Phillips & Co Accountants produce two main types of financial accounts for our clients: statutory accounts and management accounts.
Statutory accounts are required by law and provide a high-level overview of your business’s finances. They include information such as your assets, liabilities, income, and expenses. Statutory accounts are used by shareholders, creditors, and other interested parties to assess the financial health of your business.
Management accounts are not required by law, but they can be helpful for internal decision-making. They provide more detailed information about your business’s finances, such as cash flow and profitability. Management accounts can be used to track your business’s performance, identify areas where improvement is needed, and make informed decisions about the future of your business.
If you are interested in learning more about the different types of financial accounts that we produce, please contact us today. We would be happy to discuss your specific needs and help you choose the right type of accounts for your business.
Accountants Chester | Statutory Accounts
Phillips & Co can help you produce accurate and compliant statutory accounts that meet the needs of both your business and stakeholders.
Statutory accounts are financial statements that show how a limited company has made its money, spent that money over the year, and how much the company is worth. Our accounting service will help you meet your statutory obligations by producing annual accounts based on the information/records you provide. There are a number of factors to consider when producing the annual accounts for a limited company. One such is Full Expensing, which replaced the super-deduction in April 2023.
We have a team of experienced accountants who are experts in producing statutory accounts. We will work with you to understand your business and your needs, and we will produce accounts that are accurate, compliant, and easy to understand.
We understand that producing statutory accounts can be a time-consuming and complex process. That’s why we offer a comprehensive accounting service that can take care of everything for you. We will collect the information and records you need, produce the accounts, and file them with Companies House.
If you are a limited company, you are legally required to produce statutory accounts. If you fail to do so, you could face fines or even imprisonment.
Accountants Chester | Company Accounts
- Preparing limited company accounts: We can help you prepare your limited company accounts, including calculating corporation tax owed.
- Liaising with company directors: We can liaise with your company directors and provide them with the support they need.
- Company secretarial duties: We offer a comprehensive company secretarial service, including: company formation and confirmation statement filing.
- Accountants Chester provide ongoing support: We provide you with ongoing support and advice.
Accountants Chester | Sole Trader Accounts
- Advising on deductible costs: We can advise you on which costs are deductible from your income tax liability.
- Preparing Income and Expenditure accounts: We can help you prepare your Income and Expenditure accounts, which will help you calculate your tax liability.
- Preparing Self-Assessment tax return: We can help you prepare your Self-Assessment tax return, which will ensure that you pay the correct amount of tax.
- Accountants Chester Provide ongoing support and advice: We can provide you with ongoing advice and help perserve your personal allowance.
Accountants Chester | Management Accounts
Management accounts are financial reports that provide insights into the financial health of a business. They are typically produced on a monthly or quarterly basis and can be used by management to make informed decisions about the company’s finances.
Management accounts are not as formal as statutory accounts, which are required to be filed with Companies House. However, they are still an important tool for businesses of all sizes.
If you are looking for a way to improve your business’s financial performance, management accounts may be a good option for you. They can help you track income and expenditure, identify areas where costs can be reduced, and make forecasts about future financial performance.
Accountants Chester | Benefits of Using Management Accounts:
- Improved financial decision-making: Management accounts can help you make informed decisions about your business’s finances by providing you with insights into your financial performance.
- Increased efficiency: Management accounts can help you identify areas where costs can be reduced, which can lead to increased efficiency.
- Improved forecasting: Management accounts can help you make forecasts about your business’s future financial performance, which can help you make better decisions about your business’s strategy.
- Accountants Chester: If you are interested in learning more about how management accounts can help your business, contact us today. We would be happy to discuss your specific needs and how management accounts can help you achieve your business goals.