurs, freelancers, bookkeepers, and accountants in over 180
countries. The company also boasts the title of most downloaded iPad
accounting app in the Apple App Store.[8]

20. Kashoo

No UK based support. Any support calls to be
made to Canada between 6am-5pm pacific
time, or by email.

Payment for the product in US Dollars by VISA
or Mastercard.

You can obviously set the software up to
operate in pounds.

Free trial is available.

21. Kashflow

Headed up by award winning entrepreneur
Dwane Jackson.

Company has won numerous awards including:
− 2012 Software Satisfaction Awards – Best SME
Accounting and Finance
− 2011 Software Satisfaction Awards – Best SME
Accounting and Finance
− 2009 Software Satisfaction Awards – Double
WINNER!
− And so on . . .

22. Kashflow

UK Based success story helped along with
money from the Princes Trust.

Award winning free support 24/7

Accountants can use the Orbit platform to
manage the client base.

Orbit is very powerful and incorporate control
functions.

Co-Branding is available – login via your own
website.

<1m – owner managed - less than 5 employees

24. Kashflow - Pricing

£16.99 + VAT for each orbit client.

10% of the revenue for six clients and above.

After 27 clients 20% revenue share.

After 100 clients – negotiable.

Contact Ketan Mistry if interested
− ketan@kashflow.com
− 0777 134 6792

25. Others – the Megabucks & Xero

Quickbooks

Sage

And finally – the beautiful one - Xero.

26. Sage
• Sage One accountants edition – dashboard.
• No compatibility with Sage Line 50
• 24/7 telephone support for clients
• Trial of software – 30 days.
• £10 + VAT per month for accounts edition
• Free access to accountants dashboard
• Online Payroll solution – RTI – linked to
accounts.

27. Intuit
• QuickBooks Online.
• Online Accountant Edition
– Synchronise with the client data.
– Accountant has full privileges to the data.
• Aimed at typical small – medium client who may
be familiar with QuickBooks.
• Not compatible with QuickBooks desktop
version.

28. Pricing
QuickBooks Online Simple Start
£9 + VAT per month
Online Essentials
£19 + VAT per month
Online Plus
£29 + VAT per month
No financial incentive for accountants whatsoever.

29. Xero
• Software house from New Zealand
• The most powerful solution trialled.
• Heavy on features including powerful reporting.
• This may be the accountants choice – due to
functionality.
• Xero are active in the UK market – not just via
the website and online advertising.
• Free trial is available from the website
• Pricing for accountants should be discussed
with Xero.

31. Final Thought . .

32. Have a nice day . . .