All businesses have to produce annual accounts by law. These are also required by the owner(s) to monitor the success of the business and assess if there is room for improvement. They are also required by HMRC, unfortunately, to assess what part of your success can be ‘shared’ with them! These accounts are required to be not only to be ‘true’ and ‘fair’ but to be compliant with current accountancy regulations including accounting standards, as well as current tax legislation.
Accounts generally fall under three categories : Sole Traders, Partnerships and Limited Companies.
What accountants do to produce accounts is to summarise all the business records for the period of the accounts, generally for one year. These transactions are split between the balance sheet that records all the assets and liabilities (creditors) of the business and the profit and loss account. The profit and loss account records all the business income and deducts all the business expenses. The difference, excess income, is known as the profit (desirable!), whereas excess expenses are known as the loss (unfortunate!). The balance sheet provides a snapshot at the period end accounting date of all the assets and creditors of the business i.e. what the business is worth.
My current free one hour bookkeeping offer, for the first fifty clients to be signed up between now and 31/12/2015 ensures that your bookkeeping system can be tailored to your specific needs. Good bookkeeping will save you money.
I offer annual accounts preparation services for the following :
- Sole Traders
- Limited Companies
I can also prepare management accounts, if required.
Rental Income Accounts
Want to Know More?
Contact John Turner now to arrange a preliminary meeting to discuss your accountancy requirements.