Business & Accounting Services
Every business must prepare annual Accounts, even if only to complete their tax self assessment correctly. We can prepare annual Accounts for your enterprise whether you are in business on your own, in a Partnership or in a Company, giving clear, practical guidance on how you can improve the quality of your accounting records.
More importantly, we can explain simple techniques that enable you to take the information from your Accounts and use it to manage your finances in ways that increase your profits and improve your cash flow.
Our audit team of qualified Accountants have years of experience in the industry and can provide on-site advice and guidance on various issues, from basic bookkeeping, software and taxation queries, to control and accounting system problems.
Although some businesses have no choice, many of our Clients choose to have an annual audit done for an invaluable insight into their affairs which invariably brings to light issues and potential cost savings.
We have a number of individuals available to deal with these issues, freeing up your time to deal with more important aspects of running your Company.
We can provide the complete service, including Company formation, preparation of statutory returns and maintenance of statutory books.
Our accountancy and audit services can be scaled to suit your needs !
The sale or acquisition of a business can prove to be an extremely testing and stressful time for all involved. At this time it is imperative that you have experienced professional advisors to guide you. There are a number of tax issues that must be addressed prior to any sale or purchase and it is imperative that you talk to us well in advance to ensure you have taken advantage of any reliefs/allowances available.
We have been involved in the sale and acquisition of businesses for many years and by working as a team, we are able to pool our knowledge and ensure you of the best advice.
Raising Finance / Funding Issues
At some point during your business life you will need to obtain or restructure your business finance. This may entail obtaining initial start up funding or additional finances to expand your current trade.
The Partners at Watson Associates recognise the importance of ensuring your business is correctly structured and adequately financed.
Any application for funding starts with a review of your business, both past performance and future expectations. We can then help in the production of a robust Business Plan incorporating forecasts and cash flows and liaise with various contacts in the banking community to get your requirements across in the most clear and concise way possible.
Our positioning in the market place and special relationship with many of the local high street banks and lending institutions puts us in a unique position to help you obtain the finance.
Outsourced Management Accounts
The Outsourced Management Accounting service provides a valuable resource and opportunity for businesses/companies to help them prepare their Management Accounts and review the performance of their business on a regular basis with a dedicated highly skilled professional.
It is often the case, that although Management Accounts are prepared by businesses, many do not spend the time evaluating what these mean and where potential issues may lie either at the current time or in the future. Not only can the potential for cost saving opportunities be identified and systems assessed to ensure efficiency and effectiveness but we can also review sales and profit performance to aid development.
At Watson Associates we have a team of qualified professionals who possess the relevant analytical and business skill to help assess, on a monthly or quarterly basis, the businesses performance. We can help provide that valuable link between the Company’s Financial Controller and the business owners/Directors.
Our outsourced Management Accounting service will become an integral part of the review of your business performance. We endeavour to offer our Clients more than just a standard accounting service. By visiting monthly we can become part of the team that continues to make your business a success!
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Watson’s Business Development Service is aimed at both developing and new businesses who are looking for more than the standard, routine services from their accountant.
It is said that “the best way to predict the future is to create it” - this is especially true when running your own business ! A successful business must ensure that it has relevant and achievable short, medium and long-term goals in place that are regularly reviewed and amended. How are you, the owner of a business, going to be successful if you do not know where you are going or how to get there ?
At Watson Associates we help many businesses develop and create their business strategies, ensuring goals are identified, obstacles highlighted and remedies considered.
We want you to view us as a Business Adviser not just as a team of professionals trained in traditional accountancy and tax compliance services. We want to help boost your bottom line by providing support and advice over and above that of most provincial accountancy practices.
A large part of the business team’s day at Watsons is spent advising Clients on their budgets, profitability and operational procedures and performing other tasks beyond those not normally associated with Accountants.
Start-Up Business Advice
Thinking of starting a new business? Then it is imperative that you discuss your proposed business venture with us prior to committing in any way. Very often there are a number of important decisions that need to be made prior to the commencement of trade. We offer a free initial consultation at which time we can evaluate your proposal and decide on the most suitable business medium for you. We can also deal with a number of compliance issues at this time such as VAT, PAYE, National Insurance and informing the Revenue of a possible change in your employment status.
