02. Accountancy Services
Accountancy Services from abacus
You want the best accounting advice possible, preferably from someone local who has real world business experience and the support that can only be provided by a national network of accounting specialists. abacus accountants are on your doorstep, ready to provide you a range of services broader than those available from traditional year-end and tax return accountants.
At abacus accountants we listen to you, our client to ensure you receive financial advice appropriate to your circumstances, guaranteeing you a value-for-money tailored accounting solution to meet your unique financial needs.
To help you find the accounting advice you need we've listed some of the more popular financial services our clients typically ask for. Simply select the service you require to read a more detailed description. Your first consultation is completely free of charge and without obligation.
Compliance Services from abacus
As a business owner you know how worrying it can be making sure you don't fall foul of government red tape. abacus accountants provide a range of services to help you meet your financial compliance obligations.
Your local abacus accountants are highly experienced in their own right and being part of the nationwide abacus accountancy network you can relax knowing that whatever your issue, a financial specialist is only a phone call away.
Your local abacus accountant will help you maintain financial compliance to relieve you of the regulatory burden. This leaves you free to concentrate on the day to day business of making sales and banking your profits, (and of course abacus are on hand to help you keep hold of your money through effective tax planning).
You need all your compliance documentation to be in the right format and in the right place at the right time. That's exactly what abacus accountants deliver.
Audited and Un-audited Statutory Accounts
abacus accountants can prepare independent examination and un-independent examination accounts and perform independent examination for all types of business and in any sector. All statutory accounts are prepared in accordance with the latest legislation and we ensure that your accounts are completed in a timely manner to ensure that you do not incur any late filing penalties.
Our independent examination aim to provide you with confidence in the accuracy of your financial statements, and assurance as to the efficiency and effectiveness of your accounting procedures and internal controls.
Your independent examination or un-independent examination accounts are prepared:
in the correct format for the company
in a timely manner
using your own documents whether or not these are manual or computerised records
in liaison with yourself at all times to ensure you fully understand your accounts
They are completed accurately to show a true and fair financial position of your company.
As well as limited companies other organisations are required to prepare annual accounts.
Working mens clubs
Other specialised organisations
We at abacus pride ourselves in our ability to produce annual accounts for all types of businesses that comply with all the appropriate legal requirements.
abacus believes in close communication with its clients and their specialist advisers ensuring they are aware of the potential financial benefits and opportunities available to them. abacus, where business performance can be improved, will suggest how and help implement these benefits.
Starting a new company can be an exciting time, but it can also be a minefield of complex legislation. Let abacus take this worry away by ensuring that you comply with all current legislation and avoid any unnecessary fines and penalties.
Our service includes:
Advice on the availability of your chosen name for your new company
Advice on the structure and officers for the company
Formation of the company
Preparation and convening of the first board meeting
Electronic preparation and filing of statutory records
Issue of share certificates
Company Secretarial Services
Under the Companies Act 2006 there have been numerous changes to company legislation and there is still much more to come. One such change is that from 6th April 2008 private companies are no longer required to have a company secretary, however, many of the tasks performed by a company secretary still remain.
With all these changes taking place it is very easy for a small or medium-sized company to miss changes in deadlines and incur hefty fines which double if late two years running. Why not take that worry away by appointing the abacus compliance team to manage your statutory affairs for you?
Our service is available to both new and existing companies and includes:
Maintaining your statutory records
Filing any changes electronically
Preparing and filing the annual return electronically
Filing annual accounts
Reminding you of deadlines
Preparing minutes of meetings where required
All companies must have a registered office and whilst many businesses use their trading address numerous others prefer to have confidential legal documentation sent to an alternative address to the general administrative office.
abacus are able to provide a registered office address for new or existing companies for a small annual fee.
All correspondence received at the registered office is treated confidentially and forwarded to the company where necessary.
Running a payroll can be time consuming and complicated and it diverts vital resources from the core activities of your business.
This can be addressed by outsourcing this activity to abacus who can offer a cost-effective solution. We are able to provide a complete service, whatever the size or complexity of your business.
We offer a tailor-made solution where you supply us with your employee details and we do the rest. Our service ensures that all up-to-date legislation is complied with and all deadlines are met.
