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SPECIALIST IFA SERVICES
PORTFOLIO VALUATION SERVICE
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Asked to define the task that they would most like to outsource, many financial advisors place portfolio valuations at the top of the list. Time & motion studies reveal that the time taken per valuation ranges from 15 minutes to 5 hours, with the average in the region of 2 hours.
With personnel dedicated to produce valuations we are able to offer a flexible service to meet you short term or ongoing requirements. FPSS will work with your back office systems using remote access technologies to deliver the valuations where you want them. We are able to deliver valuations to suit your client review schedule, and can provide block and emergency valuations.
Where possible we utilise electronic data transfer to help produce the valuations, inputting the necessary fund codes and ensuring your data is accurate.
Example
Firm with a requirement for 1000 valuations a year, employing two full time staff at a cost of £25k plus overheads = £70k. Equivalent cost per valuation = £70
Outsourced fixed valuation cost of £40 per valuation/£40,000 total
Cost saving to firm = £30,000, i.e. 43%
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NEW BUSINESS & COMMISSION MANAGEMENT
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The administration of new policy business from proposal submission to receipt of commission is rarely the smooth process it should be, and is demanding on the time of your support team.
FPSS is able to work with you and release your firm from the day-to-day administration, by taking responsibility for the submission of the business, entering the policy details onto your back office system, chasing it through to completion with the product provider and receipt of commission, where relevant.
No longer can the reconciliation of trail and renewal commissions be ignored. The need to account to clients for all commissions received has brought with it an additional workload.
If you do not already have a breakdown of existing business and anticipated payments FPSS can firstly perform a client policy audit to provide the data to match up with commission statements. We can work with your existing back office system or our own proprietary system, taking advantage of electronic statements wherever possible.
Example
A practice with a £1m of turnover will typically employ four administrators. At an average salary of £20k per annum and factoring overheads and national insurance. The total cost will be in the region of £100,000 per annum. FPSS will provide equivalent services leading to a cost saving in the region of £50,000.
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RENEWAL INCOME ASSURANCE SERVICE
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Maintaining an accurate and comprehensive record of policyholders is something few firms have succeeded to do. New clients and policies be acquired over the years, others have transferred away. Active clients have become downgraded to policyholders after years of inactivity.
No visibility of the renewals/trail commission by policy and policyholder means:
The economic value of the policyholder is not understood. A policyholder with renewal/trail income worth £100 p.a. is worth £1,200 to the firm over a ten year period, so worth retaining.
Product providers may not be paying you the correct amounts of commission, either paying the wrong levels/amount or not paying you at all for some policies.
With an increasing focus on building and demonstrating value in a business, the renewal commission assurance service puts you in a position of being able to identify the value of every policyholder and policy and devote appropriate resources to retaining the business in your agencies.
Starting with your firm's agency details, FPSS perform a project to identify all current policyholders, establishing policy details and checking correct commissions are being received. Records are entered onto your back office database, with the option of entering policies of inactive clients in a segregated section.
The assurance service is a one-off exercise to bring your records up to date. Thereafter, with accurate policyholder records ongoing reconciliation of all renewal/trail commissions can be performed.
With increasing FSA interest in seeing renewal/trail commissions justified, taking steps now to identify all policyholders provides the opportunity to contact and convert them back into active clients.
Example
£100,000 renewal/trail commission per annum being received on 3,000 policyholders/6,500 policies.
FPSS to perform the project over 8 weeks at a charge of £7 per policyholder/£21,000 in total.
Internal resource requirement = 1,250 hours, 5 full time employees for 8 weeks averaging 31.25 hours productive work.
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| CLIENT AND POLICY MANAGEMENT SERVICE |
Moving client records from paper format or an old software system to a new software system is a project many firms have put off in the knowledge that it will require significant time and people resource to complete.
FPSS will assess your requirements and advise on the best solution. Electronic transfer between back office systems has proven to be unreliable in many instances. The need to ensure accurate data is being transferred means that a manual transfer is often preferable to electronic.
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| ELECTRONIC FILE MANAGEMENT SOLUTIONS |
The potential of a paperless office moves ever closer, but the benefits have to be weighed against the costs to achieve it. For many firms, client file management is the main consideration. Whilst regulation only requires the majority of client records to be retained for a maximum of six years, it is worthwhile retaining them indefinitely as experience has shown that to successfully defend complaints the client file records are nearly always required. We therefore recommend historic paper files that are infrequently accessed be scanned as a single image. On the occasions when the files need to be accessed, the image can be viewed to find the relevant content.
