I just wanted to write a quick article today about a new service we’ve been signed up to for the past year and have been really impressed with. Whether you’re in the video industry or not doesn’t actually matter, what matters is if you are an individual or business who struggles with trying to sort your business accounts then I cannot recommend these guys enough!
As with most self-employed businesses we struggled with sorting our accounts on a constant basis. Income and expenditure was just something we checked online here and there via our bank’s business accounting app but we always struggled to find the time to keep receipts/invoices and log everything. It was always something we did, but it was always the last thing on our to-do list – at the end of the day we are a team of creatives (well, we like to think so anyway! haha) so running accounts was something we shouldn’t have been doing anyway.
So after years of struggling and not wanting to hire a full-time member of staff to run the accounts, we stumbled upon ‘Monthly Accountant’ which is an Online Subscription Accounting Business that specialises in running individual and business accounts for a fixed monthly subscription cost. They even complete and submit your tax return, VAT return and Corporation Tax return every year as part of the cost! All we have to do is upload our receipts/invoices and they sort the rest.
How it Works
Monthly Accountant’s setup is really simple, you just sign up with them on either the ‘sole-trader’ or ‘small business’ package (we are on the small business package which includes EVERYTHING) via their website here – https://www.monthlyaccountant.co.uk/sign-up/ – and then they give you access to your own Monthly Accounting App.
This app can be accessed on any device whether you’re using your desktop computer or mobile phone, then all you have to do is each time a receipt or invoice comes in for your business just upload the document or take a picture of it within your app and voila! All done and Monthly Accountant take care of the rest! They even take your call or respond to emails if you ever have an accounting question which is just a nice added touch I feel.
From these income and expenditure items they list everything properly and know which items can be offset against tax and then when year-end pops up they even complete and submit your tax return for you! That’s the bit that gets me the most, the ongoing bookkeeping/accounting is great but they even sort your tax return (and VAT and Corporation Tax if you’re VAT and Ltd) at the end of each year.