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Accounts

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Bookkeeping Services

The term “accounts” refers to the financial records that document business performance of an organisation over a past period–usually a year. Every business is required by law to disclose a ‘true and fair view’ of their financial affairs. Accounts need to include several core elements, such as a balance sheet and a profit and loss account.
The information in accounts represents the basis of future business planning, but in order to do so, it needs to be carefully collated and organised. By pinpointing losses and determining how they can be solved, accounts help the business grow while being particularly beneficial to the external users of a business, including authorities, employees, bankers, suppliers and shareholders.
Different types of accounts exist, with the most common of them being sole trader accounts and company account. Below you will find an in-depth analysis of the crucial records required for each, whilst looking briefly into the role of TWC in helping to ensure accurate organisation of accounts.
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Why are accounts needed?

As a rule of thumb, businesses will be reprimanded if they fail to keep correct, up-to-date records of their finances for the periods of time required by the authorities. However, account keeping has numerous internal benefits for a company– offering a beneficial level of transparency that can assist with the analysis of a business, at the same time as ensuring effective tax returns and the deterrence of theft or fraud. A company that maintains an efficient record-keeping system will also be able to:
  • Pay tax accurately and on time
  • Efficiently track debtors, creditors, and expenses
  • Apply for extra funding, such as an overdraft facility or business loan
  • Report on profit or loss quickly and easily when required to do so

Due to the time consuming nature of account keeping, many businesses choose to hire TWC to effectively organise all financial information into meaningful sets of data. New businesses may find TWC particularly beneficial for setting the foundations of a proper record keeping system.

The service you need

Finally, we look at the specifics of what you actually want from us:

  • Do you need earlier years’ accounts catching up as well as the current year?
  • Do you want me, Aaron, to handle your accounts personally, or is a senior manager appropriate?
  • How quickly do you need the accounts back? We offer turnaround windows from 35 business days through to 75 business days from when we receive all your information. Faster turnarounds cost more because we’re prioritising your work.
  • Do you have a CIS suffered claim that needs filing with HMRC?

Every one of these answers feeds into your final calculated price. It’s why we can confidently say that no two quotes are the same. They literally can’t be.

The three packages: Essential, Full and Advanced Accounting

Once we’ve calculated your individual base price, you choose which package suits your business. We offer three.

Let me walk you through each one properly.

A quick note on VAT before we go any further. All the prices mentioned in this article are quoted plus VAT. We add VAT at the standard rate to every invoice, in line with HMRC requirements.

Advanced Accounting: comprehensive, premium, advisory-led

Advanced Accounting is our top tier package. It’s for business owners who want their year end accounts to be the foundation of a genuine, ongoing advisory relationship, not just an annual filing exercise. It’s everything we offer, all in one place.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk
  • A current business and tax planning report tailored to your numbers
  • Key tax figures and budget updates so you stay informed throughout the year
  • Unlimited free ad hoc advice (subject to the terms and conditions, but in practice this means you can pick up the phone or email us whenever you need to without worrying about a clock ticking)
  • A dedicated client manager who knows your business inside out
  • A post year end annual accounts wrap-up and review meeting on Zoom, where we walk you through the numbers and what they actually mean
  • PAYE, NIC, CIS and VAT health checks
  • A cash reconciliation report where applicable
  • Enhanced reports including a variance trial balance analysis and “what if” scenarios
  • A limited company credit report
  • A breakeven analysis Excel report
  • A bonus benchmark report comparing your business to others in your sector
  • Tax investigation insurance covering you for 12 months from your year end (worth having on its own, frankly, given how aggressive HMRC can be)
  • An annual five year trend analysis report showing where your business has come from and where it’s heading
  • An online annual profit improvement planning meeting where we sit down and work out how to make your business more profitable next year
  • Printed and posted final reports, beautifully presented
  • A pricing review and advice taster (a small sample of our pricing methodology applied to your business)
  • Quarterly Zoom meetings throughout the year to keep your business on track

Advanced Accounting is paid over three instalments rather than two, reflecting the fact that this is a year-round relationship rather than a once-a-year project. Prices typically start from around £1,750 plus VAT and scale up significantly for larger or more complex businesses.

