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Business Owners Inside Guide To Accountancy Services

admin — Fri, 16 Oct 2009 11:08:59 +0000

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.

Technorati Tags: Accountancy Firms, Accountancy Services, Accounting Firms, Accounting Services, Bookkeeping Services, Payroll Services, Tax Accountant, Tax Services

Accountancy Services News 21st July 2010

admin — Wed, 21 Jul 2010 09:44:53 +0000

Here is a quick recap of the accountancy services news from the web.

Can my wife inherit my pension if I die?
UK public sector borrowing worse than expected
Consider avoiding taking tax free cash, says Intelligent Pensions

Please click on the links above if you want to find out more.

If you need help with your business, we offer the following services:

Accountancy Services
Bookkeeping Services
Payroll Services

We also offer bespoke services.

Technorati Tags: accounatncy news, Accountancy Services

Accountancy Services News 19th July 2010

admin — Mon, 19 Jul 2010 08:18:50 +0000

Although there are a few accountancy services stories on the web today, the article I want to highlight is about an accountant from Hatfield.

Brian Wilson, an Accountant from Hatfield, is trekking the iNca Trail for the HAve a Heart Charity.

The big challenge for Brian is not only the the trek across the Peruvian Andes, but also the preparation for the event.

The whole Accountancy Services Direct team would like to wish Brian Wilson every success in his preparation and for the actual trek.

Technorati Tags: Accountancy Services, inca trek

Accountancy Services News 16th July 2010

admin — Fri, 16 Jul 2010 09:05:23 +0000

With the increased popularity of entrepreneurs such as Richard Branson and the Dragons from Dragons Dens ( Duncan Bannatyne, James Caan, Deborah Meaden, Peter Jones and Theo Paphitis), there has never been such a buzz around setting up your own company and making it as an entrepreneur.

HOWEVER, it is not all glitz, glamour and pitching for investment – here is an excellant article that talks about “how to improve your financial IQ”, this article highlights two big mistakes that are made:

“1. Fully neglecting to track income and expenses by letting receipts pile up (or get lost) and failing to enter data into a bookkeeping system.
2. Doing a decent job of keeping income and expense records up to date, but failing to use the numbers to answer questions about the business’s financial situation.”

Read the full article here.

There are some golden nuggets in this article, however if you have any question please feel free to contact us at Accountancy Services Direct.

Technorati Tags: accounatncy news, Accountancy Services, entrepreneurs

Accountancy Services News 15th July 2010

admin — Thu, 15 Jul 2010 09:44:36 +0000

There are two accountancy services stories that have caught my eye this morning.

The first is the news that the Business secretary Vince Cable has proposed a graduate tax.

Essentially what the tax relates to is graduate having the option to to pay off the costs of their studies through tax once they start working.

The full story and video can be viewed here on the BBC website.

Interesting the Independent Newspaper have replied through their blog, stating that Mr Cables proposal is a bad idea.

As a sports fan the second story that I want to bring to your attention is the one from sportinglife.com that discusses if the UK tax laws could result i major sports stars withdrawing from UK based sporting events such as the upcoming Ryder Cup.

I understand that playing sport is how sports people earn money, however I would like to see some analysis to show if the actual tax laws effect all sports people or just the superstar individuals.

Technorati Tags: accountancy news, Accountancy Services, graduate tax, sporting tax

Accountancy Services News – 14th July 2010

admin — Wed, 14 Jul 2010 12:16:42 +0000

Here is our round up of the latest accountancy services news on the web:

Inflation: a crippling tax on savings

Britain’s debt: The untold story

UK Payroll & H R Software Market Study – new market report and analysis released

And finally, not even the fastest man in the world can out run the UK Tax Laws…

Technorati Tags: accountancy news, Accountancy Services

Accountancy Services Web News 13th July 2010

admin — Tue, 13 Jul 2010 14:55:02 +0000

While reviewing the accountancy services news today online I came across two interesting articles.

The first related to payroll services and the fact that Institute of Payroll Professionals (IPP) reports that one in ten people do not understand all the entries on their pay slip.

Mr Lindsay Melvin, Chief Executive of the IPP, said: “Understanding all the details and figures in one’s payslip is the only way to be completely sure that you are getting paid correctly. In reality, error rates are very low but knowing your payslip inside and out is the best way to be able to spot mistakes or miscalculations.”

Click here to read the full article.

The second piece of accounting news that caught my eye was the Guardian article that reported that accounting rules may force companies to disclose their impact on the environment.

This is an interesting idea, and as long as there are clear metrics involved and suitable financial reporting mechanisms than this is possible, however this may impact on accounting fees as, essentially accountancy services will need to do more work – a particular problem if they are charging y the hour.

To read the full article please click here.

If you would like to discuss any of the above, or any other accounting, bookkeeping, tax or payroll query, please contact Accountancy Services Direct on the details shown.

