Bookkeeping
IT is vital for every business to keep up to date records, to conform to requirement of HRMC of transactions to allow the correct tax to be calculated. You must keep books of accounts for at least six years. Failure to adhere with this could result to penalties and possible investigation by the relevant authority.
- day to day posting and reconciliation of financial transactions
- management and reconciliation of customer, supplier bank and cash transactions
- periodic reconciliation of balance sheet control accounts
- preparation and filing of VAT returns
- higher-level bookkeeping and reconciliation work
- posting of month-end and year-end journals
Financial Accounting
With the move to International Financial Reporting Standards (IFRS) for many businesses and the far-reaching mandates of Sarbanes-Oxley, financial accounting has become a lot more complicated. And if the past few years are any guide, the future holds more regulations, new requirements, and an increasing compliance burden. As business becomes more complex, with new regulations opening up seemingly every day, a company’s financial accounting must meet standards.
SAM Associates, our financial team has contributed to many companies performance, to conform with appropriate accounting standard, both in the UK and our international partners in the Far East.
Budgeting and Forecasting
Planning, budgeting and forecasting are vital processes for almost all organizations. Understanding past performance and translating that insight into forward-looking targets to align business results with the corporate strategy is key to create shareholder value. Leading organizations leverage driver-based planning models and shift from traditional annual budgeting cycles into a rolling forecast focused on managing the enterprise's performance.
Management Account
All businesses can benefit from quality management information on which to make the right decisions, but only a minority of businesses can afford a dedicated finance function. We can prepare your Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, in order to help you track how your business is performing, and identify strengths and weaknesses in good time.
SAM Associates design and implement systems so that you can produce management accounts on an ongoing basis. If you are unfamiliar with accounting, we can also help you to understand and get the best out of management accounts.
Some businesses will require management accounts to be prepared on a monthly or quarterly basis for the purposes of providing information to your bank to support a borrowing facility. But it can also help you know what is going on in your business sooner than waiting for your year end accounts to help your business respond faster to changes happening within the business.
SAM Associates produce management information in various ways and styles, including identifying and measuring underlying drivers that run the business.
We can either prepare management accounts from the bookkeeping we do for you or by taking your books and making corrections and putting in the all important accruals and prepayments which are often only recognised by people with an accountancy background.
In both cases we would discuss the figures with you so that you understand what they mean and how they come about. This more detailed approach allows us to understand your business better. Consequently, we can help you move your business forward.
Payroll Services
Paying employees and calculating remittances due to Inland Revenue is an essential component of running a business. Whether payments are made on a weekly, monthly or ad-hoc basis, it is vital that the calculations are exact and that the information is presented in a timely manner and complies with the employer's legal obligations.
Payroll services from Sam Associate Accountants are comprehensive and are capable of dealing with every aspect of UK wages and salaries requirements. Our payroll department has the capability to handle businesses with one director or employee to those which have several hundred people on their books.
We have our own in-house payroll systems which are updated for changes to tax rates, holiday entitlements and other components which can affect the calculations. After each payroll run has been completed, we provide you with the necessary payslips, deductions sheets and remittance information so that all you have to do is to arrange pay the salaries and the deductions to HRMC.