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Zuizz – The Best Firm for Financial Reporting Services

When it comes to the year-end for your business and you need to file your annual accounts and complete a corporation tax return, then you need to have a financial reporting services firm that knows exactly what to do, and who keeps up to date with the current tax laws and corporation changes.

These tax laws can be tweaked or updated year after year, which means it can be tricky for business owners or individuals to have all of the correct information to hand. However, getting corporation tax wrong or not filing it because you weren’t trading, can lead to financial penalties for the business which isn’t what you want.

The good news is that using Zuizz as your financial reporting services firm will mean you get all of the correct and up-to-date advice that will mean that your reports are filed on time and that your business is adhering to the correct laws and legislations around financial reporting for businesses.

Choosing the right financial reporting services firm is an important step, and even if your business needs you to have an overhaul of its financial reporting, there are some considerations that you should look at when making sure that the firm is right for you. Here is why Zuizz is your best option for financial reporting services.

Annual accounts

Any company that is registered in England and Wales must file a report of their annual accounts with Companies House, which has to be done no later than nine months after the business year end. If this isn’t done, isn’t done correctly, or is filed later, then there are substantial late filing penalties that will be payable by your business.

By choosing Zuizz, we will be able to prepare the statutory accounts of the company, making sure that they are completed accurately and clearly show how the business was operating for that financial year. Not only that, but we make sure that your company accounts comply with the regulatory legislation, are all up-to-date, and ensure that the submissions are made in plenty of time before the latest filing deadline. We know that you want to have peace of mind for your business, so avoiding the deadline and avoiding risk of your company getting fines is of utmost importance.

Corporation tax return

All companies in the UK have to also file a corporation tax return to HMRC, for each of the financial periods. Even if the company wasn’t trading, a corporation tax return needs to be completed. Even if tax is due to be paid, a corporation tax return still needs to be completed.

As part of getting ready for the tax return, Zuizz produces the corporation tax return for your company, going along with the strict guidelines that are required by HMRC. Again, if this is done inaccurately by yourselves, then it can lead to penalties. At Zuizz, we ensure that returns are accurate and up-to-date and submitted for each financial period as required.

Fees

One of the first things that you’re likely to be concerned about with a financial reporting services firm is what the fees are going to be for the services. You need to make sure that the fees are going to fit with your budget and work for the business. At Zuizz, we will always be clear and upfront with what the fees are, whether that is a fixed rate for the services you require, or whether it is an hourly rate. There won’t be any unexpected fees that you’re not aware of, and we keep you in the loop throughout the whole process.

Certification

The financial reporting services firm that is going to be the best for you is one like Zuizz, who has employees who are chartered and certified and highly trained to do the job. In fact, not only that, but at Zuizz, we ensure that our team is made up of the best finance individuals who are chosen to work for us as they match how the company works as a whole and are dynamic individuals with finance expertise, as well as business expertise.

To make sure that you are choosing the best firm for financial services reporting, you don’t need to look any further than Zuizz. We offer professionalism, quality services, and keep you informed throughout the process. We make sure that we have a good connection with our clients, so that the process is a smooth one. No matter the size of your business, we are here to help.

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How Accounts Preparation Service Can Help Businesses?

When starting a small business there are a lot of elements that need to come together in your effect harmony to make your venture a success. One of the most important parts of your business from the get go is accounting – and this is something that you need to have on hand throughout the inception and management of your business.

Today we want to discuss accounting and bookkeeping and why they are so important to have in your business. From managing your budget to payroll- there are many ways that accounting can benefit your business this year.

Stability

The first and the most compelling reason why you should hire an accountant for your business as soon as possible is financial stability. If you are going into your business with no experience of accounting, it won’t be long before you will face some issues.

If you are not trained to budget for your own business it can be easy to fall into some traps with finance and you might fall at the first hurdle and fail as a business. Instead, take some time to find a great accountant and they will help you to stay afloat financially and this will allow you to stay financially stable as a business.

