UK
  • Singapore
  • Hong Kong
  1. Osome Blog UK
  2. 11 Reasons Why You Should Let Osome Take Over Your Accounting

11 Reasons Why You Should Let Osome Take Over Your Accounting

11 Reasons Why You Should Let Osome Take Over Your Accounting

In order to get the best chance at success, entrepreneurs have to make sure they have the right partners around them when starting their own business.

We want to make it easy for entrepreneurs to grow their business by removing all the complicated and expensive processes that could slow them down. Things like when you want to register your company as a legal entity, keeping up with mandatory tax and regulatory compliance, and keeping on top of how your company is doing financially with accounting tasks. These can take the attention of any entrepreneur away from what should be their main job, and that is to grow their business!

If you’re looking for a partner to help you keep track of compliance deadlines, stay on top of your accounting, look no further than Osome.

Let us tell you 11 reasons why you simply must have us by your side as you grow your business.

  1. We’re Founded by Entrepreneurs Just Like You

As an entrepreneur, you want to focus on the more important aspects of your business like hiring the best people, creating the best product or service, and focusing on your clients. However, in the journey of building up your business, you will have to deal with invoices, receipts, taxes, payslips and any other paperwork that the government requires of your company.

Osome is founded by serial entrepreneurs who built several companies before. We know the pain of building up a company. Over the years, we have never met anyone who loves preparing paperwork. It is a painful process that no one likes, so no one wants to work on it. Yet, no one can avoid it.

So we created Osome to help entrepreneurs deal with exactly that. Today Osome has helped over 6000 small and medium businesses across Hong Kong, Singapore and the United Kingdom to deal with the paperwork burden. We have developed our software which connects to your bank and Xero, a bookkeeping platform.

We recognise invoices and receipts, reconcile them with transactions, and update your documents and outstanding bank balance daily. We support single and multiple currencies, show an actual list of all unpaid invoices and report to you if anything document is missing.

You can interact with our human experts and software through a simple-to-use interface available on desktop and app. At the same time, you will always have access to our accountants, company secretaries, and tax experts for any questions.

  1. Your Own Personal Accountant Without the Cost of Additional Headcount

We help small businesses in the UK with all necessary accounting services. We prepare financial statements, ECI tax reports, XBRL (full and highlights) and handle daily bookkeeping.

We can apply for GST registration and submit regular reports for GST-registered companies. If your case is special, let us know and our specialists will be happy to help with accounting for your company.

You can keep track of tasks, requests and history of items that Osome’s accountants are working on on the Home Screen. This keeps both you and our accounting experts on the same page regarding the statuses of tasks and keeps communication open and easy.

Our solution is built to fit around the work schedules of entrepreneurs, SME owners and startup founders who are busy growing their business. The advice would save businesses time from figuring this out on their own, and save costs by being compliant with the local authority instead of having to pay late fees or penalties which can add up to a huge sum.

“My experience with Osome has been great...I like that I can just post my questions on the chat section any time of the day and wait for the reply, quite unlike having to remember to call someone within business hours only. For startup owners like me who work irregular non-business hours, this helps.” - Fiona Lim, Body Own Pte Ltd.

  1. Uploading Invoices Is Easy

Uploading documents is as easy as dragging and dropping a file into a chat window. You can also get a custom email address linked to your account. Simply forward an email with an invoice and the file will appear on the Osome platform within seconds.

The documents will be automatically categorized by our system when it’s uploaded. Data from each invoice is extracted via Optical Character Recognition (OCR) on Osome’s platform. An expert accountant from Osome double-checks that the data input in the system is correct before continuing with the automatic reconciliation. The solution frees up time for entrepreneurs to concentrate on growing their business as they leave repetitive tasks to automation.

osome desktop screenshot invoice
Uploaded files are automatically tagged using Artificial Intelligence
  1. All Paperwork Is Digitally Stored Accessible Anywhere 24/7

Supporting document storage and reconciliation is a big issue for entrepreneurs. Many dread the end of the year or month when they have to search far and wide to find those invoices, bills and other documents before handing them over to their accountants.

With our platform, all documents are 100% digitalised and stored in the cloud, which can be accessed 24/7 anytime, anywhere, through our mobile app or the desktop version of Osome.

  1. Easily Track the Financial Performance of Your Company

Make business decisions quickly through an easy-to-read dashboard that is updated daily instead of waiting for the end of the month to check on their business performance. Clients can get an overview of the business, total cash balance dynamics, balances in their bank accounts, a snapshot of their Accounts Payable and Accounts Receivable. This information is kept updated through the integration of your Osome account with your bank.

An entrepreneur will need timely reports of their business such as General Ledger, Balance Sheets, Profit and Loss statements and Account Transactions. Osome’s system automatically provides clients with Financial Reports enabling clients to calculate sales tax, cash flow, and generate an accounts receivable summary and an accounts payable summary.

Osome App Financial Dashboard

  1. Use It With the Rest of Your Team and Improve Your Company’s Transparency and Productivity

As a business owner, sometimes you want to add more team members to see the information on your accounting platform. Good news. You can add whoever they want to the Osome accounting platform, be it internal or external team members, or Osome’s accounting and corporate secretary agents, enabling the Osome experts to interact with the relevant persons in the organisation.

Each separate chat conversation can be task-specific and can involve as many internal and external users as needed. No more need for lengthy email chains that constantly get mixed up, reducing miscommunication, poor decisions, and encouraging productivity and efficiency.

