ACCOUNTS AND BUSINESS SERVICES

The accountancy industry is going through rapid change, as a result of advances in technology. ‘Cloud accounting’ is the term we are all hearing. No longer is it recommended we have our accounting software on our own servers. All the major accountancy software companies are committed to replacing desktop software with cloud accounting systems and we expect support for desktop systems to cease in the near future.

Cloud accounting systems have a number of advantages over desktop software:

• Real time access to data: you and our team can both have access to your financial data at any time which makes it easier for us to help you with your queries and keep you on the right track.
• Useful financial information: cloud systems have a user friendly ‘dashboard’ that tells you the key information you need (e.g. cash levels) at a glance.
• Easy access from any internet enabled device: you can log in to your cloud system wherever you are.
• Automatic upgrades: there is no requirement to deal with costly and compulsory software upgrades as these are free, take place automatically in the cloud and there is no downtime;
• Saving time: cloud accounting software links automatically with your bank account to upload information via regular bank feeds, significantly reducing data input time and errors.
• Security: with 2 factor authentication (a security code sent to your mobile device), cloud software now offers higher levels of security than many internal systems.
• Back up routines and restoring data: these are not required with a cloud system
• Subscription based: small monthly fee, with no outright purchase.

We can advise you as to which cloud accounting system will suit you and your business best and take care of the transition from your existing system. We can help train you and your staff to use the new cloud accounting system or, if you prefer, you can outsource all your bookkeeping and management accounts requirements to us.

With the advent of user friendly cloud accounting software, which allows you and us to view your business’ financial information 24/7, we can produce periodic management accounts that give you and our team a real time understanding of the financial performance of your business.

We can have as much or as little involvement in your management accounts production as you wish. You may prefer to input the data but we can help you make sense of it in a way that works for you. What you include in your management accounts is entirely for you to decide. We can guide you as to what we think is most suitable for your business but you may wish, for example, to include a number of bespoke KPIs, which might include non-financial indicators.

Too many businesses rely on their bank balance to estimate current performance: with our help you can understand your profitability throughout the year, to better inform your day to day trading position and help you make the right decisions on a proactive basis.

Whether you are trading as a limited company, partnership or sole trader we can take care of ensuring that your annual accounts are prepared in the correct format so they are fully compliant with the relevant legislation.

We will give you peace of mind by helping you meet your filing obligations ahead of the deadline.

An ever increasing number of our clients are choosing to outsource the production of their payroll to us, with key recent catalysts being the administrative demands of the introduction of ‘real time information’ payroll reporting and auto enrolment.

The penalties levied by HMRC and the Pensions Regulator for getting payroll or auto enrolment compliance wrong are severe: we can take care of your reporting requirements for you, ensuring that you don’t have to worry about inadvertently making potentially costly errors.

We can provide a complete payroll and auto enrolment service, including paying your employees on your behalf, or we can tailor our service to deliver only the elements that you require.

VAT is, in our view, an illogical and overly complicated tax.

We have tried various approaches to delivering the best quality VAT advice to our clients over the years – and we have come to the conclusion that only someone who knows VAT inside out and has worked for HMRC (a gamekeeper turned poacher so to speak) can deliver what we require.

Our VAT consultant has over 25 years’ experience of working both for HMRC and in private practice and delivers no nonsense, clear and straightforward advice to our clients.

Whether you need assistance with the completion of your monthly/quarterly VAT returns, advice on a complex VAT matter or assistance with an HMRC investigation, we can help.

From Company incorporations to the appointment of new directors, we can manage all related Companies House filing requirements and our clients are also able to take advantage of our registered office service, particularly useful for those who used shared workplaces.

We can help you prepare financial forecasts that will allow you to share your objectives with your team and by comparing your forecasts with the actual figures in your management accounts.

Forecasts should be reviewed regularly to reflect changing trading conditions, especially if they are used to set annual bonus expectations: a market slump could make the annual bonus target unachievable and adversely impact staff performance and morale for the rest of the year.