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No management information systems...
Our client is an established business, and Sheards prepared monthly bookkeeping for VAT purposes on accounting software.
A conversation with the client at year-end accounts review highlighted that the client was “surprised at the profits and corporation tax charge” – his management information system was looking at the bank balance and then guessing his results!
What followed was that we pulled together a monthly reporting structure to accompany the VAT record keeping, and compared this to last year so that he could get a handle on how the company was performing compared to last year to ensure there was growth.
We looked at benchmarks that the client wanted; gross profit margins and employment costs versus sales, as these were the main costs to the business versus relatively fixed overheads.
We also compared industry averages, so that the client had a handle on his business – essentially ensuring that the business was performing in line with his expectations and plans for ultimate third party sale on his retirement.
“Sheards took the information I thought was there just so that I could meet my VAT obligations and put it into an easy to understand report, showing me this year figures against the prior year, which was just what I needed to ensure that the effort I was putting into the business was resulting in the growth I wanted.
Having up-to-date figures meant that I knew what my results for the year we're looking like, and with Sheards input, I could make tax-efficient decisions in real-time.”
10 Aug 2020
Lenders have approved an average of 87,000 Bounce Back loans every week since the scheme was launched on 4 May, according to the latest figures from the Treasury.
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