Accounting & Finance department
All our work concerning accounting & finance issues is organized as per the various deadlines dictated by the Tax Office & customs and/or the Companies House both in France & the UK.
For example , Vat deadlines in France are every 3 months OR every month depending upon your type of vat registration ( resident company or non-resident company) and upon the volume of vat to be declared.
For example, in the UK, HMRC deadlines for the prepayment of the corporation tax is about one month before the deadline for the filing of financial statements with the Companies House & HMRC. So it makes it necessary to have a good estimate concerning profits or losses BEFORE the final deadline.
On a daily basis, Camille & Shérazade ( previously Claire) are chasing up sales invoices, purchase invoices &bills, receipts & bank statements from their contacts abroad or from the local team. For some company files, we receive the invoices directly from the various subcontractors, and our first task is to forward a scanned copy to decision makers in order they can validate the costs & organize the payment of the purchase invoices. Some of our clients have approved us to be a signatory (joined or not) on their account after they have validated the cost, and then we can also managed the payments procedures with various banks such as BARCLAYS in France or in the UK, CIC, CREDITLYONNAIS, BANQUE TRANSATLANTIQUE, BNP, NATWEST, HSBC.
We are closely liaising with Séverine – in charge of social follow up - also to update the information on payroll concerning reimbursement of costs for some of our clients. This information is not compulsory on payroll but allows some of our clients to follow accurately the various business expenses reimbursed to their employees.
We systematically check the VAT issues : what is deductible or not. For example in France, only 80% of the VAT is deductible on gasoil vat.
As well, we have to be very careful concerning intra-EU transactions as it may generate obligations to declare EU transfer of services or goods to the Customs. Again, deadlines are not similar in France and in the UK, and again, the information to be provided is not the same concerning transfer of goods !
For some clients, we are also in charge of invoicing their own clients. We design the format of the invoice on the accounting software, and we set up the various articles / items. When the client sends to us, either new consulting contracts or sales order form / delivery forms, we are able to manage invoices in various languages, taking into account vat issues, and we liaise with the client to follow uptheir payments. In some cases, when required by the client we can help to maintain stocks updated through purchases & invoices.
Some parent companies are requiring monthly financial reporting or quarterly financial reporting in order to allow them to consolidate accounts, taking into account branches and/or subsidiaries activities. If this is required , we can manage accruals, current accounts, transfer prices & depreciation to have accurate financial management reports. Our client are generally providing to us the format required for the management reports.