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September 2008

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Credit Crunch Continues to Bite

With continuing pressure on the economy, and predictions that we have not yet seen the worst, the Credit Crunch is still big news. As businesses face an ever more uncertain economic outlook we have seen a number of accountants provide reassurance to their clients by assessing their exposure to credit risks and through the provision of an online Credit Control service. Please see the article below for more details.

As we move into the autumn most of us have returned from a holiday to find the news full of two topics: The Economy, and The Environment. With the environment receiving just as much attention as the economy, businesses and consumers alike are finding that they are expected to adapt their behaviour to be more environmentally aware. With the Companies Act already requiring directors to take environmental factors into consideration there is increasing talk about our carbon footprints. At Online50 we are a partner of the UK200Group who are conducting a survey about businesses and the environment. See the panel article below for your opportunity to provide feedback on how the current environmental agenda is affecting you. You have a chance to win a year's supply (52 bottles) of wine (or non-alcoholic equivalent) produced in a carbon neutral way.

In This Issue:

Sage 50 2009 Released
Credit Control Services
The UK's Favourite Online Accounting Services Platform
Risks of Failure to be Disclosed

Credit Control Services

As the Credit Crunch continues, more businesses are considering how it will affect them. One comment we are hearing more frequently is that businesses are experiencing slower sales as the confidence of their customers is reduced. With a slowdown in sales, it is increasingly important to ensure that a business is on top of its sales ledger.

Online50 partners, as outsourced accountancy providers, are well placed to offer businesses the reassurance and the help they are looking for. An Online50 partner can add significant value to a business by ensuring that their clients have sensible policies for the control of the credit they are both getting and receiving, and by ensuring that these policies are effectively implemented. An outsourced accounting function can help to control costs and deliver a level of competency that it is hard for a business to achieve without hiring trained staff. By using a service that is both flexible and scalable, such as the Online50 service, a business can match their costs to their needs, confident that they can scale their service up or down as they need to.

Online50 partners can respond to this need in a number of ways. One way is to conduct a seminar, focussing on responding to the credit crunch, to offer reassurance to local businesses. This has proved to be an excellent way to pitch outsourced accountancy services and we are keen to support our partners seeking to do this locally. If you would like to discuss running such a seminar in your area, and how Online50 can help you to deliver one, then please contact your account manager on 020 7536 7736. For an overview of the opportunity that accountants have to help and support their SME clients resulting the credit crunch, please see this webcast.

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The UK's Favourite Online Accounting Services Platform

With over 7 years of operation, Online50 is the UK's favourite Online accounting services platform. Although we did experience a slightly quieter August as users took holidays, in July 2008 we saw more logins than in any previous month (31344) and September 2008 has started strongly. Some of the reasons we are the UK's favourite provider include:

We are a service provider - not a software vendor
We provide standard software that can be run online or offline
We manage different versions of the same software
We offer calendar monthly terms for usage

By using an online accounting service users from different locations can access the same software in real time. This is ideal where part of the accounts function is outsourced - for example a business may raise sales invoices and post cash received, but use their accountants to manage the purchase ledger and prepare management accounts. If you are not yet using Online50 and would like to see how our fully managed online solution can help you please call us on 020 7536 7736 - or visit the Online50 website and look at the Online50 Explained animation.

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Risks of Failure to be Disclosed

As fears about corporate failures grow, the Financial Reporting Council is reviewing guidance for statements provided by companies regarding their futures, with directors being required to closely examine the assumptions that underly them. The current guidance has not been reviewed for 14 years, and this review will incorporate dramatic new requirements imposed by international financial reporting standards.

Under these changes, reported by Accountancy Age, auditors are expected to raise the alarm by way of a 'modified' opinions in the company's financial reports.

Smaller companies, of course, fall below the audit threshold and as such will not benefit from the scrutiny given by a professional audit. However many smaller businesses are concerned for their future and would welcome an objective and confidential assessment of the risks of failure that they face. As trusted providers of accounting services, professional accountancy firms are well placed to offer such a service.

