Linghams Chartered Accountants Linghams Chartered Accountants
Telephone 02920 461616
Fax 02920 461939
news, views & tax tips

thought for the month
Profit is the Prince
but cash is the King
Approach

All clients are unique therefore the service we offer has to be a bespoke one which is discussed and agreed at the outset.

We do not attempt to be all things to all men, we concentrate our resource in providing a full advisory service to working shareholder directors/entrepreneurs having a defined view on how to take the business forward.

This specialisation has enabled us to develop all our training and staff needs to meet the demands of this type of business.

We have highly skilled, professional staff available at all levels to provide a full and competent team to support your business.

This sets us apart from the "general practitioner role". We consider our role to be more of advisers than just meeting your statutory obligations.

We place a great deal of emphasis on providing management information which can be used to dovetail with your own internal reporting functions.

This allows a far better insight into the workings of your business which in turn will enable us to provide positive pertinent advice.

In today's ever more complex financial world, businesses need up-to-date figures on which to base their short, medium, and long term strategy. Those accounts have to be produced efficiently, accurately and quickly. If that is done, then accountancy fees become a proactive cost on which a return can be made.

The preparation of any financial information should provide you with positive proactive information and acts as a Management tool on which to base financial decisions to keep the business moving forward. The lack of financial information does impair upon the growth of any business.

As the year develops we also move to devising an effective Tax Planning Strategy that is right for your business. We, as a firm, take a far greater personal involvement in the affairs of the business than normal accounting practices.

Typical Services

We consider that just producing annual financial statements one small part of the overall bespoke advice and accountancy structure.

If not already in place, we recommend the production of an annual profit and cash flow forecast to provide a model to assess expectations for the next 12 months.

Preparation of accounts on a monthly/quarterly basis, acts as a monitoring tool for the business. Financial reporting quarterly will ensure up to date information is available to assess the financial performance of the business. As the company grows the owners naturally move away from dealing with every facet of the business. Financial information becomes more important as a checking and assessing tool.

The preparation of quarterly accounts is accompanied by a detailed management commentary. This is a written report dissecting the figures in some detail, each report is a bespoke one written specifically for the business and therefore there is no standard report. Visual aids such as graphs are used to assist in the reading and understanding of the results.

It acts as the catalyst to set up regular meetings. It is vital for any business to keep in regular contact with their advisers. The meetings will not only cover the historical events of the business in terms of the financial performance, but also will look beyond to the future potential performance of the business and that is important in order to devise a good financial model.

Part of the report would be a comparison between the actual results, and the budget this again these acts as a good management tool.

As the year develops tax implications become more important, we can project the likely year end position, and the tax bill that flows from it. A tax strategy is developed to minimise the tax that would be payable by the company.

To work efficiently, it is vital that accounts are prepared quickly after each quarter end. For this reason we set out two important criteria:-

  1. Interim figures a turnaround of 4 weeks.
  2. Annual accounts complete with all relevant tax computations, details of all relevant tax liabilities and dates of payments three months after the year end.

 


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A specialist Chinese business support unit staffed by Chinese speaking staff and partner. Recently expanded service to advising companies seeking to set up in China.
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