From XU Magazine, 
Issue 31

nettTracker… because consistency matters

Save Time & Improve P&L Consistency with Automated Balance Sheet Reconciliations

What do you do when the tools provided by your accountancy software don’t fully meet the needs of your profession? Ash Beetson took a novel approach: with the help of friend and software engineer Andy Weller, he created his own!!

When it comes to reviewing the profit and loss and the balance sheet, there are a few tasks that are, well, not a lot of fun. Fixed Assets, Depreciation, Prepayments and Accruals: these are topics that are difficult to get too excited about, but if you are serious about preparing reports that accurately reflect the monthly profits of a business, they need to be addressed. 

nettTracker has been created by an accountant, for accountants, to help minimise the time taken with these balance sheet chores. Clients are increasingly demanding more accurate reporting, so the ‘year-end adjustments’ that completely distort the values in months 12 and 1 of a profit and loss are no longer as acceptable as they once were. Over the next few years, there will be much more emphasis on ‘consistent’ monthly/quarterly figures as we update working practices to support how we report profits to HMRC. 

The tools available in nettTracker mean that adjustments to the profit and loss over a desired number of months can be created very quickly, including those in previous periods. At the same time as ensuring the profit and loss contains consistent income and expenditure values where appropriate, values in the balance sheet are being constantly reconciled. 

nettTracker creates all the accounting journal entries you need in terms of fixed assets, prepayments, accruals, deferred income and accrued income.  For all of these, statements are available that can be downloaded into excel to aid the preparation of working papers at the end of a financial year. 

Depending on the company settings, journals are processed automatically each month, and for some businesses it’s not necessary to log-in for several months until adjustments need to be made, or when the end of the financial year has been reached.  New assets can be added automatically when transactions are added to Xero, giving even more accurate reports with no additional effort.

From experience gained working in both industry and accounting practice, Ash realised that all values on the balance sheet need full explanation.  That’s why statements for all areas monitored by nettTracker include values being pulled through from the Xero balance sheet.  What’s more, a forecast of the depreciation, prepayment, and accrual adjustments expected to be made within the current financial year can be viewed and exported into Excel.  This really helps with budgeting and forecasting, where a client needs these reports.

nettTracker includes a full ‘year-end’ process which ensures that the different areas of the balance sheet are checked carefully before closing the year.  For fixed assets, closing the year will freeze the asset register at that point (that can be viewed later), and create a new register moving all values that appeared ‘in year’ to be adjusted to the ‘brought forward’ balances - exactly as you would if using a spreadsheet, but so much easier and without chance of error.

nettTracker operates an ‘unlimited user’ model, so every team member can have access, and clients can also be setup so that they can view all the data being monitored for their company. Adding your clients in this way can help show the additional care being taken when reviewing their accounts and raise the possibility of providing further value added services. 

The price structure for nettTracker is tiered to provide great value no matter your requirement. With a single company subscription costing £15 per month, a second can be added for an additional £2.50. When working on a large-scale, companies can be added for as little as 50 pence per month!  Subscriptions can be increased/decreased as needed within the app, so a firm only need pay for the number of companies they require. 

To date, nettTracker has been rated 31 times on the QuickBooks apps store, achieving an average rating of 4.8 out of 5.  So don’t miss out on the tools QuickBooks users are enjoying: take advantage of a ‘no-strings’ free trial today. 

Why leave it there?

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