Gloucester based Bloom Accounts launch a new service to put real-time financial information in the palm of your hands
PUBLISHED: 15:45 27 June 2017 | UPDATED: 15:45 27 June 2017
Businesses can now have the very latest financial information about themselves at their fingertips thanks to a new digital book-keeping, management reporting and forecasting service launched by Bloom Accounts
Critical intelligence to help businesses achieve their goals will be provided by a team of financial services professionals using state-of-the-art technology and real-time data.
The service has been launched by Darren and Michelle Phillips and long-time friend Peter Timothy, who identified a specific need for more digital-based business support thanks to their experiences working within the financial services sector.
Peter said: “Many time-constrained business owners struggle with out-of-date management accounts and a lack of insightful financial forecasting.
“These issues constrain productivity and the growth potential of many SMEs.
“Our services address these issues and provide business owners with valuable financial information to support their decision making.
“If business owners want to use their time more effectively – running the business and doing what they’re good at, whilst having a complete financial picture of where the business is trading and planning effectively for growth – they need to go with digital bookkeeping, accounts and forecasting.”
The digital services and platform being used by Bloom Accounts, based at North Warehouse in Gloucester Docks, allows business owners to have vital information about their finances, quite literally, in the palm of their hands.
In enabling companies to access the most up-to-the-minute financial reports in a professional manner, it will help them attract investment and build better banking and third-party relationships.
Michelle said: “We spent a lot of time researching technologies and ensuring they work as effectively and efficiently as possible so we can provide a complete end-to-end bookkeeping, management reporting and forecasting service.
“Having said that, people not software are at the heart of Bloom’s services.”
“It means a business owner can look at their PC, tablet or smartphone 24/7 and understand right up to the minute where their cash is, where their profit is, and what their balance sheet looks like. “We will also prepare financial forecasts that are updated in real time so that business owners have a clear picture of the current performance of their business versus forecast.”
“To keep on top of expenses, for instance, the technology we use allows business owners and their staff to fill up their car with petrol, take a photograph of the receipt with their smartphone and send it electronically to us. We will then take care of the appropriate accounting entries.
“We will enable business owners to keep right on top of their numbers, from invoicing to forecasting to VAT returns.”
With the advent of HMRC’s Making Tax Digital (“MTD”), businesses will be required to retain digital financial records and report to HMRC on a quarterly basis. Businesses working with Bloom will be prepared for MTD.
While the new service is suitable for all sizes of businesses, Bloom Accounts believe it will especially suit SME owners who often don’t have enough time and resources to keep track of their finances.
Darren said: “With our service, they can have a finance department working alongside them, providing a cost-effective service that delivers robust, real-time numbers, insightful management reporting and dynamic financial forecasting to support the growth of their business. Essentially Bloom is an extension of their team.
“About five years ago, when I moved from a large corporate environment into a new role working with SMEs, I often found myself wondering why smaller companies didn’t have access to the sort of financial information that larger corporations simply take for granted.
“That was the basis of the idea behind setting up this new service, providing a capability that large corporate businesses are used to because they’ve got the resources to have it in-house.”
“For a fixed monthly fee, we look after our clients’ books, essentially doing everything in the bookkeeping, management reporting and forecasting world related to their company.”
“Once we understand their current financial record keeping, we move them over to a digital-based accounting and bookkeeping system and we undertake the processes that they would typically do themselves to deliver real-time financial information.”
“We’ll take away the worry over whether their accounts are up to date, providing them with peace of mind and, in what we know can often be a stressful environment, help them sleep much easier at night.”