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 Business Planning

Running your business today is challenging. There are more distractions, more time needed to ensure compliance with regulations and less time to devote to key actions. Whether you run a UK or international business, outsourcing your financial and administrative functions will allow you and your staff to concentrate on what is important to the business rather than compliance and administrative functions.

We provide a full range of services, whether you need to establish a new company,  manage your bookkeeping,  design and implement new financial processes, ensure your people are paid or comply with changing tax regulations – we will structure a solution to fulfil your requirements. We pride ourselves on delivering a world-class service, no matter where you are located.

Our services

Our outsourcing team can provide you with a complete outsourced accounting and back-office service to meet the needs and challenges of your business, including:

·         accounting systems & software;

·         annual financial reporting;

·         bookkeeping & accounting;

·         company formation & secretarial;

·         employers support & payroll;

·         FCA reporting;

·         tax & VAT compliance;

·         Wealth management.

Outsourcing these services to us allows you and your team to focus on what is important to the business through:

·         high quality support from a dedicated team;

·         improved reporting of business performance;

·         elimination of risk associated with dependence on key people;

·         peace-of-mind as we continue to support you as you grow;

·         Certainty over compliance and changes in regulation.

The global reach of the First Accountant International network means that our established international teams are well positioned to provide local market knowledge as well as financial advisory, compliance and strategic solutions to our clients at all stages of their business lifecycle.


Accounting systems & software

Our team has extensive expertise in a wide range of accounting packages and market-leading software, including desktop and cloud solutions. We can apply this expertise to help you identify the most appropriate accounting system for your business, taking account of your current resources, the level of functionality required and your potential future needs. We are often able to source accounting software solutions in a cost-effective manner, drawing on our IT industry relationships.

Once you have selected your preferred solution, we can implement it for you, tailoring it to your business and management requirements.  Our approach includes designing charts of accounts, identifying cost centers, and establishing business rules and approval processes.  We also offer initial and ongoing training to ensure your finance personnel can always work in the most effective and efficient way, taking full advantage of any systems upgrades.

Our service offers:

·         Up-to-date knowledge: we constantly monitor developments in the accounting software market, helping you to identify the most appropriate solutions and gain the full benefit of systems enhancements.

·         Acknowledged expertise: we are accredited with a number of accounting software suppliers, in recognition of our technical expertise.

·         Maximum management impact: we ensure that your accounting system delivers the most appropriate information for your management and financial reporting, in the most efficient way.

·         Accessibility: we can provide additional First Accountant hosted accounts solutions. We provide a stable platform, which we maintain for you, leaving you to manage with your business rather than IT maintenance.

·         Flexibility: we undertake both stand-alone one-off projects, and provide ongoing support services to clients.


Annual financial reporting

Whatever your financial reporting needs – whether reporting under UK GAAP (FRS 102), International Financial Reporting Standards or even US GAAP, the First Accountant outsourcing team can help.

We can prepare your full statutory financial statements in accordance with all relevant legislation and accounting standards, in readiness for managements approval and audit. We work with you to make sure that all relevant financial reporting standards are applied appropriately in your business, and disclosure requirements are satisfied.

Your accounts will also be iXBRL tagged and fully compliant with HMRCs submission requirements.

Our service is available for individual company or LLP accounts and complex group consolidations. We can also act as a sounding board, advising you on the accounting, financial reporting and disclosure implications of proposed transactions before your undertake them.

Our service is:

·         Technically accomplished: we have expertise in even the most complex accounting standards, including the requirements for financial instruments.

·         Efficient: we use the latest software tools so that we can prepare your financial statements as efficiently as possible.

·         Flexible: we can provide ongoing financial reporting support, or help you with specific challenges such as the conversion of you accounts from one GAAP variant to another.

·         Tailored: we can prepare your accounts on a fully outsourced basis, or work alongside your in-house team in a supporting role.


Bookkeeping & accounting

The First Accountant outsourcing team provides a full bookkeeping service, but can also focus on particular areas of your accounts, such as the debtors ledger, payroll, VAT or bank reconciliations.

Our bookkeeping service delivers key benefits:

·         Online access: you can view your books and records remotely and securely, whenever you wish.

