Accounts are a key management tool for business owners as well as providing the necessary information to deal with tax compliance and statutory obligations.
Annual Accounts Preparation
One of the key objectives in accounts preparation is to identify areas where we can help you to minimise your tax liability. Another key objective is to ensure that the accounts are compliant with all the statutory regulations where required.
In addition we are able to gain a full understanding of your business so that we are in a position to give advice and recommendations tailored exactly to your requirements, to help with both your short-term objectives and long-term goals.
We take the time to explain your accounts clearly to you so that you understand what is going on financially within your business, helping you to plan for the future.
Audit and Assurance
We aim to deliver hassle free audits and there are good reasons for having an audit even if you are not required by law to have one…
- An audit involves a review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, suppliers who may be seeking credit references and also with HM Revenue & Customs.
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or perhaps take it to the market.
The potential for fraud can be reduced and an audit can act as a deterrent to any would be fraudster.
Where an audit is required by law, for accounting periods ending on or after 1 October 2012 the audit thresholds are aligned with qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £6.5million
- Balance sheet total below £3.26 million
- Less than 50 employees
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities. For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
Management Accounts And Information
All businesses can benefit from having quality management information to help in making the right decisions but not all businesses can afford a dedicated finance function.
We can prepare Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, in order to help you track how your business is performing and identify strengths and weaknesses in good time to make changes. Alternatively, we can also design and implement systems so that you can produce management accounts on an ongoing basis.
Some businesses will require Management Accounts to be prepared on a regular basis for the purpose of providing information to the bank maybe to support a borrowing facility.
We will explain what the Management Accounts mean and help you better understand your business.