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Business Accounting

World class accounting from award winning chartered accountants you can trust

In order to carry out the correct management of a company, it is necessary to carry out the correct management of its accounts. This allows us to know what is done with the company’s money and the potential benefits that the accounting activity will bring. This accounting of the company, as the name suggests, is responsible for all the economic and financial movements that occur within the organisation.

Business accounting is a means of organising the financial situation of any company, entrepreneur or SME. For this, it is necessary to pay attention to the collections, balances, loans and day-to-day debts of the business. Any action carried out by the company must be recorded in the accounts, to be able to know at all times the history of the company and to improve decision making.

Business accounting is the discipline responsible for recording all the company’s movements and classifying them in order to analyse and interpret the results of the company and the situation in which it is located. Thanks to accounting, we can know what the state or health of our company is and know if we are going in a positive or negative direction.

The main objective of accounting is based on providing economic information to the managers of the company to know what is being done, whether they are achieving, or not, the goals set and making decisions based on the company’s results.

There are different kinds of accounting depending on the objectives you have. Although the maximum purpose is the same, each of the varieties of accounting has its own characteristics that make it different from the others, although some are intrinsically related.

Finally, we must take into account that it is mandatory to have accounting even for small companies and self-employed. It’s essential to manage all the accounts of the company correctly, so as to avoid unnecessary charges from HMRC.

With Nordens, you don’t just have one business accounting expert but an entire team dedicated to your business needs.

Frequently Asked Questions

What are some of the main uses of Business Accounting?

Business accountancy is global and universal, applicable to all businesses, no matter their size, industry or sector.

Thus, among the uses of accounting, we find:

Recording economic-financial movements: One of the main functions of accounting and, perhaps, the most basic, is to make a record of absolutely all economic movements that occur in the day to day running of the company.
Reporting: Because, be it a sole proprietorship or a larger company, such as a limited company, accounting serves to inform, in a clear and truthful way, about the financial situation in which the company is located. Thanks to accounting we will know if a company has sufficient liquidity and solvency or, on the contrary, is on the verge of bankruptcy.

Decision making: Accounting in a company also serves to make correct decisions in shorter times and, in addition, provide the necessary information to plan, evaluate and control these actions. Because the accounts will not only interest the owner at that moment, it is also convenient to keep these records, because the case that you may present them to a third party, such as a financial entity, for example, may occur.

Providing for the long term: What will happen in the future? Do you have enough assets to face a crisis? Accounting allows forecasts of sales, expenses and other calculations necessary for proper management of the company.

What are some of the advantages of business accounting?

The main advantage of business accounting is, perhaps, that it helps the company to obtain financial and non-financial information; in addition to facilitating its classification, order and presentation, thus improving the decision making and the general management of the company.

Likewise, accounting, since it details all movements in a historical and detailed manner, allows us to optimise cost management, learning from past mistakes, detecting duplicate processes and allowing us to implement a much more effective and efficient management strategy.

What types of accounting are there?

As you know, accounting is a very broad science, whose main objective is to collect, structure and give meaning to all the movements that occur in a company. Therefore, transferring all this into economic terms in the accounting of a company becomes very complicated and abstract.

Therefore, there are many accounting classes that exist. Choosing and basing ourselves on any of the varieties of accounting will depend on many factors, such as: the origin of the resources, the activity of the company or the type of information that is worked on.

• According to its origin

• According to the activity

• According to the information

• Public accounting

• Industrial accounting

• Financial Accounting

• Private accounting

• Commercial accounting

• Administrative accounting

• Extractive company accounting

• Tax accounting

• Service accounting

• Cost accounting

• Management accounting

How to keep the accounts of a business?

Get all the accounting documentation: It is essential that you collect all the income, expenses and other operations concerning the activity of your company. Demonstrating any operation with a document of proof is recommended, to keep a good control of your accounting. Without documents that prove what is recorded in the registry, its truth may not be justified.

Keep track of income and expenses: Remember that all the movements and economic operations of the company, as well as their payments and collections, must be accounted for.

Take taxes into account: It is very important to have a record of the different taxes for companies that you will have to present in the terms and dates indicated by HMRC. Annually, you must present all accounting books and Returns.

Check the different minutes, accounts and balances: In this way, you will have the certainty that the collections and the payments, as well as the supporting documents, are not wrong or duplicated.

Keep the accounting up to date: Do not leave for tomorrow what you can do today. Having your accounts and records up to date will save you time and hassle. Set aside some of your time for paperwork and do not leave it until the end of the year.

What are the main characteristics of accounting?

Regarding the main characteristics of accounting, we find the following:

Business accounting uses both quantitative and qualitative information. Quantitative information is easy to measure since it refers to the calculation of financial transactions (usually through simple formulas); Qualitative information refers more to the importance given by each company to certain data and information in order to make decisions. Both types of information are important and necessary to direct and manage the business.

Another feature of accounting is that it covers all business operations in a systematic, historical and chronological manner. That is, a protocol is established on how to proceed and collect each economic movement that occurs. Likewise, a record of all this is kept and allows to establish comparisons between different periods, thus studying the good or bad progress of the company.

The accounting of a company focuses, ultimately, on the decision-making process and helps reduce the degree of uncertainty throughout the process. It is a science that helps, thanks to the comparison between periods and the calculation of forecasts, to have a focus on the future, not only past but also on the present.

Beyond Accountancy

At Nordens we're more than just accountants, we're business experts who can help you achieve the biggest goals.

Nordens Strategic

Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.

Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.

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Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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I have been with Nordens for many years now and they are a great accountants.

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We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.