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InPractice ETB Financial Statements 6-in-1
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1.
Exempt Ltd 5.
Sole-Trader
2. Abbreviated Ltd
6. Partnership
3. Audit Ltd
4. Dormant Ltd |
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Produces
financial statements in HALF A DAY
30
days money back guarantee - return the CD for refund
if it does not produce financial statements from ETB
One license for unlimited number of users/computers
Used in MS Excel
- no training courses needed
Made
from 30 years of audit/tax/accounts practice experience
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It takes
me less than half a day to produce Ltd Co financial
statements with this software.
Alan Deighan,
Deighan & Co, Ilford, Essex |
I
have always used manual ETB and I am not into I.T.
all that much. This software was easy to use and I
got familiarised very quickly.
Michael Cox,
Cox & Co, Essex
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The
help-line is very helpful.
The software is very good and flexible. I ran some
test data and everything came together so quickly.
Very easy to use.
John Fallows, Burnley, Lancs |
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This
software is simple to use. It is reliable. I wish
I knew about it before I committed to the one that
costs thousands.
Charles Lambeth & Co, London |
I
have never had a problem using "InPractice ETB
Accounts Production" software
since May 1998.
Steve Strum
Strum & Co, London
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This
software has made our work life much easier.
Sam Banerjee
Banner & Associates, Harrow |
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| Software
is not like
sugar or salt!
This one is designed
to save time! |
How long do you take to produce financial statements?
A whole day? 2 days?
With InPractice ETB, all done in HALF a day!
Designed by auditor-accountant-tax general practitioner
assisted by computer programmers. |
SIX EASY
STEPS FOR THE SPEEDIEST FINANCIAL STATEMENTS PRODUCTION
1 - Enter the client's standing date in "Set up"
2 - Input Opening Trial Balance (get the comparatives)
3a-Enter the Closing Trial Balance provided by client
(auto-reverse opening balances)
3b-OR Enter bank control a/c in ETB (Incomplete Records,
brown paper parcel job)
4 - Edit "Notes to the Accounts", tick
box to suppress any note
5 - Print draft financial statements
6 - Adjust after final review, print, sign, issue fee
invoice!
Client meeting adjustments: Enter journals or over-write
single amounts
• Dividend
• Bad Debts Provision • Stock
• Liabilities
• Tax Provision • Accruals
• Prepayments
for instantly revised financial
statements, lead schedules, ratios and graphs.
The single amount is the
speed-feature of the classic Extended T.B.
This is the magic of InPractice ETB Accounts that rival accounts
software do not have.
Your competitor accountants are not likely to tell you about
this advantage.
Edit the single stock figure to get the desired Gross Profit percentage
= calculate the "shrinkage" of stock (difference between
actual stock and the stock per desired GP%)
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Smart prints to project the right image
Ideal for Incomplete Records
Enables you to leave work on time!
Enhanced with "Wish List" from users |
Platforms: Windows 95, 98, 2000,
XP
Minimum: Excel 97, 2000, XP or higher
Supplied as a
link on email for instantaneous download over the Internet
Request demo presentation |
This software
is licensed yearly.
In the 2007 version, enter the period start date any Day,
any Month, 2006 or 2007,
and the period end date any Day, any Month.
2007 period end date is locked by a password.
All screens and prints will show the accounts period ending
in 2007.
For accounts periods ending in 2008, order the 2008 version
when required. Each year's soiftware is upgraded for the latest
regulations and new short-cuts we develop from users' feedback. |
Option to import
'InPractice Cashbook' Let clients
do day-to-day input since they pay low rates for bookkeeping. They
send it to you periodically. You double check for any input errors
flagged in red. Import it into InPractice ETB Final Accounts instantly!
DECISION TO BUY
Q:
Can I afford to invest in this
tool-of-the-trade?
Q:
How much is the costdivided over
the number of my clients?
Q:
Is the time saved worth more
than the cost?
Q:
Do I want to be more profitable
with this speedy technique?
| You
too can be speedier and more profitable. You choose!
