Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, are to provide information that are accurate and demonstrable.
In order to prepare the financial statements, it is important to adhere to certain fundamental accounting concepts. Going Concern, unless there is evidence to the country, it is assumed that a business will continue to trade normally for the foreseeable future.
Services that we offer:
- Company Address with Secure Online Access to the Mails
- Book Keeping with full transparency (ClearBook Account)
- Secure Documents Management System (sDMS Online Access and Physical Storage for 6 years)
- Secure Expenses Management
- Secure Bank Statements Storage
- Secure Storage of all the Business Accountancy
- Secure Storage of all the Business Correspondence
- Reports submission to the Government
- Annual Accountancy
- VAT Taxes
- HMRC Annual Accountancy
- Self Assesment
- Dealing totally with the Government in your behalf
- Business Consultancy
- Budget Analyse
- Profit Target
- Business Licences
- Business Short Planning
- Insurances Advice
- Marketing and Administration Consultancy
- Access to upload your own website (on premises)
- SEO and Online Marketing
- Secure eMail Service for your Business (on premises)
Accruals and Matching, revenue earned must be matched against expenditure when it was incurred Prudence, if there are two acceptable accounting procedures choose the one gives the less optimistic view of profitability and asset values. Consistency, similar items should be accorded similar accounting treatments. Entity, a business is an entity distinct from its owners. Money Measurement, accounts only deal with items to which monetary values can be attributed.
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Separate Valuation each asset or liability must be valued separately.
Materiality, only items material in amount or in their nature will affect the true and fair view given by a set of accounts. Historical Cost, Transactions are recorded at the cost when they occurred. Realization, revenue and profits are recognized when realized. Duality, every transaction has two effects.