This package suits established limited companies turning over six or seven figures who want their accountant deeply embedded in their decision making. If you want someone in your corner all year round, not just at year end, this is the one.

Full Accounting: our most popular package

Full Accounting is the package we recommend for most clients, and it’s the one most of our clients choose. It’s the sweet spot between solid compliance and genuine business support, and it’s labelled as “Most Popular” for a reason.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk
  • A current business and tax planning report tailored to your numbers
  • Key tax figures and budget updates so you stay informed throughout the year
  • Unlimited free ad hoc advice
  • A dedicated client manager who knows your business inside out
  • A post year end annual accounts wrap-up and review meeting on Zoom
  • PAYE, NIC, CIS and VAT health checks
  • A cash reconciliation report where applicable
  • Enhanced reports including a variance trial balance analysis and “what if” scenarios
  • A limited company credit report
  • A breakeven analysis Excel report
  • A bonus benchmark report comparing your business to others in your sector

Full Accounting is paid over two instalments. Prices typically start from around £900 plus VAT for simpler businesses and scale up with complexity.

The Full Accounting package is what most of our plumbing and heating clients choose, and it’s the one I’d point most limited company directors towards as a starting point. The unlimited ad hoc advice alone tends to pay for itself many times over once you actually start using it. You’re paying for a relationship, not just a transaction.

What you don’t get at this level, compared to Advanced, is the year-round advisory layer: the tax investigation insurance, the five year trend analysis, the profit improvement planning meeting, the printed and posted final reports, the pricing review taster, and the quarterly Zoom meetings.

Essential Accounting: solid compliance done well

Essential Accounting is our entry level fixed fee package. It’s designed for the business owner who needs their statutory obligations handled professionally and efficiently, with no fuss and no surprises.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk

If your business is straightforward and you just need the compliance work done properly by people who know what they’re doing, Essential Accounting is a strong fit. You pay over two equal instalments. Prices typically start from around £650 plus VAT per year for smaller, simpler businesses, and scale up from there based on the variables we covered above.

What you don’t get with Essential Accounting is the deeper advisory and planning work that comes with Full and Advanced. No business and tax planning report. No dedicated client manager. No post year end review meeting. No unlimited ad hoc advice. If you want any of that, Full Accounting is the next step up.

Other Services

What are the basic elements of accounts?

There are generally four key elements of accounts: a profit and loss account, a cash flow statement, a balance sheet and a statement of recognised gains and losses. Some examples of information required to compile accounts include invoices, paying-in books, receipts, bank statements, rent books, wages records, and copy sales invoices.
What is a profit and loss account?
A profit and loss account is a summary of all business transactions over a given period, which include documentation on sales and takings as well as an accurate record of all purchases and expenses. Produced essentially for business purposes, a profit and loss account serves as an indication of business performance to potential investors, owners, and shareholders. Moreover, it provides HMRC with a way to check a business’s tax calculations.
The law requires limited companies to produce a profit and loss account, while self-employed sole traders and the vast majority of partnerships do not need to do so. The former two are required, however, to keep comparable records in order to be able to complete their self-assessment tax return accurately.
What is a balance sheet?
A balance sheet is a basic guide to an organisation’s assets and liabilities at a given date. A balance sheet also shows how a businesses’ source of funds and being utilised. The main two uses of a balance sheet are:
  • to improve the management of a business via a business analysis tool
  • to help owners, shareholder, and investors assess the worth of the business at a particular time.
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Accountant doing analytics
Accountant doing analytics
Doing accounting

What is a cash flow statement?

A cash flow statement shows how liquid funds and cash are generated or disposed of over a given period. Efficient management of cash flow is fundamental for business growth – and any costs need to be carefully timed with sources of incoming funds for business survival.

What is a statement of recognised gains and losses?

