General FAQs

Q. Do I need a Bookkeeper or an Accountant?

You may need both and First Call Financials can help you.

As accountants, First Call will help you look at the bigger picture of your financial situation. We will produce key financial documents, such as a profit and loss statement, if needed, and file your HRMC returns. First Call will be responsible for interpreting the information provided by ours or your bookkeeper in order to maximize the health and profitability of your business.

First Call are also bookkeepers and responsible for the day-to-day financial recording of your business. We will track your company expenses and ensure that all your income and expenditure is correctly recorded. This often involves taking all your receipts and invoices and putting them onto our finance system that will be able to provide you with a better idea about how your expenditures match your budget. We can then provide this information to your own accountant, if necessary, in a recognizable and acceptable format for them to file your returns. Or we can do all of the above in house.

Q. How can First Call Financials help my business?

Good accounting can each month, create a profit and loss statement that you can establish your position quickly. If you are losing money, you can make changes, such as increasing prices or reducing expenses. To correct the situation long before the year-end tax submissions are due and ensure that you maximise profitability overall.

Q. How can First Call Financials help me in setting up a business?

We can help you make the right decisions right from the start, advise you on the formation of company, whether sole trader, partnership or limited company. We can answer your questions regarding business tax, personal legal liability, cash flow, banking and assist you as much or as little as you require, in order to get your business ready to trade.

Q. How can you help me keep records to satisfy HM Revenue and Customs?

Businesses need to submit accounts to HM Revenue and Customs (HMRC), all limited companies and limited liability partnerships also have to file annual accounts with Companies House which follow specific guidelines. We can assist and advise you because we know which records you are required to keep, how to keep them properly and ensure that they are filed with the relevant authorities at the correct time.

 Q. How can you help me with my tax and VAT returns?

Another major headache for companies is handling deadlines of their tax and VAT returns; because we are specialists in this field we can assist you with this in a very quick and professional manner and help you submit promptly.

Q: How much will your service cost?

We first meet with customers to discuss the specific services required. A quote is given based upon the work and time involved.

Q: Can you look after my account outside our office?

Yes especially if you think of the amount of time that you or your employees spend on processing accounts paperwork and doing all the book-keeping the question must be: Could this time be spent more productively? Outsourcing your accounts or Contract Accountancy as it’s also known, does more than release you or your staff back to the important business of making money it’s a guarantee that the job is done without faults, because if there are mistakes, it’s down to us to sort them.

Q: Can you look after my accounts on my premises?

Yes, if you’d like to outsource your accounts but keep all your records on-site we can help too. First Call staff would be happy to visit your premises on a regular basis to work with you, looking after everything from book-keeping to credit and stock control, and monthly accounts and reconciliations.

Q: I run a Charity, are the tax rules different?

At First Call Financials we have a particular soft spot for charities, we’ve worked with several over many years and have a reputation for being a great charity accountant. We can help with all aspects of charity accounting, from setting up accounting systems and training non-finance staff to understand how the systems work and should be used, through to full charity audits. Our experience allows us a good understanding of charity legislation and how to comply with your funders’ requirements.

Q: How do I contact you?

We can help you to put the focus back on your core business, please contact us today to find out how we can help you or call us at 0117 379 0810. We look forward to hearing from you!