Please have a read through these actual scenarios of how 360 Ledger Services have helped some Glasgow based businesses gain control over their bookkeeping, paper work and ultimately their business. We really could write a lot on this page as there are many situations we have seen and helped within the small business sector. If any of these circumstances sound familiar maybe we can help?
Issue: Worked all day on the job and then late into the night on his books, wages, pricing work and sales.
What happened next: I was introduced to him through his accountant and he took me on. He also took on a member of staff to look after his staff and do the general admin. We got control of his sales invoices that he was owed.
We got some decent figures for him to see how the business was actually performing. His accountant got these figures and advised him the best course of action to reduce his corporation tax liability.
The Result: He had his time freed up to market himself more effectively and now his turnover increased by three times this year compared to the previous years.
Industry: After school child care
Issue: Fell behind with the books by 2 years. (Before we came along)
What happened next: I was called in by an accountant to help them out. I asked various questions about the business to get an understanding of how their systems worked. I then advised on what they could and could not claim. I advised their new accountant of my findings, including some additional costs out with their business that they could put a claim in for. I then turned round the job very fast.
The Result: HMRC fines were minimised for potentially late tax return, the client got some great tax advise, and client was really happy that the sleepless nights had stopped and the weight from their shoulders was gone.
Industry: Energy Assessor
Issue: Paperwork issues
What happened next: We got a process in place for collating all the paperwork together. We moved their sales invoicing away from word/excel documents onto a cloud based invoicing solution. We also put back up procedures in place to ensure they had got all the paperwork and they had been collecting all the money they were due to get.
The Result: Sped up time with sales invoicing and even when there was a glitch in the first process my secondary process caught an under payment, which lead to the client getting £600 in their bank the next again day, after they made the phone call to chase it.
Industry: Children's Entertainment
Issue: Special VAT Scheme
What happened next: The company ran on a special vat scheme called the flat rate scheme.
I monitored their turnover as it was getting close to the threshold, where they had to leave this scheme. Finally it was time to swap schemes. I caught this at the right time and swapped them over with as little fuss as possible.
The Result: Their accountant said that if it was left to their own devise it could have been a year down the line to discover that they were using the wrong vat scheme, which would possibly mean that there would be back dated vat to pay.
Issue: VAT Investigation
What happened next: The client came to me after their accounting software was corrupted by a virus with no way of getting back the historical work. I had to rewrite 4 years of books using the information they had thankfully kept.
The Result: HMRC got good quality records to assess which made their job easier and also made the process less painful for everyone involved.
Industry: Fair Trade Wholesaler
Issue: Needed Management Information
What happened next: After taking over from a full time bookkeeper/admin assistant, I worked with the team to develop best practice bookkeeping and put processes in place so that invoices were collated. Control accounts were reconciled, and a robust credit control process put in place. Then management accounts produced monthly to make sure it was working properly, then finally management accounts produced on a quarterly basis for reporting to the board of Directors.
The Result: The management team got the reports they needed to help them understand which direction to push the business. All produced to the toughest of deadlines.