Discover how Octa Accountants Ltd partnered with PeakHost Properties LLC to streamline their financial processes, enhance accuracy, and provide comprehensive bookkeeping services, resulting in improved financial health and operational efficiency.
Client Background
Peakhost Properties is a Property Management/AirBnb Automation Service that helps investors build a passive short-term rental portfolio.
Industry
Offline & E-commerce Business
Specific Niche
Rental/Airbnb Service Business
Company Size
Small-Medium Enterprise
Accounting Platform
QuickBooks
Following Challenges Were Faced By The Client
Disorganized Records
The client grappled with challenges, including the complexity of maintaining and organizing financial transactions. The Charts of Accounts were inadequately aligned with the business’s needs, hindering accurate record-keeping. Furthermore, there was inconsistency in the categorization of transactions, creating a hurdle for maintaining a cohesive and standardized financial record across different months. Addressing these issues became imperative for establishing a more robust financial management system.
Inaccurate Bookkeeping
The client encountered significant issues stemming from errors in recording manual transactions, resulting in financial discrepancies. Inaccuracies in manual data entry and transactional recording undermined the accuracy of financial statements, impacting the overall reliability of the company’s financial information. Addressing these errors became essential to rectify discrepancies, uphold financial integrity, and ensure the trustworthiness of the financial records for effective decision-making.
Chaotic Invoicing Process
The client had a disorganized invoicing process, particularly in the context of reimbursements for monthly purchases. In the absence of proper record-keeping practices, inaccuracies in the invoicing system emerged. This led to discrepancies in the reimbursement process, adversely affecting financial accuracy. Streamlining and improving the invoicing procedures became imperative to ensure precision in financial transactions and maintain the integrity of the reimbursement process.
Solutions Provided By Octa Accountants
Rigorous Financial Assessment
Cleaned Backlog of cloud-based book-keeping software
Modernized Transaction Recording
Consistent Financial Reporting
Results Achieved By Octa Accountants:
Categorized Financial Records
We centralized and organized financial records to enhance accessibility and reference. Additionally, we implemented a systematic filing system for future transactions, ensuring a structured approach that facilitates efficient retrieval and management of financial data.
Error-Free Bookkeeping
Achieving a 95% reduction in bookkeeping errors, automated processes were implemented. Accuracy in invoicing and payment receipts was enhanced. This improvement extended to financial reporting, providing a reliable foundation for decision-making, reinforcing overall financial accuracy.
Time and Cost Savings
By integrating bank accounts with QuickBooks online, manual bookkeeping time was reduced by 40%. The use of G-sheets and QuickBooks online invoicing cut down the manual invoicing process by 70%, achieving significant efficiency gains. These optimizations resulted in cost savings for the overall bookkeeping processes.
Conclusion
The partnership between PeakHost Properties LLC and Octa Accountants LTD illustrates the beneficial effects of expert bookkeeping services. Through tackling disorganization, enhancing precision, and adopting technology, we have played a role in bolstering the financial well-being and operational efficiency of PeakHost Properties LLC. To learn more about how we can optimize your bookkeeping processes, book a meeting with us at your convenience
Justin Makkay
CEO PeakHost Properties LLC
“Octa Accountants LTD has been a game-changer for PeakHost Properties LLC. Their professionalism and expertise in bookkeeping services significantly improved our financial organization and accuracy. The introduction of advanced technologies streamlined our processes, resulting in enhanced efficiency. Octa Accountants is our go-to for reliable and efficient bookkeeping—we highly recommend their services.”
Frequently Asked Questions
Here’s a list of frequently asked questions about accounting & bookkeeping from our web visitors.
What do bookkeeping services include?
You may want to know what is included before outsourcing bookkeeping services to us in the UK. Octa Accountants' bookkeepers go beyond managing your financial records. We provide personalised bookkeeping services in the UK, including:
1. Invoice management
2. Tax returns handling
3. Accounts payables management
4. Reconciliation of financial statements
5. Payroll processing
6. KPI monitoring
7. Financial consulting
Know more here: "What is included in bookkeeping?"
Do you cover the whole UK?
You can outsource accounting services or bookkeeping services to us from anywhere in the UK. Whether you need bespoke bookkeeping and accounting services in London, Liverpool, Glasgow, or any other part of the UK, Octa Accountants can serve your business.
What is bookkeeping?
The ongoing process of tracing and documenting the financial transactions of a business is called bookkeeping. And a bookkeeper is the one who manages the procedure and handles essential documents such as bills, invoices, receipts, purchase orders, etc.
A bookkeeper may perform many other tasks for a business:
- Invoice management
- Payables (bills & expenses)
- Preparation of Tax Returns
- Monitoring KPIs
How much do accounting services cost in the UK?
There is no straightforward answer to this question as it highly depends on an accountant's experience and duties. Some may charge you as low as £35 per hour for basic accounting tasks, while others may go above £200 per hour if they provide more specialised services such as business consulting and tax planning.
But Octa Accountants understand the client's needs first before charging them. Discuss your requirements with us, and we will try to bring the best accounting rates to the table.
Bookkeeping Vs Accounting - The Difference?
Many business owners or managers do not know the difference between bookkeeping and accounting. So it is essential to know the difference before outsourcing the services to a third party.
Bookkeeping Tasks:
- Documenting financial records
- Add credits and debits to a journal
- Creating financial statements
- Payroll processing
Accounting Tasks:
- Assess and analyse financial statements
- Handle adjusting entries
- Perform audits
- Filing of tax returns
If you plan to outsource bookkeeping or accounting, it is best to get both services. The reason is an expert finance officer will manage your bookkeeping and accounting with no mess-ups.
Do you provide accounting services for SMBs & startups?
Our charges for accounting services are affordable, making it feasible for small businesses and startups to hire expert accountants or bookkeepers in the UK. You can discuss your requirements with us to get a personalised accounting bookkeeping service plan.
Every business has different needs when it comes to managing finances. That’s why we prepare bespoke bookkeeping & accounting according to a client’s requirements.
Book a Meeting to discuss your needs and get a fully personalised plan!
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