YOUR VIRTUAL FINANCE TEAM
Effective management of your business’ finance function at a fraction of the cost of hiring an in-house team.
Consider us your virtual finance profit team! We handle the number crunching, reporting, tax sorting, money managing, and financial insights so you can focus on what you love best – serving your clients and growing your business profitably!
It’s all the finance wizardry you need, at a fraction of the cost full-time finance department. Relax, we’ve got this!
6 FIGURE BUSINESS
MULTI 6 FIGURE BUSINESS
7 FIGURE BUSINESS
MULTI 6-7 FIGURE ADHD-E BUSINESS
Quite a few of our clients have ADHD and whilst they are brilliant at creating money, they have often struggled to manage it or keep it – so we created an adhd-e service to work with their strengths:
Simplified finance packs – some prefer numbers, some prefer visuals. Spend tracking is essential for any business owner but specifically for the ADHD-E.
Profit First and cash waterfalling to help simplify money management. When cash is automatically directed to a different bank account then it is harder to over spend!! Every pound has a specific purpose.
Simplified tax planning – monthly ringfencing of VAT and Corporation Tax so you know what to put aside monthly.
Clear Financial Goals and allocating cash pots for specific purposes to help manage impulsive spending – training, travel, business development etc.
Simplified budgeting helps when appropriate. Some ADHD-Eers respond well to spend ‘targets’ rather than budgets. Some don’t. We figure out what works for you.
Monthly or quarterly management meetings – ESSENTIAL to understand what is profitable and what is not – so we can do more of the first and less of the second!
Understanding financial goals for next 90 days so we can tailor the above to help clients achieve their goals and we potentially can adapt the reporting to fit
How our Virtual Finance Team and Accountancy Services are structured:
7 steps to ensure consistent, persistent and scalable profits in your business.
The path to profit is not found by chance. It is a deliberate journey, planned and executed with a clear understanding of the numbers. It starts with the numbers in your business and ends with the numbers in your pocket.
And here are the 7 steps in more detail – this is all the stuff we LOVE to do, so you focus on creating profit while we look after your numbers! :
Every client is different so you pick and pay for only what you need:
YOUR VISION: What do you want?
Your virtual finance team, just one Skype or Zoom call away. We take care of your entire finance function so you can spend your valuable time serving your clients and generating more profit confident that we are working with you to achieve your goals.
YOUR VISION – Every business has a path to profit. It is our job to help you find yours and build a business that is permanently profitable. We start with your vision, your goals – both business and personal. Once we understand what your long term goals are, we can start building a plan for profit. Know your numbers without fear or overwhelm and start to love them as you achieve your profit goals.
90 DAY GOAL SETTING – Understanding your business and personal goals for the next 90 days so we can help you achieve them.
YOUR BOOKS: Measure everything then manage what you measure.
Your online bookkeepers working in the background posting transactions and reconciling your bank accounts. Performing as an extension of your business. We will get to know your accounts inside out!
ACCOUNTS INBOX – Direct all of your accounts related mail to your own dedicated accounts inbox. accounts@[yourcompany]. We will work as your accounts department.
PURCHASES – We will check your accounts email inbox daily, weekly or monthly (as agreed) and process the incoming mail – post invoices, check statements and follow up supplier queries.
PAYABLES – We’ll send weekly or monthly (as agreed) payment runs for you to pay and monitor your accounts payable.
BANK RECONCILIATION – All bank, credit card, cash and PayPal transactions reconciled daily, weekly or monthly (as agreed). If we have queries we will leave comments in the discuss tab.
QUERIES – We’ll send you a weekly or monthly (as agreed) queries reports to chase for missing invoices or raise any queries that we may have.
YOUR ACCOUNTS: 1) Meaningful management accounts. What is your business is trying to tell you?
Monthly or quarterly reviews with your account manager to make sure you understand how your business is performing. We look for the good, bad and the plain ugly to achieve your life and business objectives.
SENSE CHECKS AND REVIEWS – Big brother checks! We regularly check your accounts and postings to make sure everything is posted to the right place.
MANAGEMENT ACCOUNTS – Quarterly or monthly management accounts (depending on your package) to help you get a better understanding of the business behind your numbers.
CASH REPORTING – Monthly or quarterly ‘where has my cash gone’ cash reports being rolled out so you understand where your money has gone
FATHOM – Know your numbers! As your business grows and gets more sophisticated, so will your need for more meaningful reporting, KPI’s and business diagnostics. Fathom is Xero on steroids! Perfect for the ambitious entrepreneur!
FULLY SUPPORTED – Your accounts team is available by email, phone, Skype or Zoom. We also have a dedicated Team Inbox where you can log support requests and queries – [email protected].
2) Take care of your Directors responsibilities
As a director, you are responsible for ‘Compliance Reporting’ – this means submitting an annual confirmation statement, annual accounts and tax returns to Companies House and HMRC.
We will take care of your reporting obligations.
So many taxes, so little time! Payroll and RTI (Real Time Information), VAT, Corporation Tax and Income Tax on earnings – we will let you know what you need to pay and when to keep you on the right side of HMRC and penalty free.
MONTHLY PAYROLL – We can run a monthly payroll for you and keep you RTI compliant, or help you if you want to run it yourself.
