Innovation in accounting

The world has gone digital. Unless you’ve been hiding under a rock, you’ll have noticed how technology and software has worked its way into every facet of our modern 21st-century lives. The emergence of financial technology (FinTech) and cloud-based business solutions is revolutionising how many businesses run their day-to-day processes and take care of their accounting and financial management. So, how can digital help your business become more efficient, more organised and (crucially) more productive?

When you hate using your hard-earned money to pay the accountant

If you see your advisers once a quarter – or worse still, once a year – then you don’t have the right kind of depth to your advisory relationship.

You need more frequent contact and a more productive working relationship with your accountant. By meeting and talking regularly makes a big difference between a ‘traditional accountant’ and a ‘modern cloud-based accountant’ – a good, 21st-century accountant is a trusted business adviser, not a dull bookkeeper.

Are you prepared for a costly tax investigation into your business?

Cracking down on tax avoidance has become a clear focus for HM Revenue & Customs (HMRC) in recent years. And with the creation of 27 new HMRC taskforces for specific industry sectors, the chances of your business going through the process of a detailed tax investigation are higher than ever.

How to gently remind your customers to pay

It’s annoying when a customer doesn’t pay on time, especially if you’ve made your payment terms clear on the invoice and sent it to their finance team in plenty of time.

But there’s no point in taking out that frustration on the poor accounts payable clerk at the other end of the phone line. There’s an old adage in credit control that’s as true as it is effective:

‘Polite persistence pays!’

Why we hate the term ‘proactive accountant’

Take a look around most accountant’s websites or marketing materials and you’ll no doubt come across the term ‘proactive accountant’ lurking somewhere in the copy describing their practice services.

But what do they mean by ‘proactive accountant’ exactly?

At Tyrrell, it’s a term we’ve come to dislike, mainly because it infers that there are accountants that aren’t proactive. And we know that proactivity is something that’s the absolute bedrock of our services – and always has been.