Background
Parousia was engaged by the owners of an established and successful family business whose accounting and taxation affairs had become increasingly difficult, following several years of inadequate financial record keeping and inconsistent professional advice.
The company's accounting records contained significant discrepancies, balance sheet items had not been properly reconciled, and a number of historic Corporation Tax and VAT positions required review.
Our approach
Parousia undertook a detailed examination and reconstruction of the accounting records, including bank accounts, directors' loan accounts, VAT records, fixed assets and historic transactions.
A number of accounting and taxation errors were identified and corrected, and revised computations and disclosures were prepared where necessary.
Parousia also liaised with HMRC and dealt with the outstanding compliance matters on the client's behalf.
Outcome
Having restored the company's accounting and taxation affairs to an appropriate position, Parousia introduced improved accounting procedures, regular management reporting and stronger financial controls.
The directors consequently obtained greater confidence in the company’s financial information, improved visibility over profitability and cash flow, and the reassurance that their ongoing accounting and taxation obligations were being properly managed.