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Chartered Accountants

Introduction

Based in Tunbridge Wells, Ward Mackenzie are Chartered Accountants that provide the whole process – bookkeeping to monthly management accounts to year end functions. This provides best value to the client as one step leads to the other and year end accounts become a mere formality.

Our aim to add value with business analysis and business advice to help you make the right decisions for your company.

Since inception in February 1992, Ward Mackenzie’s mission has been to become one of the principal accountancy firms in the region.

Part of the SKS Group with offices in West London and the Home Counties:

o Ward Mackenzie, Tunbridge Wells, Kent o SKS Business Services, Twickenham, West London o Gilroy & Brookes, Farnham, Surrey o Avalon Accounting, Tilehurst, Reading

Clients included sole traders, SMEs and larger companies.

Member ICAEW (Institute of Chartered Accountants in England and Wales). So, you can be

assured of high standards, a set course of action should you be unhappy with our services and

an appropriate level of professional indemnity cover.

Our sister company WM Audit LLP can perform your audits with a minimum of fuss and

maximum efficiency and accuracy.

Value – this is possible as we use an onshore/offshore shared services model currently

employed by larger corporations and all available technology to cut down on unnecessary

travel. But we maintain very good communication with the use of cloud accounting software

(such as Xero, QuickBooks and Sage), Skype, Dropbox and screen sharing tools e.g.

www.join.me.

Our Services

Annual Accounts and Corporation Tax Bookkeeping and VAT Services – fast efficient and normally cheaper too Payroll Services – including auto-enrolment Tax Planning– expert advice on your personal requirements Monthly or Quarterly Management Accounts - to help you make the best decisions Advice on Funding – requirements and the options available in the market Audit Services – we have experience of Audit in all sectors, including charities Insolvency

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Ward Process

Ward can provide the whole process – bookkeeping to monthly management accounts to year- end

functions. This provides best value to the client as one step leads to the other. Management accounts

puts a check on bookkeeping and year end accounts become a mere formality.

Ward also use the latest accounting and communication technologies to create efficiencies and drive

service and value to the client. Therefore, our costs are generally 30% to 40% less than a normal

accounting firm but with a higher service level.

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Cloud based systems and processes

Ward can help you with an integrated cloud based all-round operating environment:

• Evaluation of add-ons available for Xero based on client criteria e.g. ease of use, subscription charges, ease of integration, supplier reputation

• Set up and training • Data import from existing systems and migration into new system

This improves the finance function efficiency and provides you with real time reporting.

Xero Example Report

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Xero Example Report

Xero Example Report

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Finance and Accounting Outsourcing

As an investor, Board Member, CEO or CFO you know how important it is that you understand your

business inside out – the cash flow; performance by staff and performance of the business against

past trends, budgets or competitors. Only then you can formulate your business strategy or tactic.

Using an innovative ‘shared services’ business model that only larger companies have recently

developed, Ward provides all this information through accounting services for Small aps companies.

Up to 40% cost reduction

Real time business analysis by qualified staff

CFO has the time and information to focus on profitability and growth

You are freed from manual tasks to maximize your value.

Auditors and Regulators will all respect and value the consistent quality of financial product

received.

Efficient ERP implementation at up to 50% savings compared to system integrators.

Ward can take responsibility for the roles shown in Grey below.

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Key Personnel: Ward Group ___________________________________________________________________________

Malcolm Gray (ACCA), Director at Ward Mackenzie having specialises in computer

consultancy and business advice for clients. He deals mainly with owner-managed

corporate clients and heads the consultancy and corporate finance arm of the

practice.

Tony Leach (FCEA), Director at Ward Mackenzie, initially joined the profession with

KPMG and worked in industry for several years. He successfully established the firm’s

Small Business Division, now deals with owner-managed corporate clients and

specialises in tax enquiry work.

Joanna Green (ACA), Director at Ward Mackenzie, qualified as a Chartered

Accountant in 2005 having trained with a local firm in practice. She deals mainly with

personal tax, owner-managed corporate clients and is also an audit partner for WM

Audit LLP.

Sanjay Swarup, Founder and Director, 50, has over 25 years’ experience of

accounting and 15 years of advising businesses. Chartered accountant and MBA

(Canfield School of Management). Small to large public practice experience. Worked

for multinationals like GlaxoSmithKline (GSK) and BP plc. CFO at Mandalay Resources

Corporation.

Anil Swarup, Director, 50, has over 23 years of international business development

experience. Affiliated Member of ICAEW (Institute of Chartered Accountants England

and Wales) and CIM (Chartered Institute of Marketing).

Hayley Pires (ACCA), Head of Accounts, Director Designate at Gilroy and Brookes

Accountants Limited, Farnham, has 10 years’ experience working with SME’s, Sole

Traders and Partnerships in UK. Member of the Association of Chartered Certified

Accountants and the Association of Accounting Technicians. Trained at a Top Ten

practice followed by a large independent practice.

Paul Quinan, Director (Affiliate ICAEW) at Avalon Accounting Limited – Tilehurst,

Reading, has over 30 years of accountancy experience in Thames Valley. He specialises

in accounting and tax work for sole traders, partnerships and limited companies.

