The Accounting Studio Ltd is becoming The Accounting Studio (Consulting) Ltd

Further to our recent email, this is just a post to let you know in more detail some things that are happening here at The Accounting Studio.

From 1^st January 2022 the performance of your accounting services will be transferred seamlessly from The Accounting Studio Limited to our new sister company The Accounting Studio (Consulting) Limited. Technically your contract will “novate” to the new company. What this means is that your existing contract will transfer to the new company without any changes.

You will still received the same great service that we always strive to provide and the individuals you have dealt with (me!) will remain the same.

We are planning to bring about some changes in the year to invest in the business and to improve the service you are getting.

Here are a few changes you can expect:

• We are moving to an online proposal and payments system – Practice Ignition. Moving to this system allows us to focus our time on what matters; serving you.
• Moving our accounting system to Xero, from Quickfile. Whilst we have loved working on Quickfile for the past several years and think it is a really great system, we now need something with a bit more fire-power to take advantage of the improvements in technology in the accountancy world.
• We will also be setting up a new practice management system that will allow us both to interact in a more efficient and effective way so that we can provide you with even better levels of service.
• Finally we will be introducing some new services that we think will enhance the current core service offering we have. More on that to come shortly…

 

I should stress that this change is largely an administrative and legal change, rather than a material change. To help deal with any questions you have I’ve put together a Q&A below to answer all the questions I could think of that you might have.

Q&A

• What changes are there – how will things be different?
  • We are planning for the changes to be as minimal as we possibly can – we don’t want disruption and complication any more than you do. That said there will be a few small things:
    • Previously we were invoicing from the Accounting Studio account at Quickfile (https://theaccountingstudio.quickfile.co.uk). Going forward we will be invoicing from Practice Ignition and Xero. What this means in practice is that your old, historic invoices will be on the “old” system, and invoices going forward will be on Xero (which will function in a similar way)
• Do I need to do anything?
  • Yes. Please follow the instructions on Practice Ignition. It should take 5 minutes and will be the formal transfer of your existing agreement with us. It will also allow you to set up a direct debit at the end.
• Is your address or contact details changing
  • No – we will still use all our existing email addresses, phone numbers, website and physical address. Nothing changes.
• Why are you doing this?
  • Like many businesses, The Accounting Studio has developed over time. The Accounting Studio Limited now owns some assets which are very difficult to move but which, I believe, should be separate to the accountancy business. As such I took the decision that the company should be split and The Accounting Studio accountancy clients should be transferred to a new entity.
• What about my accounts/payroll/VAT/tax return etc?
  • Essentially, and practically nothing will change. Any accounts and VAT returns that are currently being prepared will continue to be prepared by The Accounting Studio Limited. After that they will be prepared by The Accounting Studio (Consulting) Limited. Payroll, as it is a monthly service, will transfer immediately. We will continue to provide the services in the same manner as before.
• Are there any legal/regulatory issues I should be aware of?
  • Yes – The new company is also regulated by the ICAEW, as the current company is. Both companies are registered with the ICO. As there will be the inevitable transfer of data between the two entities a standard data sharing agreement has been created between the two companies. This is so that the new company can access your historic data held by the old company, so that service remains seamless. Both companies also hold professional indemnity insurance which are linked so that there are no gaps between the two. Whilst this may sound complex, the outcome will be a seamless transfer of service provision from the old to the new company.
• Are there any other plans afoot?
  • Other than those set out above, no. This is more of an administrative and legal change. We are not planning on selling the business (which this sort of behaviour sometimes precedes). We are, however, looking forward to invest in the business to enhance the service we are already giving to our clients, and to find new ways to provide value to you.
• I am concerned about these changes
  • Please contact me. I am happy to have a chat with you to put your mind at rest.