Accounts are effectively a way of keeping score of the performance of your business.
The scorecard can be used internally to make decisions and monitor the outcomes of those made previously, or externally to feed into tax returns or to go to Companies House.
Whatever the preferred end purpose, we can prepare the accounts for you and translate the outcome. We’ll always offer a review meeting to explain and discuss them, enabling us to offer maximum value.
Year End Accounts are often undervalued and viewed purely as a statutory exercise, but prompt completion can offer real benefits to a business before another year has passed. Late filing fees are also to be avoided!
Management Accounts, produced monthly or quarterly, can be immensely powerful, particularly if a business is looking for growth or needs to monitor performance closely, perhaps if they are looking for finance or investment.
We can produce management accounts on your behalf or support an internal accountant or bookkeeper to do so. Our approach is entirely flexible as part of the bespoke service we design for each client.
Accounts preparation has been the central core of our experience for in excess of 30 years, and businesses across the country trust us to take care of this important element on their behalf.
Would you like to know more? Complete the enquiry form below or click the ‘Get Started’ button above and let’s have a chat!
Common Accountancy Questions:
What information do you need before you can start on my year end accounts?
That’s easy! Just get the following up to date in your software:
- Enter all of your invoices from suppliers, and send all of your invoices out to your customers.
- Make sure all of your bank transactions are reconciled.
- If you have stock, make sure you’ve done a full stock take at the year end. This is essential to have an accurate valuation in the accounts. Some stock may be obsolete, and no longer saleable. If this is the case, break this figure out.
- Consider whether ‘Work In Progress’ should be accounted for. This is where projects have been started before the year end, but finished afterwards. If this is the case, you’ll need to calculate the percentage of the job that was done at the time of the year end. This percentage is then applied to the costs and income of the job, with the balance being carried into the next year.
What other information do you need if you have access to my Xero system?
We can probably get most of what we’ll need from Xero (or Quickbooks), but the following would be helpful:
- Copies of all bank statements covering the year end date.
- Copies of any multi-year agreements for either sales or costs, e.g. leasing documents, loan agreements etc.
- If not included in the business records, details of any work-in-progress or stocks and the year end.
- Details of the private element of all business expenses i.e. for motor expenses a mileage log, telephone use etc.
- A summary of your household utility costs to calculate use of home as office charge, to include the number of rooms in the house excluding kitchens and bathrooms. Include an approximate percentage of time your office is used for business use. (We can help you with this!)
- If you use your own vehicle for business, the number of business miles completed.
- We’ll need to adjust for staff holidays that have either been taken in advance or where there are days left to take at the year end. If your year end matches your holiday year and you’ve not agreed to allow any annual entitlement to be carries forward all that’s needed is confirmation that nothing needs adjusting. If your holiday year is not the same as your accounting year we’ll need to know:
- Your holiday year end date.
- For each employee, their annual holiday entitlement and the number of days they’ve taken at the accounts year end date.
NB: Some of these may not be relevant to your business, and there may be some that are relevant to yours that aren’t listed above. If this is the case, we’ll warn you in advance!
What happens if my accounts aren’t filed on time?
Accounts must be filed at Companies House within nine months of your year end, and if they are late, you’ll incur a penalty. For a private limited company, these range from £150 for filing after the due date but less than one month late, and increase to £1,500 if you file more than six months late.
The penalties double if you file late in two successive years.
You can check the penalty amounts on the gov.uk website.
Using our knowledge, commercial experience and technology we can also provide a whole host of additional business growth advice and support.
What we give you…
Our service is entirely bespoke but we include a range of additional features in our service for every client at no additional cost.
For more details about different types of accounts, key information to consider and related information, visit our Info Centre Accounts Hub.
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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