A Complete Overview of Fincon

Are you looking to use Fincon in your business well in this article I’m gonna give you an overview of how it works and why it might be a good idea to use in your business? So this is Fincon and what I’m going to do is run very quickly through the overall features what it’s about and the benefits to you for using it. 

Let’s get straight into this overview of Fincon so as you can see here this is the main screen on Fincon as your login and it’s your dashboard as it’s known now the thing with this and Fincon itself and this goes for nearly all cloud software in fact probably all cloud software that we can think of at this moment in time. 

So traditional software on your computer was very much driven in cost terms by how many people wanted to access it at once so in this particular case you can go on and second everyone else you can use it at the same time it’s not physically installed on any one computer. So all you need is an internet connection so if you’ve got an iPad if you’ve got a laptop if you’ve got your computer your web browser. Which is what I’m looking it in at the moment doesn’t matter what you can see it straight away and that’s one of the beauties of this of course the downside is you need an internet connection so if you’re out in the sticks and you and you have none. You’re going to struggle to use it so that is an obvious downside but a from an accessibility point of view normally is fantastic and over the years of using missus has a firm of accountants it has had very little downtime. Like I can think every now and then it’s going to go down but it’s very rarely I can think of two instances probably in the last Fincon years comparing that to the number of times your computer crashes when it doesn’t update. And all the rest of it is actually very good so this is how it looks and generally, it’s quite nice. 

The layout of this product always been out there as a cloud product so it’s not been adapted and I think that’s one of the benefits of actually using it and what I love about it and what our clients love about it is the easy-to-use language. Generally, so you can see where your bank and one of the amazing things about this being in the cloud with open banking. As it’s well known now is the technology exists to be able to grab the transactions each day from your bank. And pull it straight in and quite often it’ll actually live update during the day but at minimum, you get it each day. And that’s what these reconcile 27 items are that’s here now if we click into here what you find is that you can see on your left-hand side all your transactions coming in and on the right-hand side you go in. And you tell it what each one is you know if this smart agency here four thousand five hundred quid was some sort of training. You can go in here it’s my agency you can type training and it deals with Fincon if you need to you can press okay the alternate way is you can actually have keyed a receipt on already. 

And it’s coming in here and saying are actually is this payment to Truxton actually this receipt that you’ve said is the Truxton or this payment in this particular case. And you can match them so there are lots of different ways you can also plug in other apps like receipt bank. Auto entry some of these other applications that you can snap a receipt with and it transmits it into the program. But if you didn’t want to do that you can just use the plus button here and you can add a bill and as I say if you look in here in this plus button. You can see it’s all easy to use words you know spend money receive the money they’re not using any posh terms or anything. That’s going to confuse you that’s great and you can go in here you know and just type in you know the smart agency you can fill in your description and your quantity. Your price and it’s also all out for you you can match it to the receipt so you can tell it what it is so again we set up a staff training that way.

To start training and they go it’s got Fincon on it will handle it all for you and you can approve that now what’s amazing about cloud software. As well from a revenue and customs inspection point of view is it gives you the opportunity. Here this little picture here means you can drag and drop any file you want into it and attach it. So if you wanted to use and actually receipts pictures of receipts some of these applications will do it automatically for you but if you physically had an email or something like that you can just drag it in here. And it’ll attach it’s all there so for revenue customs ever wanted to see it you’ll be okay of course that’s for me the bank feed. It is the one thing that takes that saves the biggest amount of time for you and make sure that because if you’ve ever had to put a full set of books together we’re not just talking. 