·         Web based workflow: you will benefit from streamlined processes, as our web-based workflow allows us to work hand-in-hand with our clients. Together we decide how and what information is captured and devise business rules and approval processes. This will maximise efficiencies, speed up processes and gives complete transparency.

·         Appropriate software: we use software and accounting packages appropriate to the nature and complexity of the businesses we support. Alternatively we will work with your current solution.

·         Appropriate accounting: we can apply our standard chart of accounts in your business, or adopt your own accounts framework.

·         Flexibility: we can maintain particular areas of accounts, in line with your business needs and preferences.

·         Efficiency: we capture, process and reconcile your business data in the most efficient and effective manner.

·         Accuracy: our professional expertise ensures the accurate processing of your accounting information, even in the most complex and technical areas.

·         Assurance: we maintain your books and records in compliance with all current regulations and your business requirements.


Company formation & secretarial

In an environment of increasing corporate compliance and regulation, we can provide company secretarial support services, including:

·         the provision of a registered office address facility;

·         the provision of a named company secretary;

·         compliance with all aspects of company law and filing requirements, including but not limited to, convening and attending meetings, preparing minutes, assistance with the declaration of dividends, maintenance of statutory books; the issuance and transfer of shares, changes in officers/directors, share reorganization, capital reductions, company restoration and more complex restructures.


Regulatory reporting & business outsourcing

At First Accountant we have a team of specialist regulatory accountants within our Business Outsourcing team who can assist with the preparation of regular management accounts as well as FCA regulatory returns. This allows our clients to focus on managing their business knowing that they are outsourcing part, or all, of their finance function to a team who are familiar with the sector and regulations in which they operate.  

In addition to the typical business outsourcing services our team can also assist you with:

Financial regulatory reporting
Our assistance can be tailored to your needs however examples of our services include:

·         providing calculations of financial regulatory requirements within management reporting packs to allow ongoing compliance monitoring;

·         assistance with completion of financial regulatory reports and supporting calculations  required under BIPRU and IPRU (INV) for submission via Gabriel;

·         for those firms which are required to report under the Capital Requirements Directive IV (CRD IV) and are therefore subject to Common Reporting (COREP), we can complete the regulatory returns and the supporting calculations, provide a review of returns and supporting calculations or simply convert the returns into the XBRL reporting format required for submission to the FCA via Gabriel.


Who should outsource?

Outsourcing services can be benefit almost any business, including the following examples:

Business start-ups
New businesses often dont have the time or are reluctant to create formal structures and fixed overheads when they need to be flexible and able to react quickly to opportunities or changing circumstances. All their energies are needed to develop the business rather than looking after administration and compliance. Outsourcing provides a flexible and expert resource to call on at a critical stage in the life of the business.

Growing businesses
Businesses growing rapidly can be constrained through a lack of resource and expertise. Outsourcing can provide timely resource and be flexible in making a range of expertise available when it is needed. So, as office space becomes unavailable as the business grows, then expansion can be accommodated through outsourcing non-core administrative and compliance functions to free up space for front-line staff.

International expansion
setting up in a foreign country is a challenge from an operations perspective without having to worry about all the local laws and customs and practices which impact on keeping you compliant with accounting, tax and other regulations. Outsourcing to our local experts can solve this problem without having to establish an overseas administrative function.

Business relocation
When established businesses relocate they have an opportunity to review and re-engineer their business processes. Outsourcing can provide a fresh start and offer a means of rebuilding business processes to increase efficiency or profitability.

keeping sensitive aspects of a business, such as senior management salaries, confidential can be difficult in a large office where the grapevine causes problems. Outsourcing can move the information off site and enable it to be processed and reported discretely.

Winding down
Where a business is winding down, outsourcing can ease the process and costs by providing a business base and facilities as workloads reduce and the need for permanent staff drops.

Special projects
Outsourcing can provide a flexible, one-off or occasional resource to account for and administer special projects. It can also provide a temporary resource in the case of unexpected staff absence, such as maternity leave.

Trusts, property or investment
Some businesses, such as property or investment companies, may not need a permanent office. The same is true of trusts. Outsourcing is particularly suited to these types of operations and can often be used to provide the majority of resources required.