Accounts Preparation
Traditionally the major thrust of an accountant’s office, although clients undertake much of their accounting work in house or “at home” using a variety of software packages. Our role is to support this process as required by the client.
Our experience is required to fine tune the accounts and to comply with accounting standards and the relevant laws and regulations.
We are happy to work with all software including; Quickbooks, Xero and Sage and provide training in all products.
We provide outsourced accounting services where the client does not have, or wish to have, the resources to undertake this type of work in house.
Management Accounts
A significant part of our work is the provision of management accounts to business proprietors and to external investors. It is very easy to press a button in accounting software which produces figures called profit and loss account. It is vital however these figures realistically reflect the actual performance of the business which is where our experience and judgment is required
Our involvement in management accounts is often monthly, sometimes quarterly and often a permanent feature within a business or it may be an aid through a fledgling or a troubled period of trading.
The information obtained can help the client in many ways and particularly in identifying key factors within the business, cash flow management and taxation liabilities.
Statutory Accounts
Preparation of Statutory Accounts is a standard role for an accountancy practice which requires the technical knowledge to produce Company Accounts in accordance with the Companies Act and Accounting Standards. Within the legislative requirements the personal judgment and skill of the accountant is required to produce accurate and meaningful financial statements.
Company Law dictates the format not only for Limited Companies but also Limited Liability Partnerships (LLP’s) which are a common feature of modern commercial life.
Year End Accounts
We use this term to refer to the accounts produced for unincorporated businesses, sole traders and partnerships (other than LLP).
Although there is no general legal requirement to produce accounts in a particular format the Income Tax Acts require Accounts to be produced in accordance with GAAP (Generally Accepted Accounting Practice) which therefore imports the requirement to include SSAP’s, FRS’s and UITF’s.
An unincorporated entity may have special reporting requirements or client money requirements such as Solicitors or Chartered Surveyors for whom we are delighted to act.
Legislation passed in the 2013 Finance Act enables certain businesses to produce simplified Accounts on a cash basis although it is considered this has limited application due to the associated rules which have to be complied with.