For current and future client business we recommend investing more time to develop a comprehensive data system. Not only will this bring administrative efficiency in the short term, but will enhance the value of the business.
We will work with you to design the solution that best meets your requirements.
Example
Historic file scanning
600 client files - average of 200 pages/400 images
UK Outsourcing cost - £6,750
India Outsourcing Cost - £5,000
Cost Saving = 26%
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| REGULATORY ASSURANCE SOLUTIONS |
Designed to provide you with everything you will need to operate your practice in a complaint manner. We can handle projects or manage your compliance function for you. Areas covered include:
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Advertising approval |
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Applications for authorisation |
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Audits - initial, ongoing & theme-based |
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Briefings, e.g. topical issues, standards, best practice, future developments, FSA views, rule changes, trends, risks, consultations, seminars, case studies |
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Business review |
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Complaints training & handling |
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Field monitoring |
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FSA relations |
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Healthchecks |
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Helpline |
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Manual compilation |
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Professional indemnity assistance |
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Recruitment |
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Regulatory returns |
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Runoffs & closedowns |
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Sales observations |
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Skilled person reports |
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Suitability letters |
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Support through telephone, web, email, newsletters, manuals, reviews & visits |
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Systems design and hands-on file work |
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T&C |
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Training (e.g. FPC & compliance) |
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Website approval |
Our team have a wealth of experience in compliance work ranging from single office IFA practices to large national IFA's.
Example
Full time Compliance Officer/Manager at £35k plus overheads = £50k
Outsourced Compliance Function = £2,500 per month = £30k
40% cost saving
Part time Compliance Office Manager at £20k plus overheads = £30k
Outsourced Compliance Function = £1,750 per month = £21k
30% cost saving
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| ACCOUNTS AND FINANCIAL MANAGEMENT SERVICES |
PAYROLL SERVICE
Making sure that you have made the correct PAYE, National Insurance, VAT and Corporation Tax returns are crucial to your business: no one can afford to get on the wrong side of the revenue! But at the same time, it takes up valuable hours that you would rather be spending on directly managing your business.
FPSS offers the affordable way to release you from the frustration and worry of dealing with your tax and payroll issues yourself.
Every month you have to take time out from managing and growing your business to deal with:
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Staff Payroll |
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PAYE |
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National Insurance Contributions |
From as little as £1.50 per employee per month, FPSS's payroll service deals
with the whole payroll function for you and your business, quickly, efficiently
and accurately, freeing you from the worry of errors and from the distraction
of handling your company's payroll and tax affairs.
FINANCIAL MANAGEMENT SERVICES:
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Bookkeeping Services |
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At up to a 50% savings have your books kept up to date with online access and timely meaningful reports.
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Payroll Services |
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For as little as £1.50 per employee, full payroll services including weekly and monthly payroll production and payslip distribution, monthly or quarterly PAYE payment reminders and year end submissions to HMRC.
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VAT Returns services |
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Quick accurate calculation of quarterly VAT returns on a cash or accruals basis.
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Monthly Management Accounting Services |
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Timely, accurate, and meaningful generation of financial reports on a weekly, monthly, and quarterly basis designed to put the management team in the drivers seat.
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Year End Accounting Services |
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Year end accounts and online filing to Companies House for sole traders, partnerships, and limited companies.
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Tax Services (including Self Assessments) |
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Computation and filing of CT 600 for limited companies and as well as of self-assessments. Tax advice provided by means of a bespoke professional team.
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Company Secretarial |
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Including completion of companies annual return, company formation, registered office, VAT registration, statutory registers, board minutes and more.
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Forecasting |
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Preparation of Profit and Cashflow forecasts to enable management to manage their business to profitability and other targets. Full variance reporting of actuals against forecast with financial analysis to enable management to understand what is going on in the business and take appropriate and timely action.
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Outsourced Financial Director |
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Financial Director advisory services. Regular meetings with a UK financial professional who functions as part of the management team on a "pay as you go" basis. The Financial Director will help develop a strategic plan and help management to plan with access to financial professional expertise not normally available to smaller firms. Aspects include timely reporting, business performance metrics, interpreting the numbers for management.
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Pensions Advice |
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Group, Stakeholder and Directors Pensions.
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Commercial Finance |
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Preparation of financial business plans and forecasts and help with raising bank and other finance.
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Factoring/Invoice Discounting |
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Introduction to and assistance with obtaining finance for those companies through our factoring service partners.
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Payment of creditors and credit control |
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Negotiation of credit and payment terms including payment plans. Management of payments to ensure positive cashflow and appropriate savings for VAT and year end tax payments.
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Corporate and Employee Benefits |
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Full corporate and employee benefit audit and implementation process.
