Member Since: 22nd Jul 2015
9th Aug 2019
I would do as others have suggested and maybe do a general 'another company in your industry achieves margins of x%' or whatever compariative you want to mention.
Do you know if your client is unhappy with their profits? Some people are happy to tick over a little ahead of breaking even. Another consideration is that they may be choosing to operate more ethically in terms of employee pay and responsible sourcing of materials, and the more profitable company may be the opposite.
19th Apr 2018
I think as a business leader rather than just an accountant it is perfectly reasonable for Data Protection to be under your remit. The ICO website has some great resources, and if you feel overwhelmed you can book yourself a course and put a team together if the workload is too great for you to manage alone. This is the life of an FD, and ultimately as a director, the responsibility to have appropriate policies lies with you anyway, whether you feel qualified or not.
19th Apr 2018
I'd say there's no need for an FD if all that's required is Finance. The job is definitely not just number crunching. We're business leaders.
28th Feb 2018
The thing here is that an official MIP who has jumped through all necessary hoops and practicing legitimately can use CIMA as it's regulator for AML, use it's logo and present themselves as a qualified accountant.
A CIMA student can only practice so far as any old Joe off the street can. They can not say they are CIMA qualified, or even part-qualified, so there is no benefit to being a student of CIMA that you can present to clients.
24th Jan 2018
I absolutely disagree. I am an FD and have the utmost respect for my boss. We don't always agree on things, but he accepts and respects the knowledge and experience for which he hired me, and we both work on the assumption that he is the expert in his field, and I in mine.
If I was disrespected in the workplace I simply wouldn't work here, life's too short!
26th Oct 2017
If you look at your chart of accounts it will show you which codes end up in which financial statement (P&L or balance sheet), and you can amend this information should you wish.
Water costs should be a Profit and Loss item. If you are producing monthly management accounts, the cost should be spread evenly across the months affected (via prepayments or accrual).
Sage has lots of helpful manuals on how to use it here https://my.sage.co.uk/public/help.aspx#/customer but I would maybe suggest a basic bookkeeping course to give you a better understanding of double entry.
27th Apr 2017
Could you report your variances monthly rather than weekly (yet still have a weekly breakdown of cash flows)? That way if a supplier pays a week later than forecast it will only need to be explained if it falls over the end of the month. In which case my opinion is that it is a relevant variance as it will impact month end debtor and cash balances, so should be reported on.
13th Apr 2017
As stated, it's normal for accountancy fees to be accrued, and correct to do so as it is a cost that directly relates to that year.
This means that your mystery accrual is now down to £100-200. If it really does irk you, you should be able to find the opposing entry if you reconcile the final accounts produced back to the TB you provided. It is probably a useful exercise anyway if you are now producing the accounts yourself, as other items may have been treated differently to how you might expect if you've never gone beyond the TB yourself.
Finally, despite strained relationships, I believe that a decent accountant should provide all working papers that they have if you ask them to.
10th Apr 2017
Perhaps it will offset the feeling of unfairness around free prescriptions in Wales and free University education in Scotland a little? Although I'm not sure if there's any such perks in NI
17th Mar 2016
At the end of section 7.13 of the budget it states 'Employment intermediaries and relief for travel and subsistence – As announced at March Budget 2015, the government will introduce legislation in Finance Bill 2016 to restrict tax relief for home to work travel and subsistence expenses for workers engaged through an employment intermediary. This will bring the rules into line with those that apply to employees. (Finance Bill 2016)'
Within the Finance bill itself, section 1.13. states 'Employment Intermediaries and tax relief for travel and subsistence – As announced at Autumn Statement, legislation will be introduced in Finance Bill 2016 to restrict tax relief for travel and subsistence expenses for workers engaged through an employment intermediary, such as an umbrella company or a personal service company. Following consultation, relief will be restricted for individuals working through personal service companies where the intermediaries’ legislation (IR35) applies, and for individuals working through other employment intermediaries, where the worker is under supervision, direction or control in the manner they carry out the work. The legislation will include provisions for transfer of debt in appropriate circumstances to help ensure compliance. The changes will take effect from 6 April 2016.'
And in Table 2.2, under Measures announced at March Budget 2015 they are still forecasting increased revenues from the measures at the same value as they did last year, so it looks like all is set fro the planned changes to go ahead on 6th April..