A statement of recognised gains and losses refers to the records of gains and losses that took place since the previous set of accounts without being included in the normal accounts. Examples include changes caused by property revaluation, currency fluctuations, profits earned by associates and joint ventures and more.
Types of accounts

Below we have provided a list of the financial records specific businesses should keep that TWC can compile.

Self-employed accounts

All self-employed workers are required to keep precisely organised accounts to assist them with the completion of a self-assessment tax returns correctly. The accounts may also help self-employed individuals answer any questions from HMRC if investigated. Account keeping can be time consuming for many self-employed workers, particularly if they have numerous different sources of income or are required to be registered for VAT.

As a result, TWC can systematize your financial records to ensure HMRC requirements are adhered to. This service may be particularly beneficial for individuals who may feel uncomfortable handling percentages and transactions. TWC are reliable and can offer in-depth advice on all working practices and are knowledgeable of the UK’s tax and legal system.
Partnership accounts
There are several ways to define a partnership but the term typically refers to a business arrangement that involves two or more individuals. A partnership means that ownership rights are divided between the partners, so each partner will be entitled to distinct capital account for investments, a separate withdrawal account, known as drawings and their share of net income or loss.
TWC can prepare partnership accounts per HMRC and your requirements.
Company accounts

There are strict criteria regarding the type of information that must be collated for company accounts. More often than not, these include records about the company itself as well as financial accounting records.

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The essential details that are compulsory when it comes to providing information about the company itself include:
  • information on directors, company secretaries, and shareholders
  • promises made by the company for expenditures if there is a mistake due to a fault of the company (‘indemnities’)
  • promises to reimburse loans at an exact date in the future (‘debentures’), and the name of the person or company the money is owed to
  • transactions documenting when shares are bought in the company
  • the consequences of any shareholder votes and resolutions
  • information of any loans, mortgages, etc., that are protected against the company’s assets.
For general accounting records, all companies need to collate documents on the following:
  • details of any assets owned by the company
  • information about money received and spent by the company
  • all goods bought and sold
  • debts the company owes, or is owed
  • details of who bought and sold goods
  • all stocktaking used to calculate the stock figure
Accounting
Companies are required to keep all of these records for at least six years from the end of the company’s last financial year.
Please contact TWC for a bespoke accounting service specific to your and HMRC requirements.Companies are required to keep all of these records for at least six years from the end of the company’s last financial year.
If you would like Together We Count to help you with your accounts, please get in touch using the contact form or by emailing info@togetherwecount.co.uk
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The service you need

Finally, we look at the specifics of what you actually want from us:

  • Do you need earlier years’ accounts catching up as well as the current year?
  • Do you want me, Aaron, to handle your accounts personally, or is a senior manager appropriate?
  • How quickly do you need the accounts back? We offer turnaround windows from 35 business days through to 75 business days from when we receive all your information. Faster turnarounds cost more because we’re prioritising your work.
  • Do you have a CIS suffered claim that needs filing with HMRC?

Every one of these answers feeds into your final calculated price. It’s why we can confidently say that no two quotes are the same. They literally can’t be.

The three packages: Essential, Full and Advanced Accounting

Once we’ve calculated your individual base price, you choose which package suits your business. We offer three.

Let me walk you through each one properly.

A quick note on VAT before we go any further. All the prices mentioned in this article are quoted plus VAT. We add VAT at the standard rate to every invoice, in line with HMRC requirements.

