Twinfield offers accounting firm the visibility and flexibility required to become business advisers to clients, fundamentally changing the traditional accounting practice engagement model
Exeter-based Marlow & Co. Accountants has partnered with Twinfield UK (a Wolters Kluwer business), the leading supplier of online accounting in Europe, to offer cloud accountancy services to its clients. Through Twinfield, Marlow and Co. will be able to take a far more proactive role in each client’s financial affairs, working with integrated workflows between each party, fundamentally transforming the way they can interact on a day to day basis and becoming the ‘virtual FD’ for its clients.
In addition to being a cost-effective option for businesses, with a pay as you go model, Twinfield allows Marlow & Co. real-time access to client information, enabling continuous review and immediate remediation of problems. This real-time accountancy process delivers a number of benefits: at the most basic level, a VAT return can be completed in seconds because the information is already in place and verified. There is no need to spend extra time checking that figures are accurate, and in the right period – that process has already been completed. Similarly, the end of year accounts process is virtually seamless, providing significant time and cost savings for the accounting firm and consequently the client.
Stephen Marlow, owner of Marlow & Co., explains, “Twinfield helps remove the finance and accounting battle for clients, lessening the stress and pressure surrounding tasks such as tax returns and giving us the means by which to act as business advisers to them, rather than just providing a book-keeping service. The overall feedback from our clients has been really positive as they see the many benefits of our partnership, including increased service delivery, great levels communication, as well as cost and time-savings. Twinfield really does open up a new world of accountancy services to businesses for the client and my practice.”
As well as changing the traditional engagement model between accounting practice and client, Twinfield was chosen by Marlow & Co. due to its ease and convenience, its flexibility and the time and cost savings that can be made. The system works on a pay-monthly basis which allows Marlow & Co. to have greater visibility of accounts throughout the year and also encourages clients and accountants to work in parallel together.
Stephen Marlow adds, “I have been using CCH’s (part of Wolters Kluwer) accountancy package for the last 25 years and Twinfield can be incorporated into this easily and seamlessly; it was therefore a logical extension to our development. The implementation of Twinfield has a number of benefits for our business and those of our clients, not least because it allows us to take on the role of their ‘Virtual FD’.”
He continues, “This type of service delivery offers better interaction with clients and changes the methods and levels of information we can share to ensure not only their accounts are kept up to date and any discrepancies are rectified immediately, but also that our clients’ businesses are performing in a way that is working for them financially and in keeping with good business sense, growth and viability. It will also enable the swift production of management information in support of applications to the Banks for loan advances, increased overdraft facilities, or even more important ensuring that the Banks don’t withdraw the current lines of credit. And for the small sole trader it ensures that we can support mortgage applications with accurate forecasts.”
Twinfield is the market leader in online accounting across Europe with more than 80,000 financial accounts being compiled in more than 22 countries. Barbara Kroll, Managing Director of Twinfield UK, comments, “As the role of book-keeping begins to change fundamentally it demands greater visibility, intelligence and automation. Through this, accountancy practices can exploit real-time information combined with business expertise to provide a true virtual Financial Director service to clients, from tracking performance indicators to attending bank visits and supporting investment decisions.”