Augment

These are services carried out by your accountant or bookkeeper that keep you compliant with tax and company laws/regulations. Typical compliance services are:

• Financial statements - annual accounts are required
• Bookkeeping - keeping accurate financial records
• VAT returns - typically filed quarterly or monthly
• Tax returns - filed annually based on the annual accounts
• CIS returns - filed monthly and annually

Bookkeeping is tracking the day-to-day transactions, recording what goes in and out of the business. Accounting is reporting the numbers in a specific way and interpreting them so the bigger picture can be assessed. So, think of bookkeepers as the note-takers and accountants as the storyteller. If the notes aren't accurate then the story won't make sense.

At Augment, we believe that the traditional approach of separating the bookkeeping and accounting functions simply doesn't make sense, especially for construction and trade businesses. Here's why:

Disconnect
When you have a separate bookkeeper and accountant, there is a disconnect in understanding your business as a whole. The bookkeeper handles the day-to-day transactions, invoices, and financial records, while the accountant typically comes into the picture at the end of the year to produce the accounts. This disjointed approach limits the insights and support you receive to just once a year.

Outdated
Another common frustration with traditional accountants is the delayed delivery of year-end accounts. It's not uncommon to receive them 9-12 months after the year end, rendering the information outdated and essentially useless. This is because their business model revolves around producing accounts for numerous clients.

Zero Value
Picture this: after a long wait, you finally receive your year-end accounts from your accountant. But what do you get? Just a quick "Sign here and here" before they rush out the door. No meaningful insights into your business's performance throughout the year, no explanations about what the numbers actually signify. And if you're fortunate enough to receive an explanation, it's often laden with complex jargon that leaves you scratching your head.

Outsourcing both bookkeeping and accounting functions to our experienced team means we get to know your business inside out. We work closely with you, gaining a deep understanding of your operations, challenges, and goals. This enables us to provide valuable advice and guidance throughout the year, not just at the year end.

Unlike many accountants who simply drop the figures into the year-end accounts without much insight, our approach is different. We dig deeper into the numbers, analysing trends, identifying opportunities, and offering actionable insights. Our focus is not just on compliance; we strive to help you make informed decisions that drive your business forward.

Our business model is built on close collaboration. We intentionally work with a smaller pool of clients, allowing us to dedicate more time and resources to understanding your unique needs and providing timely and relevant information. You can expect regular financial insights and reports that are relevant to your current business landscape.

Finally, we believe in clear, straightforward communication that empowers you to understand and leverage your financial data. No more accountant-ese, just plain language and actionable insights to help you make informed decisions.