All businesses need to prepare at least a profit and loss account in order to quantify their income and expenses for calculating the tax position, though it is often worthwhile or in some cases mandatory to prepare a full set of accounts for other reasons. Evolve can do this for you and advise on the extent and content of the financial statements.
We can prepare annual accounts for companies, partnerships, limited liability partnerships, sole traders and trusts and estates
We can also give you the help you need in order to minimise the accounting costs on an ongoing basis, so please contact us if you would like to discuss any of the above.
All businesses benefit from producing management accounts. However, the expense of these has to be balanced with the benefits they deliver. Evolve can offer cost effective solutions.
Management accounts help by allowing you to see the current or future financial position of your business. How else are you to know that you are asking enough for your products and services or that expenses are out of control and reducing your profit? Action needs to be taken as soon as possible, not 6 months after your year end.
Not only do management accounts help in running the business, but they can be very important in letting you know how much you can take out of the business. A good example is a company where dividends can only be taken out of post tax profits.
Dividends paid where there are not sufficient profits are illegal in company law and repayable. This can add expense to the preparation of your annual accounts and tax compliance costs.