Helping you monitor financial performance.
Every business should produce accounts on a regular basis, to monitor their financial performance. Without them, it would be impossible to measure just how well a business is performing. The regularity, with which a business needs to produce its accounts, depends on its scale and size, and the requirements not only of the owners, but also of third-parties, such as tax authorities and the business’s bankers. Without accurate accounting information, businesses can rapidly fall into difficulties, or fail to meet the financial goals, which can add significantly to the likelihood of unforeseen financial problems.
As a minimum, a business is required to produce annual financial statements, for regulatory purposes. There is invariably a requirement to produce them in a statutory format, in order to comply with legislation, such as the Companies Acts; more recently, taxation authorities now require them to be submitted in an electronic format. Keens Shay Keens MK have invested heavily in specific software, which simplifies the process of preparation and submission of these statements to the relevant parties electronically.
Additionally, annual financial statements are required for a variety of purposes, including;
- the calculation of profit and its apportionment amongst its stakeholders (partners or shareholders),
- the valuation of the business and
- the provision of credible financial information, when raising finance obtaining a credit rating, or on the eventual sale of the business.
Regular management accounts are normally produced for internal use within the organisation, in order to provide business owners and managers with information which will assist with the effective management and running of the company. We can assist in helping you set up your accounting software to produce management information on a monthly basis by automating the process. Keens can also assist by reviewing this information with you and interpreting the results, to allow for informed decision-making and peace of mind.
Please contact us for a free initial discussion to see how we can help you!