Important aspects to consider in regards to Bookkeeping:
1. The Nature of the Business:
The underlying economic situation is crucial to understand when making business decisions. In order to be successful, a business should be aware of the conditions in which they operate and should be fully aware of the costs they are incurring and the profits they are making. If accounts are kept organised and up to date then this can assist in the smooth running of the company to make strategic decisions and ensure future success.
2. Supporting Documentation:
Service Pro utilise a computerised accounting system (called Sage 50). As per the requirements of the Companies Law, Cap.113, for every transaction the client is required to produce supporting documentation in the form of Sales Invoices, Purchase Invoices and Bank Statements.
All Audits are conducted in accordance with International Standards on Auditing. These standards require that the Audit is carried out in accordance with ethical requirements and is performed to obtain reasonable assurance of whether the Financial Statements are correct. Service Pro can provide a full range of cost effective audit services through our associates in order to ensure full compliance.
Important considerations in regards to Audit:
What is involved in the Audit Process?
The factor that is of upmost importance is the accuracy of balance sheet accounts. Year-end Bank balances at have to be correct, meaning that the balance of your bank statement should be reconciled with the balance in your books.
To comply with this as accurately as possible we ensure that the balance is certified in writing by the bank. Additionally we require that Directors sign a declaration identifying any indebtedness to or from the company.
Service Pro can provide any kind of tailor made financial management reports, either on a monthly or quarterly basis. We can produce budgets which project financial results into the future based on customer feedback, and provide feasibility studies appropriate for launching a new business or project. These in turn can be used for obtaining bank loans or for approaching investors for funding.
Adequate bookkeeping can serve as a powerful management tool. It can facilitate the production of timely and accurate management reports that provide decision makers with the data required and therefore help businesses become more efficient and improve their profitability as well as cash flow management.
As a result of this Service Pro strives to fully understand the nature of the clients business in order to provide exactly what they require. This is done by setting up an accounting structure that is not only suitable for compliance with the various reporting authorities but can also provide valuable business data that will assist clients in running the business.
Service Pro provide the following services:
- Maintenance of statutory books and records.
- Preparation of financial statements in accordance with IFRS (International Financial Reporting Standards).
- Preparation of management accounting reports.
- Assistance in setting up computerised accounting systems for clients, including training staff to maintain proper records and continuing assistance on a consultancy basis.
- Preparation of annual tax computations.
- Preparation and submission of provisional tax declarations and payment of taxes.
- Preparation, submission and maintenance of VAT, VIES and Intrastate services.
- Preparation of budgets.
- Feasibility Studies.
- Payroll services including preparation and processing of monthly payroll, management payments of tax and social insurance contributions, and the submission of periodic tax returns.
Service Pro together with our professional partner can provide specialist foreign exchange services offering our clients the best rates with outstanding personal service and bespoke flexible solutions.
There are numerous advantages of using foreign exchange services:
1. First class exchange rates:
By keeping operating costs low and dealing in large volumes we are able to offer the best, up to the minute exchange rates.
2. No hidden costs or commission:
With transparent pricing there are no hidden charges or commission in our fees. We provide impartial market guidance and advice to all clients.
3. Outstanding personal service:
All clients are provided with a dedicated currency expert who can be personally contacted at all times and will ensure all your needs are exceeded.
4. Minimise currency risk:
To protect our clients against currency volatility we can provide a range of tailored trading options such as spot trades, forward trades and market orders.
5. Fast and efficient currency transfers:
All major currency transfers can be completed within 24 hours using SWIFT technology, the international standard for efficient and secure transfers.
6. Total security of funds:
Our professional partners are authorised by the Financial Services Authority (FSA) for payment services and are regulated by Her Majesty Revenue and Customs (HMRC) to ensure that all necessary legislation is adhered to in order to operate as a Money Service Business.
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