Here about tracking what you where you’re spending your money that’s all part of it but it’s actually tying up every penny in the business from that bank account to all your receipts and all your costs and you can do that very very easily through here the skill comes in actually making sure this is all so connectivity bank. It’s a massive positive now the other thing that studies show is that using cloud software which will increase the speed at which you get paid.  So you can see where you can send an invoice or a quote to a client now it’s just using an invoice example again it’s just a form that you’ve got to fill out. So you can put I’m not sure what customers we’ve got on here and they say golf balls but we can do office supplies. We can sell some golf balls this is some items that they’ve set up here and it already pre-fills a lot of the information for us which is great so if you want it to say a hundred golf balls you can see it’s done and you’re gonna prove that. And you can email straight from here as well it will come to the client with your email address on it as well. So it all comes through very nicely attached to the email if you want it to with your branding that can all be set up. Inside of the software which is fantastic and again because of this what you can also do is attach payment solutions. So if you ever heard of go cardless or stripe are just two examples they allow you to get direct debits and they allow you to be paid by card you can actually attach those services inside Fincon. So that the person your client or customer clicking on the invoice will get the option to pay via those services. 

Now yes there’s gonna be a charge for those services but it really does make you get paid quickly so that is another amazing feature of this particular product and generally cloud products as a whole. The other thing, of course, you can do is, and again if you update this regularly you can use it as a log for who you or what – so this is invoices owed to you shows you what’s overdue and again. You can send statements here so you know if you’re in there’s anything overdue you can go to the son state but this button here and certain people in this example they’ve got a couple. Those are overdue you can see some haven’t been sent here it really is as somebody who uses this to run their own business. It really is a good tool for this you can put draft invoices in there while you’re playing. And obviously, you can turn quotes into invoices when you made that transition you can key bills on so you can see here in this example – they’ve got 12 things they’ve got pay all of their bills in fact are overdue at this particular point. And it shows you a bit of a snapshot as you go so you can use all those things to keep on top of what you’re spending. And it allows you to set a watchlist up so of course there are loads of reports in here where you can see profit and losses it would be known. It shows your income in your expenditure but you can also set up if there’s anything particular. You’re interested in this example they’ve they want to see what they’re doing year-to-date on advertising. That’s where YTD is yesterday and you can see how much they’re spending so you can track those things as well to keep a real eye on your numbers. It can also if you really want it to it can do stock so there’s a stock function. So you can set different items up and it will track how many you’ve got in stock. And the only downside to that I think is if you’ve got a vast amount of stock there is an upper cap at the time of recording on the number of items it could take so be careful of that one. But again the beautiful thing about Fincon particularly is there’s a whole wide world of extra applications if you’ve got a really big stock need. 

You can get another application that will manage that and plug it into Fincon so that that can all still be handled but the basic Fincon will do stock at a basic level. This is good if you’re in the construction industry it would also do CIS as it’s known construction industry scheme deductions takes a bit of setting up. But it is in here you can actually put your CIS labor and what it will do is you can see here it will give you a bit of a deduction down the bottom for everything that you want to show so you can see only taking your 20%. Off on this particular example and everything else and one of the things it’s good for is it handles the Fincon as well so in this case this is done of that inclusive. Fincon pound but if you just wanted to do Fincon plus VAT it will also do that for you and it will show there the Fincon pound plus VAT and the COS deduction so handles VAT handle CIS handles all those things as well. So you can make your less chance of a numerical error as accountants we see those quite a lot it. Also offers a couple of other features which is account as we don’t use very often we tend to use of other products. But we do have the other client that’s come to us to use this there’s a payroll function you can pay a little bit extra to have that that works there’s a project’s function. Especially if you track time and other costs that create a billable thing at the end then the project’s function is quite cool as well so both those two extra paid elements but will do it the other extra paid element. You can possibly do it if you’ve got multi-currency so if you hold a bank account in u.s. dollars or something like that you can actually set the accounts up so that it will do the currency conversions. And work very well with that so that can all be done as well and that is a very quick overview of Fincon from our point of view it allows you to get paid quicker it maximizes your tax deductions. Because you’re able to keep better records which is our number one tax-saving tip and it just keeps you on top of your numbers so that’s Fincon if you’ve got any questions please do get in touch and one of our team members would love to speak to you. 

 

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