OUTSOURCED & BACK OFFICE ACCOUNTANCY SERVICES

Remove the stress and cost of maintaining a full in-house accountancy department by outsourcing all or some of your accountancy requirements to Tax Compute.   Our team will keep your books and records up to date, accurate and ensure timely completion of all tasks.  HMRC, Company House and all legal submissions can be undertaken as part of the service.   Let us take the strain away from you with a number of available options tailored to meet your business needs.   We provide from specific monthly bookkeeping services to a complete management of all financial and management accounting functions.   Our services are competitively priced and cost effective.  

Please click on the categories below for a detailed explanation of what we can do for your business.

Bookkeeping

Let us take the strain.  No need to worry about supervising staff, financial records, deadlines and dealing with Creditors and Debtors.   We can handle all your functions with a dedicated contact making life easy so that you can focus on core business.   We specialise in Individuals, Small Companies and SME’s.   We can help with whatever you need from simple basic bookkeeping to managing an entire accounting function:

  1. Nominal Ledger
  2. Sales Ledger
  3. Vendor Ledger
  4. Bank Reconciliations
  5. Employee Expenses
  6. Credit Control
  7. BACS and Cheque payments
  8. Trial Balance
  9. Fixed Assets

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

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Customer Invoices

Fed up with sending out invoices and chasing customers? Let us take the strain.  We have up to date automated systems that save time and ensure timely completion of invoices which are sent out electronically and/or by post.   So, you can enjoy all the benefits of an in-house sales department for what we believe a fraction of the cost. 

Outsourcing is the smart way forward as you are accessing expert knowledge and systems.   Your single assigned point of contact will make for a better relationship and face to face meetings can be arranged at any time.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                        01452 835724
Email:                   roger@taxcompute.co.uk

Vendor Payments

Fed up with paying vendors and reconciling vendor statements?  Let us take the strain.  We have up to date automated systems that save time and ensure timely payment of invoices.  No more hassle from vendors chasing payment as we take care of business.   So, you can enjoy all the benefits of an in-house creditors department for what we believe a fraction of the cost.  We handle all payments from preparation of BACS files to single cheque preparation. 

Outsourcing is the smart way forward as you are accessing expert knowledge and systems.   Your single assigned point of contact will make for a better relationship and face to face meetings can be arranged at any time.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Credit Control

Fed up with obtaining credit references and chasing customers for payment?  Let us take the strain.    Our up to date automated systems will save time and ensure timely payment from customers.  You can enjoy all the benefits of an in-house credit controller for what we believe is a fraction of the cost. 

Outsourcing is the smart way forward as you are accessing expert knowledge and systems.   Your single assigned point of contact will make for a better relationship and face to face meetings can be arranged at any time.

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Bank Reconcilliations

Bank reconciliation are an important and integral part of safeguarding your business.   They are necessary in spotting fraud and detecting errors and identifying cash flow issues.   Not keeping up to date with your bank reconciliations can lead to mismanagement of cash and cheques bouncing etc…. 

Let us take the strain and maintain up to date bank reconciliations.   You will have piece of mind that you will always have the most up to date cash balance.  We will help in:

  1. Identifying accounting errors.
  2. Potentially reducing bank fees and penalties
  3. Detecting fraud.
  4. Making sure customer invoices have been paid.
  5. Providing transaction ageing.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

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Employee Expenses

Employee expense management in many SME’s is a tedious routine.  The employee completes an expense claim for travel and business expenses and then submits a paper form to his/her supervisor who approves it.  The supervisor then passes it to the finance department for processing and payment.   The accounts staff then key each expense item into the company’s ledger and account for any input VAT.  By using up to date software this process can be largely automated and the submission and approvals process transacted electronically.

So, we at Tax Compute can significantly reduce transaction costs and improve management control when logging, calculating and processing employee expenses by automating the process.   Our up to date systems will greatly reduce time, effort and cost in processing employee expense claims.    So, let us take the strain by handling all your employee expense claims. 

