• Financial accounting
• Management accounting
• Taxation

Financial accounting

This service is the main area of recurring work provided by accountants in practice and in this respect, Prestons are no different.

Fundamentally, it is the use of an entity’s accounting information for reporting to parties outside the organisation. This covers third parties including HM Revenue & Customs, Companies House, insurance companies, banks and other lenders. Financial accounting procedures are commonly undertaken annually from the records maintained by the business.

Typically, background work necessary to arrive at the stage of financial statements of an organisation would include:

• Bank reconciliation
• Preparation of debtors and creditors control accounts
• Various tax control accounts (including PAYE/NIC, CIS and VAT where applicable)
• Maintaining a fixed asset register
• Calculation of any prepayments and accruals