Today we’re launching Final Accounts, a new online accounting solution enabling businesses’ final accounts to be prepared using information directly from Clear Books’ cloud accounting software.
Final Accounts has been built in consultation with accountants and user experience designers and is now in its final beta testing phase. During this period, while we get ‘real-world’ feedback and iron out any last bugs, the product is only available to Clear Books accountants and will be free to use.
At this stage, Final Accounts will only deal with micro entity accounts, generally for those companies with a turnover of less than £632,000. This represents over 90% of our company users.
What is Final Accounts?
Every accounting year companies produce a set of accounts which have to be sent to Companies House and HMRC.
Reports and data have to be taken from the business’s books, either in spreadsheet or printed format, and re-input into other software to produce the annual accounts in a format suitable for the Government.
Our Final Accounts product will be integrated with Clear Books Accounting, meaning that users can produce a set of accounts straight from Clear Books in the
electronic format required by Companies House and HMRC.
What are the benefits?
- Full integration with Clear Books Accounting for profit & loss and balance sheet data
- Confirmation that you qualify to complete accounts under micro accounts rules before you start
- Automatic ‘tagging’ of accounts data for iXBRL electronic submission
- Generation of optional abridged accounts for submission to Companies House.
- Directors’ report
- Balance sheet
- Mandatory profit & loss
- Detailed profit & loss
- Directors’ loans note
What’s next?
After the initial period of testing and feedback, we will start charging to use the product and Final Accounts will also be made available to small businesses. Depending on the level of feedback and interest, there is potential for a future release that deals with “Small Company” accounts (not just Micro)
Although not in the initial release we will be enabling direct submission of the accounts firstly to Companies House and then HMRC.
Try it out!
You can take a test drive of Final Accounts by signing into Clear Books Accounting and clicking on the ‘reports’ tab on your dashboard.
User feedback is essential in making Final Accounts as smooth as possible. Please leave a comment below or visit our community forum to let us know what you think.
