Expense monitoring and advice
Managing costs for any business is so important. We will work with you to identify the 5 most critical costs in your business (for many business owners these include people costs, travel expenses and marketing spend).
Once we have agreed which are your most critical costs to keep under control we will monitor them on your behalf. And whenever we notice a sudden change we will contact you so you are immediately aware. As part of this service we will also advise you on how to keep costs under control.
Maintaining your fixed asset register
A fixed asset register is an accounting method used for major assets (e.g. cars, office equipment, machinery and property). Maintaining a register means you can keep track of their value and makes the production of end of year financial statements much easier. For example, as part of this service we will calculate your depreciation and enter the appropriate journals into your cloud accounting system.
Precision accounting with accruals and prepayments
Accruals are adjustments for revenues that have been earned but are not yet recorded in your accounting records and expenses that have been incurred but are not yet recorded in the accounts. Prepayments are when you have paid for something that relates to a later period.
Accruals and prepayments need to be added via adjusting journal entries so that the financial statements report these amounts.
Why is this important?
If you do not adjust for accruals and prepayments your income, expenses and profit for any given period will be distorted and inaccurate. Here is an example…
If your rent is paid quarterly then every third month you have a big expense in your accounts but then no charge in the second and third month. So we need to spread this cost across each of the 3 months it relates to get a true and accurate picture.
Full management reporting every month
Because it is so important to know how your business is performing we will produce a full report every month, which will include:
Your profit for the month
Your profit for the month together with comparisons against previous months, which means you see at a glance if your business is heading in the right direction.
A detailed breakdown of each category of sales
A detailed breakdown of each category of sales and expenses together with the corresponding figures for previous months so you can see at a glance the key trends in your sales and your costs.
Your sales ledger report
Your sales ledger report showing you exactly how much money your customers owe you and how long those debts have been outstanding. This report will help you to keep on top of your debtors and put more cash into your bank account.
Your purchase ledger report
Your purchase ledger report showing you how much money you owe to your suppliers.
In addition we will set up your Financial Dashboard
In addition we will set up your Financial Dashboard; a fully customisable screen showing you the key financial information you need to run your business. You’ll come to rely on this Financial Dashboard just as much as you rely on the dashboard in your car when driving.
Cash is so important. And a key part of cash management is keeping control of debtors (i.e. the amounts of money you are owed by your customers). One of the most important financial ratios is called debtor days. It’s a number you should measure and monitor. We will monitor this for you and if we see a substantial change in the wrong direction we will give you a call to make sure you are aware and offer suggestions for getting this key ratio back under control.
Completion of annual accounts
Completion of annual accounts As part of our full and premium cloud accounting packages we will also complete your year-end accounts – consisting of a profit and loss account and balance sheet – completely free of charge. You will of course need to complete tax computations and tax returns. And if you are a limited company you will also need to complete statutory notes to the accounts to comply with the Companies Acts. The completion of tax computations, tax returns and full statutory accounts is outside the scope of this service and will be subject to a separate price.
Completion of VAT returns
Completion of VAT returns If you are VAT registered you will need to complete VAT returns. To make your life easier we will do this for you, which will save you time and give you the peace of mind they are being completed correctly.
This service relates to standard registrations and fixed rate schemes. More complex VAT reporting such as the VATMOSS scheme for digital sales and reporting EU transactions are outside the scope of this service and will be subject to a separate price.
“The System will make your life easier and remove clutter by filing paperwork in the cloud.”
Get the most out of your business
If you would like a no-strings-attached free appointment to discuss implementing a cloud bookkeeping solution or You have a friend who would like help with their business then please contact our team.