okay good evening everyone so koviti 19 left the world close to shambles and now we continue to pick up the pieces and drive forward but cfos are concerned about a second wave hitting soon which will bring about further economic downturn in response cfos are shifting their focus to how they can create sustainable business model using cloud accounting technology and cloud-based applications so they can better adapt to the new realities of working and doing business at an unpredictable time no matter the situation never give up that is from the message from us so those who don't know me let me give an introduction about myself i'm paul mitchen i'm the founder of the cloud accounting academy and cloud e-commerce accountants so i'm a chartered and management accountant with over 12 years experience in the industry today our topic is uk accounting bookkeeping payroll management and vet first of all let me introduce our moderator is none other than mr fason flies he's an experienced and certified erp consultant and accounts manager and visiting lecturer to the local universities and our keynote speaker is mohammad chakras he's a chartered and management accountant with over 15 years experience in the uk sri lankan account and finance industry he's working as a senior consultant to a cloud accounting academy and he's a certified zero partner and education consultant and cbc pack fastlane and software's it's over to you hi hi hi guys hi everyone so uh so we have got shafraj who is our facilitator today so he'll be conducting about certain uk business practices and also in terms of how cloud technology can be accompanying all these you know business practices in terms to you can everything so shuffle us it's over to you so you can start the session yeah so we can go through and if you have meanwhile if you have any questions guys you know always uh feel free to uh you know use the chat box because like we don't want chakras to have any disturbance during his you know uh his uh the knowledge sharing yeah so uh any questions yeah you can drop on the chat so myself and paul is there so we can take over the questions and later we can uh give it to shaftra's and we can answer as bad yeah all good so software's it's over to you that you can start and you know uh give your knowledge on this yeah thank you thank you very much paul and fazlan it's a great pleasure and actually a very good evening to everyone and actually let me introduce myself first so uh actually i'm as positive i'm a senior consultant for the cloud economy accounting academy and also basically the chartered management accountant having said that i've got nearly about 15 years experience in uk uh in terms of bookkeeping and also especially in financial accounting and the management accounting as well i have worked many accountancy firms especially uh say cloud bookkeeping where most of the cloud applications are basically taking place and also i have worked in sri lanka as well many accounting firms like apmg and video and so on and so forth so i have got a great knowledge to share myself with this about uk accounting bookkeeping and as well as the self-assessment and so on and so forth so straight away i will start the session i'm just going to briefly uh tell about the cloud system why nowadays the cloud system is so important for the society and basically for the entire world so if you look at earlier earlier days basically now the cloud systems as you know uh is not applicable in those days so nowadays this world is moving so fast so everything is you know like moving digital everywhere so because of that reason in order to speed up the every organization business and also basically how business organization as a business owners to conduct their businesses is easy for them if they move into the cloud system for example if you take zero if you take quickbooks online free agent cash flow myo all those are cloud so if we can work you know smarter is online reporting tools available and especially you know the faster decision making and so on up to so forth it could be anywhere okay you can sit down at home relaxing and see for example like okay i want how much money in my bank account how much my bottom line how much money i have to owe so these are the very important features available in the cloud and also especially in terms of security is automatically backup so these are the basic reason why uh you know the the cloud accounting system is nowadays most important okay let me start with uk accounting as well as bookkeeping straightaway let me share my screen first great okay uk accounting that and payroll management if you take the city of london so it's very beautiful you know the city of london it's the financial hub of the uk but so now i need to introduce some statistic about you know briefly about uk so as you all know it's your case really nowadays growing smartly and is a developed country as well so the statistic if you go for a statistic the population is about nearly 67 million roughly 60 as a 1st january 2020 which is basically is a provisioning figure and gdp is a gross domestic product 2.744 million is a nominal the based on 2019 is estimated and also you have the sorry 2744 trillion and the purchasing power parity you have three three point one point six two trillion and if you take a gdp growth rank it's a six nominal based on 2019 and also is ninth of purchasing power parity and what about the gdp growth so gdp graph is about 13 percent if you say 13 which is in 2018 and whereas 14 on 2019 as 6.5 2020 that that is what now currently behind 2020 so it's basically 6.5 so they are predicting because of this pandemic and you know and preceding situation they are predicting the estimating 2021 the uk gdp graph could be four percent or it could be you know like maybe the later 2021 is or you know like it's a prediction and also gdp per capita and so on up to so forth and industry-wise if you look at the industry-wise agriculture 0.6 percent and also industry 19.2 and the services is basically 80.2 so those are the gdp bisector right okay perfect now we will go for the the taxation in the so we start with basically the taxation in the united kingdom so before that i just want to explain the taxation in the united kingdom may involve the payment to at least three different levels of the government so if you take sri lanka so you have a certain level of tax you have a say for example pay you have a corporation tax and income tax and so on and so forth or similarly in the uk also you have a taxation in the united kingdom may involve payments to at least three different levels of gamma number one the central government that is we are calling as hmrc and the divorce government and also the local government so if you take a central government revenues come primarily from say you have income tax and the national insurance contribution and the value added tax the corporation tax and the fuel duty so these are the in terms of the central revenue income basically primary form and also the local government revenue comes from primarily from it could be grants from central government funds the business rates you know the local council business rates in england and the council tax and increasingly from the fees you know charges like those for non-street partners we are basically calling as a vote expenses that's a multi-tax right okay so we have a look so in details these different kinds of trucks we have a look in details okay first what i'm going to do is i'm going to explain so once uh this is taxation part you know there are so many taxation as i explained to you earlier i want to start with basically you know that so as you all know basically so in sri lanka also we have graphs which is currently is basically equation so now let's start with that introduction value introduction okay if you take you know so what is basically is that so that is a value added tax is levied on the sale of goods and the services in the uk so it is a type of the consumption you are saying is basically it is a type types of the consumption tax because it is charged on item that people buy and also is an indirect say we according this is a india not a direct tax but it is a indirect tax because it is collected by business on behalf of the uk government therefore we are calling as an indirect type so that is very brief you know everyone understand about this right you can call us a consumption or it could be as an indirect tax by protects now if you look at the left weight right so there are you know the certain the patterns how has that weight changed okay actually primarily in uk that was introduced in 1973 replacing the the purchase stocks earlier we are calling as a basically user purchase tax so this previous tax was levied when goods services were produced right so and distributed not when they were sold as in the case with that so the purchase stocks had a different rate for different type of goods right okay so if you look at here here 1973 earlier so it started with you know the 10 percent and also 19 if you look at 1979 74 to 798 79 to 91 15 percent then 91 to 2008 17.5 and from 2009 to 2011 is 17.5 whereas from 2011 today it was 20 therefore the rough current that that trade in uk is 20 okay so what are the the current vectors in the united kingdom so we have a look what are the current that ways in the united kingdom so first of all if you go for the basically the standard the standard rate of that in the united kingdom is currently is a 20 so this is the rate mostly charge on you know the most purchases but there are other batteries which you need to be aware of as a business for example if you look at the 20 20 it could be on the confectionary it could it could be on the food and rings and the chocolates and also there are alcohol all those stuff