You Live Life
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.