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                        01452 835724
Email:                   roger@taxcompute.co.uk

VAT

At Tax Compute we will ensure that all VAT returns are completed on time and that your business stays fully compliant. We offer various accounting packages that will help ensure accurate bookkeeping and provide a cost-effective solution to maintaining reliable and precise VAT records. So, let us take the strain and save you all the stress of meeting deadlines and dealing with HMRC.

Outsourcing is the smart way forward as you are accessing expert knowledge and systems.   Your single assigned point of contact will make for a better relationship and face to face meetings can be arranged at any time.

We will provide VAT advice on:

  1. VAT rates, e.g. standard rate, reduced rate, zero rate, VAT exemption
  2. VAT registration.
  3. Flat Rate Scheme and whether it is beneficial to you.
  4. VAT investigations
  5. Flat Rate Scheme:

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Payroll

We have the latest and up to date specialist payroll software that will ensure accurate computation and HMRC compliance. Tax Compute offers a full and comprehensive payroll package to business owners at competitive rates.   Let us take the strain and provide all your payroll requirements.

  1. Full payroll management, preparation of payslips, annual reporting.
  2. P45, P60, SSP, SMP etc….
  3. Advice on Expenses and Benefits
  4. Employment Allowance up to £4000 a year off your NI bill
  5. Applying for P11d dispensation
  6. Payroll law

 

Contact:               Jon GUNNING
Office:                  Cheltenham
Tel:                       01242 241998
Email:                   jon@taxcompute.co.uk

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Budgetary Control

Budgetary control is an important management tool for managing and controlling income and expenditure.  Let us help you in devising systems to ensure that the right budgetary controls are in place to measure performance and we provide the bespoke reports that help you run your business and analyse your performance.

We will work with you to prepare budgets for the future period and run timely reports each period comparing actuals to budget.  This will enable variance analysis and review.   This comparison will greatly assist Managers in identifying areas of the business that are not performing and will help in determining how to tackle performance issues.    In practice it means regularly comparing actual income or expenditure to planned income or expenditure to identify whether or not corrective action is required.  The Benefit of Budgetary Control! Budgeting is a significant part of both planning and the controlling processes and is widely used by Managers to plan, monitor and control various activities at every level of the organization.   Budgets act as controlling devices to correct any deviations.  

Our team has expertise in this area and our systems and reports can provide your business with up to date management information to identify performance shortfalls and provide advice on corrective action.

 

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Business Planning

Many business owners fail to plan properly.   We at Tax Compute can help you in establishing a business plan that provides and outlines the strategic direction and the key goals and objectives of your business.  

According to the Business Dictionary, business planning is “The process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given time frame.”

We will work with you in establishing the business plan by taking you through the basic steps in the planning process.   Setting up a business plan gets you to focus on the direction you want to take with your business.  We will take you through the basic steps in preparing the plan and offer strategic advice.

 

  1. Firstly, decide on the strategic direction you wish your company to take. Identify the key objectives and goals.  
  2. Secondly, how are you going to achieve these goals and objectives. What do you need to do?
  3. Thirdly, what resources do you need to achieve your goals and objectives?
  4. Fourthly, the action plan. Implement, supervise and monitor performance of the action plan. 
  5. Finally, prepare a SWOT analysis. SWOT Analysis is a simple but useful framework for analysing your organization’s strengths, weaknesses, opportunities, and threats. It helps you to build on what you do well, to address what you are lacking, to minimize risks, and to take the greatest possible advantage of chances for success.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Forecasting

There are 2 types of forecasting methods available to a business:

  1. Quantitative
  2. Qualitative

Quantitative Forecasting is the process by which the business entity uses historical figures and current trends to predict future revenue growth.   Information and data are readily available to make a reasonably informed decision.  It is not an exact science but it helps reduce the risks and complications and uncertainty of the future.  So, for example, if you had the following revenue trend for years 1-3:

  1. Year 1 revenues £38MM
  2. Year 2 revenues £42MM
  3. Year 3 revenues £46MM

You could logically deduce that year 4 forecast would be around £50MM to £51MM.   So, looking at historic trends, management would be fairly confident to predict year 4.   They would be reasonably confident to achieve revenues as stated and would be part of their budget for the coming year.   However, there may be other considerations and current trends to consider that may impact e.g. you just lost/gained a major customer.  That would then have to be taken into consideration is the forecast.

