Thompson Accountancy Services, a company of accountants Essex specialists, announced the expansion of services offered to limited companies, business start-ups, and self-employed sole traders. Financial statements, tax payment estimates, payroll and predictive reports have been the bread and butter of the company which paved the way for many businesses in the Essex area to thrive.
In regards to the growth of the businesses handled by Thompson Accountancy Services representative Lucy Duffy said, "We are very proud with the progress made by the businesses and individuals that have put their trust in us. Our experts helped create financial forecasts that directly and indirectly led to the success of these numerous entities. Budgeting and in-house auditing are no longer viewed as a tedious task thanks to the hands-on effort by our specialists to cut costs while setting realistic goals."
The clients managed by Thompson Accountancy Services vary in the nature of their business as well as their budget estimates. To ensure the effectiveness of the strategies employed by their experts, they followed a workflow that has proven to be effective regardless of the brand differences:
1. Accountants will no longer be isolated to tax planning. They will also be hands-on with the structure of the business and how the budget trickles down from the top. This helps create an ideal vision of where the money comes from and where it leads to.
2. Depending on the nature of the business handled by the accountant, there should be limits and exceptions to many branches of a company. These can be differentiated by classifying whether a business is run by an individual as a sole proprietor, is shared within a partnership or is a limited company.
3. When all accounts have been structured, a financial report of the previous quarters will have to be reassessed by the accountant. This is to observe a pattern within the business and the industry itself. Industry-specific strategies may be proposed and implemented for financial forecasts during this process.
4. If a company has no accounts that need to be structured such as start ups and newly-opened entities, there will be an accurate report of where all the budget could possibly be spent on to ensure the success of the business in its infancy. However, the accountants also value honesty and integrity which means that they will be candid in saying whether the allotted budget for a business would lead nowhere.
5. Finally, businesses that have been reviewed by the accountants will be informed of all the laws even those specific in their line of work. No matter how effective an accountant is, a business that’s breaking the law will still be subject to audits and penalties.
About Thompson Accountancy Services: Thompson Accountancy is a Benfleet-based accountants Essex firm that specialises in tailored accounting services. As a company, they have 25 years of experience in handling businesses in a range of industries throughout the United Kingdom.