Paul A. Hill is one of the relatively few small practices qualified and licenced to audit your business. Indeed, these days the requirements are onerous for many practices, but we possess the capabilities to meet these requirements. We also appreciate that you’d prefer to be winning new customers, creating new products, or finding better suppliers. So, we make your year-end accounting and audit process as painless as we can.
Year-End Accounting
Producing the year-end accounts is more complex than generating the monthly accounts. This is because there are issues to consider which affect Corporation Tax , such as:
- Expenses that could be capitalised or written off – e.g, R&D Tax Credits
- Depreciation;
- Bad debts;
- Revenue recognition;
Not only do we reduce your tax bill, but our year-end accounting often produces considerable value for senior managers. We often analyse your year-end accounts to highlight your business’s strengths and weaknesses, particularly those weaknesses a customer or investor would spot. Based on our deep business experience, we can suggest simple improvements to your internal processes. In addition, our understanding of your business and your personal objectives enables us to recommend appropriate tax planning strategies.
Audit
Often clients ask us to produce both the year-end accounts and to audit these accounts – i.e, to confirm that the accounts represent a “true and fair view” of your company’s affairs. Our audits are much lower cost if we also generate your year end accounts. Even if your organisation doesn’t legally require an audit, some clients request an audit. This is because filing a full set of audited accounts at Companies House provides a business advantage over more secretive rivals, when:-
- Selling to senior executives in large companies - who obtain suppliers’ accounts from Companies House as a matter of course;
- Recruiting high-calibre employees – who can obtain many good employment offers, and who research prospective employers in depth;
- Investors: Atracting equity investors and debt providers (e.g. the banks) – who want as much “reassurance” as possible before investing;
We understand that when your business is larger, investors in particular will insist on an audit by “the big four”. However, in the meantime we suggest Paul A. Hill and Co. provides far better value.
Painless Process
We’ll endeavour to make the production of your year-end accounts and if appropriate, the audit, as painless as possible. For instance: -
- System review: At the beginning of your financial year, we’ll review your accounting system and processes, to ensure the year end accounts can be easily generated and will be easily auditable;
- We’ll provide plenty of advance warning of when we’ll start work, what we’ll do, and who we will work with, so you can easily plan;
- We are a friendly, professional, small practice. We’ll plan to send the same people every year to prepare and audit your year-end accounts. Thus our team knows your business, processes and people and so works fast, effectively, and efficiently whilst you manage your business;
