Bromley
Management Accounts for Bromley Businesses
Once a business has staff, premises and real overheads, a set of accounts once a year isn't enough to run it on. We give established businesses in and around Bromley a monthly picture of how they're doing, with an accountant who knows the numbers well enough to say what they mean.
What a monthly service includes
- Management accounts every month: profit and loss, balance sheet and a comparison with budget or last year
- Cash flow tracking, so you can see a squeeze coming weeks ahead instead of on the day
- Bookkeeping, VAT and payroll kept current as part of the same service
- Corporation Tax planning during the year, not just a bill after it ends
- A dedicated accountant you can call about the figures
Why monthly figures change the decisions you make
Annual accounts tell you what happened, usually months after the year has ended. By then, a product line that stopped paying its way or a customer who pays later and later has been costing you for a year. Monthly management accounts put the same information in front of you while you can still act on it: whether margins are holding, which costs are creeping up, and whether the profit on paper is turning into cash in the bank.
They also make conversations with banks, landlords and investors much easier. A business that can produce up-to-date figures on request is taken more seriously when it asks for a loan or negotiates a lease.
Tax planning before the year end, not after it
Most of the useful decisions about Corporation Tax have to be made before your accounting year closes. Timing a large equipment purchase, which can often be deducted in full through the Annual Investment Allowance or full expensing, making employer pension contributions for directors, or deciding between a bonus and a dividend. After the year end, all that's left is reporting what happened.
Because we see your figures every month, we can tell you roughly where profit is heading a few months out and talk through the options while there's still time to use them. That includes keeping an eye on your profit band, since companies with profits between £50,000 and £250,000 pay Corporation Tax at a marginal rate between 19% and 25%.
Director's loan accounts
In owner-managed companies, the line between the director's money and the company's money can get blurred. Money you take out that isn't salary, dividend or a repaid expense builds up as a loan from the company. If it's still owed nine months after the year end, the company can face an extra tax charge, and larger loans can also count as a taxable benefit. Tracking it monthly stops a surprise at year end.
Working with us
An accountant who knows your business month to month.
Our office is on Verdant Lane, SE6, a short drive up the A21 from Bromley town centre. Monthly clients get a dedicated accountant, so the person looking at your figures each month is the same one you talk to about them.
This is our Established package. As with everything we do, you get a clear quote for it before you commit.
Common questions
Monthly service questions, answered.
Annual accounts are a legal requirement, prepared once a year in a set format for Companies House and HMRC. Management accounts are for you: prepared monthly or quarterly, in whatever layout helps you run the business, and not filed anywhere.
If you're a small business with simple finances, year-end may be enough. Once you have staff, several income streams, borrowing or plans to grow, monthly figures usually pay for themselves in better decisions.
If your bookkeeping is already in a cloud accounting package, we can normally work from that. If it isn't, we'll recommend moving to one, because monthly reporting depends on up-to-date records.
It depends on your transaction volume, number of staff, VAT and payroll needs, and how much reporting you want. We'll give you a clear quote before you commit to anything. Get in touch for a quote.