so star that is basically is 20 percent then you have a radius rate the reduced rate is charged almost five percent which is the sanitary products and the energy saving measure and the children's club in the and is charged five percent and you have a zero so zero rate as the name suggests charges to zero so this is applied to most you say for example foods and the books newspapers and magazine children's clouds although know about this chart the sale of zero rate goods and services to be recorded and reported on your marketer of course because the reason is this is not the example there are two different things you have the exempt error and they know that but zero rate is basically you have to declare in your tax return there is a key difference between exempt and then the zero rate okay on top of that some items are exactly if you look at their postage and stamps and the financial and the property transaction these are the exempt items so exact item in your that return we don't need to declare that so know about is chart on these goods however these do not need to be counted in your taxable tone so the twenty percent five percent and zero percent will be counted on the taxable turnover okay so now there are so many bad schemes i'm going to explain there are so many that schemes basically is available if you look at say for example the standard scheme and the annual accounting scheme and cash accounting scheme and the flat rate scheme okay let me explain what is the standard if you look at from the uk point of view the standard scheme is basically basically is based on the accrual concept that is whether that invoice is based on the accrual it's not on the cash payment or the cash receipt so irrespective of the cash paid or receipt you have to account for that is whether it could be twenty percent it could be five percent or it could be zero percent or it could be nowhere so you have another standard then what is your annual accounting scheme annual accounting scheme instead of you are filing the va to return quarterly right you have to file under this annual accounting scheme on the yearly basis not the quarterly basis but if you take the uk you know like mostly in uk uh the most of the business organization they are adopting a standard scheme right which is not there so they don't you know they don't file uh based on the the annual account so you know they wait for one year then at the end of the one year they will fight no so every quarter every three months they will fight so that is so i would say 90 of the uk companies they are up to the standard scheme and the cash accounting scheme is this is where i already told based on the cash receipts as well as the payment but you can't go under this accounting scheme the accurate contract that is purely based on the which is purely based on the cash payment receipt and what is the flash risky the flash trade scheme is like you know for example you have a certain touchable turnover right then in that particular turnover what you have to do is you are basically accounting foreign based on the set is not only twenty percent right it's based on the certain percentage that percentage will be actually vary from the industry to industry for example it could be fourteen percent it could be five percent it could be twelve percent right it will be very so that's a flat rate scheme that is based on the gross sale but normally when you are invoicing what you have is you have to invoice based on the twenty percent and also in the supplier invoice is also basically 20 you know that the input rate and output of the part when you are accounting for the flag when you are declaring to hmrc you have you can declare you can claim that input input only you have to say for example either it depends on the industry to industry i will show you later uh 15 percent or maybe could be seven percent eight percent based on the gross sales so that is called the flat rate scheme so if sometime you know you have to make a uh where is uh the you have to do a feasibility study for a new startup company whether flat trade scheme is good or maybe standard so sometimes you know some company factory scheme is suitable some companies standard scheme is scootable some companies cash accountability so these are all depends on the their turnover their nature of the business and so on so forth right now we'll go further so who pays who pays that and how often so business whether you have business with a turnout for more than 85 000 must register to pay and charge back on the production services so this is about their show in uk so eighty five thousand seven and other businesses can choose to register for that but for some reason you can choose to register for what voluntarily and that's usually paid on a quarterly page for example if it is 31st or august then it has to be filed and payment also has to be made or not before seven for normally 30 august meet the end of the september but here you have one month on the seven days right so you have to pay by so that is basically the deadline period you can opt to pay different method you know for example online telephone banking card payments and so on to so forth okay how to charge what invoices need to include okay how so for example so in the invoice the invoice number is there and the invoice date and the name and address of the business that services normally proceeded you know that registration number once you register for the business yes you have that registration number and the customer's name is in the address and you have a description of the goods and services covered and for each item on your invoice you should make clear that what is the unit price excluding this is the format of that invoice and the quantity right and the battery twenty percent uh five percent or zero and the total to pay excluding that and you have a bad term on you have if there's any cash discount yeah basically so let's have a look at the reason uk that news right so if you look at the reason a uk got news the drafting restaurants hottest and cinemas come to five percent until january 21 earlier so as i told you before it's a 20 now because of this special pandemic situation the chancellor right his name is mr suna so he's uh the uk chancellor so he cut to five percent so it's very great you know for especially for the hospitality and the tourism industry right until january 2021 the cut intended to give businesses in hospitality and the racial sector the confidence of the demand will be met as as they reopened right then and also the chancellor said in his mini budget this is a 4 million catalyst for the hospitality and the tourism sector so nearly benefiting nearly 150 000 businesses and the consumers everywhere they are benefiting because of this adopted five percent and they all help you to protect 24 million jobs right the reduce rate will apply to sales of food and non-alcoholic drinks from restaurant pubs bar cafe and similar premises across the uk and also the chancellor said the tax cut would apply to eating a hot take away food from the restaurant cafe and you know pop accommodation in hotels and britain breakfast and campsite and caravan side and also as well as cinemas and that the impacts on zoo as well and also is a decision to cut the rate so the government has already introduced in response to the coronal virus pandemic so more than nearly 400 000 businesses have been able to defer that payments until the next march so these are the you know the reason uk that news right okay now but before i come to the payroll i'm just you know it's better to have interaction uh with the questions in the answer session with this particular uk account so that you know i can share with my knowledge and experience how in practical terms okay for example when you are working the back office or when you are going to start a business maybe in the future in uk so if there's any questions and answers you can ask or through basically through a chat or something i think shoppers we have received questions so what we can do is uh at the end of the presentation we can you know take one by one so we'll uh get it over there right sure thank you aslam that's good thank you okay so let's start with our okay so now in the uk period so says normally it's like you know the same everyone knows about the pay right mr pay as um so as an employer you normally have to operate the pmi scheme right this is basically it's a salaried employee as part of your payroll so pmi is hmrc and customs system to collect income tax on the national insurance uh from employment you don't need to register for pay if none of your employees are paid harder 120 pounds or more a week so get expenses and beneficiaries have so in other words the people you know like you have to register for the pmi only are they are paid hardened 20 pounds or more people if it is less than 120 pounds you don't need to basically get registered for the pa and also okay what are the payments and reduction so when paying your employees through payroll uh you also need to make direction for pay so that is the one thing the payments to employees it could be you know salary wages as well as things like you know and it tips the bonuses and statutory or maternity pay and there are some reduction for example that you need to do that like to the tax which is calling as a pa one and you know like sri lanka you have epf and etf i will explain to you later we are calling as a national insurance contribution this is further you from employees point of view as well as the employer's point of view so other deductions you may need to include for example it could be a student loan repayment or a pension contribution so these are the deduction from the pair and also there are some payments like bonuses tips and so on so forth so this