I need help with filing accounts – who do I turn to?

If you run a small business or organisation, you will be aware of some of the new developments in the regulations for accounting and reporting. Now, more than ever, you need to seek professional help to avoid problems and fines.

The reporting standards for businesses may involve you in one of three frameworks –

  • GAAP (Generally Accepted Accounting Practice) - for most UK businesses
  • IFRS (International Financial Reporting Standards) - for companies operating abroad
  • SORP (Statement of Recommended Practice) - for academies, charities etc.

They each have their own requirements and your accounts must comply with the latest rules that they lay down.

You may just need help with accounts preparation; you may also want an informed view on whether to be registered for VAT, if your business’s turnover is below the threshold. You will be obliged to pay for and use a recognised accounting package to compile and deliver your VAT return from April 2019. Which to choose? We will advise.

Additionally, our business experts at Odiri Tax Consultants & Accountants understand the issues facing small businesses and we can add real value to you by analysing your profit and loss, cashflow and balance sheet situation and determining whether you need help with business finance (overdraft, bank loan, factoring etc) .

We look ahead and advise on the progression of the business, identifying the opportunities and where the pressure points may lie.

It’s our area of expertise – and we free you up to get on with the day-to-day running of the operation. We promise not to use unnecessary jargon – we simply deliver understandable advice and solutions. Talk to us today.

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