General Information On Accounts
Organisations such as Private Limited Companies (PLC’s), Limited Liability Companies, Cooperatives, General partnerships and Limited Liability partnerships all need to keep records of their financial dealings. The records of these transactions need to be kept at its principal office or the address where they trade so that they can be seen when required. The accounts need to show the up to date financial position of the company.
Accounts are mainly made up of the profit and loss account and the statement of financial position, also known as the balance sheet. The yearly accounts of a registered company are a legal requirement and therefore have to be done and are required to be presented and submitted to Companies House – it is not optional. To ensure they are accurate (truthful) they must be signed off (certified) by an external auditor (qualified accountant), this is where most companies hire a Chartered Accountant because they have the authority to certify the accounts as a ‘true and fair reflection’ of the company’s current financial position.
Sole traders and anyone who is required to complete a self-assessment tax return also needs some form of accounts so they can establish the personal tax liability to be paid. Private individuals are able to sign off their own accounts.
Problems of Non-Compliance
It is beneficial to keep up to date with accounts and make sure that all your VAT, PAYE and National Insurance payments are up to date. Failure to report the figures on time or to do so inaccurately can result in punitive penalties by HM Revenue & Customs.
As a top firm of Chartered Accountants, Dyer & Co are registered with the Institute of Chartered Accountants in England & Wales, and all the individual Chartered Accountants within Dyer and Co will have the letters ACA (FCA) or ACCA (FCCA) adjoined to their names.
So why hire a firm of Chartered Accountants?
There are several different types of accounting qualifications that are perfectly legitimate and each will have a minimum basic knowledge of accounting. Chartered Accountants however must be a member of the Institute of Chartered Accountants in England and Wales (ICAEW). They also have to undergo extensive training to gain all the necessary knowledge and expertise to be accepted into the Institute. This means that the standard is set very high for Chartered Accountants and this should put your mind at rest when it comes to trusting someone to deal with your company affairs.
After a Chartered Accountant becomes qualified they have to maintain their expertise by taking part in continuous personal development and training. This also involves them being assessed regularly to make sure their standards never drop and their knowledge is up to date.
If you are looking for a highly respected firm of Chartered Accountant to look after your accounts then please contact us today. We would be happy to discuss all your requirements in detail and tailor an accountancy service to your precise needs. We have worked with clients across a range of sectors, including rental property accounts.
If you need an accountant to help put your accounts straight then contact us.