Compliance
Some might think that producing annual accounts is of little value when it comes to practical business or tax planning. After all, businesses move on much quicker than the figures printed. But this is only half the picture.
Annual accounts are about much more than just appeasing your accountant, or putting your business plan together. As an official public record, they uphold your reputation in the eyes of your customers, your suppliers (and even your competitors).
Having well-produced annual accounts opens up opportunities for growth too. For example, banks will often require end of year accounts if a company is applying for overdraft facilities and loans.
Plus, every business must submit its accounts to HM Revenue & Customs, so accuracy is crucial if you want to prevent costly and unnecessary tax enquiries.
The demands for different trading vehicles vary too. Whether you are a straightforward sole trader, a general partnership or a limited company, the right guidance is crucial. Our experience not only means we show you what is required. We will also advise you if we think a different structure would work in your favour – it is not unusual for a sole trader to move to a limited company, for example.
It doesn’t matter whether you produce yearly or monthly accounts – getting them right is imperative for businesses of all sizes. And the experienced guidance of a specialist will take away the headaches associated with producing them. Perhaps more importantly, this guidance will ensure that your company upholds the reputation it has taken time to build.