- 11th February 2018
- Posted by:
- Category: Business
Best accountant in Canary Wharf. Build up your business by taking our experts plan and policy
Canary Wharf is a major business district in east London, within the London Borough of Tower Hamlets. It is one of the United Kingdom’s two main financial centres – along with the traditional City of London – and contains many of Europe’s tallest buildings. Around 105,000 people work in Canary Wharf, and it is home to the world or European headquarters of numerous major banks, professional services firms, and media organisations, including Barclays, Citigroup, Clifford Chance,Credit Suisse,EY,Fitch Rating, HSBC, J.P. Morgan, KPMG and MetLife.
Why Accounting is Important?
From a layman’s view, accountancy is keeping records of transactions. Thus, most basic and simple motive of such an activity is to keep a record for further use. This recorded data helps the person to determine the earnings and expenditures that have taken place. In addition, such records are also proof that such a transaction has taken place. The last basic intention is to determine fields where the income can be increased and expenditure can be decreased. Personal accounts are simple to maintain, but the double entry system accounts are quite difficult and complex. However, the double entry system is a preferred method, as this system is used to record and analyze money or money worth that gets transacted.
Importance in Business:
In the world of business, the accounts and finance departments are engrossed in a daily activity of recording and analyzing transactions. The basic task is to first analyze the proposed transaction, and then sanction it and record it. The business world functions upon such daily routine juggling of transactional data. The further process involves making statements and presenting it to the management for further analysis and strategy planning. From the statuary compliance point of view, the process of accountancy must be done with the help of accounting standards prescribed by law. These standards provide the accounting department with a framework that has to be respected and lawfully followed. Another process that is a very important branch of accountancy is costing. The process of costing involves mathematically calculating the value of a particular transaction even before it takes place. Cost sheets which contain such information are also included in statements that are put before the management.
Importance of Data and Information:
Accounting data or information is used by a number of people, such as government officials, investors, and creditors. It is customary, and by law, compulsory for companies to present an annual report before the public that carries accounting information of the previous year. Such a report is often used as a conclusive evidence while calculating the tax liability of a business or a company. Apart from that, creditors extend their credit on the basis of such information. In addition, investors conduct balance sheet analysis on the basis of that information.
One of the many accounting firms operating in Canary wharf is Acumen London, it is an ever growing firm which offers numerous services such as; Annual Accounts, bookkeeping, business planning and budgeting, VAT, company secretarial, corporation tax planning and returns, individual tax planning, self-assessment and tax/HMRC investigation dealings. The aim of their business is simple, which is to help keep your business safe and help meet its goals. They believe in accuracy and helping business plan for the future. Acumen keeps accounts for many business such as; Cabspoint, Tillmax, Alternative soft, Triocars and many more.