Accountants in Coventry
At CTT Accountancy, we deliver tailored, professional accounting services in Coventry, Leamington, Warwick and the surrounding area. We assist start-ups, sole traders, limited companies, contractors and individual taxpayers, among others.
Our services range from accounts and payroll compliance to tax planning and business consultancy.
Our Coventry accounting services include but are not limited to:
All limited companies, sole traders and partnerships are legally required to keep Year-End accounts. Year-End Accounts generally serve as the foundation for your annual self-assessment tax returns, delivering valuable insight into your business.
We take a proactive approach to preparing your accounts at CTT Accountancy, allowing us to spot possible opportunities, help you save on taxes, and offer business advice.
Whether you need your management accounts prepared monthly or quarterly, our attention to detail enables us to deliver data-driven KPIs and profit margins that help you achieve your objectives.
We tailor our approach to reporting to suit each client’s specific requirements.
The information acquired from the management accounts will give you a complete picture of your company’s performance.
In financial reporting, there are several key objectives, which include to:
- Measure past performance as a guideline for future progress
- Manage liquidity and avoid cash flow difficulties
- Determine where to concentrate your efforts to maximise profits
Staying on top of statutory compliance and filing deadlines can be challenging when running a business. Our team can assist you with this using our in-house systems.
In addition, we can also provide formal documentation to action any changes to statutory records.
Starting A Business
CTT Accountancy offers expert accounting and tax services to assist clients in starting and growing their businesses.
The CTT Accountancy practice is independently-run, so we know what it takes to establish a business.
We can guide you on all aspects of starting a business, including business structures, tax registration, and accounting systems.
Our skilled accountants are eager to meet with you and discuss your requirements. Please contact us to learn more about how our Coventry accounting services can assist you.
Frequently-Asked Questions About Accounting
- 1. Can I do my own accounting?
- 2. How can an accountant save me money?
- 3. What is the difference between accounting and bookkeeping?
- 4. What accounting records do I need to keep?
Accounting can be a difficult and strenuous task. There are a lot of standards and laws that your financial records must adhere to. Furthermore, as an accountant, you must meet deadlines all year long.
You can perform your own accounting, but it’s usually advised that you familiarise yourself with the procedure before trying to do it. Doing your own accounting rather than consulting a professional can be more expensive and time-consuming.
One of the most crucial aspects of a business, especially in the beginning, is its finances.
While you spend your time busily managing the other areas of your business, an accountant will keep your finances up-to-date. You can make more informed decisions if your accounts are organised and up-to-date.
Making more informed decisions helps you to steer clear of costly errors.
A competent accountant will assess your company’s profitability, ensure that you are on course for maximum growth, and make impactful recommendations.
The responsibilities of an accountant and a bookkeeper usually overlap because bookkeeping is the first step in the accounting process. However, bookkeeping deals with the recording and organisation of financial data, whereas accounting focuses on analysing and presenting this data.
Your accounting records must include the following information:
- Information about the assets your company owns
- All the money received and spent by the company
- Stocks that your company owned at the end of the financial year
- Debts that your company owes or is owed
- The stocktakings you conducted to calculate the stock figure
- All goods sold and bought, as well as who you bought and sold them to
You must also keep track of any additional financial documents, calculations, and data required to prepare and file your annual accounts and Company Tax Return.
This includes records of:
- All money received by the company, for example, invoices, sales books and contracts
- All money spent by the company, for example, delivery notes, receipts, orders
- Any other documents that may be relevant, for example, bank statements