The key features to our payroll service includes:
Weekly, 2 weekly, 4 weekly or monthly payroll
Unlimited payments and deductions
Secure payslips for employees
Standard or custom-made employer reports
Processing of all starters and leavers
Tax code adjustments
P45, P14/P60, P35 provided
Electronic filing of annual returns
Payments covered include sick pay, maternity pay etc
Deductions include tax, NI, CSA, Court payments, tax credits, student loans
BACS payment facilities where required
Daily system back-up
Financial Planning and Management Services from abacus
You have the detailed knowledge of your business and your industry. Combine this with the financial experts at your local abacus accountancy practice and you have a very powerful business partnership. Everyone in the abacus team has spent time in the real world controlling the finances of a real business; abacus are not your normal run of the mill practice accountants.
When you work together with your local team of abacus accountants you will enjoy the competitive advantage in your market and be content in the knowledge that you have a better chance of success and enjoy higher sales and profits at the expense of your competition.
What is the benefit to a business preparing monthly or quarterly management accounts?
Regular management information is vital to the continued success of any business. We work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable, accurate and timely information on which to base your business decisions.
We at abacus appreciate that clients don't always have the time to analyse detailed management accounts so we also provide a bespoke one page salient report comparing the key performance indicators to any budgets or forecasts.
We can also provide owners or directors with a written report and are more than happy to attend board or management meetings to answer any questions regarding the accounts.
We at abacus understand that bookkeeping can be a very time-consuming activity for managers and owners. Furthermore in busy periods we realise the task of bookkeeping is often allowed to fall behind which makes it even more burdensome when trying to catch up.
Why not pass this duty to our dedicated team here at abacus. We can assist with all aspects of bookkeeping ensuring you don't fall foul of any legislation and don't incur any unwarranted fines. The biggest advantage to you will be the time saved, allowing you to concentrate on the development of the business with the peace of mind that your accounts are under control.
Our team is happy to work either from your premises or from our offices. We can work with manual systems, basic spreadsheets, or more complex systems such as Sage or Quickbooks. We also have our own online system which gives managers and owners real-time access to all their information from the bespoke reports we design for you.
Business Planning, Budgets and Forecasts
There are two well known sayings that summarise the need to plan:
"If it's not written down, it doesn't exist"
"Failing to plan is planning to fail"
A business plan helps you and your team understand where the business is now, where it intends to be and how, by developing strategies, it is going to achieve these goals.
Unfortunately, many accountants when producing a business plan do so simply because it is a necessary part of raising finance, so the focus is all about the numbers.
Anyone can produce a spreadsheet with numbers on but how is your business going to achieve these targets? What is the marketing strategy, who are your competitors and what is your overall goal?
Because of the industry experience gained by all abacus accountants we fully understand the need for a complete business plan and not just the financials. We will work with you to produce a plan to progress your business towards your ultimate goals.
Often grants are available to part-fund business plans and your abacus accountant would look to help you secure funding where ever possible.
Cash Flow Analysis
In all businesses "Cash is King"
More businesses go into receivership with good order books but with a cash shortfall than companies who have no orders.
abacus accountants use their business experience to advise clients about potential cash-saving opportunities without reducing the quality of the service they provide.
We can advise on cash efficiencies such as:-
back-to-back payment terms with suppliers
the use of escrow accounts
sale and lease back of property and other fixed assets
Liaising with Banks and Institutions
abacus offer support when liaising with banks and other financial institutions.
Drawing on our wealth of experience we can support our clients through this often daunting experience. We have a number of contacts within most high street banks as well as numerous other financial institutions.
Accountancy Consulting Services from abacus
Your professional and personal goals are central to our consulting services; abacus takes the time to get to know you better so we can offer you the best advice.
Business Start-up Advice
Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of setting up and running a business and such matters often appear daunting.
abacus accountants have the expertise to ensure that as a business start-up you make the right structural and financial decisions to create a solid foundation from which to build your business.
