By Phil Ellerby
In the midst of the fall out of the Coronavirus pandemic last week Northern Accountants took unprecedented steps to help ensure clients' cash flows are stabilised as much as possible in this time of uncertainty.
In order to do this, we have committed to providing our clients with the following tools, and as CEO, I will be personally footing the costs of the implementation, training and subscription costs.
Stripe - a Xero bolt-on that allows businesses to accept payment by card, increasing the ways in which they can be paid and therefore reducing the barriers that cause late or none payment.
Receipt Bank - a Xero bolt-on that allows businesses to collate their invoices and expenses quickly and efficiently, freeing up valuable time for the business owner or team to focus on money generating or value add activities.
Chaser - a Xero bolt-on that systematically chases outstanding invoices on the debtor's ledger. It requires no human interaction and provides a systematic and consistent reminder for payment, escalating it to senior managers or credit control teams at the appropriate times. This not only improves cash flow but frees up valuable time for the business owner or team to focus on money generating or value add activities.
Float - a Xero bolt-on that accurately forecasts the future cash position of the business using the data stored in the accounting system (Xero). It also provides the ability to build best and worst-case scenarios that give the business owner a greater understanding of what the future may hold.
Software subscriptions alone are in the region of £75 + VAT per calendar month and we have committed to cover the costs until 30th June 2020, when we will review the situation again.
We have also committed to waiver the fees for Implementation, Set Up and Training of these softwares. These costs can vary from £397 - £1,461 plus VAT per client
This software is clearly largely dependent on the use of Xero and as a result, Northern Accountants will migrate ANY client who is using a different accounting system to Xero, absolutely free of charge. Furthermore, we will train the client on how to use the software, to ensure maximum benefit is received by the client.
With software conversions and training normally costing in the region of £1500-£2000 plus VAT this is a huge investment in our clients.
These softwares all form pivotal components of the NA AppStack, which we believe, should be at the heart of any business accounting function.
We had originally planned to educate our clients about the above software over the coming months to demonstrate their importance to the business function, making the implementation and uptake a no brainer. However, in these times of necessity, we have accelerated the process and removed the key barriers to utilisation of these software (the fears of uncertainty and the cost of finding out) by taking all the risk and cost out of the equation.
From Thursday of last week, client calls took place between our Client Managers and our Clients to establish what was needed and when. These calls will continue through the coming days and weeks.
Within a matter of weeks, EVERY client who needs this software will have them and be fully averse in their use, helping to bring stability and certainty to our clients' cash positions, at NO COST to them.
We believe we need to keep cash flowing and in order to do this, the above is essential.
With Cloud Technology relatively new to the business community as a whole, it is for us as the Numbers Professionals to lead the way in the adoption of these vital tools. Hence we have taken this unprecedented decision.
It is estimated that by the end of this transition period Northern Accountants will have invested in excess of £500k in its clients' use of technology.
At a time when businesses are tightening their belts, Northern Accountants are making a huge investment in its clients.
This could not happen without the hard work and dedication of the NA Team so a huge thank you in advance goes to
and Georgia Copley
for their commitment, willing and personal sacrifice they will be making for our clients in the coming weeks and months.
We are here to help businesses stay in business.
We are in this together.