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Specialist IFA Services |
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| Bookkeeping Services
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Our experienced professional accountants (not bookkeepers!) will keep your accounts up to date on a daily, weekly, monthly, or quarterly basis ensuring accuracy and no re-work. Often companies employ bookkeepers but unwittingly pay their accountants to do the same work all over again on a quarterly or annual basis. Accountants essentially charge your company to correct your bookkeepers errors and ensure statutory compliance on work that has already been done and paid for! Our qualified and part-qualified accountants and world-class quality assurance processes ensure all transactions are posted properly the first time around.
Accounting only adds value to a business when it is both accurate and timely. We commit to turnaround times that meet your requirements. From online accounts that are updated within hours of receiving your data to management reports that are sent to you just days after the end of the month, we ensure the numbers are meaningful to your business by guaranteeing they reach you quickly.
For a fraction of the cost of buying your own accounting software license, we can provide you continuous online access to your accounting information. Imagine having access to your accounts 24 hours a day from wherever you access the internet.
While we are Sage Line 50 experts, we also support a variety of other accounting softwares:
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Quickbooks |
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VT Transactions
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DOSH |
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Clearly Bookkeeping
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Netsuite
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MS Navision
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If you are interested in having your accounts kept in a software that is not listed above, we can typically support a new accounting software within 2 weeks of receiving your request.
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| Payroll Services
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Payroll processing requires an accurate, fast, cost effective solution:
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Our highly trained payroll professionals run payrolls (large and small) for hundreds of companies like yours every week and our world-class quality assurance processes ensure that every payslip is exactly as it should be. |
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With turnaround times as fast as 24 hours, we ensure you get your payroll well in advance of when you need it.
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With prices as low as £1.50 per employee our rates are unbeatable. |
In addition we will:
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Remind you to pay HMRC each month/quarter and let you know the exact amount well in advance. |
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Deliver payslips directly to your employees/pensioners if you like.
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Submit all of your payroll year end reports online to HMRC.
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| VAT Returns services
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Accurate bookkeeping and record keeping leads to smooth accurate filing of VAT returns. We will ensure your quarterly VAT returns are prepared weeks in advance of being due. Should you have a VAT visit, all of your company's records will be filed neatly and securely online making the visit a quick and painless experience.
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| Management Accounting Services
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Cash management and gearing for profit is critical to commercial success yet for many businesses the only benefit they derive from accounting is the submission of accurate reports to Companies House and HMRC. We add value to your business by giving you financial control and enabling you to drive your business to its full potential. We do this for you by providing you meaningful reports from the accurate timely accounts we prepare for you.
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Daily cash position reports combined with online accounts enable you to keep tight control and make the right decisions with your cash every single day.
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Weekly updated 3 month rolling cashflow and profit forecasts provide you with the ability to both plan your way to commercial success and execute that plan through weekly corrections.
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Monthly Year to Date annotated Profit & Loss and Balance Sheet with variance from budget reports supply you with the critical ability to precisely measure your business performance each month with out which a business is simply gambling.
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Aged Debtors and Creditors reports enable you to clearly understand which customers need chasing for collections and which of your suppliers will soon be chasing you.
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Lead Schedules enable you to understand your Profit & Loss and Balance Sheet by giving summary pictures of key account heads without getting lost in the details of the individual transactions.
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| Year End Accounting Services
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By having your accounts both maintained on a regular basis as well as finalised by us, we enable you to avoid the Year End accounts trap of paying your accountant to do work you have already paid your bookkeeper to do, i.e. correct your accounts and ensure statutory compliance. Without any need for rework, we will finalise your Year End accounts and file them online at Companies House. Whether you are a sole trader, partnership, or limited company you will never be hit with a separate year end accounts finalisation charge (or late fee fine) again and you can rest confidently that your accurate accounts will be submitted on time.
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| Tax Services (including Self Assessments)
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Corportate Tax - with a team of qualified Chartered Accountants and in-depth experience of corporation tax computations for hundreds of limited companies in more than fifty business sectors, you can rely on us for accurate computations and submission of your CT 600.
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Self-assessments - fast, accurate, and cost-effective, for as little as £100 per self-assessment we can provide you with the pain free experience you are seeking.
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Tax Advice - we provide in depth tax planning advice by means of a bespoke professional team.
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| Company Secretarial
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Registered Office Service - We can act as your Registered Office - This is the 'official' address of your Company in the UK. The Registered Office is used by the Registrar of Companies and the Inland Revenue for sending official papers. We will forward on all official mail by first class post or airmail.
