Our objective is to complete our clients annual accounts within three months of their year end.
As with all accountancy practices Parker & Co are able to prepare financial statements of sole traders, partnerships, limited companies, charities, other businesses and institutions and calculate the tax liabilities thereon. However as a matter of policy, Parker & Co take one step further with our clients.
Post Accounts Care / Meeting
After preparing accounts etc. we take the opportunity to have a further meeting with our client, with the specific task of discussing the future of their business, it's strengths and weaknesses, opportunities and threats that exist. This meeting very often does provide substantial "thought for the future" both positive and negative for our clients. Advice that's gained is often acted upon and results in an increase in profitability or reduction in potential losses and a reduction in taxation.
It is often the case that preparation of annual financial accounts, even when prepared three months after the Year End, are not prepared in sufficient time to identify issues that arise during the financial year. This particularly applies to high growth businesses and in the current economic climate could apply to any business. Therefore, where necessary Parker & Co are in position to provide monthly or quarterly management accounts together with budget comparisons. These accounts identify any issues that arise in a more timely manor enabling our clients to react to them appropriately. We can also train clients to prepare meaningful monthly statements, particularly where the accounting system is computerised such as Sage.
We are in a position to prepare cash flow forecasts, profit and loss Forecasts etc where necessary. These can be extremely useful where the business is either in a growth position or is vulnerable to cash flow issues. A business in a rapid growth position can very often run out of cash despite the growth. This would need to be identified and supported perhaps by your bank. Bank's are highly likely to request a Forecast to support borrowing.