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We launched an additional service last year. Preparation of Statutory or Annual Accounts (depending on whether the client is a Ltd company, LLP, Partnership or Sole Trader) and the Corporation and Self-Assessment tax returns flowing from these. These services are offered to our clients that use us for their day to day cashiering, who ultimately need this work done by somebody to remain compliant. We already had chartered accountants in-house. We also have access to our clients’ books and records (that we also knew to be in good order!) It just seemed like an obvious step to offer additional ‘compliance’ services to our clients.
The service has proved extremely popular since launch, with both existing firms and new start firms alike. To them, it just makes sense to have their financial compliance taken care of in the most efficient way. So, instead of us doing the day to day and month to month record keeping, and then somebody coming along once a year to turn that information into a set of accounts, we can do it ‘under one roof’. It saves the client dealing with multiple suppliers, saves them being asked for information by external Accountants which we already have, and saves us time dealing with a third party who are coming at it from a standing start, given that they may only interact with their client once a year.
The service is also provided entirely by a Chartered Accountant.
There may come a time when we have others working in this team, but for the time being, the work from start to finish is done at the most senior and experienced level. This reduces risk. With full understanding of the specifics of the solicitors’ accounts rules, and the complexities of client accounting that ‘normal’ businesses do not have to deal with, we reduce the risk of mistakes or omissions. We will also, generally, turn a set of Accounts around more promptly. As with most things in life, the quicker you deal with something, the fresher it is in your mind, and the less likely you are to forget some of the details.
Importantly, we are also very clear on where our service offering starts and finishes. If the client requires more specialist advice on something such as Tax or Pensions, we are very happy and proactive in referring them on to a specialist in that area through our network of strategic partners. Again, sticking to what you know is fundamental to reducing risk.
If this service sounds like it might benefit your firm, I’d be delighted to have an informal chat about how we can help.
Gregor Angus, Cashroom