is a very simple you know so everyone knows about what is that how payroll system works similarly that sri lanka the uk payroll system whatsoever right now we go for the national insurance rates on the category so you have you have employees national insurance and also you have an employer's national insurance so example if you look at employees class one national insurance is made up of the contribution right we are calling as a contribution a deducted from the paid the employees national insurance contribution basically i will tell you what is the rate right it's paid by the employer the employers national insurance rate and the amount deducted and paid depend on the employers employees national insurance category letter okay and also how much of the employees earnings falls right so it's depends on the ni letter and how about the employees earnings and which band is falling down and employ national insurance rates as well so basically okay we have a look at the table here i'm going to show you the table but it's from the uk government website right right so this is we are calling as hmrc because now nowadays we are calling as a government.uk so that is basically is hmrc uh the website so all the taxes it could be pay and national insurance contribution contribution and income tax business tax so on after so forth so if you look at here national insurance rates contribution base right these are the category letter employee national insurance rate okay these are the categories so mostly in uk this table shows how much employers deduct from employees pay so as an employer how much like for sri lanka you got sometimes you know 12 percent eight percent sometimes you know fifteen percent okay so it depends likewise here this is the employees direction my employer has to make if the category letter area shows right on this category mostly is a 12 percent so you know most of the uk business organization since the the staff appear there the payment falls between 183 to 962 right a month right 12 that is the employee national rate for example okay if you're in category letter a if you earn thousand pounds in a b you will pay 183 right and 12 percent 93.8 on your earnings between 183 and 962 whereas here two percent if you go over here two percent side and over 962 per week or it could be 4167 per month so these are the employee and nigeria so if you look at the employee in nature rate it is 13. standard in uk you say employer is 13.8 that is the employee 12 so most of the uk employees are false in the category letter a okay so i will explain to you later what is the category letter a so this is what we are so now here if you look at there's a class one day and the class one b rate as well right so mostly these are the rate 2021 rate is basically 13.8 so what is the integrator if you go for the website uk government website mainly this we are calling as a regulatory body the tax regulatory body in uk if you look at category letter a the all employees apart from b c j h m and so on so this is a mainly so if you look at b you see one is especially category letter for the married woman and values entitled to pay so re it's a radio especially for the married woman and the avidas they have a radius in life it's really good you know like unlike sri lanka so and see employees over the state pension age okay you have a special rate categories if you look at the category c right so there are certain the rates applicable to the state pension and like you know like that's apparent ish letter h employs under 21 and so on after so forth and you have a special category letter x also that is employees can use category letter x for employees who don't have to pay a nationalism they don't have to pay for example because they are under 16 right they're very young age so they can use category so these are the based on this category later later category letter what you have to do is employers have to deduct national insurance contribution which is employees and i see they have to do that right okay so these are the will go back to the contribution rate and same for example employ also see based on the b category also up to c category 13.8 if you go for employer up to all the over 4167 starting point right and whereas the special exception is situation right if it is up to 4167 this is no contribution right employers don't so especially uh this particular category so in standard remember employer 13.8 and whereas the employees basically 12 percent okay they'll go back to the presentation so next so now here next one okay i'm going to explain about now this is this is simply about the pair so in the payroll you have to basically you should know the pay how pay system is operating and you should know basically the category letter and also basically uh the employers and employees contribution right this is how you have to register for that pa why not advance you know for example if you're opening up a new company right in uk you have to register with hmrc as a as an employer then once you have registered then you have to you can start paying employees by uh adopting a new accounting software like zero or quickbooks or so on so forth okay let me explain about the uk self assessment system okay so basically what is the uk safe assessment system is very sim very similar self assessment system like cell and call you know i say i say from black people right let me share my screen you see against basically uh we are going back to the uh the uk hmrc website so working for yourself okay let me share the tax code as well so in parallel i can explain right okay so working for yourself if you start working for yourself you are clouds of the throat here so you all know you know for example if you are working right you are assaulted so this means you are safe from blind right even if you haven't yet told hmrc but you are suffering but there are certainty if you look at here there are set up a safe and blood there are certain steps so check if being safe from blood is right forever whether i am suitable for the self-employed or maybe i cannot open a limited company or maybe it's okay if i want to work for a company whether under the uh not not the self-assessment basis but the pmi system is suitable or not right so whether you could be a limited company or partner in the business or maybe then choose the name if you want to choose a sole trader you can choose a name you might name in these things for example you can choose your own name as well and check what records you have to show and finally register for the tax so text me first of all you have to apply for national insurance now it's very important in the uk you have to apply for a national insurance number you call enlisted number so once you apply then you can start a business then you register for a sell for employment and register for a safe self-assessment right so these are the steps basically you have to follow so working for yourself running a business you are probably safe employees therefore as per the uk you probably say from that if you run your business for yourself and take responsibility of the structures of area have several customers at the same time of course so you can decide how where and when you do but if you are working for some company say you can't decide like how and when your employer has to decide so this is what you have you got a freedom can you can hire other people at your own experience to help you to do the work for yourself provide you know the main items of equipment and you are responsible for finishing any unsatisfied for your work and so on so forth so basically these are the so how you can check whether you can check cell phone plug whether online by phone you can check right you could be class as a trader if you sell goods or services if you are trading you are self-employed you are likely to be trading if you sell you know for example sell regularly to make a profit or you know make items to sell the profit sell online so this so registers are self-employed so if you are a cell phone plug you may need to set up as a solar cabinet right so these are the and there are some helps with the business okay let me explain that the course the tax code so it's very important you know so these are the tax code and what are the rates uh personal elements okay now if when you're going when you're going for the uk right the self-assessment basically everyone has a personal element in uk there is a personal runs called twelve thousand five hundred percent element so you have a certain so up to twelve thousand five hundred we have no tax right then after twelve thousand five hundred say for example you have a taxable profit say fifty thousand dollars so up to twelve thousand five hundred you have led so after twelve thousand five hundred you have a certain balance okay you have okay how much twenty percent then you have a third thirty seven point five you have a basic rate you have a for example it's a high rate additionally higher rate and so on so forth okay if you if you go here check if your tax code is correct okay so what is your tax code your tax code will normally start with the number say number so number and the letter so the tax office assignment what they are doing is they take the personal elements twelve thousand five hundred that they remove one zero and they put l the error code is basically the standard this is the standard tax code currently used by the most people who have one job or maybe pension could be for a job or it could be for that pension right how numbers are worked out okay but now i'm going to click the numbers in your tax code tell your employer or pension provider how much tax free income you get in the particular tax year right for example okay what is that talking before i come to that i'm going to explain the example