Magic Beans New Business Advisory Service Launched

Magic Beans is a new business advisory service co-founded by Sharon Brown and Clare Galloway, in Northern Ireland. The company has been set up to offer an outsourced financial controller service to businesses at a price they can afford, bridging the gap between book-keeper and the traditional annual compliance accountant.

Thursday 28 July 2016

Magic Beans New Business Advisory Service Launched

Magic Beans is a new business advisory service co-founded by Sharon Brown and Clare Galloway, in Northern Ireland. The company has been set up to offer an outsourced financial controller service to businesses at a price they can afford, bridging the gap between book-keeper and the traditional annual compliance accountant.

The Company provides a full suite of real time cloud based management accounting services for businesses in Northern Ireland allowing business owners to not only save money over in-house financial controllers and bookkeeping, but also to ensure their compliance with various regulatory matters and to have assistance in making valuable management decisions from their numbers.

“As a Chartered Accountant with over 10 years post qualification experience and the internal finance manager of RSM Northern Ireland, a firm of traditional accountants, for 6 years I have the experience to clearly identify any financial knowledge gap that may exist in our client’s business and provide advice to assist business growth”, said Sharon

Clare added “We use innovative solutions to keep business owners, their finances and their business advisor connected at all times. The service is aimed at clients who do not have an in-house accountant and at business owners who rely on their traditional accountant to advise them on their business performance as part of the annual compliance process”.

It goes without saying that new businesses will often try to do everything themselves initially but managing cash flow, ensuring strong financial controls, good financial management, efficiency and productivity is vital to success. A lack of financial expertise around the board room table can significantly hamper a business’ growth, lead to poor decisions and potentially failure. Business owners need access to real time, relevant, financial information to allow them to make effective decisions that result in profitable growth. It could be argued, annual accounts produced for statutory compliance purposes based on historical information are neither real time nor relevant.

Clare Galloway commented “as a qualified project manager with over 15 years’ experience in Corporate Finance, Corporate Restructuring, Compliance and Business Development Manager roles at Deloitte, KPMG, and RSM, I ensure Magic Beans provide innovative solutions to increase client efficiency, productivity and can provide business development support to help businesses achieve growth targets combined with Sharon’s financial expertise, we feel we have a completely new, affordable and exciting service to offer”.

In the next 2 years most businesses, self-employed individuals and landlords will be required to update HMRC quarterly to calculate income tax and National Insurance obligations, through their accounting software. “Magic Beans’ service is well placed to help businesses prepare for the digital tax transformation” said Sharon. “While many small businesses might see this as a burden, Magic Beans can ensure businesses benefit from this tax revolution. By allowing access to real time information businesses can make the correct business decisions at the right time resulting in increased business confidence, success and growth. The quarterly tax filing to HMRC will simply be a by-product of information businesses already have. There should be no increased administrative burden.”

In making use of the latest cloud technologies the offering will be priced competitively. Magic Beans will provide cloud based real time management accounting, bookkeeping and business advice to business clients. The client’s bank account, sales, expenses and purchase invoices will be integrated to Magic Beans using any smart device allowing real time access to financial information and reporting.

Once the client’s business finances have been streamlined Magic Beans can expand its services to include compliance monitoring and efficiency initiatives, to help clients’ businesses improve productivity and grow.
For further information, or a chat, please contact Clare Galloway (clare@magicbeans.online) or visit www.magicbeans.online.