Advanced Accounting: comprehensive, premium, advisory-led

Advanced Accounting is our top tier package. It’s for business owners who want their year end accounts to be the foundation of a genuine, ongoing advisory relationship, not just an annual filing exercise. It’s everything we offer, all in one place.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk
  • A current business and tax planning report tailored to your numbers
  • Key tax figures and budget updates so you stay informed throughout the year
  • Unlimited free ad hoc advice (subject to the terms and conditions, but in practice this means you can pick up the phone or email us whenever you need to without worrying about a clock ticking)
  • A dedicated client manager who knows your business inside out
  • A post year end annual accounts wrap-up and review meeting on Zoom, where we walk you through the numbers and what they actually mean
  • PAYE, NIC, CIS and VAT health checks
  • A cash reconciliation report where applicable
  • Enhanced reports including a variance trial balance analysis and “what if” scenarios
  • A limited company credit report
  • A breakeven analysis Excel report
  • A bonus benchmark report comparing your business to others in your sector
  • Tax investigation insurance covering you for 12 months from your year end (worth having on its own, frankly, given how aggressive HMRC can be)
  • An annual five year trend analysis report showing where your business has come from and where it’s heading
  • An online annual profit improvement planning meeting where we sit down and work out how to make your business more profitable next year
  • Printed and posted final reports, beautifully presented
  • A pricing review and advice taster (a small sample of our pricing methodology applied to your business)
  • Quarterly Zoom meetings throughout the year to keep your business on track

Advanced Accounting is paid over three instalments rather than two, reflecting the fact that this is a year-round relationship rather than a once-a-year project. Prices typically start from around £1,750 plus VAT and scale up significantly for larger or more complex businesses.

This package suits established limited companies turning over six or seven figures who want their accountant deeply embedded in their decision making. If you want someone in your corner all year round, not just at year end, this is the one.

Full Accounting: our most popular package

Full Accounting is the package we recommend for most clients, and it’s the one most of our clients choose. It’s the sweet spot between solid compliance and genuine business support, and it’s labelled as “Most Popular” for a reason.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk
  • A current business and tax planning report tailored to your numbers
  • Key tax figures and budget updates so you stay informed throughout the year
  • Unlimited free ad hoc advice
  • A dedicated client manager who knows your business inside out
  • A post year end annual accounts wrap-up and review meeting on Zoom
  • PAYE, NIC, CIS and VAT health checks
  • A cash reconciliation report where applicable
  • Enhanced reports including a variance trial balance analysis and “what if” scenarios
  • A limited company credit report
  • A breakeven analysis Excel report
  • A bonus benchmark report comparing your business to others in your sector

Full Accounting is paid over two instalments. Prices typically start from around £900 plus VAT for simpler businesses and scale up with complexity.

The Full Accounting package is what most of our plumbing and heating clients choose, and it’s the one I’d point most limited company directors towards as a starting point. The unlimited ad hoc advice alone tends to pay for itself many times over once you actually start using it. You’re paying for a relationship, not just a transaction.

What you don’t get at this level, compared to Advanced, is the year-round advisory layer: the tax investigation insurance, the five year trend analysis, the profit improvement planning meeting, the printed and posted final reports, the pricing review taster, and the quarterly Zoom meetings.

Essential Accounting: solid compliance done well

Essential Accounting is our entry level fixed fee package. It’s designed for the business owner who needs their statutory obligations handled professionally and efficiently, with no fuss and no surprises.

Here’s what’s included:

  • A monthly or instalment payment plan so the cost is spread, not lumped
  • Advance preparation work to make sure everything’s ready when the year ends
  • Critical checks and balances before the accounts are finalised
  • Preparation of fully compliant statutory annual accounts and registrar accounts
  • Preparation of your business tax computations and returns
  • A corporation tax planning review
  • Handling all HMRC corporation tax requirements for the engagement
  • Internal audit of the accounts and company tax return before they go out
  • Free membership of the Together We Count network
  • An invitation to post a guest blog on togetherwecount.co.uk

If your business is straightforward and you just need the compliance work done properly by people who know what they’re doing, Essential Accounting is a strong fit. You pay over two equal instalments. Prices typically start from around £650 plus VAT per year for smaller, simpler businesses, and scale up from there based on the variables we covered above.

What you don’t get with Essential Accounting is the deeper advisory and planning work that comes with Full and Advanced. No business and tax planning report. No dedicated client manager. No post year end review meeting. No unlimited ad hoc advice. If you want any of that, Full Accounting is the next step up.

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