let's look at that a letter then let me mean definitely the top surface will put the letter it should be 1250 for example okay now look at look at this 12 500 is a person let's say myself i have two job right i'm earning minus ten thousand pounds per year from one job other job basically i'm earning two thousand five so you basically so what you can do even you can split your personal between two jobs so that you won't be taxed right just for example up to twelve thousand five if i'm earning twelve thousand five hundred from the two jobs might join inconvenience two thousand is 2500 you can call hmrc or you can contact hmas say look here i want my income to be free so 10 000 then 12 000 funds what the tax office will do is they will spend one is for one job ten thousand other journalists our job is basically two thousand five but so you can you know in order to uh pay less text you can do that as well so let you us entitled to the basic doesn't stand the tax free element if you go for m you say marriage element you receive a transfer of ten percent of your partner's personnel so you have a say for example your partner personal element is 12 500 so basically you are receiving 10 percent so when the tactic is using letter m at the end of some number basically it's a transfer like n you are you have transferred 10 percent of your personal elements to your partner just like you okay understand and also t you say your tax code includes other calculations you work out your personal so so likewise you have a br code vr according to all this it's an emergency code we are calling as a basic group right and likewise you have a d0 stand for higher rate okay so these are the letters these are the letters so there are so many latest algorithms so depends on the we are calling br could be basic tax rate code which is emergency tax credit because you know once we have applied for a job right for any employee or maybe even self assessment the tax office doesn't know right the what whether i have a different job or maybe you know what kind of uh the job i'm doing it could be i have some of the income for example rental income i'm i might have safe exam i might receiving pension right so i'm uh for example i might have work from the different company i don't have a say for example p45 i will explain to you p45 so those things you know like uh in that particular second sensor tax office will use the emergency via vr code right okay so in for example uh that i just forgot to explain one thing in the when i bring the the payroll we have a p45 and we have a p46 and we have a p32 and we have a p11 as well so p46 mean once the new employee has joined right the employer has to apply for that particular person you know starting with the other employment so the particular employer has to apply before to sit there as a farm say for example employment details and probably and you might have say a national insurance number address and how much the the salary amount all those things so that's before if that particular person comes from the different employment then they use p45 right so there's uh the existing employer has to give p45 through new employment right that is called 45 and the p30 to this other you know like certain form p32 mean it's a compose you have a national insurance and basically you have a say for example pfi tax liability and you have a student loan reduction all those things i will show you later all those things comes under p32 say it could be employees national insurance employers national insurance and so on so forth okay so these are that you know the tax crew so we'll look at the personal ones here if you go for the tax freeze if you go while i say to you it's a 12 500 so your personal elements may be bigger right it could be because it depends on their circumstances if you look at this ban up to twelve thousand five hundred zero right from starting from twelve thousand five hundred point two we are calling this is a pa by taxa this is the income tax bank right and higher rate twenty fifty thousand one two hundred fifty thousand forty percent then you have a above and over a hundred fifty thousand we have a forty five percent is basically is a taxes we are calling this as a pa right if you don't like sri lanka you have a taxi so this basically the bank right so since if you put out to get that or get a pension you must always check your income tax code to see whether your personal allowances and tax code is credit how much you have paid in the current tax year although you have other elements for example like you know the saving interest tax free element the dividends if you own a shares in a company and also for example if you take the tax free elements your first thousand pounds of income from safer employment this is still you're the trade and you have a trading element right the person everyone's different from the trading element for example i don't have that i i don't have a much expenses for the tax office has given from your income you can deduct thousand pounds next week you're calling as a trading element right your first thousand pounds of income is property you rent that is also it's basically this for example it's kind of allowance right say pay less so this is about calling about the the rate income tax rate all right so we will go back to the presentation so this is basically a tax code already i have explained if you further go for the tax code especially like in sri lanka we have a department with something gamma dot okay it's hmr's universal department right so you have an emergency textbook right see can you see 1250 st stand for week one and you have m1 right so you may be put on emergency taxes as i explained to you earlier if you have started a new job right taxation doesn't know what other income might have like could be rental income dividend income or maybe interest working for employer after so [Music] so you always better you always have to check your tax code that is very very important right if you go for you can here i just show you here uk tax code explained from the different website right safely letter is same so that's what i told you the same thing you know br so it is an abbreviation for basic group right or all your income from the particular job or maybe punching you have a d0 so these are the higher rate bank and b one stands for addition so these are the tax code and week one meaning you have a special tax code so you have emergency tax code how to get tax code update and there are so many things are there right so you have to check you you can inform hmrc uh the change tax code online as well right so that's about a uk self assessment now we go for the the management accounting and the financial accounting so so this is that you know the very important point so what about the management accountings everyone knows you know about management accounting the financial accounting i'm going to uh you know like show you xero how management accounting can a little bit brief explanation about the zero right let me share my presentation in zero as well right and also the management accounting especially for the you know the internal management process and management purpose that is the internal decision making purpose like for example say as a management of a company as a director of the company if i want to how much i am my company is making a profit they did bottom line right for example especially for the like okay what are the key ratios available so based on the ratios based on the variance analysis management can be holders or banks you know the tax office so so forth this is financial accounting we have a say for example financial statement profit and loss sometimes you know especially you have to give say your shareholders like if you want to know about the earning per share right shareholders want to know how for your particular companies financially wealthy financially sound then that is very important the report the financial report is very important right okay let me share my zero so that i can show you how to take the reports financial accounting and the bookkeeping let me open my xero foreign so you know it's it's very beautiful so i i'm going to share my presentation very very briefly about zero right okay zero is coming so before i just start with you know let me share my okay so i i hope that you all can see so i'll just quickly go through so why so zero is a cloud software as you all know basically it's a cloud software right we can work smarter faster and the better overview and the improved collaboration well and earlier if you look at the area the work is always used to be a place you know look at here if you sit down you know you will have to go to office and sit down open up the email so now what so now nowadays not like that you know it's unaware so it could be you know it's any time it could be any device it could be laptop right it could be tap it could be even from the phone like you know from the phone so this is the beautiful of the cloud accounting software okay let me introduce a0 the brief introduction so zero is uh basically is a new zealand-based software that offers a cloud-based accounting software right the platform for small and medium-sized businesses these are online accounting so it's like you know it's basically the internet accounting software that connects you you me as a business owner as a business organization those are your accountability people so for example if you have an accountant and the bookkeeper business organizations can connect your account disabled people and not only that the bank your bank as well and offers a wide range of options for you to connect the real time with everything that supports the growth of your business so whatever the technology support whatever the growth of business the zero