MANAGEMENT ACCOUNTING & PLANNING

Every business owner needs a team of professionals in the background who provide continuous support and advice. That’s what M J Smith & Co Ltd are here to do. We offer fixes fees and this includes free email and phone support to help you achieve your goals.

Corporate Tax Planning

Corporate tax planning is an important part of any company strategy and cash flo

As with all taxes it’s vital to plan ahead and get expert advice.

We will conduct a full tax review of your business and then advise and report the most tax efficient structure that best meets your needs, while keeping costs both current and ongoing to a minimum. It is important to get the right advice as this is key to a successful business. Cash flow is also vital and getting the structure in place to best time the payment of taxes, to interact with working capital, that is needed to run the business.

Our team based here in Exeter has had many years of experience in all these matter and we can:

  • Minimise your corporation tax liabilities.
  • Maximise capital allowances.
  • Maximise any tax losses.
  • Deferring income or profits
  • Review provision and accruals.
  • Assess and claim any R & D tax credits due.
  • Claim any creative industry reliefs.
  • Clear overdrawn Directors loan accounts.
  • Plan the optimum time for large purchases to utilise the available allowances.
  • Ensure you meet all the statutory deadlines and avoid all penalties.
  • Ensure exit strategies are in place.
  • Advice with ongoing legislation changes and plan for future ones.
  • Maximise shareholder value and minimise their personal tax liabilities with extracting profits.

Management Accounting

Management Accounts are used internally for management to assess how their business is performing. It may use sophisticated Management Information Systems (MIS) or simply the raw accounting records to produce monthly timely reports such as Profit and Loss, Balance Sheet Aged debtors and Creditors, Sales by department or group etc. It is essential that a business knows where it is going and to achieve this it is necessary to have accurate accounting information on a monthly or quarterly basis.

Producing management figures quickly after the end of a period of trading is something we do regularly and enables early decisions to be made.

At M J Smith & Co, we have many years of experience preparing Management Accounts for some very complex situations including setting up MIS in order to improve speed and accuracy of the monthly accounts.

It may also need other systems putting in place such as time recording or Work In Progress recording systems to enable the Management Accounts to be quickly and cost effectively produced.

In our experience MIS and Management Accounting allows a business to expand and gives that business the tools to profit from their mistakes. Something that a business who only produces accounts once a year cannot ever hope to achieve.

Management Consultancy

What do Management Consultants do? They generally help businesses improve their performance, organise and grow. This is often achieved by firstly doing a review on their current systems and seeing where there strengths are, their weaknesses, their opportunities and threats are (SWOT). Then implementing a new system to provide much better understanding of where the business is today and creating real time management information. With this information the management consultant can find new ways of doing things and improving the systems to increase sales, improve margins and reduce costs and ultimately grow profits.

M J Smith & Co recently installed a new costing system into a client which allowed them to produce near year end accurate accounts on a monthly basis in a timely and cost effective manner. This kind of information enables the business to see real time adjustment to working methods and they don’t have to wait until the year end to see the results. This enable the business to grow much faster.

Monthly Accounting

If clients do not want to keep accounting records this is a service we offer on a monthly basis and this generally reduces the year end fee.

We offer both in house accounting packages and will provide monthly reports or online cloud systems which allow the client to participate in the accounts and is far more informative on a daily basis. It also allows the clients to produce invoices direct from the cloud.

Call us on 01392 875391

Email us at enquiries@mjsmith.co.uk

Or complete our contact form below to arrange a meeting:

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