how accountancy firms Birmingham can help you

As a legal entity, a business has a number of duties and responsibilities to its stakeholders be it its shareholders, creditors, debtors, the government or its employees. To discharge these duties and responsibilities in a legal and efficient manner, the business needs to keep accurate and updated records. chartered accountants birmingham will help the company in maintaining accurate and up to date records. But what other services can accountancy firms in birmingham offer to your business?

Tax planning and compliance

Every registered company is expected to file their returns for each financial period and pay the corresponding taxes. However, to maximise on the return on investment for shareholders or investors, the business should engage in tax planning which is a deliberate effort by the business to minimise the tax liability through legally acceptable means. With the help of specialised accountants, your business will not only be up to date with all tax remittances but it will also pay the most efficient tax.

Mergers and acquisitions

Mergers and acquisitions are complex business transactions that have extensive effect on the operations of the businesses involved. Given their effects, they must be conducted by a team of experts including lawyers and accountants in order to ensure that the interests of all the businesses involved are represented fully.

Management advisory services

In every project or activity a business engages in, there is a financial implication. When the management team doesn't have a background in finance or accounting, the decisions made may not be optimal but with the help of chartered accountants, the decision making process can be streamlined irrespective of whether they are operational or strategic. This in turn enhances the profitability of the business.

Receivership management

When a business is facing bankruptcy or insolvency issues, it must be done according to the legal provisions on the state. The stakeholders will require their investments, debts and any other interests serviced accordingly. This work is usually done by qualified, registered and chartered accountants.

Risk management

Every day, a business takes risk. The level of risk varies with the size of the business, industry, the nature of business, the entrepreneur and employees involved. However, for a business to remain profitable, it must take calculated risks. It is up to the accountants to ensure that the business takes calculated risks by guiding different transactions and projects through financial projections and calculations. This should be done for internal and external processes, strategic and operational processes and projects, high or low budget projects as well as financial and non-financial transactions to ensure that the business remains cushioned against unnecessary risks.

Internal controls and fraud

Part of the duties of the finance department in collaboration with the strategic management is to ensure that the business does not experience fraud either through individual or collaborated effort. The accountants should therefore put in place an internal control system that ensures that no transaction can be fully discharged by one individual. It should also ensure that everyone follows due processes to enhance tracking. Even the top level management should have processes that limit their powers as they are the most prone to fraudulent activity.