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Previously on "Need to set up Direct Debit to access accounts (bookkeeping)?"

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  • Maslins
    replied
    Have to admit we prefer direct debit...but to date haven't forced it on clients.

    Three mains reasons for this:
    1) admin - we get one huge receipt rather than lots of little ones. We can also dictate the reference (so many clients set up a standing order with the invoice number as reference...which for any invoice beyond the first isn't helpful!)
    2) possible rate changes - Ok the VAT rate's been stable at 20% for a few years now, but there was a time when it was jumping all over the place, 17.5%, 15%, 20%. Getting clients to all individually update their standing order was a big pain. Us updating DD amount was a doddle. Also there may be reasons other than VAT which cause the amount payable to change.
    3) cash flow - it helps our planning when we can confidently know we'll get £X on a certain date each month.

    I appreciate it's only (2) of the above that potentially benefits the client...but as others have said, if there's a cock up you should get an almost immediate refund from your bank. You have more control/power to get funds back if they're taken via DD than if you've voluntarily sent them.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by Waldorf View Post
    They simply wish to streamline their admin and keep their costs low. You will have to sign up to pay by DD but you just need to cancel the standing order and set up a DD. You are making a mountain of a molehill here, nothing to worry about and in fact it is more secure.

    If you make a wrong standing order, you have to ask the company to refund you, with a DD the responsibility is the banks, therefore you can get the funds refunded almost immediately.

    Sign up to the DD and stop wasting your time.
    ^ This.

    The accountancy fee is normally per year but split up monthly. I'd be happier pulling payments from my clients than rely on their Standing Order to get paid personally. I don't know anything I don't pay by SO and not DD so nothing out of the ordinary here I'd say.

    Leave a comment:


  • Waldorf
    replied
    Originally posted by ruasonid View Post
    I'm with inniAccounts and when I logged in found that I could not access my accounting records (bookkeeping, etc.) until I've set up a direct debit. I already have a regular scheduled payment from my business bank account for the monthly fee. I do not recall receiving any advance notice about this. Did anyone else have the same issue?
    They simply wish to streamline their admin and keep their costs low. You will have to sign up to pay by DD but you just need to cancel the standing order and set up a DD. You are making a mountain of a molehill here, nothing to worry about and in fact it is more secure.

    If you make a wrong standing order, you have to ask the company to refund you, with a DD the responsibility is the banks, therefore you can get the funds refunded almost immediately.

    Sign up to the DD and stop wasting your time.

    Leave a comment:


  • ruasonid
    replied
    Slight change of tack here but has anyone using FreeAgent experienced any glitches due to upgrades, "improvements", unexpected changes in functionality, etc.?

    Leave a comment:


  • ruasonid
    replied
    Originally posted by ladymuck View Post
    I presume you've asked them about the change?
    Not on a weekend.

    Leave a comment:


  • ladymuck
    replied
    I presume you've asked them about the change?

    Leave a comment:


  • ruasonid
    replied
    Originally posted by ladymuck View Post
    Sounds a bit suss. Did you check all the T&Cs before you signed up with them?

    My accountant gets paid once a year after he's done my accounts and CT return.
    Payment is via a monthly invoice and monthly subscription/fee.

    Leave a comment:


  • ruasonid
    replied
    Originally posted by Lance View Post
    It's just the way they run their billing. Far simple for them than having to track payments as they have control. It's only an issue of you decide it is.
    Just checked my bank account and the monthly payment is still in operation. My point is this was a forced change and seems not to have been communicated beforehand. So that is the issue.

    Leave a comment:


  • ladymuck
    replied
    Sounds a bit suss. Did you check all the T&Cs before you signed up with them?

    My accountant gets paid once a year after he's done my accounts and CT return.

    Leave a comment:


  • Lance
    replied
    It's just the way they run their billing. Far simple for them than having to track payments as they have control. It's only an issue of you decide it is.

    Leave a comment:


  • Need to set up Direct Debit to access accounts (bookkeeping)?

    I'm with inniAccounts and when I logged in found that I could not access my accounting records (bookkeeping, etc.) until I've set up a direct debit. I already have a regular scheduled payment from my business bank account for the monthly fee. I do not recall receiving any advance notice about this. Did anyone else have the same issue?

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