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Code of Corporate governance is published by financial reporting council as the set of rules and regulation for the governance of the listed entities. Reason for the development of this code was mainly the protection of shareholders wealth from the management of the company and to ensure that management of the company is working in the best interest of the shareholders.
Mainly there are 4 sections of code of governance.
Board of directors should have appropriate and reasonable skills to execute their duties as the leadership of the company and ensure long-term success of this company. Directors should keep their knowledge updated and ensure their capabilities are up to the mark in order to fulfill their regular job description. All directors should be submitted to reelection process at regular interval after their performance appraisal.
Board of directors should be held accountable for their actions as they are custodians of the shareholders’ wealth and are expected to work in bon fide interest of the shareholders. They should ensure that proper internal controls are placed. Management of the company is expected to maintain a good relationship with the external auditors. Sometimes listed companies prefer accountancy firms to maintain their book of accounts to ensure a better presentation of their financial position for the year end to the shareholders. Big 4 audit firms are often considered as their up to date knowledge on the matters of ice and their financial expertise is a proof enough for their effectiveness.
It a general perception that directors are to be paid in a balance so that the wealth of shareholders is no excessively deteriorated and but enough to be able to attract and retain the leadership of the company. Remuneration of the directors partially if not full be attached to their performance. Directors should not be involved in deciding their own remuneration and more transparent system should be developed in determination of the director’s remuneration packages.
4. Relationship with shareholders:
There should be a consistent steam of communication between the shareholders and management of the company to ensure both parties are on the same track and both understand the long term vision of the company. Annual general meeting should be held to involve the shareholders in major decision making and keeping them enlightened on the future policy of the company.
Additionally the code of corporate governance sets out condition of disclosure condition for the listed company. I.e. keeping certain information on their website and sending news letters to their shareholders etc.
A large number of companies diverting their accounting procedure on online accounting application due to easy access to Data, global access, user friendly interface and instant reporting. Online custom built accounting application gives competitive edge and comfort in accounting procedure.
These accounting applications often managed by online accountants with the help of the best online accounting software by WeAccountax who provide book keeping and accounting services by using these software, the accountants and business managers both use same interface. The software provides diverse nature of accounting services to businesses in order to ensure efficient running of their business operations.
These are some accounting supports provided by online software:
These online accounting applications help to design and generate invoices as per discretion of their client. It reduce number of attempts to generate invoices for same supplier by recurring invoices, replicate past invoices and speed up the whole procedure
They help to make your payroll procedure more efficient and effective by automatically update payroll data base according to task completed or working hours of their
It provides easy excess to employees of organization to keep them informed about their task for a day and next week or month. Companies no need keep their eyes on tax rates in order to calculate their salary packages, these calculations automatically carry out by accounting application and payment is made to employees by direct debit if the business has opted for it.
These accounting apps keep up-to-date with quantities, average stock value, buffer stock in quantity and reorder level to Organization for placing orders. It also generate reports on product and service, statistics of such reports shows profit margins per item and lot of others valuable information to assist in decisions on ordering and pricing.
It helps businesses to arrange funds by visually describing in graph that when payments of certain bills are due and it quickly bundles up lot different transaction in one payment. It receive and store bills or invoice via E-mail, then match it with order relevant documents to ensure that they receive bill according the quantity ordered and received.
Such online accounting software help to gear up sales by frequently receiving quotes from a large number of web based customer according to price, item and quantity they hold up in their inventory, such apps also ensure that all quotes are entertained
With the help of online mobile apps the users can reconcile their bank transaction, record their expenses and also generate invoices and send as soon as work is completed. Such online accounting apps also provide way to contact your customer or supplier by keeping their details.
Dash board provides user Friendly interface and provide statistics of monthly income and expenses in line, pie and column for visual support. By the dash board they can easily manage or kept eye on the credential of business like liquidity, margins and liabilities
Year end accounts are the statutory requirement for the businesses, these must be sent to the HMRC, Companies House and shareholders of the company. These accounts shows that how much tax is due to be paid to HMRC it also includes the details of the different responsibilities of the directors as well as the narrative description of the company’s affairs.
Content of the accounts:
It includes the company details, its accountants, its registered office and its registered number.
Director’s report and Financial statements:
It includesdirector’s report,statement of the profit and loss, and statement of Financial Position together with the notes to the accounts and details of profit and loss. These must be in a standard format and so a professional accountant is required who can prepare the accounts in the standard format. These are submitted and copies are retained by the company, to take the strategic decisions regarding the company and its different levels of operations.
Notes to the accounts:
There are the Notes to the Accounts in which there is a narrative description about the numerical figures of the financial statements. These figured are needed to be explained so that it can be understood by the people outside the company. These accounts also describe the events after the reporting period, which can cause a severe threat to the company’s going concern. Together with these, there are also different kind of major issues in the business which can help to enhance the users understanding like the court cases, major accidents etc.
WeAccountax offers annual report online with different services in relation to the annual accounts.
WeAccountax will provide you all the services in relation to the abbreviated accounts and CT600 in timely and cost effective way. HMRC and the companies’ house impose the penalties on the late filing so care must be needed in relation to the timely management and filing of the accounts.
Businesses, now a days, want to operate with the help of automated software and so want to increase efficiency in order to save their time which is the most precious resource for the business other resources have different alternatives but there is no alternative to time. That is why the businesses try to operate their business and financial record keeping with the help of software, as the burden of transactions increase on the business.
With the advancement in technology the organizations now seek to operate their daily businesses with the automated systems and there are many bookkeeping and online accounting software with WeAccountax for data entry. Xero is one of those soft wares which are used by the small and medium sized businesses, now a days, to operate the data entry of the business. It is a cloud based software and its products are based on the software as a service.
Xero has many features a small to medium sized organization can use to run its business. Unlimited users can use the Xero with safetyand without any threat of security breach.
Traditional softwares are expensive and time consuming with lack of cloud support and also there is no automatic support by the software vendor. They do not provide any automatic back up and also only limited number of users can access the system. Only one or few computers can run these softwares and these can be operated at the work place only.
Features of Xero
Cloud based accounting software:
It is a cloud based software, and what is a cloud? It is a database where the data of the user can be accessed anytime from anywhere. Cloud is the most secure way to save the information. Also if the device or computer is destroyed in case of natural disaster then still the data is safe as it is saved somewhere else.You can also allow multiple users to view and use the data, and you can also select the extent to which a user can view the files.It automatically updates the features of the running system.
It is used to speed up the bookkeeping in the business and contains different features which are user friendly and unique
It can be suitable for the businesses of the different sector. Startups, hospitality, manufacturers, not for profit and legal, all can take benefit from Xero’s features. It is available in different models and types depending on the number of companies, subscriber operate.
WeAccountax will provide you help in defining the chart of accounts and setting the tracking category, we will provide the service to properly define the heads under which the entries need to be entered.
WeAccountax has an expert team of chartered accountants, chartered tax advisors and associate chartered accountants who aim to enhance the quality of accountancy services.