Accounts
At Clay GBP we not only understand the legal requirements to maintain proper business records, but also the business need to access accurate information valuable to management decisions in real-time. Our accountancy services take away the administrative burden you may face in compiling financial information and ensure your financial statements are fully compliant. Our wealth of knowledge and experience allows us to expertly advise you on your business and tailor our accountancy services based on your needs.
Year-end statutory accounts for limited companies
Year-end statutory accounts report on key business information and summarises the overall financial activity of your business within your accounting period. The accounts also give a snapshot of the current business position at that date which can be used to guide future business decisions. Preparation of year-end statutory accounts is mandatory for limited companies; at Clay GBP we prepare full statutory annual accounts in accordance with the Companies Act 2006. Alongside your year-end statutory accounts, we will also prepare your company tax return and ensure all filing deadlines are met with HMRC and Companies House. Further to meeting your legal requirements as a limited company, we are able to advise and support your business beyond preparation of year-end accounts – for more information please refer to our business advisory section.
Year-end account preparation for sole traders and partnerships
Similar to company year-end statutory financial statements, preparation of sole trader and partnership accounts summarise the financial transactions within the accounting period. Although there is no legal requirement it is generally beneficial to prepare year-end accounts as it will give you a clear picture of income and expenditure throughout the period and ultimately aid in the preparation of your personal tax return. Here at Clay GBP we can prepare year-end accounts according to any specific requirements determined by you. We can also offer you the full service with our in-house tax department – for more information on personal tax services please refer to our tax section.
Management accounts
Management accounts can provide more real time information on the performance your business as they are prepared at regular intervals unlike year-end statutory accounts. Management accounts are not limited by specific formats or specifications for data and they can be tailored to your needs as a business. Due to their wide scope management accounts can be used for forecasting, cash flow analysis, or comparison of performance in different areas of your business. The purpose of management accounts is to utilise the financial information available to draw conclusions on your business to ultimately improve performance or monitor its progress.