VIRTUAL ACCOUNTS DEPARTMENT: GET BACK ON TRACK WITH PROFITABILITY RELEASE MORE TIME FOR GROWTH MOVE YOUR BUSINESS TO THE NEXT LEVEL

VIRTUAL ACCOUNTS DEPARTMENT

What is the Virtual Accounts Department?

Virtual accounts department is your dedicated accounts team but without the risks and commitment of employing extra staff.

We realise that most small businesses need more that just basic bookkeeping or VAT filing support. Busy business owners like you need to have someone experienced to pick up all the accounting tasks you don’t have time for, like chasing up overdue invoices or knowing which suppliers need paying. You need someone to go to when you have a question about your finances, when you want to take on new staff or start a big project.

What problems does Virtual Accounts Department solve?

It gives you back control over the finances
Releases more time
Increases your credibility with customers and suppliers
Gives you clarity on your business finances and relieves stress
Brings in industry specific expertise and regular support
No need to employ an expense in-house team

Who is this service for?

It is for you, if:

You are an ambitious business owner understanding the value of financial function in your business
Your business is in creative sector: design, photography, videography, web design, social media marketing or digital media agency
With turnover between £360k – £5m
Have at least 3 employees/freelancers
Want to grow your business
Need clear financial data to drive the growth
Are an effective communicator

Who is this not for?

The Virtual Accounts Department service is not for everyone. This is NOT for you if:

Your business turnover is under £360k – you would benefit from our bookkeeping service instead.
You do not employ staff or have freelancers.
Your business is not in creative sector or professional services sectors.
You do not value financial information and are unwilling to provide invoices/receipts on time.
You do not have effective communication habits, e.g. you don’t respond to us in good time and then expect results last minute.

What’s included in the Virtual Accounts Department service?

Bookkeeping: we reconcile your accounts, ensure all your costs are accounted for, and keep your books in clear and tidy order.
Invoicing: we get to grips with your billing information, prepare and send customer invoices in good time.
Credit Control: we keep in regular contact with your customers and chase up any late payers with a polite phone call.
Payroll: we prepare and file your payroll information with HMRC, send out payslips and auto-enrolment letters to staff. You receive payroll reports for approval and reminders when PAYE payment is due.
Pay Runs: we prepare the pay run via our trusted payment app for you to approve and fund giving you control of who is paid and when, and saving you time processing payments.
Supplier Relationships: we communicate with your suppliers to ensure your business has good relationship with them.
VAT returns: we review and prepare your VAT return in good time for filing with HMRC.
Reserve Build: we advise you each month on how much to set aside for tax and VAT upcoming payments.
Reporting: we provide you with monthly management report and catch up with you to go through it in detail.
Budget: together we set a budget for the coming year to keep you on track in hitting your goals.
Budget Variance Report: we provide you with monthly report identifying where you are against the plan set out in your budget and highlight any areas which need your attention.
KPI Tracking: we track and report back on what matters most to your business, e.g. staff capacity, project profitability, client profitability.
Cash Flow Forecast: we prepare a cash flow forecast and keep it updated.

What results can I expect?

Accounts department which runs smoothly
Taxes filed on time for payroll and VAT
Employees and suppliers paid
Clear management reports
Reserves built for taxes and growth
Clarity on where your business is right now and where you’re taking it

Who is your expert?

You will have a dedicated account manager who will be dealing with all your day-to-day accounting tasks and queries. Our experienced finance manager will be looking after your reporting and insights.

How much does it cost?

Depending on the size of your business, your investment in virtual accounts department service would be between £2,000 and £5,000 per month. Employing an in-house full accounts team would cost you at least £10,000 per month.

How do you access the Virtual Accounts Department service?

You can sign up to the Virtual Accounts Department Service by booking in a free consultation with us and we will provide you with a quotation to meet your requirements.