Monthly Bookkeeping
Depending on the company size, this may be from 1 hour to 2 days per week. A bookkeeper might be onsite or offsite, employed by you or by us.
Your bookkeeper will usually report directly to us, using a weekly checklist that will be reviewed by the accountant. Typically, they handle reconciling bank transactions, sending invoices, credit control, posting bills, supplier reconciliation, payroll, VAT returns, expense claims, and answering emails.
Monthly Accounting
The Management Accountant provides guidance and review. They will oversee the bookkeeping and management accounts, review Profit & Loss accounts, track areas such as budgets and departmental performance, as well as respond to financial queries.
In addition, the Management Accountant has to respond to the quarterly cycle strategy with day-to-day tactics and tasks that will drive financial management forward.
Quarterly Financial Strategy
For companies looking to grow, the strategic thinking provided by a CFO is crucial. This experienced accountant meets regularly with the management team – although meetings could be monthly, we tend to deliver these on a quarterly basis.
The CFO will focus on results and look to the future, setting up projects for the next quarter that will influence the company in a positive way. These might take the form of Rapid Improvement Projects centred around a particular priority that will be closed off in 90 days, where action points are handled either by the client or by us.
Yearly Accounting Compliance.
Annual compliance involves producing a set of accounts, tax return, annual payroll return, and annual VAT return. For a microbusiness, this will be all that is required on the accounting side of things. But for a company with a turnover above €1 million, this is too reactive an approach.
In order to continue growing, higher revenue companies will need to structure their accounting according to the four cycles and pull together the resources of each. This will ensure finances are always up to date, insights are in real time and decisions are fact-based and forward-thinking.