Case Study 1

A Precision Engineering company (turnover £300,000) based in the Neath Valley outsources the following:

• Payroll - service involves weekly payroll processing, including the preparation of payslips, written advice of how much PAYE/NIC to pay, dealing with forms P45/P46, all end of year forms P35, P60 etc. and all general payroll queries;
• Bookkeeping - posting of customer and supplier invoices, customer receipts (from remittance advices and paying-in books), supplier and other payments (from cheque books and bank statements), credit card transactions and petty cash payments onto Sage accounting package on a quarterly basis. Reconciliation of bank account;
• VAT Returns - using the information produced above, quarterly VAT Returns are prepared and submitted to H M Customs and Excise along with any payment due;
• Management Accounts - quarterly accounts are produced incorporating 'current period' and 'to date' profit and loss account, balance sheet, aged debtors listing and aged creditors listing. Meeting held at client premises to discuss quarterly figures and identify potential tax saving measures;
• Statutory Accounts - as a result of the production of quarterly management accounts, we are able to prepare annual accounts within two months of the company's year end for submission to the HMRC and Companies House.