Do I need an audit for my company?

An audit is required by law if certain thresholds are exceeded. The turnover threshold which currently exempts most companies and limited liability partnerships (LLPs) from a statutory audit is £6.5 million. Not all companies with turnover under £6.5 million come within the audit exemption provisions, because there are criteria other than turnover to consider.  In particular, companies not classed as small or whose total assets exceed £3.26 million must have an audit.  Public companies and those carrying on particular types of business, such as insurance broking and financial services, are also subject to an audit.

Audits provide reassurance to shareholders, lenders and creditors that the annual accounts are reliable.

Shareholders can require that an audit is carried out, for example, if they are not involved in the day-to-day running of the business and require reassurance that their investment is safeguarded and the directors are fulfilling their duties.

We are registered to carry out audits with the Institute of Chartered Accountants in England and Wales.

I am interested in more than just accounts

If you would prefer to concentrate on your business, whilst others worry about the bookkeeping, Blomfields can offer you valuable support.  Our fully computerised bookkeeping system takes care of everything from the recording of sales and purchases to the issuing of invoices and statements - including handling VAT returns.

We can even let you have regularly updated management accounts to facilitate your business planning and cash flow projections.  All you need to do is pass us your paperwork, or let us have remote access by modem link to your computerised files, and we'll provide online support.

We'll even provide accountancy software training for your own staff, using leading accountancy software packages, including Quickbooks, Sage and Xero.

I have big plans for my company so how can you help?

At Blomfields we offer a Boardview package for all of our corporate clients.  We will gladly come to quarterly business review strategy meetings as a resource to help directors make the very best of their time.  And you can use us in any way you want - from silent observer to adjudicator, technical advisor to independent sounding board, chairman, or even as a facilitator for brainstorming sessions.  Our assistance is based around management accounts, a one page business plan and the Performance Measurement and Improvement System. PMIS (Performance Measurement and Improvement System) is an eight step, best practice process, based on the best practices of the UK's most successful businesses.