Audit and Accountancy
The annual financial statements are by their very nature historic. In our view it is important to produce these as soon as is practical for you in order that these are still relevant. This is part of our value added approach to assisting our clients.
The work is planned before we start and at this time we identify your needs and agree an appropriate timetable for completion. Our approach is tailored to suit each assignment and is very much more than a box ticking exercise.
Our expertise ranges from sole traders and partnerships to private and public companies. Specialist types of legal entities we deal with include trusts, charities, pension schemes, clubs and complex groups.
The quality of your records is important to us for a number of reasons:
· to fulfil the statutory requirements to maintain accounting records
· to get best value for you from our services
· to form the basis of accurate accounts to confirm that you are paying the correct amount of tax
· to give you a system which will help protect you from fraud
We will advise you of any weaknesses we find in your accounting system.
Legislation governing the form and content of financial statements is generally complex and we invest time and money in ensuring that our staff are trained and their knowledge is up to date. We maintain an excellent technical library and have many different disclosure checklists to confirm compliance with the appropriate legislation and standards.
For us to give quality advice knowledge of your business is invaluable. The time involved in your audit and/or accounts preparation is an opportunity to establish the factors that drive your business.
Management Accounting
In today’s ever changing ever more competitive business environment tracking financial performance is critical.
We will agree an appropriate frequency for the preparation of your management accounts. This is not only an exercise in identifying the profitability in the period but an opportunity to respond to changes in the business and to make timely decisions about the best way forward for the business.
Preparing regular management accounts also provides a framework for regular discussions on the progress of the business and enables us to identify trends in your business, tax planning opportunities and work with you to develop the business plan.
Timely, accurate and up to date financial information as well as giving you the confidence to make important business decisions will be useful in maintaining a good relationship with the lenders to your business.
Bookkeeping and Accounting Function Outsourcing
Bookkeeping
Many clients enjoy the reliability of our service in maintaining their accounting records.
Many small businesses find it difficult to find a good bookkeeper and do not want to divert their time from making money to accounting for it.
The level of penalties levied by H M Customs and Excise for errors in VAT returns is a daunting prospect for many small businesses and they prefer us to prepare, assist in the preparation of or review their VAT returns.
Outsourcing
A substantial number of predominately SME clients outsource their accounting function to us.
We also provide this service to fast moving larger companies who perhaps trade in multiple locations and countries who do not want to incur the cost and take the management time to set up their own accounts department. We can take on the role of your accounts department with the minimum of fuss and provide you with a solid cost effective answer to your needs.
Financial Projections
Many profitable businesses have ended in insolvency. Profits do not equal cash and projections are an essential management tool in making investment decisions. If external funding is to be raised it is increasingly common for financial projections to be presented.
Where a high level of debt is being serviced it is sensible to look to the future and consider if the projected profits will generate enough cash to meet the debt repayments.
Managers and owners often look for a goal and financial projections for some are a part of the formula required to work towards the required profitability.
Our approach to compiling financial forecasts is to learn about your business to understand what drives the income and costs and the interaction of these.
Business Plans
We have a number of partners and senior staff who subscribe to our philosophy that a business plan is not a document to be prepared using a standard template. For lenders, investors and grant funders to inject finance into your project they need to understand not only what you do but how it will succeed.
Our approach is to discuss this with you, carry out the necessary research and devote the right amount of time to developing the plan.
Grant Applications
Grants are available to certain businesses depending on the project activity, location, funding requirements, job creation, capital spend and many other factors. This is a complex area and getting it right first time is a must.
Business Start-ups
It's never too early to call your accountant!!! Our partners and associates have many years experience in accountancy and in that time have dealt with an array of different businesses. We draw on this experience to give you sound advice from the outset.
Issues to be addressed as early as possible are:
· the business strategy and business plan if appropriate
· the funding requirements
· the best structure for the business taking into account a number of factors including: limited liability protection; the most tax efficient structure and the role of the principals in the business
· the record keeping requirements and system for monitoring financial performance
· notifying the Inland Revenue of your commencement
· registration for VAT
· registering as an employer to obtain a PAYE reference from the Inland Revenue
© 2009 Milne Craig Chartered Accountants
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