Virtual Finance Office (VFO)

What is a VFO?

A Virtual Finance Office replaces your internal accounts office with one that requires no office space, furniture or accounts staff, and requires very little computer equipment. It is constructed within the cloud, highly automated and uses the minimal amount of labour. It is “scaleable”… able to grow and shrink with your business as required, and requires little to no capital outlay or leasing commitments. Information is instantly available and in the most user friendly format for business owners.

What is "the cloud"?

Are you using Facebook, Linkedin or online banking? …then you’re already using cloud software. It’s a term used to refer to software that you access via the internet from a supplier who maintains it on their IT hardware as opposed to yours. In business, that software use usually comes at a fixed monthly cost and is commonly referred to as “SaaS” (software as a service). Businesses can access these resources and expand or shrink services as business needs change.

How will our systems work?

Xero, Freeagent and Kashflow are the versions of SaaS accounting software we specialise. And it is Xero that forms the heart of our cloud based Virtual Finance Office. Xero, like the other two, is a user friendly accounting software package, and unlike Sage and other similar traditional software packages, it is designed around the “none-accountant”, so it is really easy to use.

 

The key advantages of cloud based accounting software like Xero over traditional “server based” software are:

  • Security and Reliability – because it’s cloud based there’s no back-ups, no duplicate files, no server problems, no risk from fire, flood, theft etc. You will always have the latest licence version and no upgrades are required by you.
  • Scaleable – to grow (or shrink) with your business when required at an instant with no cost implications. No need for new pc’s, servers, storage space, licences etc. or the commitment to them/depreciation when you want to scale down.
  • Access – from any device with internet access, even your smart phone…. You no longer need to be in the office at your pc. It’s user friendly and simple to follow, with all transactions “drillable” from the highest level of performance report down to an image of the original invoice.
  • Collaboration – multiple people can work on multiple tasks simultaneously, making information production quicker, more accurate and cheaper. You no longer have to sequentially process wages, vat, expense claims etc. They can be done by different people from different locations all at the same time (eg your bookkeeper from home, employee on the road, accountant in his office etc.)
  • Cost – it slashes your bookkeeping costs by up to 60% There are no up-front software purchase costs, just simple monthly payments for your chosen version. It also has its own document management system allowing you to use it as an online filing cabinet for your sales invoices, supplier bills, statements, letters, in fact any computer file or image. So you can eliminate the cost of maintaining your filing system.
  • Integration – There are numerous add-ons’ that seamlessly integrate with Xero, from CRM to EPOS, Paypal to Payroll and more.

Here are just a handful of add-ons we recommend:

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Yodlee Bank Feed

Automatically posts your bank transactions, then matches them with sales invoices and supplier bills.

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Receipt Bank

Automatically posts supplier bills directly to your accounting package from images you capture from a scanner or phone app picture. Also allows your employees to create expense reports simply and quickly from their smartphones. Faster processing, simple future access for reference and no need for the space to file the original paper copy.

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TripCatcher

A phone app linked to Xero that captures details of business travel through use of start and finish postcode entry, or GPS tracking. It posts the expense to motor expenses, updates the employee’s expense claim, and claims the vat back on the petrol.

Sign up for a VFO

We’d be delighted to provide you with a demonstration of the software, or arrange for you to speak to one of the many clients engaging our VFO service. Just drop us a line on 01943 603548 or send us an email.

 

I hasten to add that you may choose to operate the majority of these systems in-house, and that we would be very happy to support you in the creation of the systems and ongoing support and advice.