If you are about to start up a business abacus accountants will help you to:
Decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company
Prepare a business plan, cash-flow projections, budgets, and trading forecasts
Assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
Establish a good working relationship with your bank
Complete any registration procedures with Companies House and HM Revenue & Customs
Deal with company secretarial issues
Set up a recording system for your internal use and for complying with statutory requirements
Decide on what computer hardware to buy and help with the installation of accountancy software
Keep on top of bookkeeping, VAT, payroll and other accounting requirements
Help with all aspects of business compliance and administration
Financial Management Consultancy
abacus accountants have considerable experience in business finance and you will benefit from the expertise of the entire abacus network for industry specific management consultancy. Whatever your industry, within abacus accountants there is a professional with the relevant commercial experience to help. Effective management information will allow you to seize opportunities when they arise or identify problems quickly so you can take effective corrective action.
Financial Management Consultancy offers your business a complete review process, including:-
Reviewing your credit control
abacus accountants can also help you address specific problem areas in your business such as gross profit, cost control and stock valuation.
Accountancy Software and IT Services
Information Technology (IT) is one of the key resources available to every business to achieve its short and long-term objectives.
If you are spending too much time writing up books, typing invoices and chasing debts the team at abacus accountants will help you take control by automating your accounting systems.
Your business can benefit from the knowledge abacus accountants has gained from its own systems and those designed for our clients. The in-house IT team at abacus accountants are able to advise on IT related matters with first-hand experience. We can install software, provide training and help you to obtain the best from your chosen system.
abacus accountants have the expertise to enable a complete range of Accountancy Software and IT Services including:
Installation and Training
Management reporting solutions
abacus accountants have a wealth of experience using numerous accountancy software packages including Kashflow, Quickbooks, Sage Line 50 and Sage Instant to name but a few. You can rely on abacus to advise you which accountancy package best suits your business requirements.
Our team can help you to make the best use of IT resources to produce financial information that is accurate and appropriate for running your business effectively. With the correct accounting software you may save hours of hard work leaving you more time to deal with the more important areas of your business.
In short, whether you are investing in new technology, reviewing existing systems or have simply outgrown your current resource, abacus accountants are here to help.
Business Growth and Strategic Planning
There are two well known sayings that summarise the need to plan:
"If it's not written down, it doesn't exist"
"Failing to plan is planning to fail"
What makes a good Strategic Business Growth Plan?
A sound business plan will help you and your team to understand where your business is now, where it intends to be and how, by developing strategies, it is going to achieve these goals.
Anyone can produce a spreadsheet with numbers on it, but how is your business going to achieve these targets? What is the marketing strategy? Who are your competition and what is your overall goal?
Because of the industry experience gained by all abacus accountants we fully understand the need for a comprehensive business plan and not just the financials. At abacus accountants we will work with you to produce an achievable plan to progress your business towards your ultimate goals.
Often grants are available to part fund business plans and your abacus accountant will look to help you secure funding wherever possible.
Government Grants and Funding Applications
Securing grants can be a huge benefit to the development of any business but finding out what grants are available in your industry and/or geographic area can be difficult. Many of the application forms are extremely complex and this often puts people off applying which is a great shame as a grant could make an enormous difference to what you are able to achieve.
Sourcing grants and completing the application forms is a valuable service that all abacus accountants can offer their clients. As abacus accountants is a local company we make it our business to know about all of the grants available from our customer’s local government bodies, as well as what is available on a national level. abacus accountants also understand what information is required in order to secure the best grant for your business needs.
Whether you are new start-up or a growing business click here to contact your local abacus accountant for support in applying for a grant.
Virtual Finance Director – Executive and Non-Executive roles
As your business develops there will come a time when you require an experienced financial assistant on a regular basis. However, like many businesses you may not be able to afford to employ a Finance Director or Financial Controller.
At abacus accountants we have many years experience in these roles in a diverse number of businesses and you can benefit from this expertise in a cost effective, business efficient manner.
Your Virtual Finance Director would not only be involved in assisting the business owner in the management of the business growth, change and turnaround but would also be responsible for your routine accounting and reporting requirements.
Some of the essential business tasks undertaken by an abacus accountants Virtual Finance Director are:-
Preparation of monthly management accounts and reporting to board/shareholders
Preparation of year end accounts
Reviewing and Auditing your accounting systems and processes
Strategic Business Planning
Financial forecasting, budgeting and cash flow forecasts
Liaising with shareholders, banks, auditors and government bodies
Ensuring your business adhers to corporate governance requirements
Maintaining cost control
Attending board meetings
From as little as a day per quarter to 2-3 days per week, your business will benefit from the expertise of a Virtual Finance Director from abacus accountants.
