This is simply us summarising all the transactions of your business for the whole accounting year and putting them into a recognised format, providing eventually a Profit & Loss Account and a Balance Sheet.

These accounts are then mainly used as a basis for completing your annual tax return. The better the job you do of maintaining your own accounting records, the more cost effective our Lancashire accounting service can be. We can show you how to keep appropriate records either manually or on your computer, or even set a system up for you, via our sister company, Business Support. They can also help you out with your bookkeeping, payroll and VAT – if you’d like to find out more, just click here to visit their website.

Once we’ve got your accounts to this stage, we’ll ensure you have a meeting with a Director to discuss them. This helps you to understand the accounts, agree any assumptions or estimates we have used in preparing them and gives us an opportunity to provide feedback on your performance. Meeting with a Director seems like common sense, but perhaps surprisingly, too many accountants still do not do this – they just post your accounts out to you and that’s the end of it. We’ve always found the meeting to be a great forum for putting ideas forward. For example, we can benchmark you against your industry or highlight areas for concern, make suggestions on how to improve profitability, provide feedback on your accounting records as a basis for defending yourself against an Inland Revenue attack, or simply identify potential tax savings, which is always welcome news!