Accounts preparation, for external reporting purposes, is our core discipline. This process can begin from bringing in a bag of invoices and bank statements, or granting us access to a fully reconciled cloud hosted computerised book-keeping data set, or anywhere in between.
Although the primary aim of statutory accounts preparation is to report the performance and financial position to the owner(s) of a business, and to fulfil Companies House submission requirements, we shall also advise you on the following other factors:
- The resulting taxation implications and amount of distributable reserves,
- The view the accounts present to bankers, potential investors, credit rating agencies and your competitors,
- Areas where judgements or decisions are required on which accounting policies are followed to calculate the results.
- Which key accounting standards (FRS105, FRS102 1a or FRS102) are followed.
Instruct us to prepare your accounts and we shall unburden you of the worry of correctly calculating how your business has performed and we shall take away the complication of ensuring all technical disclosures are correct. We shall also ensure that they are prepared in sufficient time to be filed with the relevant Authorities by the statutory filing deadlines, so that no late filing penalties are incurred. When preparing these accounts, we shall be mindful that your tax liability is related to these results and we shall actively seek proven techniques to save you tax.
We are aware that you will wish to keep information relating to your financial performance as confidential as possible. Where eligible and relevant, we shall therefore seek to prepare filleted accounts for filing on the public record at Companies House. These will disclose your balance sheet, accounting policies and a few other ‘technical’ notes. No disclosure is made, however, of your turnover, profitability, directors remuneration or dividends.
Once accounts have been prepared, we can then measure financial performance, bench-mark against comparable businesses and begin investigating how, either, the results can be influenced or how the current position can be protected. This exercise is often most useful when undertaken prior to your next year end.