Drew C. Profile

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$40 USD / hour

wareham,

united kingdom

$40 USD / hour

It's currently 9:16 PM here

Joined June 19, 2019

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Drew C.

@DrewAccounting

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(0 reviews)

0.0

$40 USD / hour

wareham,

united kingdom

$40 USD / hour

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Certified Chartered Accountant & Business Expert

A UK-based online Certified, Chartered Accountant very focused on helping business owners achieve their business goals. I aim to take the headache away while providing an excellent, personal service which is an extension of your finance team. I am a cloud Accounting specialist skilled in the creation of remote finance functions using Sage and Quickbooks as my main Accounting solutions. I have gained years of experience as a finance manager in industry working closely with operations in various business sectors. I provide the following services to help your business: - Monthly or Weekly Performance Reporting - Creating budgets and cash flow forecasts - Bookkeeping - Accounting - Investment Appraisal - Financial Reporting and Risk Analysis - Analysing business decisions - Cash Management & Systems - Risk Analyse & Management - Improving your lifestyle. Let your business work for you, not you for the business

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One of my clients is a small Manufacturing company in Bedfordshire.
When I first started working with the client there was minimal ways of recording direct tooling costs. It was expected that the high cost of tooling was borne because of the material being machined.
We created for the client a Spreadsheet which recorded the number of tools used each period and multiplied this by the cost of each tool. This is then used against the number of parts produced for comparison.
This solved two issues:
1) Accounting requirements at Year end were kept up to date with accurate stock takes with costing which streamlined the process
2) Usage during the week can be tracked and put against how many parts were created.
By working with Elite we found some of the material should have been rejected due to hardness. We also found tooling was being scrapped too soon by employees. This change resulted in over 50% of the direct tooling cost being saved.

Manufacturing stock savings - £10,000 saved annually

There are a number of schemes available for companies in Value added tax. In particular this case revolved around whether the client should adopt flat rate or standard. The client in particular wanted to adopt the Flat rate.
In order to forecast the two different costs involved with the schemes it was important to forecast future transactions for the next year. This is because Flat rate VAT works on a rate charged on sales invoices (taking into account the difference allowed in year 1) where as the standard scheme allows you to claim 20% of all allowable purchases against the 20% charged on sales invoices.
By forecasting the predicted sales and expenses we could compare the difference in Tax paid on both VAT schemes. This analysis showed the flat rate would cost around £50 more each month in tax paid against standard rate. This shows the importance of asking a qualified accountant to look at Tax schemes before you commit as it can cost you money if you don't.
The result, the client was

Tax Planning - £600 saved

5084856

Self-Assessment tax planning
There are two choices when a client has purchased a company vehicle in the tax period. The mileage method where the client would claim a mileage expense for the number of miles travelled or the full expense method where by you claim the cost of the van, fuel and other motor expenses.

Our client had the same dilemma and asked us to explore the options on their behalf, so should they be claiming for all fuel, servicing and other motor costs or for mileage. Before making this decision its always best to check which method is more tax efficient. It is also worth remembering that once a method is chosen for specific van it cannot be changed until a new vehicle is purchased, for example you cannot claim AIA with the mileage expense and vice versa.

In this case it so happened that the mileage method would have cost our client over £2000 more in tax through their self-assessment for the period. This shows the value of checking the figures before deciding on a tax

£1700 Tax saving

Manufacturing stock savings - £10,000 saved annually

Tax Planning - £600 saved

5084856

£1700 Tax saving

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Experience

D&M Management Accountants Ltd

Oct 2017 - Present

We’re a UK-based online Accountancy practice very focused on helping business owners achieve their business goals. We aim to take the headache away and make it simple for you while providing an excellent, personal service. D&M Management Accountants offers ALL IN ONE Accountancy products using cloud technology to small businesses and the Self Employed. A truly personalised one on one service.

Elite Manufacturing Solutions Ltd

Sep 2013 - May 2019 (5 years, 8 months)

Management accounting duties and financial analysis with various aspects around partnering with the wider business and key stakeholders. • Preparation of accurate financial and management reports, including budget and forecasts, monthly reporting packs • Preparation and submission of Tax • Investment appraisals • Implementing effective controls, business performance measures and financial planning • Implementation of special projects such as implementation of Global standards such as ISO 9001

Elite Manufacturing Solutions

Jul 2007 - Sep 2013 (6 years, 2 months)

My responsibilities were varied and included the following: • Ensure customer satisfaction • manage a small team of engineers • Carry out process improvements and efficiency drives • Implement total quality management initiatives • Manage supplier accounts including stock levels I joined Elite manufacturing as a CNC operating apprentice. I gained a city and guilds 2800 apprenticeship certificate