account current would be you know the real the bank field is there automatic brownfield real-time decision-making real-time reporting and the beautiful dashboard i can show you and according to the forbes he's a winner the accounting excellent the small business accounting software of the year and the practitioners got 2018 right and still this most innovative work company is up marker especially in you know new zealand and also in australia and especially in uk as well because when i work in uk i work for many companies zero you know the most of the clients because the clients even they use the the quickbooks they're coming to zero you know because they are realizing the importance of zero right so that is why this uh zero is upcoming market the world's most innovative web company still is the most innovative company and if you look at the 1.8 million subscribers worldwide in over 180 countries what is zero zero is an award-winning online accounting system that push small business owners back in control right and zero gives you smaller businesses and the advice is easy access to bank bank transaction and invoices reports even back to anytime anywhere right and you can do beautiful business with xero and you have zero mobile version at any time anywhere you can do a beautiful band reconciliation on the top of the finger sales invoice so this is all i will show you practically so while customers like zero zero so you have a clear view of your current financial question so that is why the customers love zero so everything says online right so there's nothing to install everything is backed up automatically updates are free and instantly available right and you have a multi-user for some uh say for example some software you have you might have a single for example you know quickbooks not online your desktop software the single user but it could be the expensive so multi-use access is making it easy to collaborate online with your team and advisor but thoroughly it and again it's a safe and just secure data and okay you have a sales i will show you and and these are these are the you know the template online purchases and these other templates right the bank reconciliation you know and the payroll right okay let me quickly go to my the practical and in terms of that this is a security it's basically it's a typical delivery similarly a secular method of storing data as a traditional accounting software you don't have to worry about that because all the remote servers all the remote servers however basically is a robust security protocol where for example laptop is our target has cluster stolen so having a remote storage is basically is really a good and you know information is safe from the bridge okay right okay so let me open my zero here right okay so this is basically you know uh the main dashboard right it's a very quick introduction main dashboard right it's it's like you know the demo software so you have a say for example you have a bank here and what are the banks and you have a cash total in the night with the bar chart you can see february march all what is coming in going out and you what other say invoice work to you say for example this need to pay so these are the main dashboard okay you can do a beautiful okay beautiful reporting okay you have a business here say okay you have a c the sales order the base to pay right and you have a shortcut here right all the bills for example if you actually click this invoice you go further the shortcut is available if you take into the new this other simply invoice template right and again you go for create then you have a bill right the purchase supply and you do it with the bill because how i can do that at the management account and how can i do a financial accounting zero okay if you go for accounting and the reports right you have a profit or loss see even those above play this basically is a part of the files record or accounting of those okay now let me click ok this financial year right then you have i'm comparing with say for example one period which is the last period beautifully if you want to use it for example show percentage of the turnover we just update here right so if we show okay you have a 21 and what's the percentage say for example plus your gross profit margin is there you know others this is a part of a financial accounting right and you can and even you can go further monthly for example this month right and you go for say for example and i'm compared with the 12 months you can do a monthly management accounts to go here and do a percentage of total updates right so all the 12 months will be coming first he kind of things see you have a job right june july and you have june may and so up to so forth so this is basically it's a part of the management accounting you can do a percentage this life and all the percentage key performance indicators there and you can do a variance analysis the budget budgeting is there and you can even you can edit your layout right static layout it's uploading i say you can say if your example is a layout right so if you want to customize your software is possible okay i'm doing here say for example management accounts say can you see management account so you have here you have a say for example you have a column right say for example i'm i'm adding the budget right so budget column right done adding the body column like is uploading bear with me sometimes you know it's because it's working on the cloud so uh because of the coverage the coverage all sorts will be there right perfect see so you can see here management accounts so yeah so you can do you know it's very beautiful so these are the reports right and even you go for here accounting if you want to take your other age papers age receivable and you have a balance sheet so it's part of the you know the financial accounting right okay so this is how you have to do the bookkeeping and accounting in xero okay now so uh we are going back to the receipt bank application this is the final one well before i conclude the session so receipt bank you know that is very popular let me show my uh the screen so this is this is a basically i'm just showing you the website so this is very this is basically you know this is a remote working tool especially for the accountants and bookkeepers right so i spaces work smarter grow faster you know you just you can snap your receipt you know like for example with the receipt bank you can you can spend less time on manufacturers and more time on adding value for clients you know and so there's a world-class data extraction is there instant receipt capture you just you know for example your clients can send your paperwork which could be you know where app or email and foreign currency is so automated so instant this is scanning so can you see here you can download the app from the receipt bank right so this is the integration receipt bank is basically you know so what the receipt bank is doing is you say integration with the zero so for example like for you just you capture the result or you just send an email what are all the 50 invoices or they're like supply invoices you have say the the sales invoices bank statements and so forth then automatically once the receipt bank will talk to all the receipts from the bank statement then on the certain unique feature of the receipt balance you just integrate with zero automatically all the accounting codes and accounting transaction will be available in zero so you have integration with zero let me show my account so that you all know okay this is how the receipt looks like right so this is basically use the main dashboard right for example you have here if you go for workspaces right here you have a cost right you have a cost right so say for example this way if you take inbox one right so let's see we just you know we have uploaded that these are you know these are the uploaded items from you know uh from the receipt bank so these are the operator all right and you have a sales how we are going to upload and you have expenses report here and you have a bank your order you have list of suppliers all the suppliers listed there you see all the supplies right and you have a safe example customer list and you have the categories you know the categories mean all the short of accounts so how i'm going to add a cost say for example if you're going to add a cost how you're going to add a cost so you go here if you go for clock cost right say for example see add and of course now here say you either you can upload the drag and drop your items here right oh you haven't seen email in the email if you look at here is my email address so you can email all the invoicing receipt state state to receive bank so that you know how email works the unique receipt bank then you can just quickly you can upload and you have an app you just snap the receipt see can you see snap send me a link so the free apps are available right or maybe other it could be you know further like for example say go to my other you if you have other say for example paper you can integrate or maybe like for example dropbox and so on to software so these are the integration right and once you've done that you can which will come to the inbox just like this which will come to the inbox then you have here what you doing see you click this then publish so once you publish here which will start ever it will take into very uh zero so all the beauty for only whatever you want to do and minimal data and is there you know you don't want you don't want to create a separate all the category i mean the chart of accounts or the suppliers name everything automatically will be created so this is the the best software in the world most of the companies you know accounting firms that they are using for their clients right if