Efficiency

One of the main benefits that an accountant will offer as a consultant to your business is better efficiency of financial matters. Let’s take tax as an example. Tax is something that can be complex and if you have never filed your own tax return before it can take hours to do and can be confusing.

However, an accountant will be well versed in this task and they will be able to take on this task and complete it within a very short space of time. Efficiency is key for a small business so by handing off financial matters to an expert you’ll have time to focus on other things that are important to your business.

A clear view

One of the benefits of having an accountant alongside your business is the clear financial view they will be able to provide you of your business. When running a business as an entrepreneur it can be all too easy to put too many eggs in too many baskets and this leaves you no time to really step back and look at your situation. An accountant will take the figures and will be able to present you with a real-time forecast of your finances and what you could achieve if you made some simple changes.

Better budgeting

One of the things that can be difficult as a small business owner is budgeting for your business. We all know that the objective of a business is to make more money than you spend, but expenses and other issues can often impact this and your ability to do this. However, an accountant will be able to stop you from making bad decisions with your marketing as well as help you to budget your money better and find a flow that works for you.

Better marketing decisions

Marketing is a huge part of any business and one of the biggest challenges you may face as a business owner is knowing what budget to use for your marketing efforts. An accountant will be able to advise a spending limit for your marketing campaigns and this as a result will help you to make better decisions on campaigns and maximise your lead flow through to sales.

Better cash flow

As we said earlier, an accountant can stop you from making bad business mistakes and they will also be able to ensure that your profits are maximised. By pricing your products or services in a certain way, your accountant can help you to maximise your profit and ensure that you are making as much money as you can through sales.

Less mistakes

If you have no experience as an accountant and you struggle even managing your own personal funds, hiring an accountant is a useful tool and will help you avoid mistakes. Accountants are equipped for any eventuality and they will not get confused or stressed with an issue that you would mess up. Allow a professional to take the reigns and they will help you to ensure financial stability at all times and better profits year on year.

These are the best reasons why you should hire an accountant and use account preparation services for your business this year.

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Accounting and Bookkeeping Services for Small Businesses in London & Essex

Accounting and bookkeeping services encompass many different parts of your business and they all have their merits and uses in the real world. If you are looking to invest in accounting and bookkeeping services this year, we want to talk you through some of the different services that are provided by these money professionals.

Accounts & Tax

The main thing that an accountant is known for is managing accounts and filing tax returns. Business accounts can be very complicated and this is why you should always hire a professional to handle these difficult tasks for you. Accounts and tax services will take care of the accounting side of your business so that you can concentrate on other aspects of your business.

Bookkeeping

Many people assume that accounting and bookkeeping are exactly the same thing however they are slightly different and work hand in hand to help keep your business in check. Bookkeeping can seem like a tedious task to some but it is important to always keep a record of any transactions that take place within the business. Whether this be a train ticket bought for a meeting or a new printer – every receipt counts and it will all go towards your expenditure.

Payroll

If you are in the early stages of hiring people to work for your business you may be left scratching your head at how to conduct payroll. But instead of trying to do it yourself and making a mistake, why not hire the experts and allow them to handle this for you? Payroll can be a complicated thing and it is so important for you to hire out someone who understands the process back to front and who will help you manage this.

VAT

VAT is something you don’t have to think of as a consumer but when you become a business you ends to consider VAT and reporting it to the government throughout the year. This can be a confusing and sometimes complex thing to do, so allow an accountant to handle this for you.

New Companies

If you are a business owner and you are looking to create a new company under the same umbrella this will take a lot of work from every angle. With fresh marketing and sales to think about, the last thing you want to do is deal with the financial implications of this. Make sure to hire an accountant to come and deal with this job for you and it will make your life much easier.

Audit

An audit is a process that helps a business understand what assets it has and how these assets can be used for success. By allowing a professional to carry out this audit for you, you will save a lot of time as well as stress as you try to contact employees to get their laptop numbers and device information.