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Nominee Company Secretary - All UK Companies must have two officers. UK Company Secretaries Ltd will act as your Company Secretary or as a Joint Company Secretary to ensure you are compliant with the Companies Act.
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Registering for VAT - (Value Added Tax) - We will apply for and complete with your assistance the forms necessary for your company to be registered with HMRC for VAT.
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Completion of your Company's Annual Return - We will supply and draft all your company's 288a, 288b 228c and 225 (Accounts Reference Date). Then we will check the details on the Annual Return ready for filing.
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Preparation of Non-Trading/Dormant Company Accounts - We will draft and file your annual accounts.
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Change of Company Name - We will draw up the Special Resolution to Change the Name of your Company, send it to you for signature then forward it to The Registrar of Companies..
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Completion of Statutory Registers- We will complete the Register of Members and Share Ledger, The Directors Ledger, The Company Secretary Ledger and Share Certificates for distribution.
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Completion of First Board Minutes - This is the document which states the Officers of your new Company, Registered Office, Auditors (if applicable), Accounting Reference Date, Bankers and the Allotment of Shares.
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Change in Memorandum of Association - All our companies can be formed using a wide ranging object clause, allowing you to trade in any business you may desire. However, you may wish your company to have a specific main object clause stated in the Memorandum of Association, which many banks and lending institutions prefer to see prior to advancing any money. It is useful for Credit Referencing and also ensures the uniqueness of your limited company, where the trade can be seen rather than a general outline.
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Change in Articles of Association - The Articles of Association govern the internal running of the company.
Annual Returns, Online Filing with Companies House and full compliance services.
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| Forecasting
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Cashflow Forecasting - "Cash is King" by enabling you to accurately project cash flow we enable you to control this precious resource. By providing you with three, six or twelve month weekly rolling cashflow forecasts we provide you with the perspective you need to control your cash and keep that perspective updated on a daily, weekly or monthly basis. Full variance reporting of actuals against forecast enables you to analyze what fine tuning is required to keep your business on track.
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Profit Forecasting - having a clear profit target and carefully measuring progress towards it are critical to driving profitability from your business. By providing you with three, six or twelve month weekly rolling profit forecasts we provide you with the perspective you need to grow your bottom line and keep that perspective updated on a daily, weekly or monthly basis. Full variance reporting of actuals against forecast with financial analysis are available to enable you to understand what is impacting profit and take appropriate and timely action to ensure your profit targets are reached.
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Outsourced Financial Director
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Our outsourced financial director service offers the expertise of a top level finance director to growing companies without the high cost associated with a full time senior professional. We provide brilliant financial insight on a flexible pay as you go basis. We will enable you to identify the real drivers of value in your business and implement procedures and systems that totally support those drivers. We will ensure that the business structure, from the ground up, is focused on delivering profitability, efficient cash flow, cost control, security and growth with stability. We will also help you raise finance for that growth. We will enable you to effectively direct your business by having good, pertinent and simple short and long term performance measurements. These will seamlessly integrate financial and non-financial measures that enable daily review of key indicators, allow proper evaluation of strategic decisions, permit effective business planning and budgeting. We will enable you to build a structure that will drive a superior understanding of the business. The service involves face to face meetings as and when required, but much is accomplished through online meetings and phone as well as email.
Our experienced and qualified finance directors work alongside you and your team as the financial brains for your business. We enable you to work on your business not just in it.
Key benefits include:
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Review and improvement of systems and procedures
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Facilitation of strategic planning including preparation of business plans and forecasts
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Sound financial management, including cash flow, realistic budgeting, cost reduction
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Building relationships and more credibility with banks, investors and other funders such as grant providers
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Preparation for raising of finance, acquisitions and exits
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Management of growth and avoidance of growth pitfalls
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Help with resolution of difficult and confidential issues
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Implementation of change and improvement
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Acting as the MD's sounding board, clearing the fog, provides balance
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| Pensions Advice
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Individual Pensions - Personal Pensions, Stakeholder Pensions, 226 Retirement Annuities
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Company Pensions - Final Salary, Money Purchase, Group Personal Pensions, Stakeholder
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Executive Pensions - EPPs, Small Self Administered Pension Schemes (SSAS), SIPPS, FURBS
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Pension Transfers - Paid Up Pensions, Personal Pension Transfers, Buy Out Plans
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Flexible Retirement Options - Phased Retirement, Income Drawdown, Pension Fund Withdrawal, Annuities, With Profits and Unit Linked Annuities and Retirement Options Service
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Investment Choices - Portfolio Planning, Investment of Tax Free Cash, Tax Planning
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Employee Benefit Packages - Group Life, PHI, PMI, Critical Illness and Flex Schemes
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| Commercial Finance
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Commercial finance is only available to businesses that can demonstrate they deserve it. We will enable you to make your case by preparing lucid and convincing business plans and detailed forecasts that will under gird your claim on the bank and other finance that is very much available to small and medium sized enterprises like yours.
