Press Release (ePRNews.com) - RICHMOND, England - May 13, 2016 - MyWorkpapers (www.myworkpapers.com), a leading financial and audit software company has launched in the UK with a range of cloud-based technology aimed at accountancy practices, bookkeepers and businesses who will benefit from faster and more accurate work-paper generation and financial verification, significant administrative time-savings and access to actionable business intelligence that will increase overall profitability.
CEO at MyWorkpapers, Rich Neal commented, “We are providing accounting firms and their clients with content, methodology, technology and innovation to improve productivity, compliance and most importantly collaboration. Our clients quite simply save time with our new Connect platform, everyone, whether an accountant, bookkeeper or an individual business, has shared and easy access to financial records, workflow and day-to-day task management that makes sense of the monthly numbers. So whether it’s chasing debtors, managing cash-flow or having the insight to make critical decisions on future strategy, finance professionals now have the tools to help their businesses perform better.”
Accountancy practices – “the honeymoon is over…you need to make clients more sticky”
Rich Neal, explains why its products are a game-changer for accounting firms, “Cloud accounting software has been picked up and adopted by thousands of businesses in the last few years because of the data feeds and intuitive use. Accountants are also promoting it to their clients, and assisting with implementation and rollout. The consequence, however, is that the ‘honeymoon’ is soon over because the client becomes educated and think they don’t need their accountant as much. We have seen this in New Zealand and Australia. Businesses become more independent and choose to do more themselves, and are less reliant on their accountant for processing and checking of the numbers.
What our products do is to help accountancy practices not only systemise their workload and become more competitive but also maintain and often re-ignite communications with their client base.
A unique feature of our Connect product is that the accountant can work with in-house finance teams, bookkeepers and business owners to create to-do lists for weekly or daily tasks that they should be doing in their business, for example setting up weekly routines for cash control or when to process bank feeds. By introducing a virtual software platform that both themselves and their clients can access and liaise on makes clients more sticky and appreciative of the knowledge and value that their accountant can bring to the table. In turn, with the right systems procedures, processes and best practices they can grow their fee base. By reviewing figures, managing queries and assigning tasks on a daily basis, year-end becomes a breeze both for the accountant and the client. Our Connect product effectively provides a bridge between the two parties, both in collaboration and between software they both use.”
Businesses meet compliance and 30-50% labour-savings
MyWorkpapers’ Connect product can be used by accountancy practices, in-house finance professionals, bookkeepers or business owners. Whilst automation of the likes of payroll, monthly reporting or VAT returns saves time, what many modern book-keeping tools still lack is verification of the numbers, analysis and the ability to assign queries, manage related tasks and create relevant work papers and supporting documents.
Rich Neal comments “if not managed correctly, it can be a bit like giving a Learner Driver an Open Licence and the keys to the Porsche, they believe they have the wisdom of an accountant because they can easily navigate the bookkeeping software and reconcile the bank. However a simple intuitive tool does not guarantee financial data accuracy and in many cases businesses are driving in the dark without their lights on”.
MyWorkpapers’ Connect solution was driven out of the frustration of MyWorkpapers CEO when managing his own business. Rich Neal said “each month we produce profit and loss, balance sheet, debtors and creditors reports and compare to budget. But there were always issues – I could see these by just looking at the numbers. So I’d print the reports, highlight the issues and send out a barrage of emails asking for explanations or more information. By the time I got responses, another month had passed. Nothing was available to the business market – whether small or large – to collaborate on financial information, let alone extract the information I wanted within seconds straight from the bookkeeping software.
I conceptualised with our team how we could pull information from any bookkeeping software like Xero, Quickbooks and Kashflow, then make notes, make comments, create workpapers with supporting documents, and assign queries to internal personnel, our CFO or our accountant. When speaking to my colleagues in business, they had the same frustration. So we spent three years building a solution and close to two years market beta testing – MyWorkpapers Connect. But the product goes further – it can be used by an accounting practice, or a bookkeeper or the business owner or all of them in collaboration”.
Using MyWorkpapers’ solutions businesses can improve the accuracy of financial records, meet compliance and also save between 30-50% on labour costs.
UK presence & support from vendors such as Xero, Intuit and Kashflow
The company has opened a UK office in Richmond, London and will sell its solutions direct. It is also working closely with software vendors / integration partners like IRIS, Intuit Quickbooks, Xero, Thompson Reuters, Sage, MYOB, Forbes and others. With Cloud software providers Xero and Intuit, Connect will be able to be bought through their App stores.
For further information, visit: http://www.myworkpapers.com
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