Bookkeeping - Recording of Financial Transaction

Whether you are a sole trader, partnership, limited company, or charity, bookkeeping is the lifeline of every business.   

It is crucial for :-

               1. Financial Management: It helps track income, expenses, and overall financial health, enabling informed decision-making.

               2. Compliance: Proper records ensure compliance with tax laws and regulations, reducing the risk of penalties.

               3. Legal Protection: Well-maintained records serve as evidence in case of disputes, audits, or legal proceedings.

               4. Investor Confidence: Transparent financial reporting instils trust in investors, lenders, and stakeholders.

Our Services:

Our bookkeeping services ensure that your financial records are accurate and current, giving you a clear view of your business's financial health.

We at SBC Associates will:-

• Ensue that you have online access to the software and reports.
• Record expenses and  invoices.
• While you track payables and receivables and document all your business’s financial transactions, we will ensure that each task is  completed correctly, promptly, and accurately enough to be useful.
• Ensure each transaction is identified and properly categorised.
• Keep a watchful eye on the money moving into and out of your business, ensuring balances in bank accounts match up with those in accounting software.
• Reconcile bank statements to internal accounts.

Our role is to increase the company’s overall financial accountability and check and review the ledger for inaccuracy while maintaining the integrity of the accounting data file.

Budgeting & Forecasting 

Budgets are essentials for individuals and businesses to manage their finances. They typically cover one year and look at all revenue and expenditures that the business may incur, including inflation.

Once a budget is established, it serves as a financial roadmap for monitoring actual performance against planned targets. Regular
monitoring allows for early identification of variances and deviations from the budget, enabling corrective action to be taken as needed.

Forecasting plays a crucial role in planning, decision-making, and resource allocation. It makes predictions or estimates about future events, trends, or
outcomes based on historical data, analysis, and judgements.   Forecasts are used to update the budget data with unplanned internal (e.g. additional staff) or external (e.g. higher utility rates) costs.

The primary purpose of forecasting is to reduce uncertainty and help anticipate future trends. 

Our Services:

We at SBC Associates will:-

• Work with you in setting a budget for the financial year (12 month period).
• Set up your budget within your accounting solution software.
• Work with you in setting up and monitoring the trends, for effective forecasting for use in the management accounts.
• Provide a forecast (monthly, quarterly, or half yearly) based on the changes forecasted.

Let us help you meet your goals, contact us today.

Management Accounting

Management Accounting focuses on providing financial information to help you make informed decisions about your business's internal operations.

It is crucial for :-

               1. Decision Support: The analysis of financial data can aid in the strategic, operation and financial decisions you make in your business.

               This may include decisions on pricing, product mix, capital investment, cost management and budgeting.

               2. Performance Evaluation:  Performance measures and metrics can be used to evaluate the performance of a product, project, or person.

               3. Strategic Planning: Through financial analysis, scenario modelling, and risk assessment, you can evaluate alternative courses of action. 

               4. Cost Analysis: Value creation can be achieved by identifying cost reductions in products, services, processes, and activities.

Management Accounting allows you to compare your budgeted numbers set at the beginning of the year against your actual performance for both sales and expenditures. 

Our Services:

We at SBC Associates will:-

• Provide a  simple tayloried generated report (monthly, quarterly, or half yearly) for review.
• Mid management report with commentary looking at key areas of interest.
• Full management reporting accounting pack with bridge and commentary.

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Payroll & Pension Processing

Payroll is a critical function for businesses to ensure that employees are compensated accurately and on time, while also meeting legal and regulatory obligations.   It is one of the biggest cost associated to a business and can be a stressful task to complete particularly with the changing tax rules and legislation.     

Our Services:

We can alleviate all your concerns by providing an accurate and comprehensives services to you at a low monthly rate. 

Our Payroll team have extensive experience processing starters, leavers and year-end forms, calculating holiday pay, Statutory Sick Pay, Statutory Maternity Pay, student loan deductions and workplace pension. We stay compliant with HMRC payroll regulations and GDPR.

We at SBC Associates will:-

• Email you at the end of each pay period for the payroll details of your employees. 
• Process your payroll, then send out payslips and a summary of the payments to both employees and HMRC.
• Submit your RTI return to HMRC upon receipt of your approval.
• Complete and issue to employees P45 on leaving, P60 at year end, and P11D expenses or benefits forms.
• Pension Processing to NEST.
• Liaise with HMRC regarding your payroll related issues.

We aim to offer you peace of mind on all matters regarding payroll so you can concentrate on growing your business.

Click the "Contact us" tab below for an instant quote.