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| Factoring/Confidential Invoice Discounting
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Cashflow problems? We can introduce you to our partners who can provide you with a cash injection of up to 85% of the value of your outstanding invoices and improve your cashflow on any future invoices you issue thereafter by financing them similarly. The remaining 15%, less a small service fee, will be paid to you once your customers pay. Several options are available including:
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Invoice discounting- up to 85% of the value of all of your outstanding invoices is financed.
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Factoring - on every invoice you generate for the customers agreed upon , our partners provide finance of up to 85% of the value of the invoice within days and collect from your customers on your behalf.
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CHOCS facility - Client Handles Own Collections is factoring finance with a smaller service fee based on your agreement to collect from your clients on your own invoices.
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Confidential factoring and invoice discounting - your debtors are unaware that your invoices are being discounted or factored.
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| Payment of creditors and credit control
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We will become your financial payments department. We will negotiate payment plans with your creditors for outstanding invoices and re-negotiate credit terms for future supplier invoices. We will also handle all creditor/supplier queries by email and phone. We will then monitor your accounts carefully and advise you on which creditors you should pay, how much, and when - enabling you to focus on driving and growing the business.
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| Corporate and Employee Benefits
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We place our emphasis on helping drive your company's financial success by developing, implementing and maintaining value recognized employee benefits programmes.
Our Mission - To serve our clients with the highest regard for their unique corporate benefits needs - rests on the principles of:
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Providing superior client attention on the corporate and employee level.
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Evaluating your benefits needs and presenting cost-effective solutions.
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Supplying prompt and accurate answers to your benefits questions.
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Being your benefits advisor.
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Working with middle market and closely held companies on a national basis, our proven experience and industry expertise helps our clients maximize their employee investment by proactively achieving the full potential of their benefits programmes.
We partner with our clients and provide them with:
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Superior Service - Our service consultants have extensive experience working with insurance and network providers. This knowledge enables our team to effectively respond to service requests.
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Personal Attention - We monitor your benefits costs and negotiate to secure the best overall benefits results. We then present the options and our recommendations to you in a timely manner so you can make an informed decision. |
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Industry Expertise - We update you about new guidelines as they arise, review your corporate policies related to these guidelines and make recommendations to you on how to adhere to new legislation as appropriate.
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We would like the opportunity to help you with your benefits programme. Our approach has helped many companies maximize their competitive advantage. We could do the same for you.
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| IT SERVICES |
Efficiency of your operation is one of the keys to prosperity and growth.
We can assist in the following areas:
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Recommendations on computer hardware and software |
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Document management advice including scanning projects |
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Thin client technology maintenance |
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Online data back-up with monitoring and maintenance |
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General network administration |
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Virus scanning |
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File structure integrity checking |
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Ad hoc helpline |
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Hosting of e-mail and web site via a third party |
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Catastrophic recovery of server or PC's |
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Set-up and installation work |
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On-site support |
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On-site training of staff |
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Internet, Intranet and e-mail set up and training |
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Assistance with building your own Web site |
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| SECRETARIAL SUPPORT SERVICES |
VIRTUAL PERSONAL ASSISTANT
The costs associated with having a Personal Assistant or receptionists are not insignificant. For a fraction of the cost, a virtual PA service can operate to your individual requirements to enhance the image of your business while dealing with your calls and secretarial tasks.
A virtual PA can:
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Answer your calls and pass messages to you by email or text message. |
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Screen your calls, only putting through your chosen callers. |
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Produce emails letters and other secretarial tasks. |
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Manage your diary with our online diary system accessible anytime, anywhere in the world. |
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CLIENT MARKETING SOLUTIONS
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The requirement for effective Marketing has never been more important. Pressures placed upon the IFA from the Regulator and Consumer means that the competition for new client attainment as well as effective client servicing is extremely fierce. The IFA needs to offer their client "lifetime value" as well as attending to their requirement to attain new prospects.
FPSS can assist in designing and implementing a bespoke marketing service that is in alignment with the needs of the IFA firm. This can include:
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Targeted marketing campaigns |
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Seminar set up and organisation |
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Presentation design and completion |
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Design and creation of marketing collateral |
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Servicing campaigns to existing clients |
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Corporate "awareness" events and organisation |
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Website design and implementation. |
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Accountant London
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