VAT RETURNS – Whether you run your own VAT return, or we do it for you, we will make sure everything is accounted for that should be and you are not paying any more VAT than you need to.
YOUR ANNUAL ACCOUNTS – Abbreviated annual accounts for Companies House and Full accounts for you, your shareholders and HMRC.
YOUR TAX RETURNS – Your personal and business tax returns covered. We will answer any tax queries that HMRC have with your returns.
YOUR CONFIRMATION STATEMENT – Each year we will check the data held by Companies House with you and confirm or submit any changes to Companies House.
TAXES – Regular reviews to make sure you don’t pay a penny more in tax than you need to. Also working with you to help you keep the cash aside for when your taxes are due. We will let you know what to pay, to whom and when.
YOUR CASH: Collect cash faster and with less effort
Cash control is key. Cash is the lifeblood of your business. Collecting cash from customers quickly and efficiently allows you to pay your suppliers and tax liabilities on time.
CASH COLLECTION – As you grow, staying on top of your cash is key to the success of your business. We can help you put systems and processes in place to collect your cash faster.
INVOICE CHASING – We can implement Xero invoice chasers for basic credit control at no additional cost to you. Polite, persistent automated chasers are the key to prompt payment.
CREDIT CONTROL – If you need a more sophisticated Credit Control system we will run Chaser for you. If we need to pick up the phone to chase late payers, we can do that too. We’ll work with you to mitigate the risk of bad debt or pass on to debt collectors.
AUTHORISED SIGNATORY – If we are authorised signatories on your bank account – we can take care of all payments to suppliers, staff and HMRC.
YOUR TIME: Create efficiency through automation
Let’s get the basics in place. To run a super slick set of real-time business accounts – you’ll need Xero, an accountant and possibly Dext (depending on how many spend transactions you have each month). Sounds scary but have no fear, we’ve got this!
YOUR XERO ACCOUNT – taken care of. Beautiful accounting software for the dynamic business owner. We help you understand how to get the best out of Xero.
YOUR DEXT ACCOUNT – By far the quickest way of getting your bills and receipts into Xero is with Dext.
YOUR APP STACK – We aim to help you grow your business using the latest in accounting tools and technologies. We aim to use low cost or no cost online tools that level the playing field for the smaller business. Never has it been so easy to do so much for so little.
YOUR GROWTH: Creating consistent scaleable profit
Our job is to make your life easier at least from an accounting point of view. Let us take care of your accounts so you can focus on what you do best!
BUDGETING AND FORECASTING – If you don’t have a plan, how will you know when you get there? Budgets and forecasts focus the business on the actions needed to achieve your goals. Capacity planning, resource management and funding are key components in this process.
OPPORTUNITIES TO GROW – Looking for opportunities to improve efficiencies, streamline processes and grow your business.
CLIENT TO DO’S – When we have tasks we need you to do, we will issue you with a task to action from our practice management system. For larger projects we use Trello to manage task lists and ToDo’s.
PROFIT FIRST – We are Profit First Professionals and often incorporate the principles of this popular approach to cash management into our strategies. Particularly well suited to creatives who are often overwhelmed by the numbers.
YOUR PROFIT: Pay yourself more!
Ultimately you are in business to make profit. Our job is to help you maximise your take home pay, to minimise the tax you pay and build your wealth. With cash waterfalling, profit first and working with our wealth management partner we work with you to maximise profit extraction.
PROFIT GOALS – Understanding how much you need to take home each month and how much you want to take home each month and implementing strategies to help you achieve your goal.
DIRECTORS REMUNERATION – How to structure your directors pay to pay less tax – strategies may include a combination of salary, dividends, bonuses, and benefits in kind, tailored to your financial situation and tax efficiency goals
EXPENSES – What tax-deductible expenses you can claim through your company that increase your net pay but won’t increase your tax liabilities
PENSIONS – How and when to start investing in a pension to build personal wealth
Frequently asked questions
COST? – What works for you, works for us. We can do as little or as much as you like. We have a menu of services so you can pick and choose what suits your needs and your budget.
SWITCHING ACCOUNTANT? – Isn’t it hard to switch accountant? No, it’s quite easy. Once you have told your accountant that you want to switch, we can take care of the transfer or ‘ professional clearance’ process for you.
KEEP YOUR ACCOUNTANT – What if you have a specialist accountant or a favourite tax adviser? Well, that’s ok too! We work with a number of other accountants to make sure our clients get the right mix of bookkeeping, accounting and tax skills for their needs.
HOW WILL WE HELP YOU??
Well…OUR job is to make YOUR life easier so you have more time and energy to do what you want, and more money to spend doing it!
Why You Need Us!
You have big plans, big goals and you want to take home at least £10k per month. That’s life-changing live life income. You are ambitious, driven and you get sh*t done. You want the tools, tactics and support to make this happen.
You recognise that your accountant can also be your accountability partner to help you set clear, measurable goals that you can work towards. You know this will help you focus your efforts and give you a sense of direction and purpose.
You know that regular check-ins with your accountant and getting to know, like and trust your numbers can help you stay on track and identify any obstacles or challenges that may be preventing you from achieving your goals. You know this will help you adjust your approach and make any necessary changes to your plans to stay on track.
Amazing results achieved by clients:
