Business Owners Inside Guide To Accountancy Services

Many of us are familiar with the need for accountancy services to support our business, however many small to medium sized business owners are unaware of what accounting services are available and the basic function of each.

Here we will provide a basic overview, highlighting the important details that you need to know about the different accountancy services available for business based in and across the UK:

Bookkeeping Services -  Many accountancy firms provide this service. Essentially what bookkeeping services provide is a way to keep a record of all the transactions, in, out and within a company so that a clear picture of the current financial state of the company can be determined at any point in time.

Management accounts – Essentially this accountancy service allows business decisions to be made, both relating to day to day issues and longer more strategic issues. Management accounting analyses the key performance indicators of the business, anything from new business generation to the depreciation of equipment.

Statutory accounts – All limited companies are required by company law to file statutory accounts with the Registrar of Companies within certain deadlines. This is a key accountancy service offered by accountancy firms.

Statutory audits – Are required if your company satisfies two of the following three criteria – £6.5 million plus annual turnover, £3.26 million gross assets or has over 50 employees.

Company valuations – This includes the valuation of companies for the purpose of buying, selling or if investment is sought. This can also be used if you are considering launching an employee share scheme.

Limited company set up – Creation of a new company.

Company secretarial services – This topic deals with the management and implementation of all statutory and legal functions required in relation to your business as a limited company with the Registrar of Companies.

Personal tax services – This includes dealing with issues relating to Tax returns,Tax planning, Inheritance Tax , Capital Gains Tax , Tax reliefs and Tax credits among many more.

Corporation Tax – This includes dealing with issues relating to Tax planning, Profit distribution, Profit extraction, Tax efficiency, and benefits in kind, to name but a few.

Payroll Services- Essentially payroll services can be split into three stages, firstly management of the payroll, secondly generation of staff  pay slips and then thirdly dispatch of wage slips to staff. Many accountancy services use specialised payroll software to manage this whole process for companies. Payroll services also include management of maternity pay, sick pay, (where appropriate) Construction Industry Scheme (CIS) and then all the month and year end return filing with HMRC.

This overview of accountancy services provides an important insight for all business owners to allow them to start to discuss with accounting professionals the most efficient and effective way they can manage their company finances and legal responsibilities.

Should you wish to know more or wish to discuss how we can help you implement any of these accountancy services within your organisation then please feel free to contact us.

Accountancy Services Direct's Business Owners Inside Guide To Payroll Services