Lock 7 finds a cure for VAT headache with Accountz


Overview
Based in Hackney, London, at the junction of three cycling lanes and on the Grand Union Canal, Lock 7 is a unique bike shop café run by local entrepreneur Kathryn Burgess and her partner Lee.

The business was launched in late 2007 and currently employs six full and part-time staff. The company caters to London’s cycling hub by selling second-hand bicycles and offering repairs as well as the traditional café services.

Lock 7 uses Business Accountz to run their successful business.

Challenge
When Lock 7 first opened its doors to the public, the company’s accounts were managed through several complex spreadsheet systems. Whilst these spreadsheets served their purpose as a basic data entry mechanism, when it came to calculating different rates of VAT and setting up tax protocols, the company was finding the whole system labour intensive, time-consuming and open to errors that could prove problematic and costly in the long run.

As the business became more established and accounting more complex, the company realised that the spreadsheet method was no longer a viable business option and that accounting software would be the best way forward.
Lock 7 needed to find a powerful, user-friendly accounting software product that was both tailored to the daily requirements of a small, growing business and that could run on the Apple Mac operating system.

Solution
Lock 7 began researching the best and most compatible accounting software packages for small businesses online and came across Accountz and its range of accounting solutions for businesses, Business Accountz.

“We looked into several accounting software options when we did our research and found that Business Accountz had received a lot of positive feedback and reviews from similar sized businesses. The fact that the software was compatible with Macs was also a major selling point and it seemed that Accountz had all the right answers when it came to bookkeeping and managing VAT in the simplest way possible, which was undoubtedly our greatest challenge when faced with accounting,” said Kathryn Burgess, director of Lock 7.

The company began working with the entry level Business Accountz Basic software package before installing the advanced Business Accountz Enterprise package after realising the benefits that the product was bringing to its bookkeeping process.

Evaluation
A year after first installing Business Accountz, Lock 7 now uses the product to manage all of its bookkeeping processes.

“Since first using Business Accountz we haven’t looked back. We can now calculate VAT at the click of a button, which makes us more compliant and organised when it comes to fulfilling obligations and presenting our accounts to tax inspectors. The product has also enabled us to become more confident and understanding of how our accounting is managed,” said Kathryn.

“We recently attended a very useful training course offered by Accountz to help ensure that we are getting the most out of the software and the customer support has been engaging and helpful throughout the whole process. We wouldn’t hesitate in recommending Business Accountz to any other entrepreneurs and small business owners looking for a simplistic and hassle-free accounting package,” she concluded.

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