What Do Off-Site Accounting Services Cover?
Off-site accounting services help you focus on your operations, marketing, and sales whilst your accounting firm takes care of your finances. The accounting agency’s team of accountants, bookkeepers, business tax specialists, and payroll experts provide flexible accounting services based on your business size, type, and requirements.
You can expect efficient and comprehensive off-site accounting services for every situation. The right company should have handled every type of accountancy requirement, completing over a thousand pieces of work for over a hundred clients in multiple industries every year.
Accounting & Taxation for New Start-Ups
You may be a UK start-up or a foreign company launching a subsidiary in the UK. Your off-site accounting service should be able help set up all aspects of your finances.
- Registering your business for tax
And as your business grows, they should be able to handle your accounts and bookkeeping through their off-site or onsite services, as per your needs. Such services ensure that your finances are being properly managed without any risks, all without having to hire full-time employees.
Full-Service offsite Accounts Services
A full-service offsite accounts service can include the following solutions depending on your requirements:
Day-to-Day Finance & Accounting
- Posting, invoices, receipts, & payments
- Preparing managing accounts
- Checking and correcting books
- Running payroll
Annual, Monthly & Quarterly Jobs
- Reporting monthly and/or quarterly accounts
- Reporting KPIs and our insightful commentary
- Filing tax returns with HM Revenue & Customs
- Submitting VAT returns
- Annual returns by liaising with Companies House
- Accounts formatting to ensure consolidation with accounts of your group company
- Construction Industry Scheme returns
- Partial exemption for VAT
An off-site accounting service can also include tailored service depending on your current requirements.
What to Expect from an Offsite Bookkeeping Service?
You should expect the following range of services from your off-site bookkeeping company:
- Posting of invoices, receipts, and payments along with date stamp of each document
- Monthly management accounts along with drill down to each and every transaction, supported by attached invoice
- Around the clock access to cloud-based system, including document storage and management
- Real-time view of your debt collection and cashflow
- Payroll running and information posting on the accounting system
- Preparation and submission of VAT returns
Preparation of Statutory Accounts
Statutory accounts or annual accounts are financial reports that need to be prepared at the end of the financial year. Your off-site accounting service can also prepare your statutory accounts that report the financial performance and activity of your company.
Statutory accounts copies are to be sent to the following parties:
- Companies house
- HM Revenue & Customs
- Those attending your company’s general meetings
Statutory accounts preparation requires that your accounts meet the New UK GAAP or the IFRS Standards. This should include the following:
- Balance sheet
- Profit & loss statement
- Notes related to the accounts
Based on the size of your business, your accounting service can also include auditor’s report and director’s report.