Once you have subscribed to Louw&Co Online, you will be given a unique URL to go to. From there you can set up your enterprise and start making use of the array of tools Openbooks brings. Whatever the package you have chosen, we will help you through this stage so that everything is set up correctly. You should note that your information is kept securely on an encrypted server and only you and we will have access to the data.
The more regularly you enter the daily transactions the better. Transactions can be entered manually or via the bank statement download tool. Sales entries will also be automatically entered when you raise and post sales invoices using the software’s invoicing tool.
If you have decided to allow us to enter the bookkeeping for you, then we advise that once a month we are given your bank download file as well as any other transactions that need to be input. We will endeavour to get these processed within one week of getting them so that you can have sight of your management reports as soon as possible.
Depending on the package you have chosen, either you or we will have entered the transactions so that by the quarter end (if needed for VAT purposes) all data will have been entered. At this point you will have a clear picture of your finances for the quarter as well as figures which can be used to complete the VAT Return. If you have done your own bookkeeping but you have taken out a package which includes our VAT service, then we will at this point check the transactions you have processed for the VAT Return and adjust if necessary.
Provided you have taken out the appropriate package, at the year end we will access your data and after processing any year end adjustments, we will export your data to our various accounting packages so that Self Assessment Tax Returns, Partnership Tax Returns, Financial Accounts and Corporate Tax Returns can be produced and filed. The software’s unique Taxline will have kept you up to date about the various taxes that would be due so there should be no nasty surprises when we present the draft versions to you for approval.
The information above is presented to give you an idea of how the system works. We understand that each person has different needs so our service will always be tailored to meet those needs.
Why not go have a look at the various packages we offer by clicking here