About Accounting

Accounting is the systematic process of recording, analyzing, summarizing, and reporting the financial transactions of a business or individual. It helps stakeholders understand the financial health of an entity and make informed decisions.

Key Objectives of Accounting

• Recording Transactions – Logging financial events using journal entries.
• Classifying Data – Sorting transactions into categories (assets, liabilities, etc.).
• Summarizing – Preparing financial statements.
• Analyzing & Interpreting – Understanding what the numbers mean.
• Reporting – Communicating financial information to stakeholders.

Types of Accounting

• Financial Accounting: Prepares reports for external users (e.g., investors).
• Managerial Accounting: Internal use for planning and decision-making.
• Cost Accounting: Focuses on capturing a business’s total production cost.
• Tax Accounting: Prepares tax returns and ensures compliance.
• Forensic Accounting: Investigates financial fraud.

Our tax team are able to provide advice on tax efficient renumeration and tax efficient profit extraction and how to optimise tax reliefs that are available to you.

We are also able to provide cloud accounting software packages to clients across the UK. Please contact your local office to find out what accountancy packages are available to you.