Tax credits

If you are not an avid financial worker you may not be aware that the government will offer several different tax credits for different reasons and you might be eligible for some of these yourself. By hiring an accountant to take on your financial services, you will be able to find out whether or not you are eligible for tax credits and this might allow you to save a lot of money every year on your tax. By hiring a professional you stand to save a lot of money and this is worth the work.

Business Valuations

Do you know how much your business is worth? This is a question that stumps a lot of us as we might have a rough idea of our profits – but it can be difficult to calculate the actual value of a given business. Accountants will be able to take data and account information in toe and come up with an accurate valuation that you can use should you decide to sell your business on to someone else.

When hiring an accountant for your business this year they can provide so much useful work for your business. Make sure to take your time finding an accountancy firm or an accountant that has the skills and specialties that we have listed above and ensure that they are easy to talk to and explain things to. Good communication with your accountant is crucial and once you have one in your business you will see the impact of their presence very soon.

Use these services to find your perfect accountant to take care of your business finances this year.

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What is the Main Objective of Financial Management?

Financial management can be defined as managing the financial resources of a business by applying extensive management principles by organising, planning, controlling and directing the financial operations to manage the funds of a company. Thus, financial management is primarily concerned with increasing the funds and utilisation of an organisation and helping achieve its goals.

What is the main objective of Financial Management?

The main objective of financial management has to be harmonious with the businesses overall goals by maximising the owners’ welfare and ensuring maximum return on investments.

In plain terms, the objectives would be to increase a business’s value and maximise sustainability and profits

But increasing the profits and value is not even scratching the surface of what precisely the objective of Financial Management is. The ultimate goal of a financial manager is to utilise the finances of the business by planning an effective procurement of finance as there are many creditors, stakeholders, owners and other participants in the financial marketing world.

Financial Management has various objectives. However, to maximise the owners’ welfare, there are two primary objectives of Financial Management.

Namely, Profit maximisation and wealth maximisation.

1. Profit Maximisation

The process of profit maximisation is to increase the value of a business to its maximum capacity. Maximising the overall company’s profits will ensure that the company can invest more in equipment and innovative product development, which provide a return on investment and enhance the growth of the business.

Therefore, the first objective of Financial Management is to make informed and proper decisions to achieve maximum profits.

2. Wealth Maximisation

Wealth maximisation is a more modern approach compared to profit maximisation.

Financial Managers focus on maximising the wealth of the business shareholders shares as the companies shareholders invested their money into the business. Therefore, the financial manager’s responsibility is to ensure that the shareholders’ value increases and maximises.

This objective is based on cash flow and not as much on profits.

A company’s cash flows are more precise and accurate than profits, thus leaving no range for any uncertainty.

As an objective of financial management, Wealth maximisation permits the shareholders to accomplish their goals. Therefore, wealth maximisation reigns superior to the profit maximisation objective.

As disclosed earlier,

Financial Management has other vital objectives as well, such as:

Keep the competitiveness and survival of the company

It is vital to hire a professional and knowledgeable financial management company that can make sound and stable short-term and long-term decisions as the financial decisions made can define the failure or success of an organisation.

The ability for a business to remain competitive and grow lies in proper financial management strategies

Estimation of overall financial requirements

An essential objective of financial management is to make a thorough estimation of the overall financial requirements of a business. The financial manager must uncover the working and fixed capital of a business and estimate the number of finances required to operate the company.

The financial manager must take into account many factors such as the technology and software used by the business, the company’s legal requirements, the order of operations, and the number of employed workers. Should the estimation be incorrect, the business might run at a loss and risk a shortage or excess of finances.

Financial Planning

Financial management requires the formulation of plans and budgets for the business to enhance its performance.

Therefore, financial managers build strategies regarding the economic actions and resources in a business by accumulating data from various sources regarding other organisations.

After that, the data collected is analysed to determine the shortages of the company.

Finance Mobilisation

Financial management also includes sourcing for financial resources to fund various projects and business operations.

