accounts

Expert Accounts Preparation from James Milne

With a legacy spanning over a century, James Milne understands the North-east business scene better than most. Today, our reach extends to clients from a diverse range of industries. From the region’s staples of oil and gas and agriculture to sectors like retail, hospitality, fishing, haulage, various trades, construction and beyond.

Each sector and business present its unique set of demands. Our proven approach, led by experienced and knowledgeable partners, is tailored to address the specific needs of each business we have the privilege to assist.

Accounts Preparation

Annual and periodic accounts preparation is at the core of our range of business services. Prepared monthly, quarterly or for annual compliance requirements, accounts preparation involves the compilation and organisation of accurate financial records to help you optimise the running of your business.

Accurate, timely, and well-presented management accounts help business owners and managers make informed operational decisions and provide stakeholders, banks and other third parties with a comprehensive overview of the business’s assets, liabilities, revenues, and expenses on an ongoing basis. This can serve as a foundation for financing or refinancing agreements.

As a firm regulated by the Institute of Chartered Accountants of Scotland, our dedicated team is committed to delivering the highest regulatory standards.

Steps in Accounts Preparation

Accounts preparation is a meticulous task. There are several key steps that we take to prepare accurate accounts in compliance with statutory requirements.

1. Data collection: There is nothing more important than understanding the client’s business operations and gathering all necessary financial documents such as invoices issued and received, bank and credit card statements, expense receipts, payroll records, and details of purchases and disposals.
2. Recording and categorisation: Each transaction is reviewed to ensure accuracy before being recorded and categorised appropriately in journals or ledgers.
3. Preliminary accounts: Following a review of financial transactions, we are ready to prepare preliminary financial statements in the form of a profit and loss account, balance sheet and cash flow statement.
4. Review and adjustments: These draft statements are then reviewed in a trial balance to address any discrepancies or anomalies. Necessary adjustments are made to ensure the accounts represent a true reflection of the financial position.
5. Finalisation and approval: The final accounts are then presented to the business owner or management for final approval. They will include notes to the accounts and a director’s report.

Deadlines for Submission

In the UK, limited companies are required to file their annual accounts, sometimes called statutory accounts, with Companies House within nine months of the accounting reference date. Failure to meet the deadline can lead to penalties, which increase the longer the delay. At James Milne, we make sure our clients are aware of all relevant deadlines and the necessary steps to meet them.

Does my Business Need an Audit?

Not all companies require an audit. While there are exceptions, a company is exempt from having its accounts audited if it qualifies as a ‘small company’ for the financial year and meets at least two of the following criteria:

Turnover: No more than £10.2 million
Balance sheet: No more than £5.1 million
Number of employees: No more than 50.

Periodic accounts, whether quarterly or monthly, help businesses keep on top of their financial performance. In the digital age of software tools, the process is far more streamlined with real-time updates and immediate access to financial data.

Entrust your accounts to James Milne Chartered Accountants. With our in-depth knowledge of accounting standards, tax regulations and financial compliance, we are ready to provide you with the best advice and guidance. Arrange a free consultation with one of our partners to discuss what we can do for you.

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