Name: Nick Bevan
Job role: Technical Director
Time @ Monpellier: 7 Yrs

1. What did you want to be when you were growing up?
When I was growing up I quite fancied becoming a secret agent which then somehow turned into an Accountant.

2. What is a typical day like working at Monpellier?
My day can be quite varied depending on whether I’m in the office or at a clients site, my time is spent managing and implementing projects and quite often preparing for delivery of presentation to help clients find the right solution.

3. What do you enjoy most about your job?
Technology is evolving daily, I enjoy keeping up to date with emerging technologies such as the Powersuite and Azure developed by Microsoft. I then look at ways to incorporate these products into our solution offering.

4. What are the upcoming trends in the industry?
SAAS (Software as a service) has been around for a few years but we will start to see more companies making the transition to SAAS ERP and effectively putting their ERP systems in the Cloud. I also believe that we will see more reliance on applications integrated into the Cloud passing data between our ERP Solution and office systems

5. What advice would you give to someone who wants to work in the software/tech industry?
We are slowly migrating to an app based culture. I would suggest learning how to create apps and integrate data stored in the cloud is a good start for anyone wanting to develop a career within this industry.
Coupling this with a modern apprenticeship is also a great vehicle to gaining a career in this industry.

6. What advice would you give your younger self?
Probably to push my boundaries outside my comfort zone.

7. What motivates you to get out of bed in the morning?
Normally my two children have a say in this. I also love to find a solution to a problem and as you never know what problems you are likely to encounter then the only way of finding out is to get out of bed.

8. If you had a superpower what would it be?
Growing up I used to constantly be called Inspector Gadget and this seems to have followed me into adult life so I would have to say a modern version of him. Maybe Iron Man.

9. What’s your favorite quote?
A comfort zone is a beautiful place, but nothing ever grows there.

10. How would you describe yourself in one word?
GadgetMan

If you would like to learn more about Nick or the rest of the team Click Here

If there’s one thing that defines successful businesses, it’s their ability to cope with change. In recent years, we’ve seen the rapid rise of cloud-based technologies, the reshaping of many industries by automation and artificial intelligence, and waves of regulatory change. Now, the UK faces its biggest change in decades, as it starts to separate from the EU.

Manufacturers can prepare for Brexit now by ensuring they have systems that give them a clear, real-time insight into their businesses. The aim is to ensure they can take effective and well-informed decisions, whatever changes in their supply chains or markets.

Companies that use just-in-time deliveries, for example, may need to adjust their lead times and inventory levels. The Road Haulage Association warns that additional checks at the border between England and France could result in significant delays and queues. Some companies will need to increase their inventory levels to avoid the far greater cost of downtime on the assembly line because parts or subassemblies are unavailable. For many companies, there will be a delicate balance to strike, ensuring they can continue manufacturing in the face of uncertain delays, without harming cash flow by overbuying goods. The only way to get it right will be to have real-time insight into the supply chain and stock levels, joined up with the company financials, so that business leaders can understand the impact of any delivery delays, and better understand how to mitigate them.

There may also be increasing currency fluctuation in the future. The Brexit process has already seen the pound devalue against the dollar and the Euro, and there may be further volatility to come. Sharp currency changes can affect the cost of imported goods, and the returns from exports. For companies that operate on tight profit margins, currency fluctuations can have a significant impact on their profitability. To manage this complexity, it will be important for manufacturers to have an ERP system that handles multiple currencies smoothly, so that the business can plan, price and negotiate based on a good understanding of the company’s currency exposure.

If the UK leaves the EU without a deal, the UK government has said that a temporary tariff regime would be introduced. Although most imports would be tariff-free, tariffs would be applied to the automotive industry and industries that are considered to be “vulnerable and exposed to unfair global competition”. That could see the cost of imported supplies rise. Cloud-based ERP solutions will provide the greatest flexibility to cope with changing regulatory requirements, because they can more easily be updated as new requirements are introduced.