Qualitative Forecasting is based on information that cannot be measured historically.   So, if you are a company just starting out with no historic data how do you forecast?   You will need assessment, appraisal and judgement in putting together revenue forecasts.   It will be a challenge to process this forecast in a logical way. 

We can certainly assist businesses in forecasting techniques at all levels and can use systems and reports to help in that respect.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

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Cash Flow

Managing the Cash flow is almost certainly the most important aspect of running any business.  Keeping on top of cash flow and understanding the cash available in the business will ensure the business has funds to pay bills, grow the business and pay wages etc….   It is important that the business understands how the cash is being generated and where it is coming from.   

A business should have the software capability to ensure that cash flow reports are accurate and provide the management information a business needs to analyse and make accurate management decisions.   We are able to help in this respect.

We recommend that when deciding on cash flow template the following classes of cash flow should be categorised as follows:

Cash Flow from Operating Activities

Cash flow from operating activities arise from the business activities undertaken by the business together with the expenses, cost of sales, wages etc… needed to support the business.   So as an example, the sales less the operating expenses would provide the nest cash flow from operating activities.  

Cash Flows from Investing Activities

This is the cash flow from investing activities related to the investments the business makes in long term assets.   This could be the purchase of a lease, building, Plant & Equipment etc….   Cash flow can be either negative or positive depending on whether any revenues are generated from the asset ownership.  Cash flow related to investing activities will be determined by changes in asset values on the balance sheet.

Cash Flows from Financing Activities

This is the cash flow from financing activities related to the debt the business has and is identified within the long-term liabilities section of the balance sheet.   Long term bank loans, debt instruments, cash proceeds from share issues, dividends payable, bonds etc…. are all associated with cash flow from financing activities.  

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Marginal & Absorption Costing

  1. Marginal costing is the overall change in price when product production increases by one unit. Marginal costing can help businesses determine the level at which it achieves economies of scale and the marginal profit contribution of different products.
  2. Absorption costing captures all costs associated with manufacturing a unit of production. The direct and indirect costs, such as direct materials, direct labour, rent, and insurance, make up the cost of a unit of production.

 

           
 

Cost of Production 1000 units

Absorption Cost/unit

Marginal Cost/unit

 
 

Direct Costs

£10,000

£10

£10

 
 

Fixed Costs

£6,000

£6

£0

 
 

Variable Costs

£2,000

£2

£2

 
 

Total Cost

£18,000

£18

£12

 
           

 

The above schedule can be used to illustrate the benefits of marginal costing. 

For example, if a manufacturer produces 1,000 units and the selling price of a unit is £22 then the actual overall profit is £4/unit.  However, if a new customer wants to negotiate a discount on say 3,000 units but will only pay £17/unit the additional profit contribution is £5/unit.  Marginal costing can therefore be used to see the impact a discount has on profitability.   Marginal costing is also used to calculate break-even prices and how discounts affect the break-even point.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

Profit & Loss

Most software packages support the preparation of the P&L statement.   It is a snapshot of the profit or loss made in a particular period or timeframe.    Most software packages will enable the preparation of the P&L statement at the click of a button.

In simple terms here is what is included to arrive at P&L.  This will tell you if you are making money or not.

  1. The period or timeframe.
  2. Revenues for the period or timeframe.
  3. Expenses for the period or timeframe.
  4. Revenue less Expenses = Profit or Loss.

This will be different to the cash flow statement and we can explain how both cash flow and P&L are important in determining the health of a business.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk

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Balance Sheet

The balance sheet is a snapshot for a given period or timeframe of a business’s financial position.  It shows what the business owns and owes.   There are financial strength ratios and activity ratios that can be used to help assess the health of a business.  Investors who know how to read a balance sheet will use ratio analysis to help determine what companies to invest in.   The ratios also indicate the level of risk to investing in a particular company.

Our reporting systems at Tax Compute can be tailored to provide balance sheet reporting and analysis which will help in the overall risk assessment and management of your business.

 

Contact:               Roger GUNNING
Office:                  Gloucester
Tel:                       01452 835724
Email:                   roger@taxcompute.co.uk