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What Does a Financial Service Manager Do?

Here at Zuizz, we recognise that running a business is more than just a full-time job. We know that you invest significant time and effort to help your business to succeed. When you are committed to the success of your company, you probably find that there never seems to be enough hours in the working day to finish all the tasks on your to-do list. Being so busy taking care of the day-to-day running of a business can leave little time to focus on your company’s future and plan ahead. If you find that you are stuck in this situation, a financial service manager could be just the person that you need to help. But, what exactly does a financial service manager do? Read on to discover more about the role of a financial service manager and how using one will benefit your business.

The role of a financial service manager

With the assistance of a financial service manager, you will have the peace of mind of knowing precisely how well your business is performing on an economic level without increasing your workload. When you are focused on running your company, it can be challenging to find the time to sit down and review the accounts regularly. Finding opportunities to examine your company’s financial performance in detail and then using it to plan for the future can be even more of a challenge. Yet, this information is crucial to the future success of your business.

To effectively plan for the future and develop your business strategy to increase profits and sustain success, you need to be armed with detailed figures. No business decision can be based on guesswork and rough estimates. Instead, you need reliable information that is up-to-date and accurate to decide on the best way forward for your company. Your financial services manager will take care of these time-consuming tasks on your behalf.

A financial services manager’s role involves delivering management accounts during the financial year so that the business’s performance can be assessed regularly. If required, your financial service manager can collate your management accounts on a monthly basis and provide you with the key insights that you need to monitor the success of your business.

How a financial service manager will benefit your business:

A financial service manager can provide many benefits to your business and help to guide it towards further success through regular and thorough monitoring of your accounts. Here are some of the benefits that you will gain from using a financial service manager:

  • The performance of your business will be assessed throughout the financial year.
  • You will save time as your financial service manager will compile management accounts for you and provide commentary on the figures if you require it.
  • Regular reporting on your accounts will help you to make well-informed business decisions.
  • The performance of individual products and services can be assessed and measured against other aspects of your business.

How to find the right financial service manager for your business

As you can see, there are many reasons that having a financial service manager on board will help your business to grow its profits and assist with both short term and long term planning. But, to enjoy the benefits of having a financial service manager, you need to choose the best person for the role.

The cost of employing a full-time financial service manager may be prohibitive for your business, and you may be concerned about paying their salary, benefits, and ongoing training. However, there is an alternative way to enjoy the benefits of a financial service manager without hefty wage bills and the associated costs of taking on an extra employee.  A financial service manager can add so much value to your business that not having one could cost you far more. Using the services of an experienced company offering a modern, innovative approach to Financial Management Services is an excellent way to enjoy the positives of a financial service manager without the cost of hiring an employee to perform the role in-house. When you outsource this role to Zuizz, we will ensure that you gain all the benefits of a financial service manager with the added bonus of business expertise and knowledge. We will work with you to provide information and insights that you need to make strategic business decisions that are based on up-to-date facts and figures. Using this knowledge, you will be able to drive your business’ success and help it to realise its full potential.

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Assurance & Advisory

Business Valuations

As a business owner, you may find yourself asking this question. Our company valuation service can provide a guide to the potential worth of your company.

Receiving an accurate company valuation is imperative should you choose to put your exit strategy into action in today’s buoyant market. When valuing a business, there are a number of things that the calculator takes into consideration. We help you ascertain any such factors that may apply to you.

Once you have got an idea of how much you can expect from an eventual sale, our team of experts will be able to discuss the nuances of any potential transaction, covering the following:

  • Strength of brand
  • Future financial performance
  • Customer base
  • Experience and skills of management team
  • Supply chain strengths
  • Synergies with the buyer

Mergers & Acquisitions

Sometimes the best way to improve your competitive position in the marketplace is through a merger or acquisition. Not only is this a complex and time-consuming process, if it is not well researched and skilfully negotiated it could make matters worse, not better.

This is definitely a situation where you need the support and assistance of trained professionals. We can help you:

  • Identify potential targets for merger and acquisition
  • Screen targets for suitability
  • Prepare a negotiating strategy
  • Raise the necessary capital
  • Develop an integration plan
  • Optimise the tax and financial position of the combined enterprise

At other times you may decide to improve your profitability through a disposal. Again, we can help with valuing the assets, finding suitable purchasers, and negotiating the sale.

Don’t take risks with your business – let the professionals help you.

Cashflow Management

In the present economic climate, a meeting with the bank manager can often end with the words “Can you please put together a financial forecast for the next twelve months and how soon can you deliver it?” Or an expansion plan team may ask the accounting and finance department “how can we finance our new project out of existing cash flow?”

All business owners have a “feel” for their business but not all will have regularly updated financial forecasts. We can provide you with regular updated cashflow projections based on rolling forecasts for the next one, two or three years.

We can advise you of the peaks and troughs in your cash flow, monitoring actual results against budgeted performance. We can highlight if and when any banking covenants may be breached so that the business can take fast remedial action. A good year’s results may result in a high corporation tax bill so we can firstly include such payments in the cash flow projection for next year and secondly call in our tax advisory team to see how the tax bill can be minimised.

Any expanding business will have greater demands on cash flow, as more and more cash is tied up in stock and debtors. This is technically called “overtrading” and presents a cash flow management risk to many businesses, especially those that expand quickly after a period of recession. Regular advice and recommendations from our Outsourcing Team will allow you to control the risk as you maximise the returns to your business.

Cash flow management also extends to arranging payment runs for suppliers and credit control services for customer accounts.