Brexit is likely to result in new documentation requirements to cope with any new tariff, customs or taxation requirements. This may apply not only when trading with the EU, but also when dealing with other countries whose trade arrangements previously depended on an EU agreement. One way that manufacturers can minimise delays is to ensure that all shipments have the right documentation attached, so that pallets aren’t left sitting by the dockside waiting for missing paperwork to arrive. A robust document management solution will be necessary to tackle the increased complexity of international trade, and to avoid the assembly line downtime and customer dissatisfaction that might result from avoidable delays.

Much about Brexit remains uncertain, but businesses can prepare now by asking “what if?”, and working out the information they would need to operate effectively under different scenarios. Microsoft Dynamics 365 Business Central is a comprehensive ERP suite that spans financials, purchasing, inventory, operations, warehousing and projects. By introducing it to your business now, you can ensure you have the processes and visibility you need to make smarter decisions in the face of unprecedented change.

Some argue that off the shelf accounting packages aren’t as good as Excel spreadsheets to manage your finances. Although Excel can be customised to a way that could work for you, there are multiple reasons why software ranks supreme over the Excel spreadsheet method.

Ease of use

A Microsoft Excel spreadsheet is basically a blank slate on which you can store important financial figures. You can type in any numbers and use simple calculations to create the figures you want to tally. However, if you aren’t an Excel expert, then you won’t know how to tabulate your finances.

A safer option is to use accounting software, like Pegasus Opera 3 or Sage 200. This is more powerful software is just as easy to use as an Excel spreadsheet, with an added benefit of built-in analysis and automating features. You don’t need an accounting degree to keep your books when using accounting software.

Visibility to your economic health

Your financials may seem easy to track in Excel at start-up, but after years of experience, you begin to generate a much larger volume of figures.

Tracking and analysing important financial data becomes harder and more time consuming. With accounting software, it can provide you with balance sheets, income statements, profit/loss statements and reports on your products or services. A few clicks of the mouse and you can share reports with regulatory agencies or review the data that you need to make the quick business decisions that drive business.

Improve productivity and profitability

Accounting software can offer visibility into business operations that can improve productivity and profitability. Monitor supply chain, manufacturing operations, project or service management, human resources, and other business elements in this single software platform. Learn what products or services are your most profitable, streamline operations, and keep on track with your strategic goals. Excel simply can’t provide this type of insight.

5 reasons to use accounting software vs spreadsheets

Hit the ground running

An easy-to-use dashboard is one that you don’t have to set up yourself and it will give you confidence from the get go. When you have a clear financial view from the start, you don’t need to worry about making uninformed business decisions.

Your data is accurate

Your company’s real-time financial data is kept in one central place – online, in the cloud. Bank statement lines are fed into your software – it’s automatic, and reduces the amount of data entry and potential mistakes.

Out-of-box reports

Get most of the reports you’ll ever need, with a few clicks – no need to wait for month end. Real-time reports and budgets are easy to view and share. Tasks like sales tax returns can be completed quicker than if you did it using Excel.

Up-to-date information

Create the information any of your employees might need at a moment’s notice. Your SME will be equipped to manage its finances better and more accurately. This is especially important around tax time when data will be shared. Financial tax information is always up-to-date and ready to share.

You’ll have a clean audit trail

All of the historical information that your employees may need is available at their fingertips. A proper audit trail ensures your data cannot be compromised. It also records every business transaction. This includes sales contracts, payments to employees, and more. Having a complete audit trail reassures employees about the validity of the company and meets the tax department’s needs.

Conclusion

Excel is a great program for storing small amounts of simple data and it can provide basic levels of accounting functions. As your business grows and you have more data to track and monitor, you’ll find greater productivity and profitability with an accounting software solution.

Please contact us for more information about accounting software options that can improve your bottom line more effectively than Excel spreadsheets! Either call us on 0191 500 8150 or email info@monpellier.co.uk

Cash flow: a definition.

Cash flow, the ability to generate enough cash at the right time to meet liabilities, is one of the most common inhibitors of business growth and the key reason for insolvency, affecting profitable and unprofitable companies alike.