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| Features
galore |
• 6-in-1 Financial Stmts
1 - Audit Co Ltd
2 - Exempt Co Ltd
3 - Abbreviated Co Ltd
4 - Dormant Co Ltd
5 - Sole Trader
6 - Partnership
• Print Closing TB without blank lines
• Print ETB excluding unused blank lines
• Automatic numbering in Balance Sheet link to Notes
to Accounts
• Tick excludes printing a Note to Accounts
• Unlimited clients
• "Notes to Accounts" squeeze up to exclude blank
spaces on print
• 99,999,999.99 - can
take up to 99 million
• Option to print all pages of financial statements in one
go
• Option to exclude Gross Profit %
Service Co: Excludes
print of Cost of Sales and Gross Profit if no stock or purchases
"DRAFT DD-MM-YY"
print on all pages option
Suppress
comparative in the first year
Import
transactions in InPractice Cashbook
FRSSE
compliant
Fixed Assets Note does
not print if nil FA
Password to prevent
unauthorised access
Lead Schedules for each balance sheet line
"0 0" value rows are visible but do not print
Certain areas locked out to avoid accidents
• Text appearing in blue is
open for you to edit
Any one currency:
£ or $, Euro, Peso, Rand
Edit ledger A/C names
Least disclosure under FRSSE and Schedule 8
• ETB what if? for stock, dividend, bad debts, tax, accruals,
etc
Arial font, smart looking financial statements to project
the right image for firm
6 crucial Graphs as extra prints for clients' appreciation
9 Ratios as extra prints to stimulate add-on
consultancy |
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Frequently
Asked Q & A:
Q: I am delighted to have found out about
this software. Can I see a sample before I buy?
A: Click on "Demo" button to request a presentation (Acrobat
.pdf file)
Q: Do the financial statements look smart?
A: Yes, they look very impressive. The print is on Excel's Ariel font.
Standard layout as shown in books.
Q: Does it do Comparatives automatically?
A: Yes, input opening balances (last year's closing balances) and
financial statements automatically reflect the comparatives.
Q: Rows with Zero amounts this year and comparative
are unsightly. Does this exclude them?
A: Click the button "Print without 0 0 rows" to omit
such rows from the print. You see them on the screen but are omitted
from the print.
Q: It is very reasonably priced; is it really
a credible product?
A: Since we sell so many, we can charge this annual price. We know
you will like the simplicity and speed and so you might buy our other
software created in the same easy-to-use style. Many users may be
reluctant to tell you about it - we guess they fear of their competitors
becoming more profitable. Shhh! keep it a secret so the other accountants
don't get to know about it.
Q: Is it upgraded regularly?
A: Yes. When you buy next year's version, it will be the latest upgraded
version.
Q: I have something I made myself. Why should
I buy yours?
Professor Ray Panko's studies show 30% of home-made spreadsheets contain
wrong data and formulas, one error for every 100 cells. UK's Customs
& Excise study shows 11% spreadsheets contain errors which varied
from £100s to £Millions. Why take a risk with home-made spreadsheets?
InPractice Software has perfected this at such an affordable price.
Why waste valuable time and take a risk in your professional work?
Q: I spent a lot of money buying the other software?
Many accountants are dissatisfied with their cumbersome accounts production
software. It is time consuming and so eats into profitability. They
feel "locked in" due to the original cost of their purchase!
Save time and trouble by using the affordable "InPractice ETB
Financial Statements". It is a commercial decision: Be
profitable or waste time on cumbersome software? |
Q: Is it the same as that other software?
A: No, the only similarity is the use of Excel. Software is not
like sugar or salt; the bias is in the experience of its creator.
That other Excel software is made by an insurance broker's bookkeeper
where you input transactions one-by-one, searching for a ledger account.
Nice, but how time consuming. "InPractice ETB Accounts"
is made by accountancy practitioners in general practice since 1971,
who have been signing clients' accounts for over 30 years. if you
prefer to be more profitable and leave work on time, use InPractice
ETB Accounts. You choose your strategy and prosper accordingly.
Q: Can I amend an amount without contra journals?
