Annual accounts

Why do you need annual accounts

Annual accounts are a legal requirement. So having accurate and timely financial information can help you in a number of ways:

• How much your clients owe you
• How much your suppliers are due
• Knowing your stock levels
• If your revenue and profit are as predicted
• If your business is making more money than it is spending or investing
• Areas of your business needing immediate attention and why

How do we help

Simplicity is at the heart of everything we engage in. There is a good news – we will do all for you including managing your bank statements, preparing final accounts, and all accounts related statutory filings with the Companies House and HMRC. We keep a diary for your business filing deadlines to help you avoid any late filing and penalties.

We will also provide you advice on your annual accounts which includes potential tax savings, investment decisions and how you could grow your business based on the yearly performance reflected in the annual accounts.

If you need assistance with your annual accounts, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Management accounts

Accounting is of little use if it does not serve the needs of a business. So management accounts provide a business owner with, for example:

• Monthly (or periodical) sales trends by product line
• Number of new customers
• Sales by customers
• Actual vs target sales and reasons for the variance
• Price trends
• Identifying unprofitable goods or services
• Ageing debt analysis and bad debts

We provide dedicated service to prepare your management accounts in a timely fashion so you can make crucial business decisions in time. We can be as hands-on as you need us to be. Therefore, we can serve your needs on both day-to-day basis or just to provide this service when required.

If you need assistance with your management accounts, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Bookkeeping

Why is bookkeeping significant

Keeping accurate and timely books and records are the basis of reliable annual accounts, correct tax and VAT recording. If you have clean books, you can make correct business decisions based on that information. If not, you could imagine the pain. We have the expertise to help you in getting your books sorted and maintaining them shipshape. We understand bookkeeping consumes a lot of time so such administrative functions should not overshadow the core areas of a business and that’s where we come into the picture and help you. You focus on the business and we do the books.

Excel workbook:

We can provide you with a ready-made workbook where you can simply record your transactions and it lets you see your simple profit and loss and tax. It is normally suitable if your number of transactions is not very high. We can arrange a meeting to discuss and advise the best options for you.

Software-based:

We can do complete bookkeeping for you. You can either email or post us your invoices/receipts and we will do the rest.

If you need assistance with your bookkeeping, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Cloud accounting

What is the cloud (or online) accounting

Cloud or accounting means keeping books through online software where all records and data are kept online. It’s becoming popular with businesses and individuals who favour paperless office or working.

Who provides this service

There are a number of software providers offering this online bookkeeping software. The major ones are Sage and Quickbooks. There are also online-only companies e.g. Xero, Twinfield, Kashflow, Clearbooks and Freeagent offering similar software. We can help you choose the one best suited to your business or individual needs.

How do we help

• We offer online bookkeeping by remote access
• As your accountants, we can access information and advise you timely
• We can set up systems where scanned invoices/receipts can be uploaded as support for transactions
• We can set up your systems to link your bank transactions to the software
• We can initially liaise with the software provider to link the company directors up for backup and disaster recovery plans

Who is responsible for the data

The company directors have the responsibility to keep the accounting records for six years and they ensure the data backup and recovery plans are agreed and put in place with the software providers. Like with all other online systems, there is always some element of inherent risk with cloud accounting software as software providers keep that data in ‘some clouds’ somewhere in the world.  However, we can discuss your needs and advise on the best solutions for you.

Why outsource

A newly formed business needs a lot of your time on development and growth let alone the compliance with laws and regulations. It’s that make-or-break time when we can be very handy and provide you from a full range of services to selected ones as you need specifically. It is crucial you set your finance function base rock solid. We are a dedicated and highly experienced team to provide you with all you need no matter what your business size or nature is.

If you need assistance with cloud accounting, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Payroll

Paying your employees timely and correctly can be very challenging especially when you do not have an experienced in-house payroll team. Payroll is a support function as a lot of HMRC compliance needs doing to avoid penalties and financial distress. We have the necessary experience, skill and interest to offer you comprehensive payroll support.

How do we help

• Perform all of your payroll functions including auto-enrolment and RTI administration
• Provide e-payslips or sealed security payslips as agreed with you
• Arrange BACS/CHAPS salary payments to your staff, HMRC PAYE and pension providers
• Emergency payroll cover
• Real-Time Information submissions to HMRC
• Assist with tax-efficient childcare schemes
• Calculate directors’ national insurance
• Calculate statutory payments e.g. maternity and sick leave pay
• P11D expenses, dispensations and benefits end-of-year returns
• Auto-enrolment support

If you need assistance with your payroll, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Credit control & debt recovery

Cash flow is bloodline to every business and keeps oiling it like a machine. As a rusty machine can stop functioning so can a business.  Whether it is a business investment, growth or dividend payment, you will need smooth cashflow management which massively depends on your credit control and debt recovery systems.

Every business has a different client base and payment terms so we can analyse your business needs free of cost and make an effective plan to get your outstanding bills paid relieving you of a lot of hassle. A number of solutions are available for you to choose from though we can advise you on the best course of action without you either losing your clients or having your repute stained.

If you need assistance with credit control & debt recovery, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

Company secretarial

We can render useful services to cater to your business needs. The portfolio of our secretarial services includes primarily:

• Filing forms for the change of director/secretary/registered office
• Preparing and filing the annual return online
• Undertake allotment/transfer of shares
• Preparation of dividend vouchers and board minutes
• Holding and maintaining the statutory register and company seal
• Filing form with authority for a change of accounting reference date
• Undertaking allotment/transfer of shares

If you need assistance with company secretarial, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry

What is the internal audit

Unlike a statutory audit, internal audit is purely optional. The directors or the owners of a business may wish to undertake the internal audit to ensure accounting systems and controls are sufficiently designed and functioning appropriately. It also helps them to ensure that assets are duly protected and utilised for the benefit of investors and owners. Such audits maximise stakeholder investment through the implementation of effective internal controls.

Benefits of internal audit

• It lends credibility to a business
• Finance providers are more willing to extend and renew loans and facilities
• It reduces the cost of statutory audits as external auditors may use the work of internal auditors while checking and performing their tests
• It reduces the possibilities of HMRC tax investigations
• It helps smoothen the accounting systems where directors can make timely crucial decisions based on reliable information
• It builds a very favourable business image for potential customers and suppliers

If you need assistance with internal audit, simply:

• Call us on 02080873553 or 07988973270

• Email info@glenmoreadvisory.co.uk or

• Submit a Quick Enquiry