Our online accounting software has many features that allows you to run your company and see your finances in real-time. To do this we need to gather information and accounting records about your company.
Our aim is to get you started as soon as possible and there is certain key information we need before we are able to configure your company in our software. To ensure we can get you started as soon as possible we will progress your set-up in a number of stages.
One of our first tasks is to determine what we call your ‘migration date’. This is the date from which you will use our software to maintain your business records and capture all your transactions going forwards. For example, if we set your migration date to the 1st May you would raise invoices, record expenses, run your payroll etc from 1st May onwards.
All your financial records prior to your migration date will be entered by our accountants as ‘opening balances’. This allows the software to determine the complete picture of your company accounts and the input of your opening balances is the final stage of the set-up process.
Stage 1 – Preliminary set-up
So that we can give you access to our software as close to your migration date as possible, we will ask you and your previous accountant for information and records. This is likely to include details about your VAT, recent invoices and 6 months of bank transactions for all your business accounts.
We use this information to complete the preliminary setup of your company in our software and once complete you will be able to make a start with the following:
You’ll also be able to record the issuing of dividends to your company shareholders. The software however won’t yet be able to determine your profits available for dividends until we have all your records and have completed the final stage of your setup.
Stage 2 – Payroll enabled
With the advent of RTI (Real Time Information) for payroll and the need to submit payroll records in real-time to HMRC, we must work with your previous accountant to confirm the handover of the responsibility and to gather your payroll records. We cannot access your payroll records for your company other than by requesting them from your previous accountant.
We will contact your previous accountant as soon as you appoint us then once they release your payroll records to us we will configure your company payroll in our software. This will give you full control of your payroll by allowing you to manage salaries and effortlessly repay out of pocket expenses and mileage claims.
Once your payroll is enabled you will be able to:
Please be aware that we are dependant on receiving your complete company payroll records before we can start filing your records at HMRC via RTI. With the introduction of late filing penalties of £100 per late return, it is important that we are provided this information in a timely manner to avoid any late returns and automatic penalties.
Stage 3 – Final set-up
If your migration date is part way through your company financial year, we will enter the details of your accounting balances at your migration date based on the information your previous accountant provides to us. If they are unable to provide us with this information we may need to determine the balances for you using your accounting records. This process make take a little while depending on the availability and format of your records.
If your migration date is set to coincide with your company year end, once your accounts for the previous period are complete we can make a start on capturing the opening balances to complete your set-up. This may take a little time to complete as we may need to liaise with your previous accountant to gather additional information.
Once the final stage is complete, your LiveCash will show your company finances in real-time, you’ll have a clear view of your profits for dividend payments plus you’ll be able to use the higher rate tax calculator.