Accounting and Book Keeping
Our professionalism in accounts and financial compliance services allows for problem-solving initiatives and takes away anxiety that usually accompanies business and financial transactions. By outsourcing to us, it allows you to focus on other key aspects of your business. We will manage your receipts, invoices and transaction books with utmost skill and honesty, as these are the primary sources of profit and loss accounts and balance sheet which are part of the final accounts with tax related matters in view.
Appointing a separate bookkeeper or doing it yourself costs extra money as well the risk of missing tax relief advantages. We are at your service for a free face-to-face discussion to analyse your accounting books in view of resolving tax related issues. If you like to discuss your specific business needs either you can get in touch with us via email or over the phone.
Final account which we prepare is a set of a business accounts to show business financial position during a transactional period. This eases the stress relating to calculating entrepreneur’s profit and tax payment status. We make final accounts of business clients at the end of a business year or on demand by accessing the Trading, Profit and Loss Account.
Trading, Profit and Loss Account can be made monthly, quarterly, half-yearly or yearly, but a Balance Sheet statement that shows the financial position of an organisation is often made yearly after analysing Trading, Profit and Loss Account.
The Balance Sheet shows what type of assets your business owns and how much debt is in its liabilities. Balance amount matching assets to liabilities is an organisation’s financial position. It gives a clear idea of the financial condition of your business during a financial year by relating it to day-to-day expenses.
Depending on the operational background, final accounts maybe different for each business, but we will prepare Balance Sheets that will match your business need.
Sole Traders – Final Account
Sole Traders are the people who have their own limited resources in business, just like retailers, cleaners, builders, gardeners and farm owners; their profit turnover is usually small. Sole trading is a form of self-employment. An advantage of Sole Trade business is that you can enjoy the freedom of your own choice and that of profit making because the business is yours.
However, a disadvantage is that you should shoulder the entire responsibility of liabilities. For sole traders, final accounts can be prepared more than once a year or on demand, to show their changing financial position. For Trading, Profit and Loss account; income minus expenses equals gross and net profit (or loss) consequently, and for balance sheet, assets minus liabilities is capital.
We will help you register with HMRC that is a prerequisite to start-up UK sole trader business.
Partnerships – Final Account
A partnership business is an unincorporated business formed by at least two individuals. There should be a partnership contract and investment proportion indicating risks and profits sharing in business, means each partner are liable for every debt and business action. Shrikish can efficiently prepare final account for this type of business.
Limited Companies – Final Account
Sharing a business entity by two or many more people as shareholders, distributes its profit as a share profit or a dividend called Limited Company. A Limited Company is considered as a legal person separate and distinct from the people who own it by business law. Therefore, a Limited Company (LC) is a type of business organisation that manages the amount of liability and debt separate from the company’s shareholders. It is because of the shareholders’ limited investment spread to many shareholders. Therefore, shareholders’ responsibilities for the company’s financial liabilities are limited to only the value of the shares they own.
In case of a financial downfall in the business the personal assets of the shareholders will not be claimed by the creditors. Ownership in the limited company can be easily transferred. The board is not personally responsible to company’s debts; unless there is a condition it guarantees the secured loan. Thus, the owners (shareholders) are legally responsible for its debts only to the extent of the amount of capital they invested.
Based on structure there are different types of limited companies: Public Limited Company (PLC), Private Limited Company (Ltd),Company Limited by Guarantee, Limited Liability Company (LLP) and Unlimited Company (UNLTD), Community Interest Company (CIC) present.
Limited companies’ accounting process is complicated and quite different from other form of business enterprise. We can prepare final account for this type of business on client’s demand.
Charity Organisations – Final Account
Charity organisations are not-for-profit-making; their final accounts are prepared in different formats. Unlike profit-motivated companies, their yearly evaluation of a consolidated summary of a Cash Book takes place. All cash receipts are recorded on the debit side and all cash payments recorded on the credit side, if recorded, are analysed. Receipt and payment account is a basic tool for the charities Final Account. It is usually prepared at the end of the accounting period. Although donations received for charities usually are small, but they may be treated as income. Donations for specific purpose may be shown in liability of a Balance Sheet.