Bookkeepers tend to juggle a range of administrative tasks, from drafting agreements to tracking client approvals. The standard practice of dealing with engagement letters—printing, mailing, scanning, and storing paper copies—wastes valuable time and resources.
FigsFlow’s engagement letter software for bookkeepers is transforming this process by digitising and automating client agreements. Automating these tasks allows bookkeepers to save hours, allowing them to focus more time on higher-value financial services and client relationships.
Eliminating Manual Drafting and Revisions
Hand-crafting engagement letters involves copying and pasting terms from previous agreements, which increases risks of inconsistencies and errors. Updating agreements for regulatory changes or client-specific requirements adds further complexity.
FigsFlow provides dynamic, pre-built templates that bookkeepers can customise with a few clicks. Automated clauses and standardised formatting ensure consistency while significantly reducing the time spent on document creation and revisions.
Accelerating Client Approvals with E-Signatures
Traditional engagement letter approvals require clients to print, sign, and scan documents before sending them back. This takes too much time, and documents go missing, leading to additional communication in two directions.
FigsFlow has an integrated e-signature feature that enables bookkeepers to send electronic agreements that clients can read and sign immediately on any device. This speeds up the approval process and eliminates the hassle of handling physical documents.
Streamlining Document Management
Paper-based engagement letters require secure filing and organisation, making document retrieval time-consuming. Manually tracking agreement status or renewal dates further complicates the process.
FigsFlow integrates document control by housing all engagement letters in a secure, cloud-based store. Bookkeepers can see agreements instantly, track updates, and establish automated reminders for renewals—all time saved on looking for files or phoning clients to confirm.
Reducing Administrative Follow-Ups
Following up on unsigned engagement letters is a tedious but necessary task to ensure compliance. Without automation, bookkeepers must follow up with clients personally to sign their agreements, hence leading to inefficiencies and potential delays in service delivery.
FigsFlow streamlines client reminders, such as reminders for pending signatures along with imminent renewals. This closes agreements in good time, with minimal follow-up necessary manually, and thereby increases overall efficiency.
More and more landlords are using Property Special Purpose Vehicles (SPVs) to buy rent properties instead of taking them in their name. Why? Because SPVs offer better tax benefits, easier mortgage arrangements, and extra financial protection. Here’s how they’re affecting the buy-to-let (BTL) market.
How does Property SPV affect the market, and why is everyone forming one?
Property SPV Limited Company Formation for Buy to Let can be the best choice if you are looking to minimise financial risks, pay lesser taxes and make your property investments more efficient.
1. Making Buy-to-Let More Tax-Efficient
As a result of the 2017 tax changes (Section 24), privately owned landlords can no longer deduct mortgage interest entirely before tax. Instead, they now get a 20% tax credit, which increases tax bills—especially for higher-rate taxpayers.
SPVs are considered limited companies, so mortgage interest is treated as a business expense. Investors only pay taxes on their net profit, which generally means less tax is payable overall. This has made SPVs a smarter financial structure for landlords looking to minimise tax exposure and maximise rental income.
2. Offering Improved Mortgage Alternatives
The lending situation is adapting to the SPV trend. More lenders now offer buy-to-let mortgages to SPVs, often at the same rates as individual BTL loans.
SPVs are considered by lenders to be less risky because they are formed only to invest in property, unlike standard trading companies. This ensures investors additional financing alternatives. It also makes approval processes easier. This all sums up being more beneficial for long-term growth opportunities.
3. Helping Investors to Multiply More Quickly
The way landlords grow their property portfolios has changed because of SPVs. Lenders used to restrict the number of properties that could be financed, which made it difficult for personal property owners to obtain multiple mortgages.
These days, SPVs make it easier for investors to borrow money and set up their companies for faster growth. SPVs are preferred by lenders because of their focus on real estate investments. Leading to benefits for multi-property investors by resulting in better financing terms.
4. Protecting Investors from Financial Risk
To be the owner of personal property is to be personally liable in case things go wrong with any investors. It meant staking your own personal property.
But SPVs keep the business separate from personal finance so that landlords are only answerable for what happens inside the company. It has transformed risk management to investors’ advantage, making them financially safer.