Thus, financial managers must mobilise financial resources, legal and trusted sources such as debentures and banks. These recourses will add to the working capital of the business.

It is the financial managers’ responsibility to ensure an adequate balance between debt financing and equity financing.

The Creation of Interdependency and Coordination

There are various departments in a company. However, the finance department is the fuel that keeps the whole business engine running. Therefore, for the business operation to run smoothly and efficiently, there should be a mutual understanding and cooperation between all departments and the financial department.

All departments are tasked to prepare a budget estimate for six months or a year (12 months). After that, all proposals are sent to the finance department so that the financial managers can coordinate with the departments’ managers, executives and key decision-makers to allocate the financial resources respectively.

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What Is Compliance Reporting? What You Need To Know

Every industry has its best practices and standards. While many of these can be to stay up-to-date with competitors, others are to maintain regulatory compliance. As such, your business could be fined or face other penalties if you don’t follow them. One of these is compliance reporting.

If you’re wondering what this is, you’re not alone. Many new or potential entrepreneurs are still getting through the legal aspects of their company. That doesn’t mean that you should dawdle with getting around to your compliance reporting.

Instead, it’s something that you’ll need to get to grips with relatively quickly. It’s something that your business will need to be involved in almost constantly, even if you’re not aware of it. If you’re curious about what this is, then there are a few things that you should know.

Does your company need to engage in compliance reporting? Is it actually important? What even is compliance reporting? These are questions that every business owner should have answers to.

What Is Compliance Reporting?

As you might have guessed from its name, compliance reporting is working alongside auditors and proving that you’re adhering to regulations. These reports will highlight exactly how your company is following industry standards and all relevant laws.

You will have to include a lot of information in these reports. However, this will typically revolve around how your customer and company information is dealt with. You’ll need to outline how this data is controlled, stored, secured, and distributed.

To what standard you’ll have to collect and present this information can vary from place to place. In many cases, such as the United States and the United Kingdom, guidelines are relatively easy to follow. That doesn’t mean that your compliance reports will be done and dusted quickly, though.

Instead, it will be an ongoing process. Standards continue to improve and change over time. As a result, you’ll need to continually update your compliance reporting standards. Thankfully, there are many tools that can be used for this, many of which can be automated.

Compliance reports will typically be created by the IT department. Many companies have a compliance department, however, in which case it will be their job. Others will outsource this to a specialist.

Why Is It Important?

You might be wondering why compliance reporting is important. To some entrepreneurs, the answer to this would be obvious, though it won’t be to others. One of the most notable, and perhaps vital, is that you’ll be meeting legal standards.

Failing to do this can result in fines or penalties, both of which can get more severe over time. It could even result in the closure of your business, if issues are allowed to get bad enough. Avoiding this completely might be the largest reason to engage in compliance reporting.

There could be several other benefits to your business, however. For instance, it could help you identify where your data collection and storage can be improved. That’s especially true for security, which is one of the more crucial aspects of your company.

If your business is involved in any kind of online transactions, then security is paramount. The compliance reporting process ensures that you’re not only secure, but can identify areas of improvement. That will help protect your firm and its customers from any potential hacks.

What’s Included In A Compliance Report?

Almost every industry is required to be involved in compliance reporting. These can be regulated by different laws and agencies, however. What standards your company needs to follow with the practice can be different from that of another sector.

Since you’ll need to be engaged in the practice, it’s worth knowing exactly what you’ll need to include in a report. These are:

  • A statement outlining the relevant legislation;
  • A summary of what’s included in your report;
  • A review of your process, and;
  • A conclusion with the findings and analysis of your compliance review.

These should help compliance reporting go much easier for you. Since you’ll have to be engaged with it almost constantly, that could be a welcome advantage.

Wrapping Up

While being compliant with regulations may seem like a pain, it’s there for a reason. Your company’s and customers’ information should be secure. Ensuring that you’re making this a priority and running your business effectively should be vital.

