Accountant for Contractors

Improving business

profitability and growth

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How We Help Contractors

Quick and easy tax preparation – We make it easy for you to get your taxes done quickly and accurately.

Maximize your refund – We work hard to get you the most money back on your return.

Savings on fees – We offer competitive rates, so you can save money without sacrificing quality service.

Access to expertise – Our team of tax professionals have years of experience preparing returns for contractors just like you.

Contracting Made
Easy

Get all the help you need to get started in contracting, from setting up your company to registering for VAT and payroll.

Benefit from our expert knowledge and advice to get the best tax saving structure for you.

Keep everything professional, from your company registration to your monthly payments.

Relax – we will take care of everything to focus on your work.

You can access:

In summary, this can be a powerful tool to help you run your small business to its full potential and determine your business successes and where you may need to make improvements or new financial decisions.

Get In Touch

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Accounting For Contractors

The right accountant can make your business a lot simpler and more manageable. Accountants are well-positioned to help contractors like you with the tax complexities of being self-employed so that next time there’s an opportunity for work or project proposals – they’ll have all their ducks planted firmly in a row! Accountants are the perfect solution for contractors like you. Being in control of your income and ready to take on projects without hassle is what we do best!

Difference between management accounts and financial statutory accounts

	Statutory accounts	Management accounts
Aggregation	Consider the entire business	Consider the specifics of the business, such as the profits earned by a product
Efficiency	Consider the efficiency of the business as the report is about profitability	Take into account the specifics in order to help understand the root of the problem and find its solution.
Proven Information	Require precise records	Work on actual, estimates and approximation
Reporting Focus	Reports for within and outside the company focused on finances	Reports mainly for within the company focused on operations
Standards	Need to meet certain standards set by Companies House	Do not have to comply with any standards
Time	Take into account everything that the business has achieved	Have a future orientation

What goes in management reporting packs

1. Profit & Loss (P&L) Account

Profit & Loss (P&L) shows the performance of a business in a given period. It would typically show a summary of Income received and types of expenses incurred.Every business is unique, so that the reporting pack will differ from business to business. For example, a retailer with multiple stores may want to see Income & Expenses split by each store. In contrast, a construction business may want to see the profitability of each project it undertakes.Therefore, P&L produced for management should be tailor-made, keeping in mind the nature of business, the level of detail required, the frequency, and the layout.

2. Balance Sheet

A Balance Sheet shows the financial position at any given point in time. It should be prepared with notes to help indicate key business ratios, such as liquidity ratios, debtor days, inventory days etc., to highlight areas of risk to help with advanced cash flow planning.

3. Key Performance Indicators

Depending on the industry or nature of your business, we can work with the management team to determine key performance indicators. These will then be benchmarked against the industry and regularly reviewed to see your company’s health.

4. Aged Debtors & Creditors Report

Aged Debtors report summarises all your business debtors (i.e. the people who owe you money). It shows how much is owed and how long the money has been outstanding. It is a vital report as it shows your cash flow and how to reduce any bad debts risks.Aged Creditors report summarises creditors (i.e. the people to whom you owe money). When effectively managed, this can provide essential financial information to help you determine how much and when to pay your suppliers.

Why choose us?

Our management accountants are fully qualified and have extensive experience advising small businesses. One of our core values is customer service. We believe a good management accountant should provide reports on-demand and recommend which reports you should generate to help inform and drive future investment, cash flow, and strategic decisions.

We will also add value by improving the informative business tools (particularly those produced using real-time data from Xero) is, therefore, key to keeping a good eye on your finances. If you have an accountancy or tax issue, please do talk it through with us on 020 8577 0200 as there is a good chance we have assisted with this issue before and will be able to help you.

“One size doesn’t fit all” – It is essential to plan and determine what information will be helpful to help your business succeed. Our accountant will work closely with you to identify your business requirements and develop an effective reporting plan. We can provide monthly or quarterly reports.

“A profitable business requires more than traditional accounting”. We are modern accountants who take pride in being one of the leading accounting firms in the UK for business process automation and systems integrations. We believe this knowledge plays a vital role in helping businesses develop better reporting.

We support your business at each growth stage

Start-up stage

If your business is an ‘early shoots’ start-up, a simple and basic set of reporting would be enough as there probably isn’t much data to evaluate at this stage. Analysing the following will do the job for you:

Covering these areas will give you a good insight into the basics of your business so you can make informed decisions based on your current financial standing. As a result, you will move towards growth much faster. Moreover, when it is time for you to make a significant investment, you can change the indicators to be covered in the reporting pack.

Growing stage

As your business grows and develops, you may consider making some investments. As a result, you will need to be aware of your cash flow. Generating management accounts reports can help you assess your income and outgoing expenditure so you have a better understanding of the money you need to pay out and receive.

The reporting may need to move to the next level as you will need to include factors that will enable you to understand better the money being spent. The following will do the job at this stage:

Start-up stage

This is the stage where you need to include more targeted and complex detailed reports and must include the following:

Meet our client specialist

Jawaad Hussain

Client Accountant

I joined the Fusion team in 2015, and as an ACCA qualified Client Accountant, I work closely with SME’s providing tax, accounts, and business advice.

I am also certified with Xero, QuickBooks & FreeAgent. I particularly enjoy using technology and smart apps to support the business’s needs and growth.

I like playing football (BIG Liverpool fan – YNWA!), cycling and trekking. I also enjoy travelling and visiting new places. My favourites destination so far would have to be Istanbul.