how they are going to connection if you look at the connection here can you see the integration right if you click this integration say for example so there are the integrations is zero at the moment this is the integration with uh zero so you have to see basically it's a zero setting right and if you say for example if you want the cost the invoice fits right so you have a drop box here and you have a paper right so you can add through ad items through paper or you have a say mileage claim but i see all the beautiful characters are there and if you go for here bank the same thing so this is a receipt bank app you know so at the bank fee you don't need to so once you've done that just very minimal your minimum date time t will be here okay so these are basically at the bank field and everything will be perfectly available right so now we go for the what you call the save here the save is a new application like you know a risky bank i'm going to show this it's a very beautiful software you see effective reporting start with the accurate data like this award-winning you know toolkit for zero especially for zero funding professional is award-winning toolkit right okay so if you go here straight down and say it's basically used to clean up this the cleanup inside too it's like a data analytics say for example automatically to spark the anomalies and duplicates you know the historical changes straight away if you clean the spark and you can collect the current data client plan data health and performance and the report you can create and share flexible report and save is a toolkit of it is a very intelligent data cleaner the bookkeeping and the compliance to design specially for the zero profession this is basically you can try so you have you can try and you have login version is there what are the flexible you have a flexible reporting and it will reduce the errors on a daily basis by identifying the miss coding if that's a viscosity it will basically identify the errors i have key liabilities and quick spotting and warner changes and so on and so forth and especially you know they have because of due to the pandemic situation okay so it's effective reporting start with accurate data so it will demolish the duplicate and clean up your code and regular suppliers and you know so so so so you have these are the features available in the serial the key features are on inside future can handle further duplicates in a quickly and easily using serious machine learning so it's very artificially intelligent and clean up your code so what what can xavier can identify this code for example sometimes you know invoice will be miscoded invoice and the transaction based on the contact itself and it will check it out say integrate cv into process you know if you integrate into zero basically it will check it out and you have a create custom report and use for example how does it work okay and you have a say for example you have a practice overview you have a dashboard is a practice dashboard so this is a practice that's good let me share this okay so it's basically a demo company okay so it should take time and okay they are doing um okay c uh hey oh [Music] i think hi guys i think it's time for uh everyone to raise questions you know q a until he understands the the savior integration and so let me uh uh as as shafras explained you know zero is one of the beautiful accounting platforms right now in the world right this company with the qb in some markets like australia and new zealand they have already captured the market so as cloud accounting and third party applications becomes a crucial component for today's digital landscape with business and consumers alike connected and dependent on the cloud 24 7 a large number of endpoints make cloud-based networks vulnerable to cyber breach of all kinds all right so there are secret issues but uh for each of all these platforms they have introduced the assurance certificates all right so as a result the industry of security software which includes both security for cloud networks as well as sas security solutions is constantly on the rise people working from home already remotely so a lot of opportunities now available so now as suffrage explain all these uk accounting and bookkeeping uh they can learn basically from our institute all right so we have introduced a course uh three weeks ago the uk accounting and bookkeeping of course so so let me share my screen now so this is the uk accounting and booking practical because it's a practical course actually conducted by uh shafras so so we'll be doing basically the bookkeeping the payroll management the uk vet and the receipt bank app integration and we are planning to integrate the savior integration as well and the financial economy everything will be covered in order uh within like 21 hours time so that you so so if you prefer to join weekly basis you can complete in basically in four weeks and apart from that we have some introduce other courses such as cloud accounting for sm sme so yeah you can learn all three uh best cloud accounting platforms such as xero quickbooks and myobase ensures in the maya business we will be covering a little bit about the australian accounting and bookkeeping stuff and this one also you can complete in 18 hours so it will uh goes up to only three weeks and there's another one zero certified advisor course uh we have introduced all right uh some time ago actually six months ago this is a the certificate will be coming from the uh the zero head office new zealand so you can see you can enroll for seven thousand five hundred rupees very very uh the cost-effective price you know so this of all these offers are valid until 31st july all right so then we are going to increase the prices back to our normal prices so this goes also you can uh compete in 18 hours and it will if you want to join for the weekend or weekday batch then it will go up to like again three weeks or four weeks but if you want you can if you want to learn these calls you know within consecutive days then you can compete in 18 hours basically just three hours of per day you have to do then uh we introduce another course called virtual cfo practical course by semis so we are we are focused on the analysis side of the uh the financial analysis the reporting integration with the fathom and the shift analysis and the data deal and also spotlight reporting spotlight reporting is the number one application tool in the xero app market so we'll be showing how to do the integration how to uh the synchronize the data from one platform to another and do the analysis like benchmarking you know and the consolidation and alerts and non-financial kpis everything will be covering so you can enroll for like 12 000 rupees all right this is the discounted price available so all these offers we have given uh for these students basically uh uh so during this pandemic time so so we are going to increase these prices so as i said you before so now uh if you have any queries you can raise you know you can ask these questions uh so because we have like another 10 to 15 minutes time available for this session and also i just i have some few questions i need to ask uh from suffrage now so so what are the stimulus and relief packages introduced by the uk government during the global pandemic other than the tax cuts so i heard i heard recently in uk i saw an article on bbc in uk there's a four billion pound cartoon back has come into force allowing firms in the food drink and hospitality to slash prices so what are the other other uh the stimulus have release packages introduced by the uk government yes uh well let me share my ideas on the screen let me share my screen so there's a list of the uk really especially unlike the sri lankan government you know the especially uk government they're offering you most so let me show my screen and also guys if you have any questions you know now it's the time for you to you know uh you know penetrate yeah you can have questions regarding about the tax component or might be about the courses or even it might be about regarding transactions you know so whatever the questions you know it's the golden time thing yeah yeah chakras yeah sorry you were saying something yes yes yeah that's right yes and i also showed us on top of what's paul's question so i even i have a questions like so was there any particular grants for offered during uh the the pandemic situation by the government of uk so i think i think one special thing what you mentioned about is the the tax component has been reduced for different uh sectors so that's a wonderful job the uk government has done right so apart from that so have they come up with something like a grant kind of a thing yeah like a fund management where they allocate some funds to the business kind of like assembly market was there any kind of a solution like that yes yes yes let me uh yes so if you basically if you apart from this uk the chancellor that he has introduced that especially as i mentioned in my presentation uh for example especially the tax cut is transformed twenty percent to five percent for the the hospitality and the especially the restaurants and the pubs and cinemas upon apart from that if you look at here according to there is a very famous in nuclear the texas accountant they are doing on a franchise basically very popular so if you if you look at the special pandemic corner virus our advice and resources are guide through the to support available to you during the time gain output okay so now for example so sure sure yeah right yes you're going to see my school no uh you should yeah yeah yeah okay yeah thank you so if you go for here the findings say this is a safe okay these are the different topics because this is so even when i'm working you know in