In a recent Accountancy Age Webcast, Online50 founder Rob Lambden outlined how some more enterprising firms are offering a credit risk assessment to their clients. "The idea is straightforward," he explains. "A small business needs to understand what financial risks they face, and by reviewing how they are currently funded, and what the risks are to that funding, accountants can prepare their clients for more uncertain times, and in many cases make the difference between survival and liquidation."

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Sage 50 2009 Released

Sage have released the latest version of their small business accounting software package. The software, called Sage 50, is available on the Online50 platform and to all Online50 users upgrades are available under the monthly license fee. Users are not obliged to upgrade, they can choose to upgrade when they wish (for a breakdown of installed versions of Sage 50 three months prior to the release of version 2008 please see the article Upgrades on Demand in our June 2007 Newsletter).

The new version has a number of interesting features including:

Improved debt management
New task oriented diary feature
New customer and credit control reports
New reporting features including batched reporting and secure PDFs

The software will be available on the Online50 platform from Monday 22^nd September 2008 - for more information or for a preview of the software please contact your account manager on 020 7536 7736.

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Disclaimer

Every effort is made to ensure the accuracy of the information presented in this document, however we cannot warrant that the information is free from errors. There may be omissions or inaccuracies in the information and it is provided to you on an "as is" basis without warranties of any kind. We assume no responsibility for the consequences of any errors or omissions in the content or otherwise relating to the information.

Copyright and all other intellectual property rights subsisting in the information presented in this document is owned by us or by the providers of such information and is protected by Copyright Law.

The Online50 service is provided by Online50 Limited, a Microsoft Gold Certified partner and Sage Authorised Application Service Partner. We are also independently audited and accredited to the ISO 27001:2005 standard for Information Security and the ISO 9001:2008 Quality standard. We are a private company, and independent of the software vendors whose applications we host. Online50 Limited is registered in England Number 3144276. Registered Office: Ternion Court, 264-268 Upper Fourth Street, Central Milton Keynes, Bucks. MK9 1DP. Correspondence Address: Unit 57 Skylines Village, Limeharbour, London E14 9TS.

Lehman Brothers - the latest victim of the Credit Crunch

As business confidence is hit by the Lehman Brothers collapse
accountants can offer support and reassurance to SMEs

Partner Events Nov 2008

Online50 partners are welcome to book places at our November 2008 Partner Events. Following the continuing success of these events we will be meeting with our partners at the Britannia Hotel in Manchester this November. The current events planned are as follows:

Wedesday 26^th November (afternoon)

Service Proposition Workshop this popular session helps to highlight the services Online50 partner accountants want to provide on our service. Ideal as a tool to brainstorm your own service offerings. Delegates will come away with practical tools to help them present to and profile existing and prospective clients.

Thursday 27^th November

Partner Briefing this morning session covers updates to the Online50 platform, a chance to hear back from other partners regarding their use of the Online50 platform, and the latest news from the Online50 team.

Software Review and Training This new afternoon session will compare different products available on the Online50 platform and identify how the different features can be used to help different types of businesses.

Networking Dinner in response to requests for more networking opportunities, we are hosting a networking dinner in the evening.

Friday 28^th November (morning)

Online50 Taster this session is an opportunity for prospective Online50 partners to meet the Online50 team, experience how the service works and identify their own opportunities for value added services.

To book your place please speak to your account manager on 020 7536 7736.

Green Issues Survey

At Online50 we are a partner of the UK200Group. Part of the group's work is looking at how businesses are affected by legislation. A survey has been prepared together with Middlesex University to gauge how businesses currently perceive their impact on the environment. The results of the survey will form the basis of a report containing key findings and recommendations that can be of real interest to businesses, government departments and development agencies.

As a further incentive, all questionnaires completed by 17^th October 2008 will be entered into a prize draw to win 52 bottles of wine (or non-alcoholic equivalent). To complete the survey please click on the picture below:

Take the Green Issues Survey
Click here to take the survey

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