This service is designed for early‑stage start‑ups and online stores, aiming to build a standardised, efficient, and scalable accounting system from “Day One.” Many start‑ups suffer from improper initial accounting setup, leading to messy books, filing difficulties, funding due diligence obstacles, and even missed tax reliefs. Our philosophy is “set it right once, benefit long‑term” – we guide you through software selection, chart design, process documentation, and team training, establishing a robust accounting foundation that supports future growth.
Accounting Software Selection and Deployment – We help you choose the most suitable cloud accounting software based on your business type, transaction volume, budget, and technical proficiency. Our recommendations cover: Xero (comprehensive and ecosystem‑rich, ideal for most online stores and SMEs), QuickBooks Online (user‑friendly, cost‑effective), Sage Accounting (established, stable), and FreeAgent (especially suited to freelancers and sole traders). We handle account creation, company profile setup, tax settings (VAT rates, corporation tax, PAYE etc.), and secure connection of bank and payment gateway feeds, ensuring the system is ready for immediate use.
Tailored Chart of Accounts and Accounting Policy Determination – We custom‑design a Chart of Accounts specific to your industry and business model. For example, e‑commerce sellers receive revenue accounts broken down by platform/channel, inventory accounts by product category, and specialised cost codes for shipping and platform fees; service‑based businesses receive project revenue, labour cost, and subcontractor expense codes. We also assist in determining key accounting policies – inventory valuation (FIFO/weighted average), depreciation methods and useful lives, revenue recognition timing, bad debt provisioning – ensuring consistency and compliance from the outset.
Bank Reconciliation Rules and Automation Configuration – We configure automatic bank rules within the software to match and categorise recurring transactions (platform settlements, subscriptions, rent payments, etc.), dramatically reducing manual reconciliation effort later. We also set up expense approval workflows and spending limits to establish internal controls against unauthorised expenditure. All automation rules are documented in writing for your reference.
Team Training and Support Manual – We provide hands‑on training for you and your team, covering: how to enter and send sales invoices; how to record purchase bills and payments; how to upload and manage receipts/attachments; how to generate and interpret basic reports; and how to use mobile apps. Training can be delivered as one‑to‑one online video, on‑site in‑person (Greater London area only), or via pre‑recorded video tutorials. We also provide an easy‑to‑follow “Accounting System Operations Manual” covering daily procedures and FAQs for quick onboarding of new staff.
Opening Balance Import and Data Migration – If you already have existing records (e.g. Excel spreadsheets or other software), we help accurately import opening balances (cash, receivables, payables, fixed assets, equity, etc.) into the new system, ensuring seamless data continuity. For clients transitioning from pure paper records, we assist in organising historical receipts and bank statements and perform the initial data entry so the system starts with complete and accurate records.
Tax Registration and Compliance Setup – We assist with all necessary HMRC registrations: Corporation Tax registration (obtaining UTR), VAT registration (if applicable), PAYE employer registration (if employing staff), and auto‑enrolment pension scheme selection and setup. We also enter all compliance deadlines (Corporation Tax, VAT, PAYE, annual accounts filing, etc.) into your accounting system and calendar reminders, establishing a “never miss a deadline” compliance management system.