According to research, small and medium-sized companies are owed nearly £40 billion as a result of late payments. The findings highlight that 60% of SMEs are now experiencing late payments, with the average overdue payment figure totalling £38,186.

10 tips for improved cash flow

Pegasus Software have put together a list of 10 tips for improved cash flow for SMEs:

1. Where possible, capitalise on financing options such as loans, to help mitigate against the impact of cash flow volatility.
2. Run regular credit checks on your customers. Circumstances can change quickly, so ideally this should take place every six months.
3. Ensure you know the history of your largest customers. For example, if directors have a history of bankruptcy, a degree of caution may be necessary.
4. Be bold. If a customer regularly defaults on payment terms, are they worth the resources it takes to service them and chase down payments? Turning away business might seem counterproductive, but could positively impact the bottom line.
5. Consider your credit terms and look at introducing 14-day payments or small deposits for the largest customers. Look into offering a small discount for early payment.
6. Invest in a software solution with robust financials, to generate invoices automatically and in a timely manner, provide alerts when payments become overdue, and facilitate immediate action to recover debts.
7. Ensure you have a clear credit control policy in place and create a series of automated letter and email templates to communicate appropriately with customer and recover late payments.
8. When chasing payment, always act appropriately. Be firm, polite and diplomatic.
9. Monitor your cash flow closely and in real time. Dashboard applications will help you prepare for things going wrong by giving you a clear picture in an easy-to-understand format.
10. Review cash flow processes and resources on a regular basis and set realistic targets to ensure continued improvement.

Managing customer debt effectively

Pegasus have Credit Control Software called the ‘Credit Management Centre’ which provides credit controllers and those involved in debt management with a centralised, easy-to-use tool which consolidates all of the information needed for effective credit control.

Easy to understand, real-time graphs display your overall financial status so you can quickly see what is owed, who owes it and how much money has been promised by customers. This gives you all the information you need to improve cash flow, reduce bad debts and improve the overall financial position of your business.

Key features of the Credit Management Centre

• Easy to understand dashboard views of the overall financial position of your company and customers.
• Drill down behind key financial information, customer accounts, and transactions.
• Powerful filters allow you to manage customers that are over their credit limit and/or have overdue invoices.
• Create and organise customers into user definable Credit Management Groups according to their Debt Define custom Action Types and Outcome Types to be used with diary actions for recording activities and follow up reminder via Notification Services.
• Record and revise Promised Payment against individual transactions or at account level.
• Integrates with the Opera 3 Sales Ledger with instant access to the Account view for historical information.
• Easily put accounts on or off stop, increase or decrease credit limits, and reorganise accounts into different Credit Management Groups individually, or in bulk.
• Dispute invoices and record the appropriate reason code.
• Print Statements, Copy Invoices and produce Debtors letters.
• Keep on top of actions due for completion with the Diary view.
• Additional Credit Management reports including: Promised Payments & Diary Activities that can also be exported directly to Excel.
• Integrates with Pegasus Instant Messenger (PIM) and Pegasus XRL.

Check out the video demo of the Credit Management Centre here

Contact one of our Business Software Consultants to see how upgrading to Opera 3 can benefit your business. Either call 0191 500 8150 or email info@monpellier.co.uk.

Until the 1980s when technology and computer software development really progressed, accounting was a long and laborious task, requiring all notations and financial data to be analysed, recorded and stored by hand. Accounting software introduced a quick and reliable method of tracking accounts that has revolutionised the industry.

What is a Sage accounting system?

A Sage accounting system is a computerised package that has numerous facilities to process your financial information. The system collects your information, classifies it and then summarises the data in an accessible way to allow the user to view their financial information in simplistic terms. Just some of the many capabilities of a Sage system include:

• Ability to print out invoices
• Updating customer and supplier records
• Making payments
• Automatic update of the general ledger
• Automatic altering of stock levels
• Automatic calculation of payroll
• Summarises customer accounts with overdue balances
• Valuation of stock
• Analyse sales
• VAT returns

Due to its early beginnings and market dominance, Sage managed to attract accountants before other packages had the chance. It’s an aging industry, full of traditionalists so those who started with Sage have mostly stayed with Sage.

