Accounts preparation is the cornerstone of financial clarity for any business.
At Mollan & Co, we understand that managing your financial statements can be a daunting task and we’re here to simplify the process for you.
We have over 40 years’ experience of accounts preparation in York, and our competitive fixed monthly fees are tailored for businesses of every size.
Whether you have raw financial data or use cloud accounting software, our expert accountants are here to help you navigate the complexities of accounts preparation so your business can thrive.
Contact us today to book your free, no-obligation consultation.
What Is Accounts Preparation?
Accounts preparation is the process of compiling, organising, and presenting your business’ financial information in a format that complies with accounting standards and regulations.
All UK limited companies are legally required to complete statutory accounts each year and submit financial reports to HMRC and Companies House.
- Balance Sheets: A ‘balance sheet’ shows the total value of the business’ assets, liabilities, and outstanding debts from the financial year.
- Profit and Loss Statements: A ‘profit and loss account’ details revenue, operating expenses, and the resulting profit or loss the business has made over the financial year.
- Account Notes: These additional documents provide additional insights, clarifications, and context about the business’ accounts.
As your accountants, Mollan & Co can handle the intricacies of your year-end accounts preparation to ensure your business is compliant with the latest legislation and accounting practices.
We can organise your records, submit your reports, and provide you with accurate, timely, and insightful financial information.
These financial statements will also provide a clear picture of the company’s financial health, which is essential for decision-making, tax compliance, and financial reporting.
Our Accounts Preparation Process
Mollan & Co have more than 40 years of experience in company accounts preparation. Our job as your accountants is to manage your financial records and ensure you fulfil your legal and compliance obligations.
Our process includes:
- 1. Transferring to cloud accounting
For businesses already using cloud accounting software, we can seamlessly integrate with your existing software. This includes Xero, Quickbooks, FreeAgent, and more.
By April 2027, the UK Government will require all businesses – including individuals and landlords – to keep digital financial records. If you’re not using cloud accounting software yet, we will help you transition to a digital accounts preparation system.
- 2. Gathering financial data
We start your accounts preparation by gathering all your financial documents, ensuring nothing is overlooked.
This will include invoices, receipts, bank statements, and any other financial documents. Our expert accountants will transform these records into organised, comprehensive statements and reports.
If you manage your own bookkeeping, our team will review your reconciled financial records to identify any discrepancies or errors and report back on any areas that needs to be addressed.
However, if you would like to spend more time on your business, Mollan & Co also offer bookkeeping services. We will collate, classify, track, and reconcile all your financial transactions to ensure your records remain accurate.
- 4. Accounts preparation and analysis
Once we’ve confirmed the accuracy of your records, we’ll generate detailed financial reports and, if required, your statutory accounts. This will include creating and submitting income statements, balance sheets, and cash flow statements, among other reports.
We ensure your financial records are compliant with financial reporting standards and tax regulations and therefore can accurately calculate tax liabilities and help you avoid costly penalties.
Finally, our experts will analyse your financial statements to give you a clear picture of your business’s financial health and identify areas for improvement and opportunities for growth.
Benefits Of Using A Trusted Accountant
Hiring professional accountants to handle accounts preparation offers distinct advantages compared to managing it internally.
- Expertise. Accountants have an in-depth knowledge of accounting principles, financial regulations, and tax laws. Our experienced team are well-versed in a wide range of industries and will ensure your financial records are compliant.
- Accuracy. We prioritise accuracy in all our accounting services, regularly monitoring for discrepancies and minimising the risk of costly errors.
- Timeliness. We understand the importance of timely financial information and will ensure your accounts are always up to date and compliance deadlines are met.
- Cost-effective. Our accounts preparation services are designed to be cost-effective and provide significant value through tax efficiencies and financial optimisation.
- Custom solutions. At Mollan & Co, we tailor our accounting services to meet the unique needs of your business. We value our clients and work closely with you to understand your goals and challenges. Whatever the size of your business, we’ll deliver a personalised solution to your accounting needs.
Most of all, a trusted accountant brings peace of mind to business owners.
It means you can focus on core operations and growth, and be confident that your financial records are in good hands.
If you need help with accounts preparation in York, Mollan & Co is here to support you, changing accountants is easy.