introduction
Fine tuning to give you maximum benefit
To maximise profits and make life that little bit easier for them, Accountants will try and put “square pegs into round holes”, often to the disadvantage of their client. We prefer to offer a broad range of Accounting Service Plans, our clients can choose from.
Even these are fine tuned to give maximum benefit. If all you want is a set of Year End Accounts and a simple Tax Assessment, you shouldn’t have to spend half your profits for the privilege.
the basics
We can help you with
Self-assesments
Prepare accounts to help in completion of self-assessment tax returns
Financial Statements
Produce financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public.
Accounts are prepared to
Agreed Timescales and Deadlines
doing more
Than just reporting the history of what's already happened
We take the time to explain your accounts, so you can understand what is going on financially within your business, helping you to plan for the future.
- Identify areas where we can assist in minimising your tax liability.
- Identify areas of the business that give you the most opportunity to make improvements.
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take
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the simple check
Do you need Management Accounts
Not surprisingly, this is a question we are often asked and can be easily answered:
- If you run a simple business where: revenue and costs are consistent throughout the year compared to previous years
- You have few transactions; or where cash flow is not an issue
- And you can judge the profitability of the business,
Then it is unlikely you need Interim Management Accounts.
However:
- If business overheads are difficult to keep track
- Or the business is going through a period of rapid expansion.
- Or specific areas of the business need monitoring
- Then periodic reviews need to be carried out during the year.
In a “nutshell”, Management Accounts will allow you to stay in control of your business.
if you do
Then a robust review needs to be carried out
If a more robust review of your current financial position needs to be carried out, then the following are just some of the key areas we cover and important questions we can help answer, during the process of preparing Management Accounts.
Budget
A prerequisite for controlling your sales and costs. Without one, a true reflection of your financial position is difficult to ascertain. For example, are your profits on target to meet an anticipated expansion of the business, one year from now
Cash Flow
Even the most successful business can fail (and they do regularly) if you are unable to pay your Creditors on time. Creating a Cash flow Forecast in tandem with your budget, ensures your business is liquid and able to meet future costs.
Profit & Loss
Detailed account of your sales and costs, compared against your budget. On the back of this, Revised Profit Forecasts can also be prepared, confirming if you are on track to meet your business goals.
Balance Sheet
Most small businesses look at the Profit & Loss statement regularly, but many don’t understand the importance of the balance sheet. A Balance Sheet can provide warning signs so you can solve any problems before they have a detrimental impact on your business.
Stock & Profit Margins
For many small businesses, much of their profit can be tied up in their stock. This can be dangerous, since, what proportion of the stock is old and, therefore, needs to be devalued or written off? If so, this could have a significant impact on your bottom line and jeopardise the profitability of your business. Also, are your product margins where they should be or are the margins on your best selling products lower than expected?
Sales & Costs Analysis
Carried out in conjunction with your stock profit margins to confirm if your overall gross profit margins are on track.
Budget Comparison
Are your sales up on previous years/periods but have costs increased further? Was this anticipated in the budget?
Debtors & Creditors
Are there any bad debts you are unaware off? Can supplier payment terms be improved? Are your Creditors running dangerously high?
Fraud Detection
Unfortunately, a common occurrence. Are your profit margins down, indicating possible stock shortfalls? Is a supplier Invoice outstanding, you thought was already paid?
plan ahead
Business Planning and Forecasts
Every business should plan ahead to ensure success but daily business pressures often get in the way.
Financial forecasts are a crucial part of any business plan, particularly if you need to raise finance to fund growth or an acquisition. You may also need to prepare an annual budget to enable you set targets and monitor performance.
We can create financial forecasts and budgets on your behalf – ensuring that they are realistic and robust.
a few of our
Frequently Asked Questions
What is the difference between Annual Accounts and Company Financial Accounts?
Annual Accounts provide a comprehensive report of a company’s financial activity over a 12 month period. A Company’s Financial Accounts comprise of the summary of a company’s financial activities for a certain period of time – say 3, 6, or 9 months.
How many Interim Management Accounts are included in your service?
This will depend on which of our service plans you are on or if we identified, in advance, when Interim Management Accounts may be required. For example, during an expected business expansion. We can also carry out any ad-hoc requests, if the need arises. In general, though, quarterly management accounts would tend to suit the majority of businesses. Ideally, monthly accounts should be carried out when a business is either going through rapid growth, or experiencing some difficulties, where overheads have to be closely monitored.
What do you need from me to prepare year end or interim accounts?
We will need access to your cloud bookkeeping software, supplier and customer invoices, bank and credit card statements, year-end provisions, accruals, debtors and creditors schedules.
How soon are annual Accounts available after my year end?
Within three (3) months for cloud-based bookkeeping clients; 4-6 months books kept manually.
How can timely Annual Accounts help in my decision making?
Although having a computerised Bookkeeping System will give you a good idea of your finiancial state-of-play, having your figures finalised as soon as possible, can be an important factor when looking to raise new or additional finance.
Can I request ad-hoc Interim Management Accounts?
Yes, you can and it is something we strongly recommend, especially, if you are growing quickly or experiencing a drop in revenue.
What level of detail do Management Accounts go into?
It provides an executive summary and a comprehensive overview of the company’s performance, comparing actuals with planned activity, showing key performance indicators (KPIs); presentation styles include absolute figures with variances along with graphs and charts.
What will Interim Management Accounts cost?
Each year, we discuss the forthcoming financial information requirements with our clients, to confirm if the service plan they are on, will continue to meet their needs. Typically, building Management Accounts into one of our service plans, is the most cost effective, since, it spreads the cost over a full year and allows us to schedule the work accordingly. For any ad-hoc requests, the cost will depend on the amount of detail required and the level of advice required, to ensure you receive the maximum benefits of generating the interim accounts.
Do you also file my Accounts with HMRC and Companies House?
Yes, we do. We prefer you to focus on running your business and leave all the HMRC and Companies House paperwork to us.
Do you prepare Accounts on-site?
Yes, but this will involve extra costs to cover travel time and is why a Cloud based Accounting System is such a good investment i.e. no need for on-site visits and additional accounting costs. Keeping our Accountancy costs to an absolute minimum, is something we are very focussed on and something that our clients tell us they appreciate very much.
How quickly can you create Interim Management Accounts at short notice?
In most cases, within a week, sometimes quicker.
Can you inspect the Accounts of a business I am thinking of buying?
Yes, we can. We can help you detect any hidden problems, by asking for the right information and paperwork. Step one, is to check the financial condition of the business, including business Debtors and Creditors i.e. bad debts and security interest on any business assets. You decide how much you want us to get involved and how deep to investigate.
Do you recommend any particular Accounting Software?
Yes, QuickBooks Online, Xero Accounting and Sage Accounting, but we are flexible. If you have your own preference and want us to evaluate it, to confirm it meets your current and longer term requirements, then we are happy to do this for you.
Rated 5 out of 5
The level and quality of advice received, in our opinion, has played a major part in our success.
Jonathan Davis
Pertwee Associates
Working with Happy Clients
Every business wants happy clients and we are no different. Referrals play a large part in the continued success of our business and is why we are delighted, when clients send us positive feedback.
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it could be the best decision you make this year
Are you;
- A new Startup business looking for the best advice.
- Unhappy with your existing Accountant and looking to change.
- Looking for an advisory service to help your business grow.
- Or need someone to look after your personal tax affairs.