What services does an accountant provide?

This article will cover the services an accountant should provide to you with particular reference to limited companies and sole traders.

Unsurprisingly, accountants offer a variety of services based on the type of company you have, whether it be a business start-up as a sole trader, or a limited company. The accountancy services provided are also influenced by the package you have signed up to.

We want you to make sure that you are provided with a breakdown of the accountancy services and costs and any ‘extras’ that may also be included. We have seen it far too many times, our clients telling us horror stories about previous accountants quoting a set fee without any real explanation as to what accountancy services are included, only to then be charged extra fees for accounting services that they thought were already included. It’s not fair, and it’s not the way it should work.

At Parker Whitwood, we provide all our clients with a transparent breakdown of the costs and the services that they will be provided with.

Initial Accountancy Services

The below services are what you should expect from your new accountant:

• You should be provided with an initial telephone consultation or a face to face meeting to advise you on the best way to structure your business.
• Incorporate your business to Companies House (for limited companies)
• Sign you up for Self-Assessment
• Advice on Business Banking
• Register your business for VAT (if applicable)
• Register your company for Corporation Tax (limited companies)
• Register your business for PAYE.
• Set up Payroll and Auto-enrolment scheme for all your employees.

If your accountant is doing all of this, then so far so good!

Ongoing Accountancy Services

• Run weekly or monthly Payroll, providing clients with GDPR compliant payslips.
• Enrol all new starters onto the pension scheme.
• Monthly bookkeeping (optional service).
• Prepare and submit quarterly VAT Returns.
• Prepare Annual Accounts.
• Prepare and submit Corporation Tax.
• Prepare and submit Self-Assessment.
• Submit your Confirmation Statement to Companies House.
• Keep Companies House up to date with any changes to your business.
• Deal with any correspondence from Companies House and HMRC.
• Provide documentation and support for relevant company board meetings.
• Unlimited telephone support.

Additional Accountancy Services

• Management Accounts - monthly and quarterly.
• Access to business insurance providers (PI insurance, tax investigation, business liability).
• Independent Financial Advice services (advice on financial services products, such as mortgages, pensions, and life insurance).
• Strategic Tax Planning.

Your Obligations to your Accountant

With most things in finance, there’s a deadline that we must meet (see our accounting calendar) Obviously, we can’t do this all alone, we need you to provide the correct information to us in a timely manner.

We expect you to provide any invoices raised, and expenses, also any income and expenditure you have claimed.

We rely on you to forward all correspondence from Companies House and HMRC.

You will need to provide us with copies of your bank statements.

We use the most up-to-date accountancy software such as Xero, making all of the above pretty straight forward and a much quicker process than having to use post! 

Parker Whitwood Accountancy Firm in Manchester

Our aim is to help you grow your business whilst we maintain a professional, and close relationship with you. We currently provide accounting services to hundreds of clients in Altrincham, Manchester and the rest of the UK. We offer affordable accounting and bookkeeping services for small and medium sized business. Get in touch with us today for an initial chat.