By using the services of a skilled accountancy team such as that at The Accountancy Solutions, you can ensure a professional and high quality approach to your finances and guarantee that your accounts will be accurate and up to date.
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Financial reports are produced on an annual basis by business of all types and sizes in order to inform customers, shareholders and directors about the company’s progress, its current state and its current financial position. Although financial statements are ideal for estimating a company’s position in the marketplace, they can take a lot of time and effort to draw up and there are some common errors which often arise in their generation.
Common Mistakes in Financial Statments
Financial statements are very important to provide an outline of the position of your company as well your performance and any changes to your company. At The Accountancy Solutions, we can help you to prepare, review and report your financial statements to the required body. Whether you need complex accounting assistance or simple advice on the preparation of your financial statement reports, we can make sure that your produced report is in accordance to the regulations, covering your balance, cash flow and retained earnings.
There are numerous common errors which business owners make when drawing up financial reports including:
- Mixing up liabilities and assets
- Making mistakes in sales reports
- Failure to keep track of small expenses over the year
- Using figures from previous year or quarter’s inventory without taking into account changes in the market and costs
- Handling multiple streams of revenue can lead to complexities that result in mistakes
- Confusion of investment activities
- Confusing non-cash flow and cash-flow financing activities
- Running financial forecasts that are based on the previous year’s results and which fail to account for the future
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Frequently Asked Questions
Most frequent questions and answers
No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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