The rules and regulations for businesses today are daunting. So much of the challenge is sifting out which rules apply to a specific set of circumstances. Our line is to set up the work in the first place so that the information needed is processed at the most optimum time.
An example of this is Vat, where the penalties for late submission and the powers that the authorities have can be severe. So it seems sensible to arrange for the data to be collated quarterly, so that deadlines are met; the data is available then as building blocks for annual reporting.
We encourage clients to originate and keep their own records. It seems sensible to do this, so that directors and others can be mindful of their responsibilities under the Companies Act. We can put a freelance book-keeper if this is what the client really wants, depending on their information flow needs.
Similarly we can set up outsourced payrolls or help to install a PC based system. Here again, the theme is meeting the clients’ needs and at the same time seeing that they are able to comply with the rules.