After discussing your situation, we are able to deal with Limited Company formations if it is felt that a Limited Company is the most suitable medium through which you should trade.
All of the Partners at Watson Associates are very experienced in dealing with new start up business and helping you through the first tentative period of your new venture.
We can help boost your profitability by analysing all elements of your business. Reporting on profitability is a standard procedure for most Accountants but helping create it by providing intelligent, entrepreneurial advice is what we strive for. Let us help you achieve your goals !
Accounts Record Keeping Service
Without employing a dedicated Bookkeeper, the administration of Company records can put pressure on the in-house accounting team, in effect diverting their precious time away from essential core activities.
At Watson Associates we have a team dedicated to providing the all important Accounts Record Keeping service, allowing your key professionals to direct their time to more pressing financial issues concerning your business.
We provide a highly efficient and cost effective part or complete service which can be either performed at Watson Associates allowing you to take full advantage or our accounting packages (SAGE/Quickbooks/Excel) or at your offices - whichever suites you!
It is imperative that the accounting records of any Company are kept up to date whilst maintaining high quality detailed entry in order to allow Directors to make key decisions.
Give us a call to see what we can do to assist with this all important function !
Where Watsons can help is in assessing and advising on the financial aspects of the claim or interpreting financial information and associated taxation issues surrounding the case.
Watsons have the necessary specialist expertise to assist both Clients and their solicitors in matrimonial, personal injury and business disputes or all three!
We have a team of Partners with years of experience as practising Accountants who can call upon support from specialist staff as required.
As not all forensic matters are contentious, we undertake to provide independent, timely and efficient reports, due diligence reports and valuations to other professionals in accordance with instructions from the Client. We are used to working alongside and supporting the legal profession with the financial aspects of their work.
The term 'Self Assessment' is proving to be one of the great misnomers of all time. Many taxpayers struggle to understand the complex Tax Returns and complete them correctly. In the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later!
The constant stream of changes to tax legislation means not only that the Returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their Returns on time or correctly.
We can save you a lot of time, worry and money by handling your Self Assessment for you. We will do all the necessary computations, complete your Return and even offer advice on how you can minimise your tax liability.
We can act as your agent, dealing directly with the Inland Revenue on your behalf and, should you be selected for a Self Assessment Enquiry, act for you at any meetings.
Company Tax Planning
At Watson Associates, our tax specialists will help steer you smoothly through the obligations and opportunities of the taxation environment to help ensure maximum profitability for your business.
Optimum tax efficiency is an important goal for businesses of every size, and through a detailed understanding of your current and future business objectives we can help you structure and plan for better tax efficiency both immediately and in the medium to long term.
Our thorough approach to tax planning looks first at your business history, reviews current policies and then makes concrete recommendations for the future with a comprehensive examination of share options, pension schemes, executive benefits and other vehicles.
We are experts on every aspect of taxation, from VAT, PAYE and Corporation Tax to capital gains, international and personal tax matters. Our close relationship with the Inland Revenue and extensive knowledge of the workings of local tax offices means that we can always determine the most effective course of action.
With professional advice on a wide range of tax matters, Watson Associates can make a substantial contribution to the overall profitability and efficiency of your business.
Additional benefits come in the increased time you can devote to developing your business.
At Watson Associates we have a dedicated IT manager who possesses a unique blend of both accounting and computer skills channelled to help our Clients. This service is not about providing hardware and software products but, more importantly, supporting and assisting Clients in enhancing the benefits their software can generate.
Our Audit and Accounts Team also have a detailed knowledge of various accounts packages and Microsoft applications and are always available to answer any queries or help with basic training.
Service to the Client is always co-ordinated by one of our Partners who has overall responsibility for ensuring at all times that the Client receives the very best service from the firm !
At Watson Associates we have experienced staff dedicated to providing an efficient Payroll Service allowing you to concentrate on more important issues affecting your businesses.
We provide a highly efficient and cost effective part or complete service from monthly PAYE production to completion of year-end Returns.
In addition our dedicated staff are there to help with your ad hoc payroll and employment queries when they arise. As significant employers ourselves we are familiar with the day-to-day issues that can occur with staff and can provide the initial practical sound-board advice that is so often required.
Even if you have only a few employees you will make savings by engaging us to administer your payroll. So, give us a call if you think we can help !