Company accounts preparation

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Using Multiplus Tax Solutions Ltd will ensure that the often complicated process of preparing company accounts is handled safely and efficiently. The resulting accounts will comply with the law and be in a format that stakeholders such as your bank will understand.

Accurate accounts are critical to help you understand how your business is performing. We will also help you by identifying all tax allowances that you are eligible for, to reduce your tax bills.

At Multiplus Tax Solutions we take the time to meet with directors and shareholders to ensure the accounts are understood and that they can be interpreted in a way that will improve your business, for example by finding tips to improve cash flow or profit.

When preparing your accounts, we will also look for ways to improve all your systems and processes, giving you clear, detailed feedback and ways to improve your accounting systems.

Accounts also now need to be tagged using iXBRL, which is a way of tagging financial data. Without the correct software, this can become a laborious manual task. Our accounts software is fully iXBRL compliant and we file tagged accounts as standard and at no additional cost to our clients.

Accounts are required by HMRC so that they can calculate how much tax is due. Banks or finance companies may also require recent accounts for lending purposes.

In addition to fulfilling these obligations, the accounts we prepare will assist you in answering the following questions:

• Is the business making a profit?
• Can the business meet its liabilities?
• What does the business own; in other words, what are its assets?
• How much does the business owe?

We will also be happy to meet with you to discuss your accounts and any possible improvements in book-keeping or performance of the business that we can help you with.

Using Multiplus Tax Solutions will ensure that the often complicated process of preparing LLP accounts is handled safely and efficiently. The resulting accounts will comply with the law and help the partners understand how the business is performing.

Accurate accounts are critical to help you understand how your LLP is performing and the financial position of each member. We will also help you by identifying all tax allowances that you are eligible for, to reduce your tax bills.

At Multiplus Tax Solutions we take the time to meet with members to ensure the accounts are understood and that they can be interpreted in a way that will improve your business, for example by finding tips to improve cash flow or profit.

When preparing LLP accounts, we will also look for ways to improve all your systems and processes, giving you clear, detailed feedback and outlining ways to improve your accounting systems.

Accounts also now need to be tagged using iXBRL, which is a way of tagging financial data to create abridged accounts. Without the correct software, this can become a laborious manual task. Our accounts software is fully iXBRL compliant and we file tagged accounts as standard and at no additional cost to our clients.

While statutory accounts are prepared just once a year, management accounts can be produced every week, month and/or quarter to help you understand how your business is performing. They can be a key part of decision making and strategic planning, but only if they are done in a timely and efficient manner.

Key questions we can help you answer by preparing your management accounts include:

• How much money have we made to date?
•  Who currently owes us money and is it overdue?
•   Are our sales up or down on last year?

These are the sorts of questions business owners are regularly asking themselves. Having accurate answers is a vital for the success of your business.

Despite this, many small business owners lack the tools and the time to get answers to these questions on a timely basis.

Multiplus Tax Solutions’ management accounts service helps small business owners get the key answers they need to run their business. It also helps them free up time to dedicate to improving the profitability of the business.

By using the latest cloud based accounting packages we can give you regular reports to help you:

• Compare sales figures to last month and last year
• Know whether the business is making money
•  Know who owes you money and whether the debt is overdue
• Know your gross profit, assess whether it is high enough and compare it to your competitors
•  Identify areas where you could reduce your costs
•  Understand what sales you have to make to break even each month
• Understand which parts of your business make you the most money
•  Devise ways to improve your cash flow
• Secure funding from the bank
• Know how much you have invested in the business.