Preparation of Annual Accounts and Bookkeeping

Annual Accounts

Saving you money, time and stress through:
• Identifying tax savings
• Avoiding penalties by ensuring you meet relevant deadlines
• Identifying efficiency savings in your business
• Help and support with cash flow management
• Providing ongoing support and advice throughout the year
• Production of financial statements which are fully compliant with the latest accounting standards

Production of annual accounts is required for:
• Meeting legal and tax requirements
• Finance or grant applications

In addition the preparation and review of company and business accounts can identify:
• Any problems with the bookkeeping and records
• Trends or any problems within the business

Analysis of business results to help you manage your business better and identify areas for improvement.

We can prepare a wide variety of annual accounts for both the Isle of Man and the UK including:
• Company accounts
• Partnership accounts
• Sole trader accounts
• Trust accounts
• Estate accounts
• UK resident landlords
• Preparation of accounts in readiness for sale of business

To produce your annual accounts, Greenwave Accountants:
• Ensures all income and expenses are included and accounted for correctly
• Makes the accounting and taxation adjustments required
• Inputs all journals required
• Prepares financial statements which fully comply with Accounting Standards
• Can assist with relevant minutes
• Prepares and submits the tax return

Bookkeeping

Greenwave Accountants can quickly familiarise ourselves with any bookkeeping system and, if you use an online bookkeeping package, we can dial in and help you in real time.

We are certified advisors for Free Agent, Xero, Zoho Books, Quickbooks desktop and online. Additionally we have experience of Sage desktop and online, Tas Books, Viztopia, and industry-specific bespoke packages.

Greenwave Accountants can provide assistance with:
• bookkeeping on a package of your choice
• choosing the right accounting software package for your business
• bank reconciliations
• client accounting and reporting including regulatory compliance, and setting up client accounts systems

Alternatively Greenwave Accountants can also provide a full bookkeeping and annual accounts package. Payroll and bookkeeping packages are also available.

Company Accounts - Fast Facts:

• Annual Company Financial Statements which comply with accounting standards must be prepared by law
• Annual accounts for all businesses are required by the tax authority
• You can choose any date as the accounting year end date (even if this means the first period is less than a year)
• In the Isle of Man, company accounts do not have to be filed with the Companies Registry
• In the UK, a company has nine months after the end of the accounting period to file the accounts with Companies House

Bookkeeping - Fast Facts:

Double entry bookkeeping ensures your accounts are always in balance as there are two sides to every entry.

Up to date records help you to:
• Run your business more efficiently
• Identify problems quickly
• Keep on top of your finances
• Identify overdue invoices