What is accounting?

Accounting refers to the practice of tracking business income and expenses and using those figures to evaluate its financial status.

One of the most basic accounting services is bookkeeping, which involves keeping a record of all financial transactions and then preparing financial statements such as balance sheets and income statements.

Please contact us for up to date advice.

Bookkeeping

Bookkeeping, keeps a comprehensive record of how much your business owes creditors and how much is owed to you. The records of these transactions also indicate how much you have invested in equipment and inventory. Typically, your accounting records take care of the amounts receivable and the amounts payable. We can put together financial statements (such as balance sheets, income statements, and cash flow statements) and take care of bank reconciliations.

Our bookkeeping services use Sage Accounting Software and our systems are designed to enable smaller businesses to have all the advantages of having their own accounts department without the costs of having to employ their own experienced staff.

Please contact us for up to date advice.

Taxation

Taxes are one of those areas that can easily be underestimated. When your tax year ends you may need help in preparing your returns to ensure accuracy, completeness and filing in accordance with HMRC deadlines. The more complex and profitable your business means higher tax, payroll, accounting and audit costs are incurred. Sound business advice can therefore help in reducing costs and maximising profit.

Please contact us for up to date advice.

Audits

Audits are mandatory for public companies and private companies that do not qualify for an audit exemption. In order to qualify for an audit exemption a company must meet the following criteria :-

For financial years starting on or after 6 April 2008:

• have a turnover of not more than £6.5 million (£5.6 million or less pre 5 April 2008)
• have a balance sheet total of not more than £3.26 million (£2.8 million or less pre 5 April 2008)
  
• the average number of employees must be 50 or fewer.
  
• Most audits can be divided into two phases: the accounting work done to prepare for the audit, and the audit itself. An audit is one of the more expensive services charged by an accountant because of the detail and time usually involved. Here are a few things to consider when trying to reduce the cost of an audit:
  
• Get help in preparing the necessary documents for the audit. This cuts down the preparation time that your auditors would have otherwise spent just getting things in order - time that you would have been billed for
  
• Provide clean books. The cleaner and clearer the books and ledgers, the less time it takes for your auditors to get through all the paperwork.
  
• For small businesses or companies we handle the whole process, while for medium or larger concerns we will produce fully prepared accounts and clear records for your auditors.

Please contact us for up to date advice.

Other services

There are also other, more specialised, services which can be provided. These include company formation, registered offices, a range of business services and tax advice, small business IT Network Support Services and a full range of offshore financial services in conjunction with a number of major fiduciaries and accountants.

Please contact us for up to date advice.

Business consulting

Business consulting is also a more specialised service.

If you’re exploring a specific aspect of your business, for example looking to cut costs and improve your profit and loss statement, its a good idea to look for an advisor who not only has experience in business consulting but one who is also familiar with your industry and market.

Please contact us for up to date advice.

Keeping your Business in order

Using our sister company, Payscheme Plus offers a range of Taxation, Payroll, PAYE and Compliance services for Individuals and Businesses.

The pace of technology has meant that companies can outsource their accounts department, thereby freeing up space in their office and taking away an administrative burden on the management of the company. You no longer have to worry about finding, training and maintaining your accounting staff, keeping abreast of latest changes in legislation and accounting nor do you have to choose, purchase and maintain accounting software. In short, you concentrate on your core skills and outsource the accounting side to us.

Please contact us for up to date advice.