Taxation Services from abacus
As tax advisers, our objective at abacus is to work closely with you, our client to ensure that you pay the minimum tax required by law. We will help you understand the tax implications of your actions, in order for you to plan ahead and conduct your affairs in the most tax efficient way.
Corporation Tax Services
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.
Personal Tax including Sole Traders and Partnerships
We are specialists in income tax, capital gains tax and inheritance tax.
abacus have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. abacus can provide you with practical advice on personal tax positions and the planning opportunities available to you. abacus can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
Personal Tax Planning
Today, more and more emphasis is focused on taxpayers' individual responsibilities and everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. The specialist abacus tax team can provide you with year-round advice on all aspects of personal taxation.
Few of us like to thinkabout dying; however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime.
abacus provide a discreet comprehensive estate planning service that includes:-
Help with planning and reviewing a will
Making full use of exemptions and lower tax rates on lifetime transfers
Optimising lifetime transfers between family members
Transferring agricultural or business property
Transferring assets into trust and
Arranging adequate life assurance to cover potential inheritance tax liabilities
abacus also has expertise in dealing with trusts; a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net.
abacus can advise on the most suitable type of trust to fulfill your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.
VAT Returns and Advice
Ever changing regulations and the growing demands of HM Revenue & Customs mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made.
To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:-
Assistance with VAT registration
Advice on VAT planning and administration
Use of the most appropriate scheme
VAT control and reconciliation
Help with completing VAT returns
Planning to minimise future problems with HM Revenue & Customs and
Negotiating with HM Revenue & Customs in disputes and representing you at VAT tribunals if necessary
Payroll, National Insurance Tax & PAYE Advice
The abacus in-house payroll department can deal with all your day-to-day PAYE and NI issues and calculate your monthly payment to the Inland Revenue.
However we can also advise on company cars and the effect this has on employees' tax codes and the effect providing a car has on the employer's NI contributions. The same applies for all benefits in kind, private medical, preferential loans, travel allowances and so on.
We will complete your year-end P11Ds where appropriate for employees and ensure all Inland Revenue deadlines are met.
As part of our tax planning procedure we will also review the optimum position for shareholder employees in regards to salary and dividends and by doing so ensure you retain the maximum amount of your income and pay the minimum level of PAYE and NI.
At abacus we believe it is vital to talk and listen to our clients before giving any tax planning advice. It is our objective to optimise the tax position of you, your directors, employees and the company; this can only be achieved if we have a clear understanding of your future plans for you and your business.
We will discuss with you how profits can be extracted from your company in the most tax efficient manner, utilising remuneration, dividends and capital repayment strategies.
If you are planning to sell the business or are close to retirement, we will design exit strategies to ensure maximum tax efficiencies are achieved. If the company is to be passed on to future generations, abacus can create a business structure so that the company is handed down in the best possible way.
Inland Revenue Investigation Support
Being the subject of a tax investigation by the Inland Revenue can be a stressful and worrying experience. With the onset of personal and corporate self-assessment, Revenue staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. We have a wealth of experience in dealing with Inland Revenue investigations, whether they are enquiries into an individual's Tax Return under the Self Assessment regime, more detailed enquiries, or employer-related investigations into PAYE and P11D compliance. If you are about to be the subject of an investigation, we can provide expert help and support.
With the increased risk of such investigations abacus have teamed up with Taxwise Services Limited, enabling us to offer an extremely competitive insurance policy which protects you and your business from unexpected costs.
Any Inland Revenue investigation will undoubtedly result in additional accountancy work being undertaken, the cost of which is covered by the insurance. The policy will also provide you with specialist taxation and legal advice and support.
Many Years of Accumulated Practice
Request a Price Quote
For a free, no obligation consultation please call abacus accountants Islington on 0844 050 2293 or 0203 740 6877. We will be delighted to introduce you to our efficient and friendly service and explain how we can bring real benefits to your business.