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Round Pegs in Round Holes 

The following chart shows some examples of the most effective division of typical responsibilities. 
 

IN HOUSE ACCOUNTS TEAM 

Sales invoicing, sales ledger processing and credit control. 
Purchase invoicing, processing and supplier payments 
Handling receipts and payments 
Salaries and expenses processing 
Nominal Ledger processing 
VAT and PAYE compliance 
Stock records and valuation 

EXTERNAL AUDITOR / ACCOUNTANT 

Advice on employee benefit and remuneration schemes 
Year end Accounts for shareholders / partners 
Statutory Accounts for filing at Companies House / Audit if required 
Corporation Tax return 
Directors' personal tax 
Advice on tax implications of plans 
Taxation advice, due diligence assistance (separate legal advice also required) 

SFDS 

Assistance with credit control if required 
Supplier management advice 
Short to medium term cash flow forecasting 
Monitoring and improving business processes 
Preparation of monthly management accounts, performance review and implementation of improvement opportunities 
Assistance with compliance issues 
Liaising with external accountants 
Year end planning and information preparation to ensure smooth year end process 
Annual budgeting and forecasting, with quarterly reviews and updates 
Business plan preparation / update 
Proposals to raise finance 
Business acquisition or disposal reviews and process management 
Regular meetings with owners to discuss issues and progress 
Management of relationship with bankers if required 
Dealings with HMRC if required 
IN HOUSE ACCOUNTS TEAM 
SFDS 
EXTERNAL AUDITOR / ACCOUNTANT 
Sales invoicing, sales ledger processing and credit control. 
 
Purchase invoicing, processing and supplier payments 
 
Handling receipts and payments 
 
Salaries and expenses processing 
Assistance with credit control if required 
 
Supplier management advice 
 
Short to medium term cash flow forecasting. 
 
Monitoring and improving business processes 
Advice on employee benefit and remuneration schemes 
Nominal Ledger processing 
 
VAT and PAYE compliance 
 
Stock records and valuation 
Preparation of monthly management accounts, performance review and implementation of improvement opportunities 
 
Assistance with compliance issues. 
 
 
Liaising with external accountants. 
 
Year end planning and information preparation to ensure smooth year end process 
Year end Accounts for shareholders / partners 
 
Statutory Accounts for filing at Companies House / Audit if required 
 
Corporation Tax return 
 
Directors' personal tax 
 
Annual budgeting and forecasting, with quarterly reviews and updates 
 
Business plan preparation / update 
 
Proposals to raise finance 
 
Business acquisition or disposal reviews and process management. 
Advice on tax implications of plans 
 
Taxation advice, due diligence assistance (separate legal advice also required) 
 
Regular meetings with owners to discuss issues and progress. 
 
Management of relationship with bankers if required 
 
Dealings with HMRC if required