Accountancy Services

There are two main aims of accountancy services, firstly to measure and document the economic activity of a company and secondly to ensure that that this information it communicated clearly to any relevant and interested parties. Although, this is a fairly simplistic view of the overview function of accountancy services, it is it important to understand the various elements that this is made up by, including payroll services, tax services and bookkeeping services.

On a day to day basis, accountants will periodically review the profit and loss of a company on a monthly, quarterly or a fiscal year basis. These results can then be published within documents called management accounts or financial statements. These statements include the Profit and Loss account and also the Balance Sheet, and also make reference to accounts receivable (what is owed to the company) and accounts payable (what the company owes).The documents can also be used discuss more complicated financial issues such as retained earnings and company gearing.

A large area of accountancy services relate to bookkeeping. Bookkeeping services are essentially the process of recording every transaction the company is involved with, including every bill paid, every invoice raised and the movement of every penny in, out and within the business. Due to the potential high volume of these transactions, an overview of them is reported within the financial statements.

The financial statements summarises the company's assets. Stock, monies owed to the company, loans that are being repaid to the company and profits generated by the company are all classified as assets.

Loans to be repaid and debts owed by the company are classified as liabilities and are also displayed within the financial statements.

Assets and liabilities are all summarised within the financial statements to allow comparisons to be made and various performance indicators and ratios to be calculated.

This overview of the accountancy services is the basic model that every company follows, however it is important to consider that every business operates differently, therefore the implementation of this model can vary considerably.

We are able to help indentify the accountancy model which is best suited for your business. Once this model has been identified we can also assist you in the correct implementation of it to help you achieve the goals of your business.

Should you wish to discuss the various models which could be implemented within your business then please do not hesitate to contact one of our specialist advisors or arrange a free, no obligation meeting.