Accounts Preparation

We can relieve you and your team of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts.

Our first step is to work with you so we can gain a full understanding of your business. Then we tailor our approach to your requirements so we can provide exactly the service you need. We can even help you get started with unique and cost-effective computerised accounting systems that every business can use.

Besides your core bookkeeping, we can also maintain your VAT records, prepare and audit your group pension fund, and take on short-term projects to relieve your team of any temporary overload.

But perhaps the most important part of this service is the preparation of management accounts. These are vital to the continued success of your business. We discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis.

For most businesses, it's not cost effective for them to employ their own full-time accountant or Finance Director. Day-to-day accounting transactions are normally dealt with at the business premises by staff employed by the business but end-of-year accounts are produced externally - by accountants like us.

We hope that the information set out here provides you with a flavour of the services that we provide and how we prepare accounts and taxation computations. Please contact us for further information.

Annual Accounts

In this section, we plan to uncover some of the mysteries associated with the Annual Accounts that have to be prepared for a business.

In general terms, unincorporated businesses (such as sole traders, partnerships, clubs and societies) don't need their accounts audited. In addition, the accounts for such organisations can follow whatever format that the manager or owner requires.

In the case of a company, the position is quite different - other than companies which qualify for exemption from the need for an annual audit, all other companies are required to have their Annual Accounts audited by a Registered Auditor. In addition, the accounts themselves have to follow a very rigid format. There is very little flexibility involved.

Despite the differences between unincorporated businesses and companies, there are similarities in what the annual accounts show.

Let's start first of all with the part of the accounts, which deals with the profitability of the business. This is called the profit and loss account. Some unincorporated businesses or clubs refer to this as the 'income and expenditure account' or 'receipts and payments account'. Irrespective of what the account is called its purpose is the same - to show the income and expenditure of the organisation.

Treating your income and expenditure simply on the basis of what you've received or paid doesn't give you an accurate picture of how your business has performed. A much more accurate guide is obtained if you account for income as earned or expenditure as incurred.
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