youtube especially i go i i normally go this particular account and because they are in uk it's a very old very very very very old account okay if you go here finding right so these are the funding schemes available okay let's uh if you can call if you can show this can you able to this is the screen can be uh seen no for everyone uh i think we can't still see i think you should share the screen shuffle i will share my screen here when you share it and meanwhile when uh till safari so we also can input some of the you know the benefits of cloud software i mean so that's one important thing where chakras also clearly mentioned because if you take us also i'm also from erp consultant backgrounding so we know what's the benefit of cloud sorry you know so now the the world is uh changing so the people are more you know like changing from a traditional software for a cloud so the business continuity is another subject where they will be focusing yeah so we can talk about this a little bit later as well so one chapter so meanwhile he's sharing we can share our thoughts about this software as well yeah yeah chapters so this basically the summary of covet 19 funding schemes made available by the government of england not only the england the scotland and the verizon so let's see let's have a good so how to get a grant okay if you go here on emergency there's a one is emergency grant you have to be deployed to a business in urgent need so around okay let's keep this one emergency grant you have to be deployed to a business in urgently yes so that's around 1.7 million you know the funds are set aside by the spa so this is what you know that you have asked you know small business brand so the hospital especially and you know so especially uh the schemes are around here especially for the so this is one scheme and if you look at other ones especially in terms of the cash crisis and the cash management right and the hardship for the fund announced for a small business especially in the northern ireland so these are the you know this kind of hardship so for example okay small business is a northern ireland right so the people for example business must meet the following criteria so it must be must must be based in another island right and as of february you know to 2020 they must have employed employed one and nine so these are the certain criteria and who can't apply for the hardship fund and the businesses eligible for the following is you know ten thousand small business support grant and ten thousand small business grant for the rental property and those receiving twenty five thousand retail hospitality tourism national grants everything is here so so you know these are the basically the few uh the grant is available so that's the one thing and the other one especially here small business to receive 100 tax taxpayer bonds in the backlog so these are the you know if you go for here the resources and the resources they have so knowledge hops okay so self-employment support scheme especially for the follow for example if you take a photo skin right the co it's a this is a one kind of a special scheme you know job retention as further skin has been designed to support the especially employees who have been adversely affected by it so these are you know for example this is i think that this job retention scheme allows employees to access ground cover and 80 percent of the eligible employees it's a wage cost up to a cup of 2 500 per word per month so this is a this is a very good one you know and likewise there are you know especially employers to contribute to follow staff costs from august onwards and sometimes recently i heard that they have deferred uh already for the people who are especially affected because of this corner virus they have different so yes so basically so those are the schemes you know another thing yes and also another question is like what what do you see from a let's say from accounting perspective or from a finance perspective what are the like major differences you see from sri lankan operation to the uk operation because for an example i think in uk they have their own uh like say a tax engine where we have our own tax engine for an example then they have a loan scheme because we know like in europe countries and like countries like usa they have a medical insurance so you can see this can be an impacting factor for a business for an individual but in sri lanka we don't have such a scheme like that so what are the like one or two major points you see like for our audience to get some knowledge you know what are the like major differences you find from a uk practice to a sri lankan practice yes so if basically if you take your uk parties because i would say from the sri lankan point of view if you compare the uk package so for example as a business owner of the uk firm i am registering as either could be a limited company or it could be like yes the sole trader so if you look at the limited company right so once you have registered right they have a flexibility so for example okay to take it like okay i want to apply for a loan right especially for i don't have a say for example the startup especially startup loan right so in terms of the startup loan the bank you can access to funds through the uk bank is very easily this is a major market you know like in uk you have not not only banks right if you go for the for example uh like uh the crowdfunding so you have so many crowdfunding uh the agencies are there the phones are there so it's easy access to the loans and like you know in sri lanka you will see it could take months and you know like but in uk so so that that's what i would say in compared to you know the sri lanka the startup loan is there i'm friends i'm not going to start uploads this first line so not only the startup clause and you have others there's other benefits like for example if you take so suddenly my business has something happened to my business and i i lost my business so what i can do is i can go to the government and ask for some kind of the benefits it's like employment support element skill and you have a lifetime that has started to benefit somebody you know so those things you know is this like unlike sri lanka those supports can be get from the government employment support element and you have more helpful entrepreneurs sorry yes but i was thinking i was inputting yeah yeah yeah yeah yeah yeah that's straight yes so it's very you know it's safe in uk you know it's very beautiful everyone can access to the opportunities are huge map huge opportunity opportunities are the uk unlike ceiling so that was really good yeah so these are like you know like one or two questions i had on a high notch so this is the beauty of this you know this uh the the program that we offer isn't it paul like we will teach about the uk business practices along with uh software because like we know uh so as like chakras clearly mentioned so now you can see the world is changing guys now the world is not about you know like compromise solution where like thousand i mean not thousands sorry like couple of years back you know they were like using you know all these legacy systems but now the technology is cloud anywhere anytime you access you do the transaction so from a business perspective from our own perspective our time should be more into like decision making not for data entry or to worry about how we save the data how you take the backup so that's where the cloud comes and play a major role for your strategic decisions and on top of that i think in our uk bookkeeping we will be covering up you know certain business practices which are like very much unique to uk like will be in company so it's about the uk the bookkeeping along with uh a cloud platform where how we can capture those things and how we can digitize our business so that's what i think chakras you know even the webinar was talking so he was talking about the tax components their bad components how what are the things they have done during the the kobe you know some of the like the strategic decisions taken by the government right and certainly you know uh accounting practices he emphasized anything else paul you want to add up yeah any questions i just want to ask you from suffrage so is there any bailout that uk government has done during last two month period so is there any bailout that uk government has done during the last two periods uh uh that is of course i am not sure about that uh that one so what so uh basically so i think yes probably yeah the government might yeah i think uh so what what i heard i saw an article they have introduced like they released 30 billion you know uh the small and medium businesses which affected by the kov 19 you know and my other question is what are the tax codes available in zero uk edition to record the transactions like in if you're taking the zero australian edition we have like bass excluded gst on sales gst on expenses so what are the tax codes available in zero uk editions yes yes so basically if you look at the zero edition right in the zero edition we are calling as a value electric so you have a twenty percent standard like australia okay so the gst and the bus so in uk you have a standard 20 percent and also basically we are calling as a five percent and zero percent so it's the value added return is a reality return so we have t return is the one that we have to file to the hmrc that is the inland government department like australia we are filing is a uh basically the best so under here especially the standard is 201 the most of the uk business organization if you look at the uk point of view most of the business organizations they are they're buying like you know 20 products and services very rare for example if you take a bakery basically of course