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Ward and SKS Group Experience

CENTRAL LONDON RESTAURANT – START UP TO EXPANSION – TOP 100 in UK

ACCOUNTING AND BOOKKEEPING • Posting of sales, invoices, delivery notes and bank • Aged creditors report – highlighting suppliers to whom payment is overdue • Communication with supplier for missing invoices, delivery notes, statements, their bank

details and payment terms. • Deal with suppliers’ queries, receipt of invoices, etc. • Chase suppliers for amount to be received against credit note • Tie up delivery notes against the prices and units delivered, order placed in software and

payment to suppliers • Report items missing a recipe and tie up the codes as per

ikentoo and software • Reconcile cash received, world pay and credit card

reconciliation with bank • Payment setup for suppliers • Payroll and Vat returns • Year-end returns and corporation tax

REPORTING

• Daily sales report, weekly management accounts – summary of daily sales, purchase vs sales report for drinks and food

• Showing wastage, labour cost, weekly consumables etc. • Preparation of budget planner • Four weekly management accounts – summary of weekly sales, comparison inventory

(drinks and food) and payroll • Weekly theoretical margin analysis by production

COMMUNICATION, BUSINESS ADVICE AND MODELLING • Weekly call and monthly meeting with account manager • Analysis of existing performance of current site + projection. • Projection and modelling for new site + sensitivity analysis • Funding assistance and modelling

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MOBILE APP DEVELOPMENT COMPANY

BOOKKEEPING

• Receive invoices, seek approval and post in Quick-books online

• Update the bank transactions by recording the receipts and payments from bank

• Reconcile the bank every week

ACCOUNTING

• Process invoices, chase outstanding invoices and deal with supplier queries.

• Reconcile supplier statements to supplier account

• Notify of any discrepancies

• Maintain supplier’s details

WEEKLY CASH FLOW

• Update the actual bank transactions for the week every Friday

• Reconcile the closing balances with the bank

• Extract the aged payables and receivable and update the forecast for receipt and

payment of funds.

• Update the forecast for next four week based on the historical trends and invoices raised

for clients or invoices received from the suppliers

MONTH END

• Prepare financial statement with variance analysis including the schedules supporting

each line item of Profit and Loss and Balance Sheet. Prepare schedules of accruals,

prepayments, graphs for revenue monthly and year to date, revenue by client margins

and outlook to year end. Balance Sheet schedules to include reconciliation of bank

account to bank book, aged payables, aged receivables and VAT.

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Press Coverage

Top tips for debt management in business By Hazel Davis

1. Devise and stick to a budget

It's easy to throw caution to the wind and either not budget at all, or only use your budget as a rough guide, says

Paul Bryant, MD of Set Up A Company. “Budgets need to be carefully thought through, after considering the

financial position and cash flow. Once a budget has been allocated, you should do all you can to stick to it.”

2. Produce regular profit and loss accounts

Cash flow is one of the biggest problem areas for small businesses and so it's important to

always know and understand your financial position at any moment in time. Producing regular profit and loss

accounts (at least once a month) is a good way to keep on top of things.

3. Use accounting software

Using accounting software such as KashFlow, Sage and QuickBooks can help you to keep a track of income and

expenditure to help you make better decisions if you can’t afford to employ a bookkeeper.

4. Outsource rather than employ

Although taking on employees can be cheaper and more secure, it is a long-term commitment and should only be

undertaken if you are certain the business can afford the wages, not just now but in months’ and even years’

time. Look into outsourcing the work, using a freelancer, or hiring on a temporary contract to reduce your risk.

5. Tighten your belt in the right places

Research shows that businesses are spending more than ever on non-core operations.

Sanjay Swarup, CEO and founder of SKS Business Services, says: “Declining profits should call for belt-

tightening and costs could easily be cut from G&A (general and administrative) functions without reducing the

quality of these services.”

6. Save money on transfer fees

Andrew Woolley, director, CFX at foreign exchange expert Moneycorp, says: “If you plan ahead Moneycorp

offers a service – FORWARD – which allows customers to reserve an exchange rate to purchase a currency to

use up to two years in the future.”

7. Reward quick payments

Consider offering a discount for quick payment or rebates to regular good payers based on a

percentage of the purchase value. Make sure you keep a close eye, however, on whether the quick payments

materialise.

8. Claim interest on late payments

You are allowed to charge interest at the Bank of England base rate plus 8 per cent, calculated on a daily basis

for each day your payment is overdue. You must outline such a course in your terms and conditions. Sometimes

a letter suggesting you will charge interest is enough to ensure a quick payment.

9. Keep your unpaid sales invoices in date order

This way, you can see the oldest outstanding invoices first. Set aside a sacred time each week to

chase these. Make sure you focus on the largest debt first and then the oldest.

10. Remember, larger companies operate differently from small businesses

Check whether you need to send a statement as well as an invoice. It’s also worth finding out when a company’s

payment run is so you can invoice at the right time.

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Finance function is ‘root of small company underperformance’ by Richard Crump

SMALL- and mid-sized businesses are failing to use their finance functions effectively to make important

management decisions, a report by CIMA has claimed. The report, compiled jointly with SKS Business Services

and Loughborough University, explains that many smaller companies are slow to apply shared services, ‘right-

sourcing' and technological best practice.

UK SMEs’ financial systems losing £3.7bn unnecessarily SMEs find RTI costly and unnecessary “The root cause

of smaller company under performance is often inefficient use of their finance function. Finance and accounting is

too often misunderstood as a ‘bean-counting' operation, when financial analysis and forward-looking

management accounts are meant to help you plant and reap more beans,' said Sanjay Swarup, Director, SKS

Business Services.

According to SKS, some 45% of SMEs don't use regular management accounts, while use of technology such as

accounting information systems, is also limited, as is use of low-cost online technology.

Peter Simons, technical specialist, CIMA, said: "SMEs do not engage management accountants as their larger

competitors do, and as such they are missing opportunities. Globalisation and technology can enable smaller

companies to transform their finance function, making it more efficient and able to provide better support to

management."