As we mentioned in our related services page, the accounts of any business can be far more useful than just as an end of year reckoning on progress.
In the same way that you may undervalue your accounts, you may not be aware of the process that surrounds their preparation, or of the many factors that influence the process. That’s not really a surprise when you didn’t set up your business to learn about the detail of our industry!
In this section of our Information Centre, we’ll try to explain some of the aspects of this side of the business. So we’ll talk about the purpose of different types of accounts, provide more details around some specific parts of them, and keep you up to date on forthcoming changes that you may need to be aware of.
The most important point to remember is that we don’t expect you to become an expert! We’re here to provide the extra information that you may need, to answer questions that you may have, or to translate as or when needed.
We can take all of the worry and fear from the accounts process, whether you’re a sole trader, limited company or partnership. See our related services pages here.
If you’ve like to know more about getting the real value from your accounts, improving the process or would just like a translation of your latest figures, please get in touch. Otherwise, please have a look at the various posts included in this section of our Info Centre. We hope you’ll find them useful!
What are Management Accounts?
Management Accounts are financial reports produced usually monthly or quarterly that provide interim information for business owners and managers.
They can be transformative, but comparatively few businesses produce them…
What are Year End Accounts?
Year End accounts are often seen as a necessary evil by business owners. They are a statutory requirement, and many people see their primary purpose in providing a starting point for a tax calculation.
We won’t argue with any of that, but would add to it!
What action is required at Year End?
A company year end is a significant point in the annual cycle. There are key considerations as it approaches, to make sure opportunities for tax savings or maximising profits aren’t lost, but what about the actual company year end process?
What should be done in your software, and what do you need to give your Accountant so they can prepare your Accounts?
Are YOUR Accounts fit for purpose?
Most businesses have Accounts created for one reason; to work out how much tax they’ll have to pay. That’s fine, but before your Accountant starts work, they should understand your plans for the future. Your Accounts need to be fit for purpose!
Will your year end need to change?
As part of the recent Budget announcements, it was confirmed that all self-employed individuals and partners will switch from current year basis to tax year basis from 6th April 2024.
Understanding your Profit & Loss Account – Part 1
Following on from last week’s article about An Unreasonable Expectation, I thought I’d explain some of the basics of the Accountancy world, to help demystify what we get up to! I’m going to start with ‘Understanding your Profit & Loss account’.
Make your chart of accounts work for you!
Bookkeeping is often a role that falls to someone within a business that isn’t necessarily trained to do it. Secretaries, administrators or assistants are often the most likely to get involved, but business owners also dabble. It’s therefore really important that it’s made as easy as possible, particularly if several people contribute. Consistency is vital, and the chart of accounts that’s used can be a huge help.
Key dates for businesses…
The tax year constantly repeats, so there are some key tax dates for businesses that you need to be aware of every year.
Missing them can prove costly, so we’d advise getting them into your diary, and carrying them forward from year to year.
Why Management Accounts are relevant to EVERY Business
Many business owners think that Management Accounts are for big businesses, but that’s not the case! Find out how Management Accounts are relevant for even the smallest business.
Related News Items
Why not take a look at these sections too, as there is some overlap between our categories, and we’d hate you to miss out!
Management & Growth
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Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us!
We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
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