A: Yes, all items in blue are open for editing. Items in blue can
be deleted or over-written at any time. The Financial Statements upgrade
instantaneously on amendment.
Q: Can I change title of a Control Account on
ETB?
A: Yes, Control Accounts in blue text can be renamed e.g. overwrite
"Bank A/C 2" with say "Deposit A/C" etc.
Q: I don't like to go on expensive courses.
A: No courses required if you know the basics of MS Excel i.e.
Open, Edit, Print, Save. It is that simple.
Q: Could I accidentally delete programming.
A: Sensitive areas are locked-out and so users cannot accidentally
damage the integrity of the "below the bonnet" active programming.
User text in blue can be edited.
Q: Can it produce Sole-Trader financial statements?
A: Yes, the same Extended Trial Balance will produce financial statements
of:
• Co Ltd
• Sole Trader
• Partnership (up to 4 partners).
Q: Is there any software support at this price?
A: Yes, support is free extra but not part of the product sale contract.
Licensed users are welcome to e-mail us on support@InPracticeSoftware.com
If you are really stuck, 'phone us and we shall help you depending
on time availability. However, you are expected to know the basics
of Excel and Windows Explorer before you 'phone us, but we nearly
always help with that also.
Q: If I want some extra programming,
can you do it?
A: Yes, we can add-in adaptations, colour preferences, logo, etc,
of course subject to an add-on programming fee.
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Ah, the
Extended Trial Balance!

Any general
practice accountant will confirm that the most efficient technique
for preparing financial statements from Incomplete Records, is the
‘Extended Trial Balance’ (ETB).
The origins of the ETB technique are lost in the mists of time.
However, ETBs have been widely in use in the UK from the middle
of the last century, peaking in the '70s and the '80s. ETB usage
declined as it became too expensive to train highly-paid graduates.
Data was input into heavy-weight bookkeeping software.
Accountants complain trainees may have a BA in accounting, but many
do not know how to pass a journal to adjust accounts - they do not
know their debits from their credits.
Escalating competition amongst smaller accountancy firms has resulted
in accountants charging very competitive fees for accounts production
work. So, the need to control the production costs has grown acute.
Since fees are tighter, time-consuming input into heavy-weight bookkeeping
software is no longer cost-effective for either smaller, or Incomplete
Records jobs.
The solution for this scenario has to be the greater use of the
ETB technique, wherever appropriate. It was the fastest technique
in the pencil and eraser days. Now used on Excel powered by a Pentium
processor, it works at lightening speed.
What is ‘Incomplete Records’?
Small businesses do not have the time
or the know-how to write up ledgers. Most are able to issue sales
invoices and many are able to write their cashbook. They want their
daily bookkeeping therefore to be straight-forward, since they prefer
to concentrate on selling their widgets. Since VAT registration
threshold is £54,000 (2001-2002), many micro businesses are not
VAT registered. For turnover up to £600,000, the ‘VAT Cash Accounting
Scheme’ can be adopted. So, tedious ledgers are not compulsory,
or indeed necessary. It can be as informal as four spikes - one
each for paid and unpaid sales invoices, paid and unpaid suppliers
invoices. So, VAT is accounted for through their cashbook.
In these competitive times, one way for the accountant to maintain
a healthy margin from fee income, is to encourage clients to switch
over to the ‘VAT Cash Accounting Scheme’ and maintain an efficient
cashbook. Where appropriate, encourage them switch over to the ‘VAT
Annual Accounting Scheme’ to prepare VAT Returns with year-end accounts
production. This excludes time pressure four times a year and running
the danger of incurring penalties as many times. Besides, with the
same fixed fee why be overburdened with low-paid bookkeeping work?
By freeing up your time, you would have more time to recruit new
clients, or even take time off to reduce stress.
However, many small businesses are notorious for providing their
accountant with the proverbial ‘brown-paper parcel’, if not a supermarket
bag (if you are lucky a Harrods bag!), with a varying degree of
incompleteness in their accounting records. They fall into one of
the following categories:
- Vouchers
and bank statements
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Vouchers,
bank statements,
a
cashbook
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Vouchers,
bank statements,
a
cashbook, Sales Ledger
Very few provide a perfect set of financial statements for the accountant
to sign-off.
