At EKWilliams we are proud to provide a one-stop accounting solution to our clients, supporting their businesses throughout their entire life cycles. We’re passionate about what we do, and continuously work to develop our services to be at the forefront of innovation.
Our accounts preparation services are tailored to the individual needs of each client, so they can feel reassured that their business is in the best hands. But what exactly do our accounts preparation services include? Take a closer look below for an introduction to how our services could benefit your business.
Management accounts are a set of financial reports which give business owners and managers an insight to their business’ success. We advise that management accounts are undertaken at least quarterly, if not monthly, to help inform decision making and forecasting. There is no linear format for management accounts, and at EKWilliams, we will work alongside you to produce reports that are bespoke to your business needs, focusing on the areas that are most relevant to you.
Typically, management accounts will include:
Key performance indicators (KPIs)
These are a list of measurable and timely goals for the company, and can be financial (profit, revenue and inventory) or performance based (sales leads, client retention, employee turnover).
Profit and loss
Here, you can compare your monthly income compared to how much you are spending. Profit and loss provides an opportunity to compare the company’s forecasts with the actual values, suggesting whether a re-evaluation would be worthwhile.
Analysing your cash position allows you to see patterns in the cash flow of your business, so you can map out everyday budgeting and operational decisions. For example, your business’ income may be impacted by seasonal factors. Understanding which months are high income compared to others will allow for more accurate forecasting.
While your balance sheet provides a brief overview of your business’ financial position at that moment in time, we take a deep-dive into this as part of your management accounts. We’ll look at the patterns over time so that you can understand what it actually means for your operations.
Our bookkeeping services help alleviate administration pressure, so that you can focus on providing an outstanding client experience, safe in the knowledge that your accounts will be reconciled each month. The expert team at EKWilliams will process each and every business transaction, ensuring that they are allocated to the correct expense. Not only this, but if you are a VAT registered company, you can be reassured that this will also be efficiently accounted for.
Our bookkeeping services can take place in tandem with our management accounts services, saving you valuable time and money.
Tax and Year End
When it comes to preparing year end accounts, it’s important to make sure they’re done efficiently and correctly. At EKWilliams, we can not only help you to prepare your year end accounts and calculate any tax liabilities that have resulted, but we can also conduct an annual ‘health check’. This allows you to understand how your business is performing, maximise profits, and ensure that no more tax is paid than necessary – all whilst remaining compliant!
If you would like more information about how your business could benefit from our accounts preparations services, then please do not hesitate to get in touch with the team on 01942 816 512 or via email:
Paul Murphy, Audit & Accounts Manager: [email protected]
Chris Barlow, Accounts & Tax Manager: [email protected]
You can find more of the latest accountancy updates here!