Barnett & Turner Accountants Ltd | Try our Free Business Analysis Tool
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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Book-keeping, Invoicing & Credit Control

Let's make a start with the building blocks needed to both run the business and comply with legislation, tax returns etc.

We recognise that for some businesses every invoice is different and has to be raised by a manager. But for many firms, repeat or routine transactions can be automated and delivery notes can be turned into invoices with minimal input. An outsourced accounts team experienced in all the latest software can be quite an asset!

In capable hands the daily routines of book-keeping, invoicing and credit control can all be managed without the headache of recruitment, training, holidays, sickness etc.

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Audit & Assurance

Sometimes, requiring an audit becomes a statutory obligation based upon a company's size or structure. Having an independent third party review of your records does not always have to be seen as a necessary evil however or costly extra as there are many circumstances where having an audit, assurance report or specific testing carried out by an independent third party can offer significant benefits to a business and to the business owner(s), even if a level of independent review is not required by company law.

In particular, other stakeholders such as banks, lenders and potential purchases regularly ask to see comprehensive, audited accounts rather than summary financial information or even statutory, non-audited financial statements before they will consider their next move. A higher degree of external scrutiny adds greater credibility to historic results and it may be that you can benefit in the future from considering your audit and assurance options now.

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VAT Returns

There are now a variety of VAT schemes, annual schemes, cash accounting and flat rate schemes that suit different businesses for different reasons. Then there’s e-services, importing, exporting, Intrastat, etc. At the end of the day VAT is another tax that consumes time and requires accurate accounting.

We recognise that many businesses simply can’t afford the time it takes to stay up-to-date with all the latest VAT rates and exemptions. Genuine mistakes will take time to rectify at a later date and could even incur penalties during a VAT inspection.

It can often make commercial common sense to outsource VAT management to a VAT expert, particularly now that HM Revenue & Customs are under one roof! The cost of preparing the VAT return can be off-set by a reduction in the time it takes to prepare quarterly management accounts and annual accounts.

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Management Accounts

Management accounts are a quick way to identify financial trends. They can often be used to provide a financial early warning system for the management team.

Monthly data can be compared with historical data to show trading trends and financial patterns. Identifying the implications allows evidence-based decision making and the management of the performance and potential of your business.

Management accounts are also an extremely good way to keep the bank and stakeholders in the business up-to-date with the latest information.

In capable hands the compilation, interpretation and presentation of management accounts can make a significant contribution to long-term business success.

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Ensuring that staff are paid accurately and on time is crucial to all employers, but ensuring compliance with an increasingly complex system is both time-consuming and costly.

Using qualified specialists for outsourcing payroll preparation is a proven method for businesses to save whilst ensuring compliance with HMRC regulations.

Further benefits include pensions administration, e payslips, payments made on your behalf by a BACS registered bureau and access to payroll health checks.

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Budgeting & Forecasting

For those involved in the day-to-day running of the business, the ongoing planning, budgeting, forecasting and monitoring of performance and cashflow can be quite daunting.

In many cases, support and assistance from someone who knows the business can be all it takes to make a significant improvement to the processes and the long-term success of the business.

And it’s not just the financial aspects of the business. There’s the management of growth, HR, IT and the ever changing challenges of economic circumstances.

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