FAQ

A statutory audit is a legally required review of the financial statements of a company to ensure accuracy and compliance with accounting standards and regulatory frameworks. For small and medium-sized enterprises (SMEs), it helps provide transparency and credibility to stakeholders, including investors, creditors, and regulators. By undergoing a statutory audit, businesses can identify potential weaknesses in their financial systems, enhance internal controls, and foster trust among stakeholders, making it a valuable process rather than merely a legal obligation.

Non-statutory audits are voluntary assessments that businesses can undertake to gain insights into their financial health without the legal requirements of a statutory audit. Unlike statutory audits, which are designed to meet regulatory compliance, non-statutory audits are tailored to the specific needs of the business, focusing on areas of greatest significance for improvement. This flexibility allows businesses to address particular concerns, enhance operational efficiency, and ultimately strengthen their financial position.

A statutory audit goes beyond compliance; it can unlock significant benefits for your business. The process provides insights into financial health, identifies inefficiencies, and helps in risk management by spotlighting areas of concern. Additionally, it enhances credibility with stakeholders and can improve access to financing by demonstrating transparency and strong financial practices. By working with experienced auditors, businesses can leverage the findings to make informed decisions and implement recommendations that drive improvement and growth.

Wisteria provides a complete range of audit services tailored to meet the needs of diverse clients. These include statutory audits for compliance with legal requirements, non-statutory audits for voluntary insights, service charge audits for property management entities, CASS/client money audits for firms handling client funds, and independent assurance reports to validate financial statements. Our experienced team works closely with clients to ensure audits are thorough, efficient, and focused on adding value while complying with international standards.

Not all SMEs are required to undergo a statutory audit. The legal obligation typically depends on factors such as the size of the business, turnover, and legal structure. However, some SMEs choose to conduct audits voluntarily, even if not legally required, for reasons of transparency, good corporate governance, or to prepare for potential future investments or sales. This proactive approach can be beneficial in maintaining a high standard of financial management and building stakeholder confidence.

During the audit process, you can expect a structured approach that minimises disruption to your finance team. Initially, the auditors will conduct a risk assessment to identify key focus areas, followed by a defined timetable outlining the audit stages and deliverables. Throughout the audit, significant issues will be communicated as they arise, ensuring you are informed. At the conclusion, the auditors will provide a detailed report highlighting identified weaknesses in systems and controls, along with actionable recommendations to enhance your business's financial integrity.

Small businesses often have limited time and resources to manage their payroll effectively. Wisteria can walk businesses through the payroll process and ensure that it is done accurately and on time.

One of the most common types is financial accounting, which involves preparing financial statements and other reports that are used to communicate a company's financial performance to external stakeholders such as investors, creditors, and regulatory bodies. Another type is management accounting, which involves providing financial information and analysis to internal stakeholders such as executives, managers, and operational staff to support decision-making and performance management. Tax accounting is another type that involves preparing and filing tax returns for individuals and businesses, while auditing involves reviewing and assessing the accuracy and completeness of a company's financial records and reports.

Wisteria offers a range of bespoke services, including chartered accountancy, personal tax and accountancy support, business tax services, small business consultancy, payroll services, and tax investigations.

Tax investigations can be stressful and overwhelming, and it is essential to seek experienced and knowledgeable support to navigate the complexity of tax rules and penalties. Wisteria can provide the necessary guidance during this time.

Whether or not a business needs an accountant to prepare its tax returns depends on a number of factors. For small businesses with relatively simple tax situations, it may be possible to do the tax return themselves using online tax software or other tools. However, for larger businesses with more complex tax situations, or for business owners who are not confident in their ability to accurately prepare a tax return, it may be advisable to hire an accountant. A qualified accountant can help ensure that all relevant tax laws and regulations are adhered to, identify potential tax deductions and credits, and provide advice on tax planning strategies to help minimise tax liability. Additionally, using an accountant can help save time and reduce the risk of errors on the tax return, which can ultimately help avoid penalties or other consequences from the tax authorities.

As tax season approaches, an accountant can play a vital role in preparing your business for success. They can help you gather all the necessary documentation, ensure that your financial records are up-to-date, and provide guidance on tax planning strategies. An accountant can help you identify potential deductions and credits that you may not have been aware of, helping you minimise your tax liability. They can also help you navigate the complex tax laws and regulations, ensuring that your business is in compliance with all relevant tax requirements.

