Business planning and budgets

• resource allocation
• activity levels
• value added
• product/services costing

It is difficult to see how any business can operate effectively without plans of any type. Business plans are not just about raising money, they should be a means of allocating scarce resource to the activity most likely to yield the greatest revenue return. Budgets should be used by the client to calculate the required selling prices of the goods and services they provide. We have a series of protocols and checklists to assist our clients through this important process.

Cash flow and profits forecasting models

• not just a spreadsheet
• plan working capital requirements
• adjust base information
• standard modules available

Spreadsheets have become a standard management tool, yet very few users take advantage of the many facilities available within programs such as Microsoft Excel. For example data links with general ledger programs enable forecasting models to be updated based on the latest actual trading experience. We would develop our standard models to fit in with client systems so that their future cash requirements can be monitored, and tested for sensitivity analysis within a range of assumptions.

Management accounts

• outsourced task
• reports by exception
• link with statutory requirements
• report variances against budgets

Many companies do not wish their staff to be distracted from their core activities by having to cope with administrative tasks that may be outsourced. A short monthly management report is presented to clients on an exception basis, with fuller detailed reports being presented quarterly. The content of these reports depends on client circumstances, the main headings being sales, operating statement, accounting ratios and cash flow.

Payroll preparation, with annual returns

• outsourced service
• compliance with statutory requirements

Based on the monthly returns from the client we calculate the net amounts to be paid to the relevant staff, and advise the client of the deductions and other amounts to be paid to the Collector of Taxes, etc. We also collate and prepare the year end PAYE returns including forms P11D, as well as capturing the accounting data for the nominal ledger.

Vat returns compilation

• timetable
• data capture
• best use of schemes available

Where possible, information flow is designed to enable Vat return data to be collated from other management information. Whilst handling Vat for clients we periodically check trading levels to see whether the client can take advantage of any special terms.

Annual accounts preparation

• compliance with regulations
• third party accounts users
• corporation tax computations for companies

Annual reports are the summation of the four quarters, with the added requirement that the form complies with the Companies Acts. All annual accounts carry a standard form of wording that is needed to clarify the responsibility of the directors to prepare financial statements that give a true and fair view of the state of affairs of the company and its trading result. Similar wording is used for partnership accounts and those of sole proprietors.

Self assessment tax returns

• personalised approach
• income tax plan at least one year ahead
• check and explain actual obligations against plan
• compliance with regulations and timetables

“Unhappy with your returns?” - self assessment introduced a standard form approach that means that much of the form does not apply to most taxpayers, resulting in a task that is unnecessarily more burdensome than it needs to be and can often be intimidating. Our approach is to make sense of the task by concentrating on identifying the relevant sources of income, then establishing the amount payable by calculating current tax side by side with previous years and then explaining the change year on year. Completing the form is done then merely as a cross check on the expected result.

This approach has shown particular success with clients who have allowed their affairs for whatever reason to fall into arrears and need to get their backlog under control.

Advisory work

• by product service built in
• communication with client
• fee basis agreed in advance

It is our policy always to outline the work required in an engagement letter together with the fee basis in advance of starting work. For assignments running over several months, stage payments would be agreed.

All recurring assignments include an allowance per quarter to cover any adhoc advice that may be required - normally such advice is copied to the client by way of a file note, as a matter of record. Should the matter under review for any reason require a written report, then any extra charges would be agreed before dealing with it in this formal way

Other services

Registered office and Company secretarial services
Companies often neglect the completion of statutory records. If clients wish we can arrange for these documents to be held in our fire proof storage cabinet. Our office is also used by some clients as the registered office address of their company. Our procedures involve an annual check of these records to tie in with the submission of the annual return.

We assist with the completion of annual returns and where required can hold the post of company secretary.

Non executive director
The need for an independent view in the board room is well documented. Whether that view is best supplied by a chartered accountant depends largely on the skill base of the other directors and accordingly the counsel they need in order to better discharge their responsibility as directors.

We have experience of acting as an independent director in private companies and also in ‘not for profit’ organisations.

Business valuations
We are available to be appointed where an independent view is required of a business to include a valuation of the shares.

Expert reporting
We are available to be appointed as an expert witness, or to report on accounting issues that need to be dealt with during litigation or in dispute resolution. Our report would identify the facts involved and present our conclusions in an impartial way.

Fee basis for all assignments is fixed in advance.