90% of accountants in the UK recognise the Sage format because of this, either using it in the past or still use it today, passing it on to their employees and the next generation of accountants. Sage have concentrated on providing users with solutions which benefit them, they include features requested by their clients and have remained loyal to the small and medium sized businesses instead of going to what is more likely to be the more profitable option of the corporates.

Sage understand what their customers need, the industries they work in and advancements in a quickly changing technology. This allows them to improve their package to retain their current users whilst attracting new ones.

The benefits

Rule out human error

By having a completely computerised method of storing all of your financial information, you rule out the risk of human error, such as jotting down the wrong figures or misplacing information. These seemingly small errors can have a catastrophic effect on a business’s financial standing, so having an accurate system is hugely beneficial to the user.

Real time financial information

You can access your account and see all the transactions and your cash flow to date as the system is updated in real time. This is handy if you need to check you can afford unforeseen costs or to confirm which transactions have been processed.

Less time consuming

Data entry can be carried out much quicker than if it were done manually, and the information only has to be entered into the system once, even if it’s to be used for many purposes.

Keep things simple

When businesses grow and develop, accountancy becomes much more complex. Computerised accounting systems sift through all of the data easily and make the process much more straightforward than manual accountancy.

Cost effective

Sage accounting systems are quick and efficient, which makes them much more cost effective than paper based accounting as the work requires less hourly paid work. Furthermore, the systems are usually issued at a very low monthly subscription cost.

So, what next?

If you are interested in finding out more about Sage accounting software, call us on 0191 500 8150 or email info@monpellier.co.uk and one of our Business Software Consultants will be more than happy to have a chat with you regarding this.

Struggles with an accounting system may be a sign that it is time for something new. Growing SMEs may quickly outpace an older accounting software system but only few companies are willing to make the move. All of the other companies are staying things like:

“We’ve always done it like that”

“This is what we’ve been told to do”

Using those canned answers tells us a lot about someone. The number of meetings we have had with different clients who say the above two answers to questions is astronomical!

If you are one of those people that find themselves saying any of the above, it is time to sit back and read through this blog post so you can reassess.

Here are several indications that will justify moving to an accounting system with more features and scalability:

User permissions

Some companies have a need to limit certain functions to certain users. Most systems come with basic functional limitations, such as restricting Accounts Payable and Accounts Receivable functions. It may be helpful to have more granular user permissions such as access to only purchase orders or a certain bank account.

The key is to balance efficiency with security; that is, users need to be able to access areas of the accounting system they need in order to get their job done without having to constantly locate a supervisor. At the same time, there needs to be a balance so they don’t access areas unrelated to their job description.

Multiple companies and consolidated financial systems

Multiple companies that are the “children” of a parent company may need consolidated financial statements. A more robust accounting system makes it possible to open and view information for multiple companies at the same time.

Or, it set up correctly from the beginning, it is entirely possible to track multiple companies within one set of books which makes consolidated financials a snap. Be careful though, tracking multiple subsidiaries can quickly turn into a mess if not done properly and efficiently.

Number of customers and vendors

Keep an eye on the number of customers and vendors. Each system has their own limits and these limits can get complex quickly. Businesses need to be prepared to switch to a new accounting system before data limits impact everyday business operations.

File size and performance

There may be file size limits, especially if the company manages a high volume of transactions or multiple years of history in one file. It may be possible to condense files or set different preferences to speed up accounting system performance. Performance may be an issue if an older accounting system is installed on a newer PC.

Inventory features

Inventory issues are time-killers and create headaches. If a business needs a different method of calculating inventory or more advanced features than those provided in the “off-the-shelf” software, it may be time to upgrade.

