A: Hi Sye,

Thank you for the questions.

Q: Is this an accounting software? Is it suitable for UK?

Hi, I would like to know if this is a fully fledged accounting software for small businesses? Or is it one of those bookkeeping type of software?

ANS: If a “full-fledged accounting software for small businesses” is defined by its ability to:
a. regular invoicing (clients, retainers, recurring services, Estimates)
b. Expense tracking across categories
c. VAT set up
d. Be able to generate reports such as:
d.1. Profit and Loss
d.2. Balance Sheet
d.3. Sales Report
d.4. Journal Entries
d.5. General Ledger
d.6. Accounts Receivable
d.7. Budget Variance
e. You set up by recording Opening Balance.
f. You create Budgeting by monthly, quarterly, annually

Then yes, we are suitable for small businesses for their accounting needs.

2. Is your product suitable for the UK businesses? By that I mean a UK Limited company? I think you mentioned it supports multiple currencies so I'm assuming you can set up your base currency as in GBP if you want to. I'm just wondering if it is aligned to handle UK Banking standards? I realize you are a very new company so if you do not know the answers to some of these questions just let me know. Thank you.

ANS: That’s correct. The system allows the use of multiple currencies, with one set as the base currency. At this time, Fynlo Accounting Software is not yet MTD-compliant and does not have an active integration with HMRC.

Have a great day ahead! :)