IT

Mamut and IAAITC simplify accounting processes with the Virtual Accounts Office

Mamut and the International Association of Accountants Innovation and Technology Consultants (IAAITC) announced the launch of the Virtual Accounts Office (VAO) managed accounting service.

The VAO service allows customers to have their accounts managed by an IAAITC member: an established firm of chartered accountants and registered auditors familiar with international accounting standards and Sarbanes Oxley requirements. The service is fully hosted and delivered over the Internet, allowing it to be used by businesses anywhere in the world – making it particularly appropriate for foreign companies looking to set up operations in the UK, and SMEs looking to outsource.

Through VAO, customers will no longer need to employ specialist staff or buy expensive software packages, leading to massive savings for cash-strapped SMEs. All accountants providing the service are fully qualified, and can assist in developing the business by improving the quality of financial information to the management. As VAO removes the hassle of managing accounts, customers will be able to devote more time to sales, customer service and activities that will really help drive the business forward.

The VAO service is already being trialled by a number of companies in Europe, and has met with widespread approval. “When we decided to outsource our accounting function we wanted a solution that removed the day to day grind of recording transactions but still allowed us to monitor what was happening in the company, especially as we have several European sites. VAO gives us that ability,” said Jürgen Hölscher, CFO, Goetzpartners Corporate Finance Ltd.

VAO takes charge of all core accounting functions including sales ledger, invoicing, purchase ledger, cashbook and nominal ledger. Customers can take advantage of supplementary services such as electronic invoice handling, sales and purchase order processing and credit control. VAO can also handle a number of compliance issues that need to be addressed by all companies, including VAT, statutory accounts, auditing, corporation tax, payroll bureau and annual returns.

The software behind VAO was designed by Mamut, and the service can be delivered over Mamut’s Business Platform package and combined with a range of other business management applications.

“The VAO service allows SMEs to focus on their core business, rather than spending time on routine financial administration,” said Alan Moody, Managing Director, Mamut UK and Ireland. “This will help new companies to grow, but also assist established SMEs to streamline their operations. It is a valuable addition to Mamut’s portfolio of services for small businesses.”