Overview
You need to have a idea of how much financials are going to cost you. Making a budget estimate is the only way to reduce the risk of being hit with charges you did not plan for:
- Most of the financials costs involves implementation assistance, like getting the first bank rec done. There are training elements. But it is best to think of financials as mainly being assistance with implementation of financials.
- You need to develop a budget, but this is not a quote. The actual charge for financials depends on lots of things. The budget is required to give you a feel for the likely charge and to aid in planning. But it is not a firm quote.
- The first bank account reconciliation normally takes around three hours, but this varies as discussed below.
The steps to producing your budget include:
- Complete the financial engagement meeting
- Readysell to review your financials data
- We will then give you an estimate of the financials budget.
You budget will depend on a number of factors including:
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| Note |
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No Financial data is exported from the old system to the new system. The General Ledger will need to be brought over via a manual general ledger journal. Bank Reconciliation, the starting position needs to be provided to Readysell. That is for each bank account to be reconciled a closing bank statement figures plus and/or minus any unpresented deposits and payments. This nett result must equal the general ledger bank account as at that date. If not Readysell will write the variance to a General Ledger account for your accountant to action. |
Indicative Financial Budgets
| Bookkeeper | Old Financials | Openning Figures | Number Of Bank Accounts | Other Factors | Indicative Financials Budget |
|---|---|---|---|---|---|
| Very Comfortable with Readysell | Under Control | Well prepared, checked and accurate | One | Eg, Young team, well trained and computer savy. Small business with three staff | 3-6 hours for cash book 2-4 hours for general ledger |
| Is ok with Readysell, just not getting everything that is covered from the training. But overall, ok with Readysell. | Not very well understood | Don't know, will ask Readysell to extract them | Three | Have not had as much time to do training as I would like | 12-18 hours 5-8 hours for general ledger |
| Finding change difficult | A mess, not sure where we are starting from. Have not balanced for years | Will take my best guess. Then give the lot to Readysell to really work out the answer | Eight | Bookkeeper hates change, really struggling with the training | 25 hours plus 5-10 hours for general ledger |
Providing the right information to Readysell will simplify financials implementation
Readysell is happy to help you run the required reports from your old system.
All Financial work does incur a charge depending upon how tidy and accessible your financial data/reports are.
Refer to document on the initial starting position for General ledger.
Initiall Brought Forward General Ledger Journal from your Old Database.Initial brought forward general ledger journal from your old database
Starting Bank Position/Bank Reconciliations
Provide Readysell with the following for each Bank Account/Loan Accounts that need to be reconciled:
- Closing Bank Statement figure and note whether is it funds in the bank or an overdraft
- Last Bank Reconcilation from the old system as at last day of trade before conversion
- Any unpresented Deposits/Payments as at last day of trade before conversion
- Bank Statement for the month in question or previous month
- General ledger closing figure for the bank account/s. This closing figure must line up to the closing bank statement balance plus and/or minus any unpresented. If it doesnt Readysell recommends that the variance be written off to a General Ledger Variance account and your accountant can action at a later date.
Readysell will review each bank statement and work out if the figures provided are correct.
Refer to link on initial starting positon for Bank Reconcilations.
Setting up for Bank Reconciliations Go Live
Prepare to avoid some of the common problems that cause additional financial implementation charges
- Consider the human factors. Such as how comfortable your bookkeeper is with changing to the new system. Your bookkeeper might need additional help adapting to the change.
- Make sure you have the right figures available before starting work with Readysell. If you expect Readysell to dig the figures out of your old computer system the charges will be higher
- The initial starting position is not right that has been provided to Readysell
- In respect to the Bank statement, part of the transactions have been entered into readysell and part into the old system
- The transactions on the bank statement are incorrectly dated into readysell
- The transactions on the bank statement have not been entered into Readysell
- Bank transfers are entered into Readysell as a payment and dissected against a genereal ledger bank account instead of using the feature of Bank Transfer.
- Whilst working through the first live bankreconciliation, I pick up that that an unpresented transaction has been missed out and should have been part of the initial starting position and is already in the old system general ledger and bankreconcilation.
- The wrong tenders are used and dont realise this until the bank reconciliation is extracted.
- With Credit Cards and Visa Cards, the customer needs to determine whether they want to control the transactions via a supplier entry then a payment or a straight bank payment entry or even better a bank reconcilation rule.
- Working with the first bank statement for the whole month, a set of bank reconciliation rules and/or recurring bank payments need to be set up if you are using Automated Importing of Bank Statement. Need to get these right
- Working with the first bank reconciliation, the user needs to be trained and the first bank reconciliation extract and import of bank statement lines needs to be supervised. Usually the statement first time around has problems, due to wrong dates, no payment reference, bank reconciliation rules need tidying up and the tenders may need tweaking.
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