you know mostly the bed items you know all those stuffs are zero so i would say 75 80 percent is mostly standard the air force ability return we are calling as a vag so that's what i mean how how we are basically filing every three months and nowadays even the uk government they have deferred the back payment due to this fundament so they have given flexible time to give the other business organization to pay uh you know at a free uh the very uh the flexible time period they are given okay so can we can we log returns and the the employee contribution through zero to the hmrc through zero we can be done yes if possible you know when example when we are filing the vat returns automatically nowadays since the uk government making digital is called making tax digital so it's very compulsory from april 2020 onwards therefore through mbt it could be that it could be the business tax it could be the safe environment so what the tax office can do is they can real time they can monitor the business transaction so if you file from zero straight away is taken into the hmrc portal so on the ir mark market will be there okay that this particular tax return of that return is submitted yes that is possible that is where the hmrc has adopted the mbt which is called we are calling as a making tax digital is very important yeah for integration uh definitely the integration is available with hmrc under zero the plus as sri lankans we wish we have those kind of systems here in sri lanka unfortunately we don't have you know that's a problem and i have my last question so can we interact savior with directly with zero is there a possibility yes why not because yes that's possible because as i mentioned the same is basically you know the special platform is suited for the accounting for especially zero accounting profession right so that's what in the event in save your website they are mentioned so why they are choose zero because zero is very smart you know so on so having savior can choose the different uh the software like it could be so that that so because of the zero is very smart right on top of the other software the series has stereo has mentioned the zero especially for the zero accounting professional so therefore yes of course we can do that so especially you know the less minimal the the error and the real-time data reporting mostly it's a clean up you know if there's a miscode or if there's any errors so then you know the same here will the the clean up those processes so that could be possible integration is available zero and the safe integration is simple yes okay i think one one important factor paul i think even chakras was mentioning because zero has this amazing capability of integrating more than 800 you know like uh outside products so that should be the main reason so that's a beauty about you know zero that it can be like integrated for like different third-party systems yeah yes that that basically you know zero has a lot of it could be crm it could be a payment for example when i'm working when i'm working we are calling as a pro cardless this gokart is one of the best available in the uk market right it's like uh for example stripes i mean it's above currently better than stuff so there are so many payment gateway apps and you will see rm up so earlier it was a bookkeeping you know the accounting and the tax also kindness zero so there are now zeros moving very fast a lot of the you know the organization they are adopting and you know they make use of zeros right so other thing is the can xavier integrate with the receipt back directly uh yes that's possible yes that possible yes because you know the savior the zero and the receipt bank all is you know all three in one so that could be possible okay i think we are running out of time now i think it's uh it's time to for us to wind up you know control the session uh so if you have any queries just let us know you know we can give you like another two minutes uh and also if you would like to enroll for any of our poses you can contact us not seven six seven one seven six seven one six our hotline number and you can enroll you know so we'll be giving you the instructions you know how to register for our courses fastlane you are muted dinner sorry yes so what i was telling is like our course especially the uk bookkeeping is specialized about the uk bookkeeping apart from that there are practices along with the zero product yeah so all these you know courses has a different kind of you know depth and understanding and also a knowledge sharing so you can enroll for this course as paul said where you can you know get some insight because all these uh professionals they are like professionals like if you say if you take for example chakras so who has been working in uk so he knows the practices so we can have you know all this you know real time experience share to our students yeah um well thank you very much and one more thing i want to add the first line the thing is you know in real in real case in uk so for example if you take you know when i'm working practically so most of the most of the client they come with you know the sales and even from free agent even from the quickbooks they're coming and they're asked so about artists they're different people please quickbooks also working like zero so what is the difference between the quickbooks and the zeros so i i mentioned quickbooks you know at the moment this you know the market is you know basically how did there are zero you can do a very beautiful one this is like a real-time decision making reporting and even [Music] so you know like the clients are very happy to migrate into zero so that's also possible and also other thing is especially in the uk most of the uk firms like they are starting to use uh as well and especially in sri lanka nowadays you know mostly the foreign direct investments are coming and a lot of especially like you know bpu companies especially they have started to do their i mean us like australian bookkeeping they are starting to do the uk bookkeeping as well as there are so many companies out there in sri lanka so this is why this course is very popular so it's a very practical course oriented so therefore it's better to have a practical exposure with this course since the sri lankan market is you know it's great for that especially the bpo accounting firms uh especially the uk bookkeeping anyway i mean in future very near future the the sri lanka the special bpo firm they are going to contact the uk accounting as well as the payroll as well already they are doing but they are going to contact the accounting you know especially as an accountants you know the mostly the xero can do the sort of advisory services if you take a zero practice management is very beautiful you know so those are the uh there are special characteristics available in xero employment opportunities for like uh the future for bpo kpo especially for the uk business so i think that's one point i mean uh our students can you know get the in-depth so they'll be like prepared in a case like uh you know when there is employment opportunity in the future so yeah they can enroll and you know and also the other thing is as you said apart from the business practice the product is wonderful zeros we know like it's a wonderful product and one important thing i we also feel is that zero is for accountants non-accountant so if i say finance non-finance guy both but qb is more sorted for like you know a little bit of a corner so that is like you know different product has their strength but zero is superb so yeah as you can see yes that's good as almost fastlane mentioned this is zeros you know we are layman's you know like for example the profession so anyone can easily understand the zero right you know if you take the other software for zero you know everyone even you know like for example anyone can understand you know for even uk super superb i mean i mean i we hope that this session has been so good for all because he has he actually provided the 360 view of a business transaction which is happening in uk and also he touched about certain topics like how the uk government had like strategically helped you in the kobe 19. so these are like you know real-time factors where the business people has to you know think about and also he was talking about the product and also the employment opportunities in the future i think paul that's a very good uh you know thing for our students because because as he said like outsourcing their operations to sri lanka they are for the uk bookkeeping and payroll processing that if the students have you know certain knowledge or certain let's say a qualification about all these things you know it can be a very you know a plus point for them yeah paul so anything else uh you want to actually examine the many you know so once the things get back to normal i hope everything will get back to normal soon you know uh yeah you know so there will be huge demand for this car because they know industry needs the people who can think smart you know uh professions who can think smart you know so they are looking for a next generation of accountants exactly they don't they don't need the professional stick with the traditionally afraid things traditionally i'm thinking yeah so with that i think uh it's it's a wrap up you know thank you very much uh safras for our time today and also it's a really great productive session and also thank you very much uh you know for organizing and become moderator and and thank you very much and until we meet again with another webinar like this and stay safe and stay limitless and with many blessings you know thank you and good night everyone thank you very much thank you thank you very much uh first line yes bye see you bye see you good night you