Heard the brown-paper parcel joke?
A fish 'n chips shop had newly started in business. On engagement,
the accountant's instructions sounded quite simple to the client
- just keep a track of the income and the outgoings, call me after
a year and leave it to us to produce year-end accounts!
After a year, the accountant is called in, a hearty fish 'n chips
meal is offered and after a chat and cup of tea, the shop owner
unceremoniously dumps a greasy brown paper parcel on the table for
the accountant. The shop-owner scuttles off to the front of the
shop to attend to his customers.
........ continued in next column ..............> |
The
accountant peels layers of greasy wrapping paper from the parcel
and out tumble bundles of bank notes tied by rubber bands. "What
is this?" the accountant roars, "How can anyone produce
a set of accounts from just this?"
The fish 'n chips proprietor says "I have been entirely honest
with business, guv! I put all the takings in there and paid out
only the business expenses, so it is all there for you to produce
the accounts. Just as you said. Any problem with that?"
That was just a joke. In real life, it is usually not as bad as
that.
The accountant first completes the recording in the cashbook and
reconciles the bank statement balance to the cashbook balance. Then
a bank control account is prepared. A Cash Control Account is then
prepared from the cashbook. If the sales and purchase ledgers exist,
their respective control accounts are prepared.
A Credit Card Control Account is prepared from credit card statements.
The odd statement may be missing (and it usually is), in which case
the accountant requests copies from the bank and allocates the difference
temporarily to 'Suspense A/C' (up-in-the-air instead of mystery).
As vouchers and information are analysed, handwriting is deciphered
and compared with last year’s comparatives and an industry gross
margin as well as a series of adjustments become necessary for:
• out-of-pocket expenses
• stock value adjustments for soiled goods,
slow-moving items, shrinkage
• drawings and private consumption of
stock
• liabilities incurred, but not yet paid
• prepayments, accruals
• capital injection
• hire purchase agreements
• banker's standing orders
• private expenses paid through the business
bank account.
Discussions are held and clues are investigated. The ‘detective
work’ becomes rather engrossing. If you do not control the time,
you can end up making a thundering loss as fees are usually fixed.
The
flexibility of InPractice ETB
InPractice ETB has been designed for flexibility and to keep control
over small business jobs. It allows you to flexibly disentangle
‘Suspense A/C’ data little by little, as and when the details become
clearer. InPractice ETB allows you to make adjustments in the ETB
with journals and over-write corrections.
The ultimate feature in InPractice ETB is the simplicity, speed
and effectiveness with which the following can be revised over and
over again until the accounts are ready to sign:
• accruals
•
prepayments
• stock
•
depreciation
provision
• tax
provision • dividend
Enter just one amount and the programming takes over to reflect
it in both the Profit and Loss account and the Balance Sheet. Revise
that single amount and the financial statements are revised in lightening
speed. Along with lead schedules, notes to accounts and graphs.
Since each control account balances to the penny, the whole ETB
will also always balance to the penny. InPractice ETB indicates
any differences with in-built diagnostics flagged in red. By the
way, if the difference can be divided by 9, it is an inversion error
(35 entered as 53, 92 entered as 29).
General practice accountants have discarded their Analysis Pads,
pencils, sharpeners, eraser and Snopake/TippEx. No more burning
the midnight oil whilst trying to balance the ETB messed up by those
last minute adjustments arising from the final meeting with their
client.
Since the bulk of clients in 'smaller' practices are micro and small
businesses, selective use of the ETB technique is one way of maintaining
practice profitability. Use it for appropriate clients to improve
the accountant's margins.
It is so efficient users of ‘InPractice ETB Final Accounts’ are
unlikely to breathe a word about it to their rivals. Do not be surprised
if its users do not tell you about 'InPractice ETB Accounts' at
all. Why should other accountants become more profitable with this
efficient software? Shhh! |
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