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Annual accounts are needed for two principal purposes - to assess the financial performance of your business, and to see how much tax you and your partners have to pay. There are a lot of other peripheral reasons too - to provide income confirmation for mortgage and student grant purposes, to quantify a partner's capital entitlement on leaving the partnership, and so on.
To satisfy all of these different uses, the accounts must first of all be accurate, and we go to great lengths to ensure that they are. To serve as a tool for management, they must be clearly presented and easily understood. We have developed a format for these over the years which we believe achieves this.
The process starts before we even receive the business records, by discussing the accounting system (manual or computerised) with you or the person who maintains your book-keeping records. This will identify any obvious shortcomings in the records, and allow these to be put right and improve the information flow from them. When the records come in, they are immediately checked for completeness, and any missing bits notified straight away to avoid hold ups when the accounts preparation is commenced. If the practice uses a computerised accounting package, we can usually accept the 'books' in digital format, or even by e-mail, saving a lot of printing out. We support most computer systems in use by GPs, pharmacists, care homes and nurseries.
The analysis of income and expenditure, and the preparation of draft accounts is carried out by one of our team of dedicated specialists. They are constantly on the look out for missed claims or reimbursements of key expenses where relevant as they meticulously analyse income and expenditure. Draft accounts are sent out as soon as they have been completed - usually within four to six working weeks of us receiving the records.
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