The firm of the Future: The modern-day accountants
Coming into PJCO I had very little knowledge on what an accountancy firm looked like and ran however from being here for only a few days I have already been shown just how different my expectations were. Before coming to PJCO I believed that accountancy was just for processing all the numbers on an outdated method of recording transactions. I also believed that the relationship between accountant and business was very professional and although still, professional PJCO has a much more personal relationship with every business they contact compared to what I thought. I also believed that there was very little communication with anyone other than clients and the manager but PJCO has shown me just how much of a team their practice is and how closely they work together.
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I was quickly introduced to multiple pieces of software for not only accounting but for communication too.
One software I was introduced to was QuickBooks accounting software that not only does invoices and receipts but can also run payroll and complete your tax return using the new Making Tax Digital scheme.
QuickBooks is a brilliant piece of software and even for a first-time user, it was easy to pick up and understand quickly. I was surprised by how simple it was to create any expenses or invoices and even to reconcile the bank statement. It is so much more advanced than what I previously thought an accounting practice would use to complete accounts. I have been shown that it can be used alongside many other apps which gives PJCO and their clients the versatility they need to be able to complete work to the best standard. For clients who dread their VAT return, QuickBooks really is the software to use. As you input information into QuickBooks the VAT is already processed into the return.
I was also introduced to Karbon a piece of software for communication and keeping track of work. It is great for tagging another person into an email if you need to ask for help, but they are not around. It is also great for looking at a simplified list of what to do instead of going through emails one by one to see if they are important or not.
This piece of software is useful for making sure you meet any deadlines you might have by seeing a clearer overview of what you still need to do. This software has made me feel more productive as I can see once something is completed and watch it disappear from my to-do list.
Receipt Bank was the lastest app I got to try out. A piece of software to aid businesses in sending over their receipts and invoices quickly and effectively, so they are not holding onto scraps of paper for every tax return. I was also shown how it integrates with QuickBooks which is a useful feature for easier bookkeeping.
The app is great to use because it automatically extracts data from the receipt or invoice that you take a photo of such as, customer, supplier, currency, and payment method and PJCO are able to use that information as soon as it comes through.
I feel that by seeing all these apps in action I understand why PJCO use them a lot within their practice. It helps to make sure that everyone meets their deadlines, and can do so easily, as they will have all the information from accounting software like QuickBooks and Receipt Bank in real-time which is important for them to keep organised.
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The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
Robert Kiyosaki
