Whether you’re an individual sole trader recording your transactions into a cash book, or you maintain sophisticated spreadsheets, or even use bespoke accounting IT solutions, you can have confidence that we will work coherently with your accounting systems to produce accurate and timely financial statements.
Our accounts are always filed to the latest financial standards and frameworks accepted by Companies House and HM Revenue & Customs, including:
- new UK GAAP – Generally Accepted Accounting Principles (effective 1st January 2015)
- FRS102 – Financial Reporting Standards
Given that Companies House and HMRC are quick to dish out penalties for incorrect and late returns, we have pride in the quality of timely fashion of our services.
Why do you need to prepare accounts?
Your accounts or financial statements are required for many reasons. First of all, they form the basis of the figures used for your Self Assessment or Corporation Tax return. Your financial statements will also be required for Companies House if you trade through a limited company.
Quite often you will find your suppliers will require copies of your accounts in order for them to set up trade accounts. It would also be typical of other lenders to ask for these records when you apply for finance, such as a bank loan or overdraft.
Another important reason for preparing annual accounts is to also show the business owners exactly what profit has been made through the year compared to the previous period. This usually highlights increases in expenditure, or other areas that need to be brought into control.
All of these reasons will help you develop your business in a controlled, well organised manner.
Our accounting services cover:
- Accounts for sole traders
- Accounts for partnerships
- Financial statements for limited companies, limited liability partnerships
- Monthly or quarterly management accounts
Information required to prepare your accounts
Once your first trading period has passed, we would remind you that we would require your books and records in order that we can start preparing your accounts. Typically the information needed would typically be as follows:
- Cash books
- Copies of sales and purchase records
- Copies of relevant financial spreadsheets
- Details of assets acquired and sold
- Copies of finance or hire purchase agreements
- Bank statements
Given that every business is different, please contact us directly for a personal quotation. Alternatively, if you have any other questions, please don’t hesitate to drop us a line.