SCHEDULE OF SERVICES (702) MANAGEMENT ACCOUNTS
This schedule should be read alongside your letter of engagement (LoE) and the (300) Standard Terms & Conditions.
Recurring Compliance Work
We will prepare management accounts from the information and explanations provided by you, at the frequency agreed between us.
We will not be carrying out any audit work as part of this service. We will not independently verify your assets, liabilities, income or expenditure. If an audit is required, please notify us in writing and we will discuss the additional work involved.
The management accounts are prepared for internal use by the owners or directors of the business. They should not be shared with any third party without our prior written agreement.
Where you are VAT-registered, management accounts may be prepared alongside your VAT return work. That service is covered separately under SoS (610) VAT Returns.
Where a query requires work or time spent outside the scope of your recurring compliance, we will let you know and agree a fee with you before proceeding where practicable. Where prior agreement is not practicable, we reserve the right to charge for the work or time involved and will notify you as soon as reasonably possible.
Ad hoc queries by, for example, telephone or email are not part of routine compliance and may result in additional fees. Where possible, we will discuss and agree any additional fees in advance, but this is not always practicable and we reserve the right to charge for such work.
Ad Hoc and Advisory Work
Where you ask us to, we will also provide such other advisory services as we agree from time to time. These services are subject to the terms of your LoE and the (300) Standard Terms & Conditions, unless we issue a separate engagement letter. An additional fee may apply.
Examples of this work include:
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Advising on business performance and financial trends arising from the management accounts.
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Preparing or reviewing KPI reports and management information schedules.
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Advising on cash flow implications of trading performance.
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Assisting with budgets, targets, and variance analysis.
If specialist advice is required, we may need to seek this from, or refer you to, appropriate specialists. We will only do so when you ask us to.
Your Responsibilities
To enable us to carry out our work, you agree to provide us with the records and information we need to prepare the management accounts. This will normally include, but is not limited to:
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access to your accounting records or cloud bookkeeping software
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bank account, credit card and loan statements for the period
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stock values at the period end, where applicable
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trade debtors and creditors listings, reviewed and agreed by you before submission
You will keep us informed of material changes in your circumstances that could affect the accounts. If you are unsure whether a change is material, please let us know.
If your turnover approaches the VAT registration threshold, you must notify us promptly so that we can advise you on your obligations and registration requirements.
To have paid our fee in full before we deliver completed management accounts to you. Where work is complete but our fee remains unpaid, we reserve the right to withhold delivery of the accounts.
As part of our normal procedures, we may ask you to provide written confirmation of any oral information and explanations given to us during the course of our work.
Limitation of Liability
Our services are subject to the limitations on our liability set out in your letter of engagement (LoE) and in the (300) Standard Terms & Conditions. These are important provisions and you should read them carefully.