Credit Control

Effective and efficient credit control is critical to the success of any business, reducing the wait for payment and improving cash flow. However, not all businesses have the time, resource or expertise to dedicate to successful credit management.

Our confidential credit control service will assume the responsibility for this vital function, allowing you to spend your time focusing on your business, safe in the knowledge that your credit management is in the hands of experts.

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Financial Compliance

VAT Returns

All VAT registered businesses are required to submit a VAT Return to HM Revenue and Customs (HMRC) every three months (unless monthly election is made). This period is known as your ‘accounting period.’

The VAT Return records things for the accounting period like:

  • your total sales and purchases
  • the amount of VAT you owe
  • the amount of VAT you can reclaim
  • what your VAT refund from HMRC is

You must submit a VAT Return even if you have no VAT to pay or reclaim.

Along with preparing and electronically filing your VAT return, we ensure that the business is following strict VAT guidelines that apply to your business. VAT rules can be complicated, subject to frequent variations and differ from business to business. Our VAT experts are also available to assist you with any complicated VAT matters to obtain the best possible results for you.

Company Secretarial

The company secretarial function for any business is often seen as an arduous task normally overseen by a family member or senior employee as Company Secretary.  This can be met with issues as the designated Company Secretary may not have a full understanding of the duties they are required to undertake.

With our in-house expertise, we can ensure that statuary deadlines are met; we will handle all your statutory obligations including the filing of accounts, annual returns as well as changes of directors and secretaries.  As part of the service, manage all the paperwork required for the payment of dividends and dealing with share transfers.

Our full company secretarial services include:

  • Company formations
  • Preparation and electronic filing of statutory returns
  • Registered office services
  • Preparation of all documentation related to minutes and resolutions
  • Maintenance and storage of statutory books.

Payroll

Payroll can be a real challenge for every size of business, from independent contractors right up to medium and large-sized businesses. Just because you only have a few employees doesn’t mean that you’ll find payroll simple.

Staying up to date with ever-changing payroll legislation can be a real challenge, but you don’t have to deal with it all yourself. When you choose to outsource your payroll to us, you can rest assured that your payroll is in safe hands.

With a number of years’ experience, we pride ourselves on the personal service provided by our skilful team. Irrespective of the size of your business, when you choose Zuizz you know you’ll be working with someone who understands your business and speaks your language.

Self-Assessment Tax Returns

Whether you need your self-assessment tax return completing, or want to know how to maximise your tax allowance and reliefs, our experienced team provide a comprehensive range of personal tax services. We can help with with:

  • Completing and filing personal tax returns.
  • Personal tax calculations.
  • Advice on personal tax payments.
  • Maximising allowances and reliefs from earnings.
  • Dealing with and answering HMRC queries.
  • Supporting you with HMRC tax inquiries.
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Financial Reporting

Statutory/Annual Accounts

Each company registered in England & Wales is required to file annual accounts in statutory format with the Companies House no later than nine months after the year end.

We at Zuizz Business Services prepare the statutory accounts of your company ensuring that they accurately reflects the operations of the business for that financial period. We ensure that the accounts are compliant with the latest regulatory legislation and submission is made considerably before the filing deadline to eliminate the risk of the company getting any late filing penalties.

Corporation Tax Return

HM Revenue & Customs requires each company in the UK to file a corporation tax return for each financial period. This is irrespective of whether the company has traded during the year or if any tax is payable for that financial period.

As part of the Annual Accounts preparation, we produce the Corporation Tax return of your company following the strict guidelines and formatting requirements issued by HMRC.

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Financial Management

Bookkeeping

Whether you would like to continue to perform your own bookkeeping or want us to take the annoyance away from you, we have the tools available to make the process more effective for you. Our team can assist by performing the bookkeeping on your behalf to allow you to focus on running your business or make your existing procedures more automated to reduce time and resources being spent at present. We work with you on each step to ensure that you are completely comfortable with the changes being implemented and are familiar with the new system.

Management Accounts

Do you know how profitable your business is at any given time during your financial year? Are you easily able to identify your most profitable products, months or other business trends that will allow you manage your costs and resources accordingly?

We believe that most businesses require management accounts during their financial year to enable them to make informed decisions about their business. Management Accounts allow you to take timely steps to maximise your business potential and reduce costs during their financial year. Management accounts are produced and presented to you at agreed date (usually within two weeks after the month end) with your account manager providing you commentary on the key areas that require attention.

Most businesses shy away from Management Accounts due to the costs involved however we at Zuizz recognise that and build your fees to incorporate the work that we produce during the year. Therefore, in our fee structure you are merely distributing your year end accounts work and fees across the year and getting management accounts at a monthly basis. However, by paying slightly more than what you would ordinarily pay for year end accounts, you can make a considerable difference to the profitability of your business and know what stage your business is at any point during your financial year.

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Finance Transformation Programme

Our finance transformation programme focuses on business systems and how to make them more robust, automated and efficient. We help companies to assess their strategy and transform operations. The key services we offer around finance transformation include:

  • Business Model Strategy
  • Shortening the Month End Close
  • Finance Transformation
  • Shared Services Design & Migration
  • Process Optimization
  • Performance Management & Improvement
  • Program Management Office (PMO)
  • Change Management

Regardless of your size, industry and budget a finance transformation programme provides alignment of the business processes and methodology enabling you to maximise your potential, timing and outputs.

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    ADDRESS

    63739 street lorem ipsum City, Country

    PHONE

    +12 (0) 345 678 9

    EMAIL

    info@company.com