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International financial reporting and analysis made easy with Twinfield

Twinfield Case Study money image

There are an estimated two billion people in the world who have a job but no bank account. In a country like Egypt, for example, only 3% of adults get their salary paid into a bank. That’s where dopay helps.

They provide a cloud-based payroll service that allows employers to calculate salaries and pay employees electronically. Unbanked employees receive their salary in a dopay account, which comes with a debit card.

The Challenge

Based in the financial heart of London, dopay has grown rapidly and now has operations in the Netherlands, Ghana and Egypt. Like any fast-moving, entrepreneurial organisation, dopay needs to be able to take decisions based on up-to-date financial information. It needs financial information presented in a consolidated form to show the group accounts as if it were a single entity. Financial information from each subsidiary must therefore be converted into a single reporting currency but each subsidiary has its own local accounting methods and checks so updates and corrections can be time consuming, especially across multiple time zones.

The Solution

Goodman Jones is a London-based accountancy practice with extensive experience of working with international groups, large owner-managed businesses and small, growing organisations. Applying their deep knowledge and experience of the Twinfield Online Accounting system, Goodman Jones were able to help dopay prepare monthly group financial information efficiently, easily and cost effectively.

Khaled Abou-Zied, Group Finance Director of dopay says “The results are excellent. We finally have a much better understanding of our business. We can analyse our figures and can quickly identify the areas of growth. We can look at group accounts but also have the ability to immediately drill down to a specific invoice in Ghana if we need to.”

You can watch our video case study here.

| | Categories: Blog

How does the EU-US Safe Harbor framework ruling affect Wolters Kluwer Twinfield on-line accounting?

On Tuesday 6th October, the Court of Justice of the European Union ruled that the EU-US Safe Harbor agreement is invalid. This decision has the potential to have huge consequences with regards to the flow of data between the US and EU.

Safe Harbor was an agreement between the EU and US created in 2000 to provide a means for US firms to obtain data from Europe whilst still complying with the EU Data Protection Directive which forbids personal data from being transmitted to other countries that provide inadequate privacy protection.

Wolters Kluwer Twinfield on-line accounting has always taken this issue extremely seriously. Accountants and SME’s need to be confident that the confidential data entered into their accounting system is kept in a secure and safe data centre that is audited under European legislation. All Twinfield data is held in Europe and undergoes stringent audit routines by BDO, to ensure that we never compromise your data.

You can read more information on our security measures here:

| | Categories: Blog

New Twinfield How-to page

We have been quietly building a library of short videos, created by our experienced trainer Karen Carbon. Each one lasts a couple of minutes and provides an overview of how to undertake a range of tasks. Take a look at an example:

Currently we have videos covering:

  • VAT Returns
  • General Ledger VAT Reports
  • E-Bank Statement Processing
  • Re-posting Transactions
  • Manual Bank Statements Processing
  • Matching Transactions
  • Creating a Bank Account and a Cheque Book Account
  • Creating Customers in the Neo View
  • Creating Use Roles
  • Customer Ageing Reports
  • Pay & Collect Types
  • Bank CSV Uploads
  • Creating a General Ledger Code
  • Creating a New Financial Year
  • Creating a New Company

Visit the page Twinfield Traning Centre to view the clips. If you have a suggestion for a how-to’ video please drop us a line at Training Ideas.

Upcoming training videos will include:

  • Working with your Reporting Structure
  • How to share customised reports
  • Exporting reports
  • Budgets
  • Dimension Types

| | Categories: Blog

Knutsford Beer Festival

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By Fran Holmes, Consultant Account Manager UK & EIRE – Twinfield UK

If you are going to attend a client event, this has to be the one. Beans (Tax Matters Accountants) invited Twinfield to sponsor the Annual Knutsford Beer Festival and, of course, attend!

Hosted by a very visible Mike Braun of “Beans” in his wonderful pink shirt, Thursday night was the VIP event and as their Twinfield Account Manager, I was certainly going to be there.

In attendance were a group of over 100 guests from all over the North West & Cheshire who gathered for the ultimate local brew experience. Their treat was 50 unique casks of ale, each temptingly labelled to draw you in to the tasting experience.

The favourite name of the evening for me? Well it had to be “Frank in Stein” a gold, hoppy ale of around 4.2%.

Throughout the evening the guests were guided through a detailed description of each brew thanks to a wonderful programme; And with 50 sponsored barrels from 50 different brewers’ what a night this would be. It was thrilling to order a pint of “Twinfield” or a pint of “Beans” and I couldn’t help wonder if that had ever happened before, I don’t think it has, or maybe no one remembers!

While drinkers enjoyed the education, they had the opportunity to ask all the craft beer questions that had been keeping them up at night and we had the experts ready to answer…

Andrew Malloy, Chairman of Knutsford Beer Festival Committee

Paul Buttrick, Master Brewer

Ian Cass, The Forum of Private Business & Hunters Gin

To help the guests, each was provided with a special commemorative Knutsford Beer Festival Glass. I felt quite rebellious at the end of the evening as I rode the train home with the glass stuffed into my bag.

It was quite a night. The drinks ranged from cider, to porter, to rye pale ale, with even a taste of dark ale thrown in for good measure. The festival carried on throughout Friday and Saturday and although I had an invite, I think 44 more beers may be just too much for me. Maybe next time!

So, what did I learn from this experience other than any beer above 6% is probably not for me (Bollywood beer – Toby from Workshop Marketing knows what I am talking about)? I learnt that accountants are quite cool. No, really!

“Beans” have embraced change and found new and innovative ways to reach out to their clients and prospects. They have acknowledged the desire for disruption in the marketplace and identified market sectors that are right for them. I asked “Wouldn’t it be great if Beans had all 50 brewers as their customers? To which Mike Braun replied “Yes! Let’s work together to achieve this”

| | Categories: Blog

Twinfield has 20/20 vision ahead of conference

This week sees the return of the annual 2020 conference, hosted by 2020 Innovation. Now in its 16th year, the two-day event kicks off on Wednesday 15th October 2014 at the Hilton Birmingham Metropole.

The Twinfield team will be exhibiting at the event, which is expecting to welcome over 400 delegates, and will aim to explore how to ‘Turn dreams into reality’. The event is set to inspire practices with new and innovative ideas, using proven methodologies for success.

Paul Dunn, three times TEDx speaker and Senior Fellow at one of the world’s leading think tanks will take to the floor. Having recently featured in Forbes Magazine alongside Sir Richard Branson in a global piece on ‘disrupters’ in business, he is bound to shake things up.

Post-dinner entertainment will be delivered by legendary striker, Jimmy Greaves, who will be sharing stories of an iconic career that spanned three decades over which he scored goals for club and country. Delegates will also hear from Chris Frederiksen, Gordon Gilchrist and Ian Fletcher on ‘The Best Marketing Initiatives’, ‘How to Grow Your Revenue Base’ and ‘Key Predictions For the Future’.

During the event, we’ll be joining forces with Receipt Bank, our partner and provider of an award-winning receipt and invoice processing service – so make sure you pop along and say ‘hello’! We’ll be demonstrating how using Receipt Bank’s intuitive app, you can extract data from your invoices, bills and receipts without having to manually input data, and how to create reports and send the data to Twinfield’s bookkeeping software seamlessly!

For all the conference highlights, please visit www.2020conference.co.uk

Will you be at the #2020Conf? We’d love to hear from you – tweet us @TwinfieldUK