ARB Accountants provide accounts preparation services in Southend on Sea and throughout the UK. Our team of experienced accountants ensure that your accounts are prepared in line with government regulations and are ready for tax purposes. Our friendly team will also take the time to make sure that you understand your business’ finances allowing you to understand your business better and plan effectively for the future.
Our Accounts Preparation Service:
We provide accounts preparation services to sole traders, partnerships and limited companies of all sizes. Our primary step is to work with you so we can gain a full understanding of your business. We then tailor our approach to your requirements so we can provide exactly the service you need.
Statutory year end accounts preparation to ensure that your accounts are prepared in line with the correct Financial Reporting Standards.
Monthly/quarterly management accounts to help review business performance and help you to understand how your business can run more efficiently.
Cashflow forecasts and projections. Understand your business’ financial landscape better and plan effectively for the future
Business plans and budget planning to help effectively manage your business’ finances and liabilities.
Key performance indicators and benchmarking to measure business performance and indicate where more focus is needed.
More about this service
Along with your statutory year end accounts, the most important part of the Accounts Preparation Service is the preparation of management accounts. These are vital to the continued success of your business. Regular management accounts helps you review your business performance, which in turn will help you to understand how your business can become more efficient and more profitable.
Why Choose ARB Accountants?
Our team of friendly chartered accountants are here to reduce the stress and uncertainty of accounts preparation, letting you make realistic plans for the future. We understand that your business’ finances can be a complex and stressful process, but ARB Accountants are always on hand to answer questions you might have and alleviate your financial worries.
Frequently Asked Questions
Discover more about our Account Preparation Services in Southend.
What is included in Account Preparation Services?
At ARB Accountants, we offer a range of Account Preparation services that are tailored to suit your business. These include:
- Statutory Year End Accounts Preparation
- Monthly/Quarterly Management Accounts
- Cash Flow forecasts and projections
- Business plans and budgets
- KPIs and benchmarking
What must be included in annual accounts?
It is essential that annual accounts are prepared correctly and contain specific information required by HMRC. This includes:
- A balance sheet
- An account of profits and losses
- Any notes of importance about your accounts
- A director’s report
How much does Account Preparation cost?
At ARB Accountants we tailor our services to suit the needs of each individual client. Book a free consultation with our chartered accountants to learn more about our Account Preparation service.
When are my company’s statutory year end accounts due?
Annual accounts are due 9 months after the end of your accounting period. For example, if your accounting period ends on 31st December 2020, the accounts will be due to be filed with Companies’ House by 30th September 2021.
What are management accounts and why are they important?
Management accounts are a set of summarised accounting data prepared and presented periodically (e.g., weekly, monthly, or quarterly). When it comes to the information they include, there’s no one-size-fits-all approach and to be most effective, the information should be tailored to your business.
You will need to work out what essential data the management team or individual proprietor needs to see in order to make sound financial decision, however management accounts commonly include:
- Executive summary
- Balance sheet
- Cash flow statement
- Income statement
- Actual turnover, gross margin, overheads and operating profit
- Key performance indicators
- Capital expenditure
- Corrective actions and contingency plans
Whilst not required by law, management accounts are a powerful tool to run your business more effectively and plan for the future. Here are some ways in which management accounts can help:
- Not only are management accounts produced on a more frequent basis, they also include details that would not necessarily be included in your annual accounts. For example, breakdown of cost by business area, or revenue by product or service lines. This gives you greater insight into what’s working well in your business, and areas that need to be addressed, allowing you to make decisions and take corrective actions in a timely manner.
- By monitoring your numbers and resolving any queries regularly throughout the year, you’ll be in a much better position at year end, and there should be no big surprises.
- Management accounts help you to keep an eye on money coming in and going out of your business, enabling you to spot any problems quickly. This makes it easier for you to prevent cash flow shortfalls, for example by planning expenditure or seeking external funding.
- If you’re looking to raise funding, lenders and investors will want to see up-to-date management information. By producing management accounts on a regular basis you’ll be able to meet this requirement and demonstrate that you have a firm grasp on your business, increasing your chances of securing the funding you need.
What are implications if my company accounts are not filed on time?
As a director of a company, you are responsible for filing the accounts with Companies House on time and in the correct format. If the accounts are late, Companies House will issue a penalty. The level of the penalty depends on how late the accounts were filed:
|Length of period the accounts were late by||Penalty|
|Not more than 1 month||£150|
|More than 1 month but not more than 3 months||£375|
|More than 3 months but not more than 6 months||£750|
|More than 6 months||£1,500|
Are you looking for an accountant who is only ever just a phone call away?
At ARB Accountants, we’re committed to delivering a personalised service to all of our clients. Arrange a free consultation with us today and we’ll outline exactly how we can help make your business a financial success with our range of accounting and bookkeeping services in Essex.
Our clients love us…
Our dedicated service has earned us a 5-star rating on Google reviews from 30+ clients.
Saurabh has been looking after my company accounts for nearly 2 years. He is very reactive to any queries I have and both thorough and efficient in all the necessary company filings. Highly recommended!
I have been working with ARB for the last 3 years and they are the best accounting service I have ever had so far. They are looking after my company tax return, bookkeeping and payroll as well as my personal taxes.
Pauline de Jessey
This was my first time using ARB Accountants. I found them on Yell and reached out. Received the response immediately, had a free consultation and a reasonable quote.
I have been working with ARB Accountants for nearly 4 years. Saurabh and his team have always been extremely accommodating, helpful and responsive. I highly recommend ARB Accountants for all your accounting needs.