Our dedicated team has been hard at work, and we're thrilled to announce the launch of our new and improved accounting engine!
This enhancement is a significant stride forward, and we're delighted to inform you that it's now live and available for all our limited company clients. 🎉
The primary objective of this upgrade is to provide you with a more robust and dependable reporting system. We recognize the vital role accurate financial insights play in your business decisions, and this advancement will empower you even further. During this transition to the new accounting engine, you might notice a few changes in your financial figures. Rest assured, we've carefully reviewed and adjusted the system to accommodate any changes within closed accounting periods. Here are the key changes you might observe:
Bank Balance Display: The bank balance on your home page will now reflect your bank balance according to your transactions feed, rather than the balance based on your bank account. This change ensures that only categorised transactions contribute to this total.
Adjusted Bank Balance in Reports: Some adjustments might be visible in your bank balance within reports due to refinements in how we categorise specific transactions. This correction ensures accurate representation.
Exchange Rates and Bank Fees: We've fine-tuned the calculations related to exchange rates and bank fees to provide more precise results in this aspect.
Depreciation Calculations: Our adjustments to depreciation calculations aim to enhance consistency in these calculations across the board.
Impact on Profit and Loss Figures: The aforementioned changes could have a secondary impact on your profit availability and the figures displayed in your profit and loss reports.
Please be assured that these changes are intended to improve the accuracy and reliability of your financial data. While we anticipate minimal impact, we have proactively reached out to clients for whom these changes might have a more substantial effect. Specifically, we've contacted those whose profits have been altered to a degree where it might impact dividends taken to date.
Our commitment to maintaining the utmost accounting integrity in our product remains unwavering. We're incredibly proud of the refined accounting engine we've developed, and we're excited about the improvements it brings to your financial experience. As a bonus, keep an eye out for an upcoming new look and functionality on our transactions page (further comms to come), which will further elevate your overall experience.