Technorati Tags: accountancy news, Accountancy Services

Basic Rules of Accounting

admin — Mon, 12 Jul 2010 18:07:02 +0000

Accounting has been outlined as, by Professor of Accounting on the University of Michigan William A Paton as having one basic operate: “facilitating the administration of financial activity. This has closely related phases: 1) measuring and arraying economic information; and a couple of) communicating the results of this course of to interested parties.”
For instance, a company’s accountancy services periodically measure the revenue and loss for a month, a quarter or a fiscal 12 months and publish these ends in a statement of profit and loss that is called an earnings statement. These statements embody parts corresponding to accounts receivable (what’s owed to the corporate) and accounts payable (what the company owes). It could additionally get fairly complicated with subjects like retained earnings and accelerated depreciation.
Much of accounting though is also involved with fundamental bookkeeping. That is the method that information every transaction; each invoice paid, each dime owed, every dollar and cent spent and accumulated. However the homeowners of the company, which will be individual homeowners or tens of millions of shareholders are most involved with the summaries of these transactions, contained within the financial statement. The financial statement summarizes a company’s assets. A worth of an asset is what it valued when it was first acquired. The financial assertion additionally data what the sources of the belongings were. Some belongings are in the type of loans that have to be paid back. Profits are additionally an asset of the business.
So what goes on with the accountancy services that companies provide. What do these folks do each day? Well, one thing they try that is terribly vital to everyone working is the Payroll. All of the salaries and taxes earned and paid by each employee each pay period should be recorded. The payroll division has to make sure that the suitable federal, state and local taxes are being deducted. The pay stub hooked up to your paycheck data these taxes. They usually include income tax, social security taxes pous employment taxes that should be paid to federal and state government. Other deductions embody personal ones, resembling for retirement, vacation, sick pay or medical benefits. It is a important function. Some corporations have their own payroll departments; others outsource it to specialists.
Other accountancy services include receiving information on any funds or cash obtained from prospects or shoppers of the enterprise or service. The accounting division has to be sure that the money is sourced accurately and deposited within the acceptable accounts. In addition they handle where the money goes; how much of it is saved on-hand for areas akin to payroll, or how a lot of it goes out to pay what the corporate owes its banks, distributors and other obligations. Some must also be invested. The other facet of the receivables business is the payables area, or money disbursements. A company writes plenty of checks through the course of 12 months to pay for purchases, provides, salaries, taxes, loans and services. The accounting division prepares all these checks and data to whom they have been disbursed, how a lot and for what. Accounting departments additionally hold monitor of purchase orders placed for stock, similar to products that will likely be sold to clients or clients. In addition they maintain monitor of property similar to a business’s property and equipment. This could embrace the office building, furniture, computer systems, even the smallest items akin to pencils and pens.

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What are Accountancy Services (A Quick Recap)

admin — Thu, 24 Jun 2010 19:06:57 +0000

When you talk about accountancy you need to understand that it is the communication of financial important information. This financial information is very important and beneficial for people managing businesses, managers of big businesses and shareholders and without access to such information they would not be able to make any firm decisions about their business. Accountancy services include the financial information in the form of statements that show the amount of financial resources that are available. It is extremely important that you keep in mind the person or the business you are providing these financial statements for and only and you have to make sure that they are reliable that they comply to the norms of the business.
In today’s day and age, accountancy services are called the language of businesses as it is the main way of communicating to any business financial information that is extremely important for the running of any business. You can have several different accountancy management services such as management accounting. This involves reporting matters to people who are inside the business. You need this information for the owners of the business, the managers, the employees and the auditors. Of course, the kind of information that you provide different people in different levels of the organization varies and this needs to be taken care of.
Financial accountancy services include services for creditors and bank managers, this is important for them to make any decisions regarding their finance institutes or then for their money making strategies. Government agencies will also require this information for understanding financial accounts. What is important here is the fact that the reports that are generated have to be specific to the subject matter in hand and this is where finding the right accountancy services comes into the question.

While looking for providers of these accountancy services, the best way to do so is to do some researching online as here you will find a host of people who are in the market and are providing these services for you. Secondly you need to understand exactly what you need these services to provide you with. Once you have that information with you handy it becomes very easy for you to find the correct accountancy service provider online. Organizations provide very specific plans and if you have your requirements ready with you it becomes very easy for you to find someone who suits your needs.
More importantly try and compare the different plans that you are offered and try and shortlist the most feasible out of these plans. It is important that while you are researching on these accountancy services you keep in mind the recommendations that others have provided on their websites. This is important as it becomes very important to know what people have been actually saying about these plans. You should also look on online forums and blogs for some more recommendations. People are very keen on spreading the word about a good accountancy service provider that they may find. You should look out for these.

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Accountancy Services Budget Response

admin — Wed, 23 Jun 2010 07:29:10 +0000

Yesterday, the Accountancy Services Direct Team watched like most people and business owners across the UK, George Osbourne’s budget.

I am sure there are many questions that you are now asking yourself:

What does it means to me?
What does it mean to my business?
How do I need to change my work processes to adapt to the measures of the new budget?

The accountancy services team i currently reviewing the budget in fine details, today there will be a huge media response to it, but we just want to take a step back and review in more detail how we can advice our clients ion the next course of action.

If you would like us to advise you on what Accountancy Services you may need in light of the impact of the emergency budget please contact us.

Technorati Tags: accountancy news, Accountancy Services, budget