Case Study 6: Outsourced Accounting Service Monthly Fee: £2,400

The Client: Service Company

Status: Company
Turnover: £1.2m per annum
Directors: 3
Staff: 20

Service provided by MAAP

MAAP Fee: £2,400 per month
Daily: Out-sourced accounting
Annually Company accounts & CT600 tax
   

Summary

In this case we have contracted with the client to provide all of their in-house accounting and year end accounts functions, including employing rotating staff members who attend the client´s offices during the week to fulfil all the duties of the accounts office. This will include prparing the sales and purchase ledger as well as tight credit control. We estimate the client saves £10,000 a year over the alternative of engaging their own book-keeper and then a separate firm to prepare their year end accounts.

Our client enjoys a much higher calibre of staff running their accounts office, and of course avoids the problems of holiday and sick leave cover.

We benefit from being able to rely upon the accounting records our own staff have produced over the year. The transition from system year end trial balance, to statutory financial statements is measured in a few hours instead of twice that number of days.

If this unusual method of re-organising your accounting function appeals to you, then call Ralph Elliott-King on 01202 482121. He will be happy to come out and discuss how it might work for you too.

More Detail/Less detail

At least once a week, a senior manager visits the clients to carry our review checks and prepare a weekly set of management accounts and cash-flow forecasts for the directors. Board management meetings are held every few weeks to review the progress of trading results against budgets set at the start of the financial year.

MAAP also runs the credit control function, chasing layer payers and putting late payers on hold or passing them out to debt collectors.

In the past, MAAP has been invited by existing clients to work on similar projects as far afield as Cardiff (night club) and London (20M turnover Courier Company). We were asked to, and were able to deliver a full accounting team ready to pick up the mantle at very short notice. We always enjoy proving we can deliver that kind of specialist drop and go service anywhere in the UK.

At this stage it is worth mentioning that Ralph Elliott-King trained with KPMG as an auditor, and then moved across to the KPMG Consultants Division. He has years of experience in designing and running computerised accounting and management systems for large corporates, and can bring this expertise to streamlining reporting systems for SMEs. Far too often he finds SMEs tend to squander their resources producing reams of useless and unreliable reports. He prefers to work with management to agree upon a simple reporting regime that allows them to properly manage their business, and then concentrate on making sure they are delivered on time and contain reliable and accurate information.

  • A MAAP staff member will visit as many hours a week as necessary to get the job done.
  • All sales, purchases and bank transactions are recorded and reconciled on each visit.
  • We operate a strict and effective Credit Control.
  • We operate a monthly payroll, dealing with joiners and leavers and annual returns.
  • We are available to advise on all company accounting and management issues.
  • At the end of the year we collate the information we have already processed to produce the statutory financial statements to be filed with Companies House, as well as the CT600 Corporation Tax return for filing with the HMRC. We also prepare and submit the director´s personal Self Assessment tax returns.
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Client Case Studies

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MAAP Accountants
Sigma House, 44 Willow Way
Christchurch, Dorset, BH23 1LA
Tel: 01202 482121
info@maap.co.uk