Enhanced customisation

Most mid-market accounting systems provide better customisation such as additional custom fields, better reporting and improved form design. The based models offer standard reports with limited customisation options. However, if  the accounting system is designed correctly, using these reports can usually handle most business owners’ needs.

Manual processes

How many ‘touches’ does it take to pay a bill or create an invoice? If there are multiple approvers and/or data entry takes an inordinate amount of time, then it may be a good time to make a change.

Another clue is using manual spreadsheets to manage processes and information when a reporting feature could make the task simpler and more accurate. It’s easy for companies to get in the “we’ve always done it this way” mentality. Look at processes to see if manual processes can be automated.

Number of simultaneous users

The final reason to switch to a larger accounting system is to accommodate more simultaneous users. Most software packages start out at base level for the core package and offer add-ons as well as an additional charge for each user. There is also a substantial investment in conversion and training as well so it’s important to accurately predict the number of users before deciding to make a change.

Monpellier has extensive experience helping clients select the best accounting systems for their situations. If you need help determining what kind of system is best for your business, give us a call on 0191 500 8150 or email info@monpellier.co.uk.

Business accounting software scraps human error that is part and parcel of doing everything manually. Instead, it enables you to easily access the vital information without the hassle.

Even better still, there are numerous cloud accounting software options available. Finding the right accounting software can be a difficult decision to make but there are five ways to help you in your search for the right solution.

Choosing the right accounting software

1) What are your accounting software requirements?

It is vital that you take into consideration how much money your business pulls in annually when it comes to choosing the right accounting software. A business that pulls in several million yearly will require a different software solution to a company that invoices thousands. The way your business operates is also something you must take into consideration as there are a large array of different accounting software systems available.

You need to consider software that is designed specifically for your business and what you do; there are plenty of systems that are industry specific and you need to find your niche and theirs. Whether it be manufacturing, hospitality, retail or commercial, there is a suitable system and plan available for you.

The software that you eventually decide on is going to make bookkeeping easier for you, you still need to be financially literate in order to use it effectively. Despite the software sophistication, it  is still only there as a tool to help and guide you, rather than do the work for you. You need to know what to do with the software once it’s in place.

2) Have you considered cloud accounting apps?

Cloud accounting applications come with an entire assortment of beneficial features:

• They can be accessed anywhere
• No software licenses or servers need to be purchased
• Upgrades and patches are done automatically
• You can access them from any device with a web browser
• Your records are kept safe and secure at a data centre rather than a filing cabinet
• Many cloud accounting apps integrate with your other cloud apps, saving you time

3) What is your accounting budget?

Business accounting software is available to you no matter what your budget is. Generally, you can access apps for a low monthly price that scales with your business so the larger your organisation, and the more features you require, the dearer the price.

Accounting software allows you to pay on a monthly or yearly basis. You can choose a subscription that meets your business needs rather than buying the software outright and having to update later. If you decide to purchase a year long subscription, you will also often pay a discounted rate.

4) Have you thought about accounting add-ons?

Add-on features generally allow flexibility, functionality and personalisation. The incorporation of an accounting app add-on may allow you to access the software remotely, accept payments online and link your e-commerce software with your accounting software. Additionally, you can incorporate your tax software as it’s generally compatible.

Before deciding on your accounting app, consider which software you are already using. Does it integrate with any accounting software? Integrations can save you significant amount of time on paperwork: as you avoid handling the same data.

5) Have you sought out expert advice?

Using your accountant when you are making the decision about which software would suit you is not a necessity, but it could help you choose something that is going to be compatible with what they have in place already. Additionally, your accountant is probably in a much better position in terms of knowledge and experience to make an educated decision on what would suit you and your business best.

Alternatively, you can ask us to make a recommendation based on your industry, business and specific requirements.

The team here at Monpellier have years of experience working with accounting software, and are partners of numerous software companies, allowing us to provide you with an agnostic recommendation.

Give us a call on 0191 500 8150, or email info@monpellier.co.uk and one of our Business Software Consultants will be able to book you onto a free demo today!