Accountants to prepare and file statutory accounts
I'd love to have someone talk to me about my accounts as much as 2 years after the event....
Said no one ever.
But that's what happens when you talk about year end accounts with most accountants.
They get their papers out and talk about the past and only the past, when its too late to do anything about it.
Isn't that frustrating?
Wouldn't it be great if you could get more forward looking advice on a more regular basis?
The Accounts and Legal way
Our statutory accounts service is not like the dreaded trip to the dentist that you see once a year.
We have regular touch points with all our clients, and we use live data from Xero to talk about the here and now and the future.
This will help you identify and exploit new opportunities and set targets and objectives for the year.
With regular contact we get to know what your goals are and what matters to you most. Whether that's growing the business, looking at and exit plan or wanting to free yourself from the day to day to spend more time with the family.
We can help make that happen for you.
Yes, we sign the year end accounts off (that's the boring bit), but there are no surprises when it does come round to year end. We also tackle the accounts prep shortly after your year en, including the Corporation Tax payment calculation. This gives you plenty of time to budget and build that payment into your cash flow model.
No one likes to be told of a £30k tax bill the day before it's due now do they?
A digital solution
We're digital and proud, so no bringing half a rain forest with us to sign off your accounts.
We can agree them and file them digitally, as is the case with the vast majority of our work.2
Less hassle, less mess. Simple.
Of course we can give you a paper copy to keep hold of.... If you really want them. We understand a little bit of paper in your life is okay.
What are statutory accounts?
Statutory accounts are an important part of running your business so that your shareholders see how your company is performing and to keep your records updated with Companies House.
More commonly referred to as annual accounts, there are a number of important figures you must include and if you know what to look out for you could even check up on how your competitors are doing.
A company accounts must include a balance sheet, notes, a profit and loss account, cashflow statement and a directors’ report.
Your first accounts need to be filed 21 months after registration with Companies House.
After that you need to file nine months after your company’s financial year ends.
If you file late you could be fined up to £1,500 depending on how long the delay is.
Understanding company accounts
It’s one thing getting your accounts prepared by an accountant or bookkeeper and another thing understanding the figures put together. Businesses that are well run, stable and successful also tend to keep a close watch on the financials and this doesn’t just mean how much money is coming in, although that’s always welcome if healthy.
Aside from a basic profit and loss summary, company accounts can provide many other measures of success, efficiency and/or inefficiency or warning signs of trouble ahead. This is why understanding your company accounts is so important.
Our approach is to offer advice and training to all our clients in understanding financial concepts and reports and the software now generally used to record information.
What about the profit & loss account?
Even though the statutory obligation for small companies is balance sheet only, you really can’t prepare a balance sheet without also having a profit and loss account first.
A Profit and Loss account is a basic trading summary - how much has been sold and how much has been spent running the company.
Adjustments from profit and loss to final company accounts
The profit and loss statement will get adjusted to reflect other financial and/or tax related aspects which involves a Cash Flow statement and Balance Sheet.
Shortly after the end of your tax year, our Business Consultants will help you collect the information our Accountants need to prepare your annual statutory accounts.
If this sounds of interest, why not get an instant quote?