Bonacc Online Accountancy

  Your complete accountancy solution
  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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  Can I use the BonAcc system?

The BonAcc accounting system has been designed exclusively for small businesses. When we say “small business” we do not mean large businesses that are officially described as SME’s (small and medium, enterprises), but normally a family/individually owned business operating as a sole trader, partnership or small limited company and turning over less than £1.35 million a year.

For this reason, the BonAcc accounting system has been designed only for businesses that:

  • Trade as either a sole trader, a partnership or a small limited company
  Use the Cash Accounting Scheme for VAT or
  Use the Flat Rate Scheme for VAT or
  Are not registered for VAT and operate below the VAT threshold
  • Are capable of maintaining simple records on our system

You must have a windows based operating system (XP service pack 2/Vista or Windows 7) and a broadband connection to use the BonAcc software.

If you meet the above criteria, you can join BonAcc

  What if I use invoice accounting for VAT

If you use VAT invoicing accounting, which is when you account for the VAT on the invoice date, not when you pay/receive money, unfortunately the BonAcc system does not currently support this. This is because we do not want to deflect from dealing with genuine small businesses and have seen so many Accounting Practices give less attention to the small businesses as larger businesses often produce higher fees.

However, you may currently use the Invoicing VAT Scheme but be eligible to change to the Cash Accounting for VAT Scheme. There are some cases when it would be detrimental to change to Cash Accounting, for example if you are a retailer and receive payment in full at the point of sale. You would need to be aware of the advantages and disadvantages before deciding, so please read HMRC’s brief on Cash Accounting at:

  Supported VAT schemes

If you are not registered for VAT then all of these complexities will be hidden from your system. If you operate a Flat Rate VAT Scheme, then the system will automatically take this into account and produce your VAT returns accordingly. If you operate the Cash Accounting VAT Scheme, the system will guide you through the collection of VAT amounts and produce your VAT returns accordingly.

You won’t need to learn ledger codes, transaction codes or customer codes - all of the transactions are recorded in plain language.

  Other Specialised VAT schemes

BonAcc does not support specialized VAT schemes such as retail accounting nor does it support other specialized VAT schemes.

  CIS (Construction Industry Scheme)

If your business falls within the Construction Industry Scheme (CIS) - no problem - you will be
guided through special processes to account for payments, receipts and CIS amounts deducted when recording your income/payments.

  Year End

At year end we will ask you to complete a simple questionnaire. Certified Accounts are then produced by a Chartered Management Accountant*. All tax returns will be completed for your signature before submission to HM Revenue & Customs.

  AML (Anti Money Laundering Regulations)

All new subscribers who wish to join will be subjected to checks under the
Money Laundering Regulations Act 2007.

*All Accounts and technical correspondence will be carried out by an Accountant who has Chartered status within a member of one of the Accounting Bodies represented by the CCAB (Consultative Committee of Accounting Bodies). The Accounting Bodies represented by the CCAB are:

  • The Institute of Chartered Accountants in England and Wales (ICAEW)
  • The Institute of Chartered Accountants of Scotland (ICAS)
  • The Institute of Chartered Accountants in Ireland (ICAI)
  • The Association of Chartered Certified Accountants (ACCA)
  • The Chartered Institute of Management Accountants (CIMA)
  • The Chartered Institute of Public Finance and Accountancy (CIPFA)

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Bonacc Limited. Registered in England and Wales Company no: 6775962
Registered Office: 18 Toulouse Drive, Norton, Worcester WR5 2SA