April 2, 2024

The Partners have been considering the structure of our firm and have made the decision to transfer the business of Alexander Sloan to a limited liability Partnership in the name of Alexander Sloan LLP on 1 April 2024.

From that date, Alexander Sloan LLP will assume all existing engagements with the clients of Alexander Sloan on the same terms and conditions. The Partners believe a limited liability partnership to be a more appropriate structure in which to operate going forward; however, we would like to reassure you that our services will continue uninterrupted and as normal.

Please note that this is merely a change in legal structure. There is no change in ownership or staff.

We would ask that you update your records accordingly.

Should you have any questions regarding the above, then feel free to contact your relationship Partner who will be happy to provide any further details.

Digital accounting systems have become increasingly important for companies in recent years, and the COVID-19 pandemic further highlighted their benefits. These systems offer a wide range of advantages over traditional paper-based accounting methods including increased efficiency, improved accuracy, better security, greater flexibility, as well as better collaboration. As the world is moving towards a sustainable future where companies must set and achieve Net-Zero emissions goals, digital accounting systems play a significant role in measuring, reporting and achieving these goals.

We explore below a more detailed look at why companies should consider moving to digital accounting systems, with specific examples of how they helped businesses during the last few years and the importance in achieving Net-Zero emissions. 

Increased Efficiency: Digital accounting systems automate many of the tedious, time-consuming tasks associated with paper-based systems. This can save companies a significant amount of time and resources, allowing them to focus on more important tasks. For example, during the pandemic, many businesses had to quickly adapt to remote working, and digital accounting systems allowed them to continue their financial operations without interruption. Automated tasks such as bookkeeping, invoicing, and reconciling bank statements can be done faster, more accurately and with less human intervention than manual methods.

With digital accounting systems, companies can also automate their carbon accounting and reporting, enabling them to easily track, measure and report their emissions in a consistent and accurate way, which is crucial for achieving Net-Zero goals. 

Improved Accuracy: Digital accounting systems can help to reduce errors and increase accuracy by automatically checking for errors and inconsistencies in data. This can help to prevent costly mistakes and improve the overall accuracy of financial reports. During the past few years, the increased uncertainty and volatility in the economy has made accurate financial reporting more important than ever.

Digital accounting systems also provide real-time data access, so decision-makers can have a clear and updated view of their financials, enabling them to make more informed decisions. With digital accounting systems, companies can also ensure accurate tracking and reporting of their emissions, which is important for achieving Net-Zero goals. 

Better Security: Digital accounting systems offer a much higher level of security than paper-based systems. They use advanced encryption techniques to protect sensitive financial data, and they can also be configured to automatically back up data, so that it is never lost in the event of a disaster. With more employers offering home working to their employees, digital accounting systems provide an added layer of security for companies’ financial data. This is particularly important for companies that handle sensitive financial information and need to comply with data protection regulations.

Digital accounting systems also provide a more secure way for companies to store and share their carbon accounting and reporting data, which is vital for achieving Net-Zero goals. 

Greater Flexibility: Digital accounting systems are highly flexible, allowing companies to easily customize them to meet their specific needs. They can also be accessed from anywhere, allowing companies to work remotely or on the go. With many businesses adapting their working arrangements to offer hybrid working conditions, digital accounting systems have allowed them to continue operations remotely, enabling them to keep their business running even in the face of unexpected challenges.

The use of digital accounting systems is even more suitable for those organisations who offer hybrid working to their staff, enabling them to work remotely with full access to the accounting systems. This flexibility also enables companies to adapt and adjust their carbon accounting and reporting as they work towards achieving their Net-Zero goals. 

Better Collaboration: Digital accounting systems make it easy for multiple people to work on the same financial reports at the same time, increasing collaboration and reducing the risk of errors. This allows for more efficient and accurate financial reporting, budgeting, and forecasting, enabling teams to work together even when they are physically apart.

With digital accounting systems, companies can also collaborate and share their carbon accounting and reporting data across different departments and stakeholders, which is crucial for achieving Net-Zero goals. This can facilitate better decision-making and make it easier for companies to identify and implement emission reduction strategies. 

To conclude, companies that switch to digital accounting systems will experience increased efficiency, improved accuracy, better security, greater flexibility, and better collaboration. These benefits have proved to have been particularly valuable during the COVID-19 pandemic, as businesses had to adapt to remote work and an uncertain economy. The pandemic has shown a glimpse of how digital accounting systems can be of real benefit to organisations and this has certainly been a key driver towards digitisation for many organisations. However, this isn’t the only reason why digital systems are becoming more popular. As the world is moving towards a sustainable future with Net-Zero emissions goals, digital accounting systems play a significant role in measuring, reporting, and achieving these goals.

By adopting digital accounting systems, companies can continue their financial operations seamlessly, make more informed business decisions, and stay competitive in today’s digital landscape while also being able to effectively track, measure and report their emissions, which is key for achieving Net-Zero goals. 

If you would like to explore the options available to you, contact our Digital team and we can provide you with more information and how to get started. 

May 26, 2022

The Energy Crisis: How it happened and what we can do to help

As the energy crisis continues to unfold, many households are struggling to pay bills and stay warm as prices continue to soar as the UK rate of inflation reaches a staggering 9%. The energy crisis stems from the UK’s reliance on imported energy and our lack of storage capacity. This coupled with the reduction in supply from Russia has led to a shortage of supply throughout Europe, leading to increased demand and consequently a significant spike in price.

The COP26 meeting in Glasgow last year included an agreement by world leaders to commit to reducing emissions and many countries indicated an initial pledge to invest in renewable energy and implement Net Zero strategies in the years ahead. Although the UK has committed to investing in renewable energy and has made significant strides, there is currently not enough supply to meet energy demands and therefore entirely remove the need for fossil fuels.

As Accountants, we understand and can see that businesses have struggled through the last few years to return to pre-pandemic trading and now with the energy crisis at worrying levels, we are engaging with our current App partners to deliver meaningful solutions to our clients.

We understand the current issues that businesses face and within the last few years, we have partnered with Reducer to help support our clients. Reducer is an award-winning connected purchasing platform that partners with Accountants to help their clients.

Essentially, Reducer analyses your bills for key spend areas such as Gas, Electricity, Water, Waste, Broadband and Telecoms amongst others. Once Reducer has analysed your bills by comparing them against hundreds of suppliers, they will generate a report that outlines potential savings. Aside from highlighting savings, Reducer will also handle the switch for you, meaning you do not need to spend time contacting your current suppliers to switch providers. The best part is that it is quick, easy, and free.

If you would like to explore using Reducer, please contact us through our Cloud Accounting page and we can discuss the process.