Book-keeping and Accounting
Book-keeping and accounting can become two of the most time consuming areas of running a business. Working closely with you we can design a solution to exactly match your requirements.
Book-keeping for the self employed
If you’re self-employed, you already know how difficult it can be to ensure all your accounts and tax matters are in order. Looking after your business is what you do best. Looking after your financial affairs is what we do best.
All you have to do is send us all your invoices, receipts and any other documentation that back up your income and expenditure. We will then maintain all your accounting records, providing you with quarterly accounts and an estimate of your ongoing tax and national insurance liabilities. By working to these guidelines throughout the year, all the correct information is at hand for us to complete your annual accounts and tax return with the minimum of fuss.
For further information, please call Richard Horton on 0121 693 5000
Management accounts are vital for monitoring performance of any business on a regular basis. They are usually prepared monthly to provide management with a tool to track performance and trends throughout the year.
It’s not just management who need to track performance, investors and funders such as banks and equity providers require management accounts to monitor their investment.
At Jerroms, we can supplement your book-keeping function to suit your needs. This can range from preparing your management accounts from your books and records, to providing you with a member of staff for a day a month to act in a management accountant role. Whilst on site, we can also maintain your VAT records and take on short-term projects to relieve your staff of any temporary overload.
Having Jerroms prepare your monthly or quarterly Management Accounts, means that you will make significant savings at the year-end stage as we will have completed most of the work throughout the year!
Unlike Statutory Accounts, which must follow strict guidelines, Management Accounts can be prepared on any basis (and with any degree of granularity) to provide management with a useful tool for monitoring their business. For example, they could be broken down by product, customer, branch, salesman etc to identify the varying sales and margins across the business. For any business wishing to succeed, monitoring costs, revenues and cash flow is vital.
- The benefits of Management Accounts include:
- Regular and timely monitoring of the business’ performance using KPIs (key performance indicators)
- Sales and Profitability – broken down by product, customer or any measure that is important to the business
- Overheads – monitoring these to keep under control
- Profits – early identification of poor performance areas
- Customers - ensuring reporting is in place to assess which customers are truly profitable
- Cashflow – identification of the generation and utilisation of cash versus profit
- Forecasting – using historic trends to predict the future
- Detection of Fraud - A regular review of the financial performance of the business will increase the possibility of detecting fraud or other malpractices. Put simply, the longer the time gap between financial reviews, the easier it is for wrong doings to remain hidden and more difficult to uncover.
For further information, please call Geoff Holloway on 0121 693 5000
Statutory Accounts (also referred to as Financial Statements) are required by law for each Limited Company or Limited Liability Partnership. These accounts are necessary for HM Revenue and Customs and must be filed at Companies House within a stipulated timeframe.
The Statutory Accounts must be prepared in accordance with accounting standards and the Companies Act legislation.
Depending on the company’s individual circumstances, the company may file abbreviated or full accounts. Smaller companies can file abbreviated accounts where details such as turnover and levels of profit are withheld.
Regulated for a range of investment business activities by the Association of Chartered Certified Accountants and as Regulated Auditors, we will advise you on the most appropriate format for your company.
With Jerroms preparing your annual Statutory Accounts, you will have peace of mind that the accounts are prepared in accordance with accounting standards and the Companies Act legislation.
We take the time to discuss and explain your accounts so that you understand the financial aspects of your business, helping us to help you plan for the future.
The year-end provides an opportunity to identify and discuss tax planning opportunities which we pro-actively undertake.
If you are taking advantage of our Management Accounts service, you will also benefit from reduced fees for the year-end preparation of the accounts.
For further information, please call Mark Eden on 0121 693 5000