
Challenge
Our client was facing challenges related to financial management as it experienced rapid growth. The owner, was overwhelmed with the complexity of accounting tasks, including bookkeeping, payroll, VAT compliance, and preparing for year-end accounts. The client Director wanted to focus more on strategic growth and less on administrative tasks, but lacked the resources and expertise to manage these areas effectively.
Solution
We partnered with them to provide a comprehensive suite of accounting services tailored to their needs:
- Bookkeeping and Financial Management
Our team implemented a cloud-based accounting software (Xero) to streamline bookkeeping processes, allowing for real-time tracking of income and expenses. We provided regular financial reports, enabling the client to make informed decisions about the business. - Payroll Services
We took over the payroll function, ensuring accurate calculations of wages, deductions, and compliance with PAYE and National Insurance contributions. Saving the client significant time and reduced the risk of payroll errors. - VAT Compliance
With the client nearing the VAT registration threshold, we guided them through the registration process and implemented an efficient VAT accounting system. We prepared and submitted their quarterly VAT returns, ensuring compliance with HM Revenue & Customs (HMRC) requirements. - Year-End Accounts and Tax Planning
We prepared annual accounts and conducted a thorough tax planning session to identify opportunities for tax efficiency. By leveraging available allowances and reliefs, we helped reduce their tax liability, allowing for reinvestment in the business. - Strategic Business Advice
We provided ongoing strategic advice on budgeting, cash flow management, and expansion opportunities, helping the client to navigate the business’s growth phases.
Results
After partnering with us, the client experienced several positive outcomes:
- Increased Efficiency: The implementation of cloud accounting software reduced bookkeeping time by 40%, allowing Sarah to focus on strategic initiatives.
- Accurate Financial Reporting: Real-time access to financial reports enabled informed decision-making and improved cash flow management.
- Compliance and Peace of Mind: Our payroll and VAT services ensured compliance with tax regulations, reducing stress and the risk of penalties.
- Tax Savings: Through effective tax planning, ABC Manufacturing Ltd. realised a 15% reduction in their tax liability, providing additional funds for business growth.
Client Testimonial
“Partnering with Millbrook Accountancy Services has transformed how we manage our finances. Their expertise has not only streamlined our accounting processes but also provided invaluable strategic insights that has supported our growth. I can finally focus on what I love—growing my business!”— Client business owner