An accountant can play a critical role in managing a business's cash flow. They can keep track of incoming and outgoing cash, monitor accounts payable and accounts receivable, and prepare cash flow forecasts to help the business plan and anticipate potential cash flow issues. Additionally, an accountant can provide advice on ways to optimise cash flow, such as by negotiating better payment terms with suppliers, implementing effective credit control procedures, and managing inventory levels. By having a clear understanding of the company's financial situation and implementing sound cash management practices, an accountant can help ensure the business has enough cash on hand to meet its short-term obligations while also having sufficient resources to invest in growth opportunities.

Wisteria offers intergenerational wealth planning services, which can provide guidance on how to manage inheritance tax, particularly in areas with high property prices.

Small businesses often have limited time and resources to manage their payroll effectively. Wisteria can walk businesses through the payroll process and ensure that it is done accurately and on time.

Wisteria offers expert guidance on the technicalities of non-resident landlord tax options for those considering investing in the property market.

Wisteria offers a range of bespoke services, including chartered accountancy, personal tax and accountancy support, business tax services, small business consultancy, payroll services, and tax investigations.

Tax investigations can be stressful and overwhelming, and it is essential to seek experienced and knowledgeable support to navigate the complexity of tax rules and penalties. Wisteria can provide the necessary guidance during this time.

It’s possible to do your own accounting. However, hiring an accountant can provide numerous benefits to a business. By entrusting your financial matters to a professional, you can free up valuable time and resources that would otherwise be spent on bookkeeping and tax preparation. An experienced accountant can provide valuable insights and recommendations to help you make informed business decisions, and ensure that you stay compliant with tax laws and regulations. They can also help you identify opportunities for cost savings and provide guidance on how to improve your financial performance. In short, hiring an accountant can provide a wealth of benefits to a business and is an investment that can pay off in the long run.

Wisteria offers intergenerational wealth planning services, which can provide guidance on how to manage inheritance tax, particularly in areas with high property prices.

Small businesses often have limited time and resources to manage their payroll effectively. Wisteria can walk businesses through the payroll process and ensure that it is done accurately and on time.

Wisteria offers expert guidance on the technicalities of non-resident landlord tax options for those considering investing in the property market.

Wisteria offers a range of services for landlords, including property advice, accounting services, tax advice, and non-resident landlord tax options.

Hiring a good accountant is a wise decision for any business; an accountant can help you save money and stay on top of your finances. When you work with an experienced accounting firm like Wisteria, you can rest assured that your books are in good hands. Every business owner understands the importance of handling their financial information with care. Shelving and filing receipts and invoices, managing bank accounts, tracking payroll records and preparing tax returns are all important tasks for any business owner to complete. Hiring a professional accountant can free up your time to focus on other aspects of your business that require attention and growth.

Tax and accountancy rules for landlords and property investors are changing, and accessing property accounting services or tax advice can help landlords stay compliant and minimise their tax bills.

A good accountant can help reduce or eliminate the time spent on financial tasks, allowing you to focus on growing your business and generating profits. The burden of handling those tasks will no longer be on your shoulders. An accountant will document your income and record how you spend your money so that you can focus on growing your business by making it more profitable.

Tax investigations can be stressful and overwhelming, and it is essential to seek experienced and knowledgeable support to navigate the complexity of tax rules and penalties. Wisteria can provide the necessary guidance during this time.

Yes, Wisteria works with many buy-to-let landlords and property businesses providing support in relation to accounting, financial, and tax affairs.

Wisteria has built up substantial experience over the last 10 years working within the HCSTC sector, providing audit, accounting, tax, and commercial support to over 40 online lenders.

Wisteria acts for over 230 businesses of all sizes within the e-commerce sector, from start-ups to companies with £20m+ turnover.

Wisteria offers a range of services for landlords, including property advice, accounting services, tax advice, and non-resident landlord tax options.

Tax and accountancy rules for landlords and property investors are changing, and accessing property accounting services or tax advice can help landlords stay compliant and minimise their tax bills.

Wisteria provides support to many businesses of all sizes within the digital media and technology sectors, from start-ups to publically quoted companies.

Tax investigations can be stressful and overwhelming, and it is essential to seek experienced and knowledgeable support to navigate the complexity of tax rules and penalties. Wisteria can provide the necessary guidance during this time.