Accountancy

Annual Accounting

Our team will assist you with your year-end accounts as soon as possible after the year end allowing you to monitor your business performance and make the necessary adjustments to strengthen your business going forward. We will handle the technicalities such as accounting standards and Companies Act legislation and will discuss different accounting treatments where applicable in that your business will be able to minimise tax.

We will contact you to remind you of your filing obligations and will explore any tax planning opportunities while aiming to meet your deadlines.

We prepare annual accounts/returns for the following;

1. Limited companies
2. Limited Liability Partnerships
3. Partnerships
4. Sole traders
5. Incorporated charities
6. Unincorporated charities
7. Clubs and Associations
8. Accounts under the Friendly Societies Act 1974
9. Community Interest Companies (CICs)
10. Management Letting Companies
11. None profit making Organisations
12. Rental accounts
13. CIS refunds for subcontractors

Management Accounts

We offer monthly, quarterly and half-year accounts in order to better equip your business to monitor performance as the year progresses. Waiting until the year end to prepare one annual set of accounts is not desirable to when monitoring performance. Preparing regular management accounts allows your business to observe potential performance and to take corrective action as soon as possible rather than waiting up to a year thereby magnifying any problems. Management accounts allows your business to make timely, informed and precise management decisions thereby dismissing unnecessary guess work and stress.

Advantages of preparing management accounts;

1. Analyse your business’s performance in a timely manner.
2. Preparing a ‘financial pack’ for further discussion with your finance team.
3. Review and monitor distributable reserves.
4. Make comparison of actual v budget.
5. Forecasting and updating budgets.
6. Identifying costs reduction early and problems with gross margins.

Consolidated Accounts

Consolidated financial statements are the combined financial statements of a parent company and its subsidiaries. These allow the business to assess the overall group performance rather than viewing each company in isolation. Whether the group is required to prepare consolidated accounts depends on a number of factors including the size of the group, location of the holding company, statutory requirements and agreements to prepare them by other parties such as your bank or insurance company.

Our experienced team will prepare consolidated accounts taking account of inter-group transactions, minority interest, treatment of goodwill and adjustments for aligning accounting policies.

We also assist where your business is a subsidiary of an overseas parent by providing all the necessary information in a timely manner to allow your parent company to prepare consolidated accounts in their location.

Bookkeeping

Our experience tells us that businesses have a wide range of preferences from carrying out their own bookkeeping, to requiring some assistance to totally outsourcing it. We aim to tailor our services to meet your requirements so you do not waste valuable resources on mundane tasks.

At Shareef & Co we understand that there will rarely be two businesses alike, so we discuss your requirements and tailor our services to suit you. Businesses’ demands vary according to seasonal variations, during the holiday period and at busy periods. We therefore offer assistance with sales and purchases processing, updating your sales and purchase ledgers so your business is up to date and will not fall behind in collecting much needed funds from customers.

Some businesses prefer to let our experienced team deal with all the bookkeeping so they are confident it has been prepared professionally, on time and stored on our IT platform with full daily off-site backup.

VAT Returns

To complement our bookkeeping services above, we offer clients a VAT compliance service, so that the VAT Returns are completed accurately, filed on time where the correct VAT is collected and paid. The reports are saved on our paperless Document Management System for later inspection, if necessary, by HMRC.

We discuss your business IT systems with you so that you are fully compliant with MTD (making tax digital) and where your systems cannot cope, we offer a VAT filer service to ensure you remain compliant.

VAT is a complicated area, especially for importers and exporters. Our team will advise what records you need to retain especially regarding zero rating of exports.

Dealing with VAT and property can be a minefield where a costly error or late applications could result in critical losses. We offer ad hoc advice as and when your business encounters any number of VAT complexities to maintain compliance.

Advice on technical reporting requirements

Our experienced team will ensure that your business receives the best financial reporting advice to give you full assurance that your business is compliant with current legislation and standards which include; :

• Companies Act 2006
• Charities Act 2016
• Financial Reporting Standard 102 (FRS102)
• Financial Reporting Standard 105 (FRS105)

The Financial Reporting Council (FRC) sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries.

The FRC’s overriding objective in setting accounting standards is to enable users of accounts to receive high-quality understandable financial reporting proportionate to the size and complexity of the entity and users’ information needs.

This FRS is a single financial reporting standard that applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 Reduced Disclosure Framework or FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

Our experienced team will ensure your business meets the reporting standards set by the FRC to ensure seamless filing with the relevant authorities.

Cloud accounting

Where clients wish to carry out their own bookkeeping; many of our clients are moving to the cloud to meet their accounting needs. Cloud accounting software is a secure, cost-effective way of producing your accounting records, which is available to you anywhere and at any time. It has the additional benefit of offering us direct access to your records enabling us to react quickly to any questions you may have.

We currently support all main online cloud-based systems such as Sage, Xero, QuickBooks and IRIS. Our experienced and trained staff will assist in making the right decisions for your business.

Other clients use sophisticated non(e) cloud-based accounting systems such as SAP, Pegasus and Winman where we are able to provide immediate advice by setting up remote access allowing us to dial into your systems anytime to provide real time and quick advice.