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BookKeeping and Management Accounts

Given the current employment climate in Guernsey, many clients find it increasingly difficult to find suitably experienced or qualified bookkeepers for their business needs. This problem is compounded by the requirement to match the hours justified by the job with the working hours chosen by the candidate. In order to resolve this problem, we provide a bookkeeping service whereby our team maintains clients’ accounting records on their behalf.
 
This service is extremely flexible and is geared to the needs of each individual client. For instance, the work can be done either at clients’ premises or from our own offices. Furthermore, timing is crucial when it comes to bookkeeping functions and, with this in mind, we generally arrange regular fixed time slots for each client on a weekly or other suitable periodic basis as required.
 
Taking the service a step further, in addition to processing invoices, payments, income records and bank transactions, we also provide management accounts and reports for our clients on a periodic basis to suit their needs. The format of, and information that goes into, such reports can be extremely flexible and is geared specifically to each client’s business reporting needs.
 
The extent of the bookkeeping and management accounting service given can also be flexible in that we can provide the full service, from processing of source transactions through to management accounts production, or just part of the function if required. For instance, some clients already employ bookkeepers and we simply produce and/or review the monthly management accounts for them, giving a useful commentary and pointers thereon. Conversely, other clients are suitably equipped to interpret the management accounts but do not wish to spend the time on the bookkeeping process themselves. Many clients complement this service by also outsourcing their payroll functions to us.
These services are generally provided using Sage accounting software for which we have the added benefit of our link to Ibex Systems (Channel Islands) Limited. This link grants us access to the latest information from Sage together with detailed technical support in the event of any particularly challenging bookkeeping or reporting requirements. In addition to providing these services for local trading clients, we have also been retained by one of Guernsey’s largest investment banks to provide outsourced management accounting services for a number of its funds.
 
One of the primary areas of concern to local business owners and individuals is income tax. Everybody needs answers to the following questions:
  • How much tax do I have to pay?
  • When does it need to be paid?
  • Am I paying too much tax?
  • How can I save on my tax bill?
 
Our many years of experience in dealing with Guernsey tax matters enables us to not only provide the answers to these basic questions, but also to advise clients on more complex issues such as:
  • The most tax efficient way of buying an item of plant or equipment? Is it better to buy it outright, finance it through hire purchase, or lease it?
  • Whether or not it would be beneficial to operate in business as a sole trader or partnership, or as a limited company. Careful planning prior to starting up in business, or even during the first year of trading, could bring about significant tax savings.
  • What is and is not tax deductible expenditure.
  • The tax implications of providing staff benefits.
 
We can also assist with personal tax matters including:
  • Preparation of personal tax returns.
  • Agreeing assessments with the Income Tax Authority.
  • Maximising relief for pension and life assurance contributions.
  • Ensuring all available allowances are fully utilised.
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