Accountancy Services

Accountancy Services

IT & Accounting Solutions Limited provides practical accountancy and financial reporting services to companies, sole traders, partnerships, charities and other organisations.

Established in March 2004, we help clients meet their statutory obligations, maintain reliable financial records and understand the figures behind their business.

Our approach is not limited to preparing accounts for filing. We aim to explain the results clearly, identify important issues and provide useful financial information to support better decisions.

Annual accounts

We prepare annual accounts for a wide range of organisations, including:

  • private limited companies;
  • sole traders;
  • partnerships;
  • charities;
  • charitable incorporated organisations;
  • community interest companies;
  • social enterprises;
  • membership organisations; and
  • other not-for-profit organisations.

The exact work required will depend on the organisation, the applicable financial reporting framework and the scope of our engagement.

Our annual accounts service may include:

  • preparation of statutory or non-statutory accounts;
  • review of bookkeeping records;
  • year-end accounting adjustments;
  • bank and balance-sheet reconciliations;
  • fixed asset and depreciation calculations;
  • accruals and prepayments;
  • director loan account reviews;
  • corporation tax computations;
  • Companies House filing;
  • HMRC submissions; and
  • explanation of the financial results.

Company accounts

We prepare statutory accounts for private limited companies and assist with the associated Companies House and corporation tax requirements.

This may include:

  • accounts prepared under the appropriate UK financial reporting standard;
  • small company and micro-entity reporting where appropriate;
  • corporation tax computations;
  • CT600 corporation tax returns;
  • Companies House filing;
  • review of dividends and director loan accounts;
  • capital allowance claims; and
  • identification of filing and payment deadlines.

We work with directors to ensure that the accounts reflect the company’s activities and that significant balances and transactions are properly understood.

Sole trader and partnership accounts

We prepare accounts for sole traders and partnerships to support tax reporting, business management and finance applications.

Our service may include:

  • preparation of trading accounts;
  • review of income and expenditure;
  • adjustments for private use and non-deductible costs;
  • capital allowance calculations;
  • partnership profit allocations;
  • self-assessment or partnership tax return support;
  • cashflow and profitability analysis; and
  • advice on record keeping and accounting systems.

Charity and not-for-profit accounts

We have substantial experience working with charities and not-for-profit organisations.

Our services may include:

  • charity accounts;
  • Charities SORP reporting;
  • fund accounting;
  • restricted and unrestricted fund reporting;
  • grant and project reporting;
  • trustee and board reports;
  • preparation of the financial information required for annual returns;
  • management accounts;
  • independent examinations where applicable; and
  • liaison with auditors or other professional advisers.

Charity accounting often involves additional responsibilities around restricted funds, reserves, grants, governance and public reporting. We help trustees understand these requirements and present the financial information clearly.

Management accounts

Annual accounts are important, but many organisations need financial information more frequently.

We can prepare monthly, quarterly or periodic management accounts, including:

  • profit and loss reports;
  • balance sheets;
  • cashflow reports;
  • budget comparisons;
  • departmental reporting;
  • project reporting;
  • fund reporting;
  • key performance indicators;
  • commentary on significant variances; and
  • forecasts and reforecasts.

Management accounts can help directors, trustees and managers identify emerging issues before the year end and make decisions using current information.

Bookkeeping review and year-end preparation

Where clients maintain their own bookkeeping records, we can review the information and prepare it for the year-end accounts.

This may include:

  • bank reconciliations;
  • review of sales and purchase ledgers;
  • VAT control account reconciliations;
  • payroll reconciliations;
  • creditor and debtor reviews;
  • identification of missing transactions;
  • correction of coding errors;
  • review of suspense accounts;
  • fixed asset schedules; and
  • preparation of year-end journals.

We can also recommend improvements to the bookkeeping process to reduce errors and make future reporting more efficient.

Cloud accounting

We support clients using cloud accounting and digital record-keeping systems, including QuickBooks Online and related applications.

Our support may include:

  • setup and implementation;
  • migration from spreadsheets or previous systems;
  • chart of accounts design;
  • bank feeds;
  • digital receipt and invoice capture;
  • user permissions;
  • reporting setup;
  • VAT configuration;
  • management reporting;
  • bookkeeping training; and
  • review of finance processes.

Our combination of accountancy and technology experience helps us design systems that are practical, secure and appropriate for the organisation.

Corporation tax support

For company clients, our accountancy service can be combined with corporation tax compliance.

This may include:

  • corporation tax computations;
  • CT600 returns;
  • capital allowance claims;
  • loss relief considerations;
  • review of taxable and non-taxable items;
  • director remuneration and dividend considerations;
  • identification of payment deadlines; and
  • assistance with routine HMRC correspondence.

Tax advice is provided based on the client’s circumstances and the agreed scope of our engagement.

Clear explanations and practical advice

We believe accounts should be understandable and useful.

When the accounts are completed, we aim to explain:

  • the overall financial result;
  • important movements from the previous year;
  • cash and working-capital issues;
  • significant liabilities;
  • director or trustee responsibilities;
  • tax liabilities and deadlines;
  • areas where records or controls could be improved; and
  • potential financial risks or opportunities.

Who we work with

Our clients include:

  • owner-managed businesses;
  • small and medium-sized companies;
  • sole traders;
  • partnerships;
  • charities;
  • charitable incorporated organisations;
  • community interest companies;
  • social enterprises;
  • education and training organisations;
  • property businesses;
  • membership organisations; and
  • professional and service organisations.

Why choose IT & Accounting Solutions?

  • Established in March 2004
  • More than 20 years of accountancy experience
  • Director-led and responsive service
  • Strong charity and not-for-profit expertise
  • Practical management reporting support
  • Accountancy and technology expertise in one practice
  • Cloud accounting and process-improvement experience
  • Clear explanations rather than unnecessary jargon
  • Based in Maidstone and supporting clients across the UK

Professional regulation

IT & Accounting Solutions Limited is an accountancy practice regulated by the Association of International Accountants for the provision of accountancy services.

The practice is supervised by the Association of International Accountants for compliance with the Money Laundering Regulations 2017.

Marcel Jung is a Fellow of the Association of International Accountants and holds an AIA practising certificate.