Annual accounts at warp speed - Crunch.co.uk continues revolution of small business accounting
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October 2010 | Previous | Next
Online accountant Crunch.co.uk has taken a quantum leap in its quest to make business accounting lightning-fast and consign the traditional accountant to the history books.
From the end of October Crunch.co.uk, a fully automated accountancy service for freelancers, contractors and small businesses integrated with an accountancy practice, will allow customers to have their annual accounts compiled within seconds.
Crunch’s accountancy team currently takes on average between four and five hours to complete each customer’s annual accounts – already beating the traditional accountant, which can take up to two weeks. The new system will be able to compile the accounts, using a customer’s inputted invoices, expenses, receipts and transactions, within seconds.
The accountancy team will then check the accounts and, once approved by the customer, will be submitted to Companies House and HMRC. As it does now, Crunch will inform customers when their final tax bill needs to be paid having already detailed how much they need to put aside throughout the year.
The revolutionary approach to accounting takes the pain out of ‘doing the books’, and the all-important year-end.
“We have helped hundreds of businessmen and women with our innovative and easy-to-use software, but we don’t plan to stop there,” said Darren Fell, founder and Managing Director of Crunch.co.uk. “Over the coming months we hope to help thousands more small businesses, entrepreneurs and contractors with their accounts. People can finally focus on their entrepreneurial dreams and not the paperwork.”
Fell continued: “Crunch.co.uk is already a huge timesaver with customers telling us they have more time to concentrate on their businesses. When our new system of compiling annual accounts goes live, the full benefit of our service will become apparent. The system furthers our revolution in the dull, grey world of accountancy.
“Traditional accountants can take weeks to prepare the year-end accounts and can often leave them to the last minute – despite having a nine month deadline. It is so common for an accountancy practice to miss the Companies House deadline and incur a penalty for their customer. This will simply not happen with Crunch.co.uk.
“This is the culmination of three years of hard work to build an accountancy system that will fundamentally change the way accounting services are delivered. Gone are the days of the face-to-face meeting and having to spend so much time on this administration of your business.”
Crunch.co.uk’s banking-grade security system incorporates all business accounting rules and all of the UK tax rules. The company has been nominated for the Best New Business Award in the 2010 Sussex Business Awards and recently announced a second round of investment from Bebo co-founder Paul Birch and former Skype Chairman Michael van Swaaij.