Accounting.
The rules around tax are constantly changing.
Annual Accounts and Tax Returns have to be completed every year. We schedule our annual accounts jobs, so that you can have peace of mind knowing that it will be done. Your client manager will be in touch with a target date for when you can expect this to be done.
The majority of people want to spend less time managing their taxation compliance obligations and more time on driving business performance. They also want the peace of mind that comes with access to specialised taxation experts.
Build confidence with better advice:
Pragmatic, no nonsense solutions.
Based on decades of experience.
Enables you to make better decisions.
Helps you stay abreast of developments and frequently changing rules.
The process of preparing end of year accounts is to understand your financial performance and position, as well as maintaining your taxation status with the Inland Revenue.
End of year accounts are also usually required by banks and other financial institutions, along with the entity’s stakeholders such as shareholders, partners and beneficiaries. There are 5 key steps to preparing EOYFAs:
The new generation of accounting software has made it easier and faster for businesses to manage their own financial needs.
Not only can you scan expense receipts and set up batch payments for example, the transactional information is brought together into a single secure system. This helps the accountant with part of the first step: gathering transactional information (bank transactions, sales transactions and payment transactions).
In addition, software provides the accountant with better visibility and faster access to your financial information. This in turn improves the quality and accuracy of data.
We actively encourage you to use accounting software. In addition to making it easier to manage day to day accounting needs, software also opens the door to broader opportunities to improve the performance of your business.
You can save taxation by:
Maximising your deductible items
Optimising your business structure
Using smart facilities like tax pooling
For Non-Residents
Advice on residency status and implications on international and domestic tax liability
Audits.
Whitelaw Weber looks after many businesses that require audits, however we do not undertake audits. We outsource these to other accountancy firms.
There are some very helpful audit firms in the Far North that will be able to assist you. We can put you in touch with them if you require.
Advisory & Consulting.
How we do it.
Strategic and business planning
Analytics, information and modelling
Organisational reviews, restructures and governance
Profit improvement
Financial awareness and understanding KPIs
Technology advisory
Training is boutique and created to suit you. It can be one on one, in groups or departments, one off, or ongoing programmes.
Budgeting, Forecasting & Cashflow.
Budgeting & Forecasting
Is your business performing in the top 25% of your industry, or has your profit increased but you have no cash? Are you comfortable with the amount of tax you are paying? Would you value having a business specialist review your financial performance and give you tools to help you make better business decisions?
Attend a meeting to provide an overview of your business including:
Business structure and key stakeholders.
Tax arrangements.
Key issues for next 12 months.
Goals for next 12 months.
You will be required to supply 12 months of financial information including sales, expenses, assets and liabilities.
We will then prepare a budget and a 12 month forecast.
We will meet with you to review these documents and discuss the implications and any support that you may require.
We will train you on inputting the forecast into your accounting software.
Cashflow Services
Cashflow issues are often a result of a business going through a rapid growth phase.
Setting cashflow targets and regularly monitoring your actual cashflow against your forecast will enable you to predict large cash outflows and respond to changes in your business.
Inadequate cashflow is a symptom of management problems in a business, NOT the cause. Helping our clients look ahead with confidence and putting in place basic cashflow maximisation strategies is core to our purpose as your accountants. The benefits of Cashflow Management include:
Support bank lending requirements
Avoid late payment penalties and interest from suppliers
Improve communication and stronger relationships with your financiers and suppliers
Gain an understanding of cash and liquidity for better decision making
Understand the key cashflow drivers and the Cash Conversion Cycle in your business
Predict and plan for large cash outflows
Learn to monitor your actual cashflow against forecasting your accounting or reporting software
Peace of mind that your cashflow needs are known and properly funded
Improve business processes that maximise cashflow, profit and business value
Drive your business to achieving your goals in a controlled and managed way