OsomeApp Team

  1. No Hidden Fees and We Charge by Revenue

We tell you upfront what the fees are. Hidden fees? We don’t like that for ourselves so we don’t hide anything from you. We charge a flat fee that covers financial statements, tax filing, and management reports. Bookkeeping is included, too, so you don’t have to deal with it

So how do we charge? Based on the revenue that your company is making. Pick a monthly plan to receive regular financials, or an end-of-the-year catch-up accounting to submit neat reports. All our packages come as they are, no extra charges — simple and straightforward.

  1. We Specialise in Accounting for E-Commerce Businesses

We do reporting & tax filing for multiple e-commerce platforms even though each platform has their own template and statement structure. Take Amazon, for example, it has over 150 types of fees. Stripe dumps receipts from your website in a different format altogether. We can handle them all.

  1. Recognised by Other Major Players in the Industry

Xero, which is a major bookkeeping software in the industry, awarded Osome with Platinum status in 2020. This means that Xero, the global small business platform, awarded Osome with a platinum partner status. This is the highest level of recognition that Xero offers to their counterparts. The achievement comes just 3 months after claiming the gold partner status, making Osome one of the fastest-growing firms in the field.

  1. Get Perks From Our Partners

We work closely with similar-minded partners to help entrepreneurs grow their business faster.

In the course of our business, we have established many business partners in a range of professions, including legal, international tax advisory, intellectual property, and insurance agencies, among others. Check our partners.

  1. Open an Account With Us Anytime, Anywhere

You can get started with efficient accounting done with us simply with a few clicks on the mobile phone.

Want to Work with Us ASAP?

If you’re ready to start working with us, drop us a chat and our team will get in touch with you to begin your journey for a fever-free accounting service. Pay upfront for the whole year and get 2 months for free.

Share this post:

Tips to run your business smarter.
Delivered to you monthly.

You'll receive a verification email you'll have to open and confirm the subscription.

You might like it

How Online Sellers Can Get Ready for EU VAT Changes in July 2021
E-commerce

How Online Sellers Can Get Ready for EU VAT Changes in July 2021

The EU is set to introduce a new eCommerce VAT package that will come into effect on the 1st of July 2021. Understanding your VAT requirements is already a tough task, especially if you specialise in cross-border eCommerce. Unfortunately, however, it’s about to become even more complex.

7 Tips To Grow Your Business in Uncertain Times
Running My Business

7 Tips To Grow Your Business in Uncertain Times

In this webinar, we discussed how businesses can scale and grow this century by raising capital, setting up accounting, and utilizing legal services.

What You Need To Know About Changes To Prompt Payment Code
Running My Business

What You Need To Know About Changes To Prompt Payment Code

Large businesses often get into the habit of paying their suppliers late. But why? Well, put simply, because they can. Late payments are so addictive that they have even been described as “the crack cocaine for larger companies”.

Osome Raises $16M in Series A Funding To Expand Globally
News

Osome Raises $16M in Series A Funding To Expand Globally

Osome has raised $16M in a Series A funding from a group of investors including Target Global, AltaIR Capital, Phystech Ventures, S16VC, Ace & Company and Peng T. Ong, who joined as an angel investor.

What to Do If You Want To Change Your Financial Year End Date
Incorporation

What to Do If You Want To Change Your Financial Year End Date

Most business owners choose their financial year-end date based on the tax year, which runs from 6 April to 5 April of the following year. There is no hard rule that you have to use a stipulated year-end date. You have the power to choose any other date for your business year-end.

A Guide to Dividend Payments for Small Businesses in the UK
Accounting

A Guide to Dividend Payments for Small Businesses in the UK

Your main goal of opening a company in the UK should be to make profits, and depending on your corporate goals you may choose different ways to extract your financial earnings. One way is to distribute your profits to shareholders, also referred to as paying out dividends.

Do I Need Business Insurance for My E-Commerce Store? – What You Need To Know
E-commerce

Do I Need Business Insurance for My E-Commerce Store? – What You Need To Know

As a business entrepreneur, you might be wondering if you need insurance or how much coverage you need. We will address the issues of why getting insurance is important, and the different types of insurance coverage you might want to consider for your business.

A Guide to Setting Up a Holding Company in the UK
Incorporation

A Guide to Setting Up a Holding Company in the UK

A holding company follows the same incorporation process as a normal company, although it provides different purposes for business owners. Understand what a holding company is and the tax advantages of one.

Osome Is Now Partner of the Year at Xero Asia Awards
News

Osome Is Now Partner of the Year at Xero Asia Awards

A confirmation of Osome’s commitment at innovation and customer service, this is simply a great way to end 2020. Find out more on how and why we won.

Fulfillment and Storage: What Impact Do They Have on Your Online Business?
E-commerce

Fulfillment and Storage: What Impact Do They Have on Your Online Business?

So, you have reached a turning point in your company’s growth and feel like you need to focus more on order processing and fulfillment. That’s great because that will allow you to grow your sales.

Currency Risk: What E-commerce Sellers Should Know
E-commerce

Currency Risk: What E-commerce Sellers Should Know

If you trade in a stronger currency, you will have to pay more for fewer items, which can squeeze your profit margins and make competing with other businesses difficult for you. It can also affect your ability to make profitable investment opportunities.

How the Amazon Supply Chain Works
E-commerce

How the Amazon Supply Chain Works

To make sure Amazon runs at full capacity, there are so many different functional areas needed to work together. That's why the Amazon supply chain is so important to the success and operation of this corporation.

Tips to run your business smarter. Delivered to you monthly.

You'll receive a verification email you'll have to open and confirm the subscription.

We’re using cookies! What does it mean?