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Our teams of qualified professional Accountants and Advisors ensure that while preparing your accounts, all relevant disclosures are made as required by the relevant accounting standards and under Company Law. Our systems Advisory Team offer a range of services from software health checks through to designing and implementing your new digital business system and training your staff, to ensure your accounts and account software is correct and up to date.
What records do I need to maintain?
Statutory accounts – also known as financial statements or year-end accounts – are drawn up by the Directors or Members of an entity to report various financial measures and related disclosures for filing with Companies House. These accounts are drawn up in accordance with Financial Reporting Standards as set out by the Financial Reporting Council (FRC) in the UK and Republic of Ireland.
In addition to these statutory accounts being filed with Companies House there is also a requirement to provide these to shareholders of a company or members on an LLP. Additionally, in the case of companies, these accounts will also be submitted to HMRC along with the corporation tax return. Our aim is always to use these accounts to underpin the strong strategic advice we provide to our entrepreneurial clients and ensure that they are achieving their long-term goals.
DO I NEED A DESKTOP ACCOUNTING SYSTEM?
Making the move to a cloud-based software will not only avoid non-compliance with MTD regulations, but also offers some real advantages.
Click here to find out some of the main advantages of using a desktop accounting system
- Scalable and flexible solutions
- Cost effective
- Remote working and access
- Direct Bank feeds for transactions to flow automatically daily
- Real time information for decision making
- Automation for reduction in duplication and human error
- Efficient workflows and processes
- Increased visibility of financial data and reporting for Directors & other users
- Cashflow reporting in real time
- Paperless accounting with invoices and receipts attached to transactions
- Full audit trail and history
- Available add-ons for many areas of your business and bespoke reporting
Our innovative team spend time getting to know you and your business and have years of experience from a wide range of industries and bring that all together to design the ideal package for you.
You will see instant results and your team will be empowered by the changes and improvements to the daily routine.
What should I include in my management accounts?
This is what you need to understand how your business is performing month by month. We provide the numbers, interpret them, add commentary, and provide insight to the business performance.
Simplicity is the key here, keeping it jargon free, relevant, and valuable for you and your business. If something’s not adding value, it gets in the way of what is.
What financial information should I have for my business?
All private limited companies (“Limited” or Ltd”), public limited companies (“Plc”) and limited liability partnerships (“LLP”) are required to submit statutory accounts to Companies House at the end of their reporting period.
The majority of UK companies prepare their year-end accounts under accounting standards known as FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland). The appropriate standard to follow will be dictated by the type of entity such as Ltd or Plc, the size of the entity or the nature of the business.
Our expert teams of Accountants and Advisors ensure that where a specific standard is applicable this is applied appropriately. Where there is an option as to which standard to apply our experts at Menzies would outline the pros and cons of each application and guide the directors/members through the decision process to the most appropriate outcome for the business.