Bookkeeping

Bookkeeping is the process of recording, organising, and managing a business’s financial transactions. It involves maintaining accurate records of sales, purchases, receipts, payments, and other financial activities with the primary goal of ensuring that all financial data is systematically recorded and can be easily retrieved for analysis, reporting, and compliance purposes.
Our professional accountants assist our client’s businesses, ranging from sole trade, Ltd, partnerships and LLP, rental companies and charities, and CIS, in accurately completing all their bookkeeping requirements.

Monthly & Quarterly Accounting

At Platinum Accounting Services we assist businesses with their monthly and quarterly accounts to enable them to ensure financial accuracy, compliance, strategic planning, support growth and sustainability.

Monthly accounting

involves the regular tracking and reporting of a business’s financial transactions monthly. This includes recording income, expenses, and other financial activities to provide a clear and up-to-date picture of the business’s financial health along with suggestions of areas to target and improve upon.

Some of the many ways our accountants assist businesses with monthly accounts:

Bookkeeping: Regularly recording all financial transactions including sales, purchases, receipts, and payments.
Reconciliation: Reconciling bank statements to ensure that the recorded transactions match the actual bank account balances and transactions.
Expense management: Categorising and tracking expenses to ensure proper financial management and control.
Financial reports: Preparing monthly financial statements such as profit and loss, balance sheet, and cash flow statements.
Budgeting: Assisting with the creation and monitoring of budgets to control spending and forecast future financial performance.
Tax compliance: Ensuring that all tax obligations are met on time, including filing monthly VAT returns if applicable.
Advisory services: Providing regular financial advice to help improve profitability and efficiency by highlighting areas that need work and development.

Our quarterly accounting involves the preparation and review of financial records on a three-month basis. This is especially useful for businesses that need to report to stakeholders or comply with quarterly tax filing requirements and want to introduce more regular reporting into their business.

Some of the many ways our accountants assist businesses with quarterly accounting

Quarterly financial statements: Preparing detailed financial statements including profit and loss statements, balance sheets, and cash flow statement.

1. Tax Preparation and filing: Calculating and filing quarterly tax estimates and returns, such as VAT or income tax.
2. Performance review: Analysing the financial performance of the business for the quarter and comparing it to previous periods and budgets.
3. Strategic planning: Providing insights and recommendations based on quarterly performance to assist in strategic planning and decision-making.
4. Compliance: Ensuring compliance with all regulatory requirements, including quarterly tax filings and other statutory obligations.
5. Performance analysis: Reviewing and managing the changes in key performance areas to ensure the business is heading in the right direction.
6. Adjustments and corrections: Making necessary adjustments to accounts and correcting any discrepancies identified during the quarterly review.

Our team of experts assists clients in both monthly and quarterly accounting by offering these extra services

Customised reporting: Tailoring financial reports to meet the specific needs and requirements of the business.
Regular consultations: Scheduling regular meetings to review financial performance, discuss challenges, and plan.
Compliance management: Keeping up to date with changes in tax laws and regulations to ensure ongoing compliance.
Training and support: Providing training to in-house staff on the relevant areas of the accounting software to help clients get the best from the information they are being presented.

Outsourced virtual finance function for larger businesses

We assist large businesses virtually with their financial tasks finance. This approach allows businesses to manage their financial operations without maintaining a full in-house finance team, achieve greater flexibility, efficiency, and strategic financial management, contributing to overall business growth and success.

Our major role as an outsourced virtual finance team include:

Financial reporting and analysis: We handle the preparation of financial statements, management reports, and financial analysis to provide insights into the company’s financial performance.
Bookkeeping and accounting: Routine bookkeeping tasks, including recording transactions, maintaining ledgers, and reconciling accounts, are managed by our team.
Payroll processing: We manages payroll processing, ensuring employees are paid accurately and on time, and handling related tax filings and compliance.
Tax planning and compliance: We manages tax planning, preparation, and filing, ensuring compliance with local, state, and tax regulations.
Budgeting and forecasting: Our team assists with creating budgets and financial forecasts to support strategic planning and decision-making.
Accounts payable and receivable: Our team handles invoicing, bill payments, and the management of receivables to ensure smooth cash flow.
Financial strategy and advisory: Beyond routine tasks, our team of experts provides strategic financial advice, helping the business with financial planning, mergers and acquisitions, investment strategies, and other high-level financial decisions.
Audit preparation and support: We help prepare for audits, ensuring that financial records are accurate and complete, and providing support during the audit process.
Technology implementation: Sometimes we may implement and manage financial software and systems, leveraging technology for efficient financial management and reporting.
Regulatory compliance: Ensuring that the business adheres to all relevant financial regulations and standards, reducing the risk of non-compliance penalties.

The benefits of an outsourced virtual finance function for larger businesses include:

Cost savings: Reducing the need for a large in-house finance team and related overhead costs.
Access to expertise: Gaining access to a team of financial experts with diverse skills and knowledge.
Scalability: The ability to scale financial services up or down based on business needs.
Focus on core business: Allowing business leaders to concentrate on core operations and strategic initiatives.
Advanced technology: Utilising the latest financial technologies and tools without significant upfront investment.
Improved efficiency and accuracy: Streamlining financial processes and reducing the risk of errors.