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A bespoke UK based on-line Accountancy & Tax package targeted exclusively to small businesses. Bonacc is changing the face of Accountancy with this easy to use system, and you’ll have your personal Accountant. |
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Here are some frequently asked questions about Joining BonAcc
| Q: |
What are the system requirements? |
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| A: |
Minimum requirements are that you are using Pentium 4 or Athlon 3000+ or greater hardware, have 1 Gb of hard disk space available and operating system(s) Windows XP Service pack2 and above, Vista or Windows 7, together with all patches, browser, broadband connection and regularly updated virus prevention and anti-malware programs.
The software is not compatible with a MAC at present. |
| Q: |
Can I use the software but keep my old accountant? |
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| A: |
Yes, but the monthly fee is the same. If you choose to do this, at the yearend you can download an audit trail of all transactions to give to your accountant on a spreadsheet. Effectively this would mean you are paying for your accounts twice! |
| Q: |
But my Accountant saves me lots of tax and gives me good advice, so I’m reluctant to change? |
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| A: |
Many Accountants retain clients stating how good they are with keeping your tax liability down – in truth the majority of Accountants are very competent people who would all arrive at the same tax liability as the others. At BonAcc we only deal with small businesses which is our speciality and where there are specific needs for important tax advice that falls outside our remit, we will be honest with you and tell you that Bonacc is not for you – as we have said to small businesses that fall within the remit of IR35 as this is a specialised tax area in our opinion requiring expert advice. |
| Q: |
How is VAT returns done? |
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| A: |
VAT returns are automatically produced by the software, but this function has a uniqueness. The VAT report will show you your figures for all transactions recorded in that VAT period, but the VAT return wizard searches back for that year for any changes that have been made prior to that date, thus self correcting every VAT return if mistakes or amendments have been made. At the end of every year when the Accountant does the accounts, we reconcile and check your VAT, then we lock it, giving you the assurance that your VAT returns submitted have been correct and checked by the accountant. HMRC allow you to adjust a return up to £10,000 without disclosing this, so provided the errors are not that much; you are abiding within the VAT rules. You cannot go wrong with the VAT return wizard and we think this is one of the best available on the market. |
| Q: |
Does the VAT return do EU VAT |
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| A: |
Yes. If you have to complete EC sales lists or Intrastat reports we strongly recommend you set up separate sales and purchases activities for these so that using the system to help you complete the forms is simple. |
| Q: |
Why do you not do payroll? |
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| A: |
Payroll is a weekly/monthly commitment and we do not want to deter from our core objective, but we do offer support for all aspects of payroll, including yearend filing of P35’s, P14’s and P11D’s. HMRC offer free payroll software, you can buy commercial payroll software for around £100 a year or outsource it to many specialised companies who only do payroll. |
| Q: |
I keep my records in a ledger / on a spreadsheet, is BonAcc software suitable for me? |
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Yes, BonAcc has been designed specifically for small businesses that do not currently use accounting software – all you need to be able to do is record all of your payments and receipts in the correct account. |
| Q: |
I currently use Sage (or similar) software, should I change? |
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This is down to personal preference; BonAcc comes with the accountant and offers amazing value for money whilst not compromising on service. However, BonAcc does things Sage does not do and Sage and other software does things BonAcc does not do and they are completely different. To compare them would not be fair, as BonAcc has been designed with doing your accounts and tax returns in mind. |
| Q: |
Can I trial the software before deciding whether to join? |
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Yes – please click on the contact icon and state that you would like a trial in the message box and we will get back to you. |
| Q: |
What is BonAcc not suitable for? |
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BonAcc is not suitable for businesses that use invoice accounting for VAT (retailers) as it is based on cash accounting for VAT, flat Rate for VAT or non vat companies. It is also not suitable for companies that need accounting software to raise invoices and maintain debtors and creditors ledgers – BonAcc does have an optional module for invoicing, but we have kept this simple and uncomplicated. Please read the page is it suitable for me? |
| Q: |
Does BonAcc cope with VAT rate changes |
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Yes, VAT rate changes are automatically set by date, all you have to watch out for is if you have an invoice for one rate of VAT that is paid for after the VAT rate changes, then you just need to click on the VAT button to move the rate back – as good a system as any other software. |
| Q: |
What does the tax insurance cover me for? |
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From the 1st of the month following when you join, you are covered for any enquiries from that date, even if they are for a period that involved your old accountant. Please read the tax insurance page for more details, but it is one of the most comprehensive tax insurance schemes in the market. |
| Q: |
What do you mean “interactive software”? |
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That the software is, at all times, accessible by the accountant. We have built aspects into the software like “Requires Checking” and emergency code so that you can continue inputting your data with the assurance that an accountant can help you out – all we ask is you email us, then we can either tell you what is correct or we can go into your account and update it ourselves – the choice is yours. |
| Q: |
It seems we get a lot for our money, what’s the catch? |
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There is no catch. The way for businesses to survive is to use technology to save costs and offer additional value, which is exactly what we have done. The on-line relationship means we save a lot of time with face to face meetings and answering phone calls, meaning we are more productive. The software streamlines all data into exactly how we want it, saving us 50% of the time we would normally spend producing accounts. |
| Q: |
Will updates be made to the BonAcc Software |
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Yes, we will always be seeking to improve the software and adding additional reports and will always welcome feedback. |
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