Amberdene Accountancy Limited

First day back in the classroom today at The Sheffield College teaching 2 new groups of AAT students

Congratulations to everyone receiving exam results today.

Still considering what to do next? Why not have a look at The Sheffield College Accounting Courses and Apprenticeships.

Most courses are only 3 hours a week, so why not add an accounting couse alongside your other studies.

We deliver AAT Levels 1 - 4
- Level 1 6 hours per week for 10 Weeks
- Level 2 3 Hours per week September 26 - June 27
- Level 3 3 Hours per week September 26 - June 27
- Level 4 All Day Fridays

Congratulations to everyone receiving exam results today.

Still considering what to do next? Why noy have a look at The Sheffield College's Accounting Courses and Apprenticeships.

We deliver AAT Levels 1 - 4
- Level 1 6 hours per week for 10 Weeks
- Level 2 3 Hours per week September 26 - June 27
- Level 3 3 Hours per week September 26 - June 27
- Level 4 All Day Fridays

I am pleased to have completed the Xero Level 3 Certified Specialist credential.

Fixed Budget
A fixed budget is a budget produced for a single activity level. A fixed budget will remain the same no matter what the actual volume of sales or production turns out to be.

A fixed budget is produced at the start of an accounting period to provide information as to the aims and objectives that the organisation is working towards in that period.

Flexible Budget
A flexible budget is one which, by recognising cost behaviour patterns, is designed to change as volume of activity changes.

A flexible budget should represent what the costs and revenues were expected to be at different levels of production. Comparing a flexible budget with actual results provides management with more meaningful information.

For example, a fixed budget might be produced for making 10,000 units of a product, but if 30,000 units were actually produced it would not be useful comparing the cost of 30,000 units to a budget for 10,000 so a flexible budget would be recalculated for 30,000 units so this can be compared to the actual costs of producing 30,000 units to give a fairer comparison.

Always ask for a Discount!

Why pay more than you need to? Many suppliers have discounts available, they just don’t advertise them.

I recently made an online purchase and used the chat facility to ask if they had any discounts available and got 10% off.

Its always worth asking, all those 10% add up.

Today I am processing payroll for one of my clients.

Accurate payroll processing and making payments on time is vital for any business, your employees work hard for you and deserve to be paid the right amount at the right time.

As an employer you have a responsibility to calculate the Gross Pay (Hourly rate x hours worked or salary), Tax and National Insurance deductions, pension contributions and net pay.

As an employer you need to contribute employers National Insurance and Pension Contributions on top of what your employee contributes.

Payroll processing usually includes calculating holiday entitlement and holiday pay and maintaing records of holidays taken and holiday pay actually paid.

Information about pay and deductions needs to be submitted to HMRC and pension companies on each payday and payments made by the deadlines.

Payroll is a complex area and legistlation changes on a regular basis so many employers outsource payroll to accountants or payroll bureaus.

Overhead absortion - is the charging of a production cost centre's overhead costs to the cost units produced by the cost centre.

The absorbtion rate is calculated at the start of the period and is based on budgeted overheads divided by budgeted activity. This can be either on a unit basis, labour hour basis or machine hour basis

Overhead rate per unit = budgeted overheads divided by budgeted units of production

Labour hour rate = budgeted overheads divided by bugeted labour hours

Machine hour rate = budgeted overheads divided by budgeted machine hours

Never Auto Renew!

I recently renewed my Car insurance. I got my renewal quote from my existing company which was set to auto renew, I did a quick comparison using a comparison site and found a cheaper quote elsewhere, I called my insurance company, told them the price I had found and asked them to match it.

Which they did, so I now have the same insurance with the same company for £54 less than I would have paid if I had left it to auto renew.

Arrived back at my teaching job after my holiday to find this nice letter from the CEO at The Sheffield College 😀