When it comes to Accounts, most people think of Statutory Annual Accounts which are filed with Companies House. In reality, there are a number of different types of Accounts – let’s explore our Accounts Services here.
Companies all throughout the UK can choose from a full range of accounting services from Raw. We provide small business owners both comprehensive solutions and specific corporate accountancy services and tax planning, giving you the freedom to pick and choose the accounting services best suited to your needs.
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Annual accounts are one of the most important pieces of information a business receives each year. They provide a snapshot of company performance over the last 12 months. They include a profit and loss statement and a balance sheet. The profit and loss gives the owner details of sales, direct costs, operating expenses, tax and net profits. The balance sheet provides a picture of the business’s health at a particular point in time. It includes a business’s assets including who owes it money, and liabilities like who it owes money to and what it owes to its shareholders. To support all this are detailed notes which provide further detail on some of the figures.
From our experience, we know just a few numbers in a business’s accounts make all the difference. Do you know which numbers you should be focusing on? We work with our clients to make sure they understand the important numbers in their Annual Accounts.
Every Limited company is required to file Accounts at Companies House, normally within 9 months of their year-end. These Statutory Accounts are based on your Annual Accounts above, but for most Small & Medium sized businesses it just isn’t necessary nor desirable to file all that information with Companies House. So, a shortened down version of the Annual Accounts, which removes the profit and loss detail is filed instead. These accounts are also filed with HMRC, and so it’s these that determine your company’s corporation tax liability.
Despite being a crucial piece of information for businesses, there is a big problem when it comes to Annual Accounts…they’re Annual.
Worse still, company’s have up to 9 months to file them.
If you’re not careful this can leave business owners guessing over how their currently performing, and what their tax bill might look like. Problems can take 18 months to come to light and opportunities can be missed. That’s where management accounts come in. So what are they?
A timely insight in to the performance of your business now. Management accounts give you a real time, up to date, picture of how your business is doing. It helps to spot problems early like cashflow tightening up or costs on a project beginning to creep. At Raw we believe cloud accounting solutions have made management accounts an essential ingredient and that’s why all our packages include them as standard.
