PAYROLL & ACCOUNTS
Record keeping is a fundamental and essential business practice. In fact, failure to keep proper company accounting records can disqualify you as a Company Director and result in a fine of up to £3,000 by HMRC. Also, if you file an incorrect tax return as a result of inaccurate records you will get an extra tax bill.
It may feel like you can save money by doing everything in your business yourself, however using a local bookkeeper can actually save you more money and time in the long run. These savings come from a reduced level of risk of human error, years of experience working with many other clients, no missed payments to HMRC or missed tax deadlines. Add to this the benefits of tax planning and business reporting you'll see that choosing a local bookkeeper is one of the best decisions you can make.
If your business has expanded and you need to employ more people then it’s understandable to feel daunted by the duties required to run a payroll on top of everything else you need to do. Meeting your obligations as an employer to HM Revenue and Customs (HMRC) can be confusing and time-consuming. Furthermore the increased responsibilities to your employees surrounding auto enrolment pension contributions can really add to the workload.
YEAR END ACCOUNTS
For sole traders and partnerships, year end accounts will form the basis of the business owners’ self assessment tax return.
For a partnership, the year end accounts will also state the balance on each partner’s current account. For owner-managed limited companies, the limited company accounts will house details of the directors’ salaries and the dividends paid to shareholders, which will need to tally with their self assessment return.
The year end accounts provide invaluable information about your business. You can see if the margin on your sales prices is set appropriately and how the latest performance compares to last year. Movements in sales and expenses are laid bare, allowing you to make better decisions in the future. Anomalies are highlighted and can then be investigated. Having year end accounts brings you closer to your business and will help drive success.
CASH FLOW MANAGEMENT
A cash flow forecast is probably one of the most important management reports you will use as it shows how cash is expected to flow in and out of your business and how much funding/investment it needs.
These reports are key to understanding your business and planning for the future and are typically required by lenders when you want to borrow. Building a cash flow forecast is essential for any business.
Whether you are using a cash flow forecast to plan for the future, to support funding/loan applications or to understand cash flow shortages, we can provide an accurate and comprehensive service specifically tailored to suit your business’ requirements.
We can help by:
Preparing a cash flow forecast for you or helping you to develop one yourself.
Reviewing you existing forecast to provide a critical eye to your plans and the assumptions that underpin your forecast.
Advising you on what steps to take next, whether that is accessing funding, helping you make informed business decisions or identifying areas where support is required.