While that means taking the time to review and improve your process, this will reap dividends in the long term. That doesn’t mean that compliance reporting needs to be difficult, however. Instead, there are multiple tools and resources, alongside experts, that you can utilize.

What’s stopping you from making things much easier for your company?

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What are Finance Transformation Best Practices?

Business owners will hear quite a few buzzwords throughout their careers. While many of these will come and go, some will stick around. That’s primarily thanks to the processes, systems, or other things they refer to being effective.

Much of that can be seen with marketing efforts, which have shifted significantly in recent years. Not all of these are public-facing, however. Instead, many of them can look inward are your business. One of the largest of these is finance transformation.

If you don’t know what this is, you’re not alone. While this has been gaining popularity in recent years, it’s yet to gain mainstream appeal. It has shown multiple benefits, however, which is why it’s been gaining interest among entrepreneurs.

If you’re unaware of what the practice is, then you might want to know more about it. It can have quite a few benefits for your company. To properly take advantage of this, though, you’ll need to make sure you follow financial reporting services transformation best practices.

Like anything else that’s worth your time, there are a few things you’ll need to know before you dive in.

What Is Finance Transformation?

If you’ve never heard the term ‘finance transformation’ before, then you’ll naturally be curious as to what it is. You might assume that it would be complicated, although you’ll only be half right. In essence, this is a shift in mentality within your organization.

In many companies, finance seems to be a matter of keeping score; you know what’s coming in and what’s coming out. Finance transformation is the process of turning from that into a forward-looking business.

The key to this is focusing on operational and financial processes. These aren’t the only divisions that you’ll need involved, however, as your IT department will also play a large role.

In bringing each of these together, you can align your operational processes with your financial goals and processes. Once achieved, you can find that your company will start seeing many long-term benefits.

7 Finance Reporting Best Practices

As effective as the practice could be for your company, that’s only if you follow finance reporting best practices. If you’re still learning about what the process is, then you mightn’t be aware of what these are.

Thankfully, there are seven best practices that have emerged. These have been the case regardless of industry. As such, they’re worth implementing in your company. These are:

  1. Standardize your enterprise resource planning software. This will make transaction processing more efficient.
  2. Reduce, or preferably eliminate, your reliance on emails and spreadsheets for financial reporting and planning.
  3. Make your budgeting process as streamlined as possible.
  4. Use rolling forecasts to update and adjust your budgets when needed.
  5. Automate your financial reporting. This will also help to speed it up.
  6. Give your managers more power to report on their teams.
  7. Spend more time on analysis rather than data collection.

By implementing each of these practices, then you should see the many benefits associated with finance reporting. The largest of these include better business agility, reduced costs, and an overall improved company performance.

While this will take a certain amount of work upfront, you’ll start seeing the benefits over time.

Benefits Of Finance Transformation

You might think that that’s a lot of work. What would be the point of it? As it turns out, there can be multiple benefits of finance transformation, especially long-term. The largest of these are:

  • Processes can be done much faster, as you’ll identify areas of improvement.
  • Your financial data will be more accurate and reliable.
  • Financial information is much more detailed and can be accessed instantly.

With those benefits, it’s easy to see why more companies are taking advantage of the process. You can also improve multiple processes and projects because of the information you’re able to gather.

That should allow your company to be more efficient while also cutting down on any unnecessary costs.

Wrapping Up

Ensuring effective finance transformation isn’t going to be easy. There are multiple stakeholders who’ll need to be involved. You’ll also need to make sure that you have the right people running things, such as managers, alongside the right resources.

While you’ll typically have a detailed plan when you first start, you should also be flexible. One of the goals of finance transformation is to make your company more fiscally and operationally agile. The transformation process itself should reflect that.

It’s always worth speaking to an expert when you’re going on your finance transformation journey. Though your employees may be up for a job, they can often need a little help throughout the process. There’s no reason not to accept this help, so what’s preventing you?

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