Accounting no longer has to be a nightmare. Our site will demonstrate our ability to offer your business a wide range of Accounting, Tax, Management, and Consultancy Services. In fact we are the leader in offering Online Accounting to our clients and businesses in St. Lucia.

Management accounts are the primary source of information that businesses and organizations use to run their operations and plan for the future. As a business owner or manager you will appreciate the importance of getting comprehensive financial information on a regular and timely basis to help you manage your business efficiently through informed business decisions.

To assist in your decision-making process we can help you prepare:

• Monthly or quarterly management accounts
• Statutory accounts to comply with the Companies Act.
• Consolidated accounts for groups of companies
• Customised reports for subsidiaries of overseas operations
• Departmentalized accounts to analyze the operation of key departments

The level of service in this area will depend on your needs and the size and complexity of your operation. We can convert your internal accounts into statutory documents, or you can allow us to handle some or all of your functions for a full professional service.

In order to provide management with a clear, concise, and accurate picture of the financial performance of the business, we can tailor reports to match your specific needs. We can provide:

• Actual performance compare to budgeted allocations
• Cash projections and key performance ratios and indicators
• Costing information at a product/service, departmental or company level
• Statistical information such as average costs/sales, sales tracking, production statistics, turnover, and employee performance statistics.

Most St. Lucian businesses are owner-managed, therefore it is critical and essential to have reliable and timely information to assist with management decisions. With short-term operational goals and other demands dominating the business agenda, long-term information systems (MIS) planning usually find itself way down the list of priorities.

Due to the general lack of reliable management information, owners and managers tend to initiate decisions on an ad-hoc, instinctual basis, rather than making informed decisions based on facts. In addition, the tardy production and inaccuracy of monthly management information, usually result in the disregard of many early warning signs by owners and managers. Problems relating to reductions in profit margins and cash flow if left unchecked can have detrimental consequences on the business.

It is impossible to manage what you can´t measure or don't understand. A key part of the planning process is to identify the business drivers, or those key factors that determine and drive revenues and major costs. If these drivers are unknown or ignored, major fluctuations between monthly results can indicate incorrect and unreliable information. It is vitally important that your management information and reporting system measure such drivers.

Professional Accounting Services can help you identify and tailor the right information system package for your business. We continually evolve our services to meet clients changing requirements. Our extended services include consultancy and assistance with the selection of the right accounting software packages, equipping your accounts department with the necessary training and data entry skills, and a comprehensive working knowledge of the relevant software package.

Contact us today for a free evaluation of your management information system.

 

Our competent and dedicated staff work tirelessly in preparing financial statements for a range of clients throughout St Lucia, including limited companies, partnerships, sole proprietors and non-profit organizations.

We can tailor our services to complement your in-house accountancy expertise. Our data entry staff are very knowledgeable and experienced in the use of a variety of accounting software packages, including Quick Books, Peachtree, Simply Accounting, Accpac, Business Vision, RoomMaster, and DacEasy. In addition we also specialize in several hotel reservation and front office programs.

Our services include keeping your books at your establishment by our staff or working exclusively with your data inhouse. Professional Accounting Services strive to provide a flexible service tailored to your needs and business specifications. Our new and exciting "Online Accounting" service will feature a combination of inhouse and off-site book-keeping services.

Contact Us today to identify how you can benefit from this innovative way of keeping your books.

 

Many employers view the payroll process as the preparation of the agreed sum at the designated date for their employees. Proper payroll accounting involves a whole lot more than just giving your staff the correct pay on the right date.

The advent of recent changes in employment legislation coupled with the many organizations seeking deductions from employment income, can cause managing payroll a timely process, creating unnecessary distractions from valuable management time.

There are Taxes, NIC, and pension contributions to calculate, deductions to subtract, vacation, sick pay, and maternity benefits to work out, including a host of monthly and annual reports and returns to be dealt with.

Even the most experienced professionals would agree that dealing with payroll can be a regular headache. If you incorporate this with the potential fines and penalties that can be enforced on delinquent companies who fail to comply with regulations because they are guilty of errors or omissions, the process can be very expensive.

Professional Accounting Services offer a hassle free payroll service. We take the burden off your hands, so your focus can be on the effective management and growth of your business.

Contact us for more information on our payroll services.

 

We are quite aware of the formalities of an Audit, however an audit is much more than a formality; it is a real necessity. It must be objective, independent, and conducted with integrity to protect your business and encourage it to grow.

Audit quality is a fundamental component of our strategy and vision, and a standard consistently reinforced throughout the firm.

The audit and review process gives us an opportunity to understand exactly how your business and its financial systems have been performing, and to identify and recommend improvements to that performance. You can be assured that our audit work will be organised in such a way that interruptions to your operations are at the minimum.

We guarantee that on completion of the audit or review a report will be submitted with our suggestions and recommendations regarding any aspects of the business. All reports will be discussed with you prior to completion to obtain the most accurate summary and feedback.

In addition to the above Professional Accounting Services focuses on building and developing close client relationships that add long-term value. This includes assuring the solidity of financial information and records, evaluating systems and procedures, and formulating strategies that will help our clients face the myriad of challenges created by business planning and execution.

As our client, you will benefit from objective analyses to assist in controlling costs, policy implementation, increasing efficiency, and the intruduction of new technologies and procedures that take advantage of accounting standards and tax law.

 

Completing an annual tax return is a legal requirement for an increasing number of people and depending upon their personal finances circumstances the documentation can vary substantially in complexity.

Our service is designed to make compliance with the regulations as easy as possible for you whilst keeping an eye out for planning opportunities that you might not have spotted.

Under self-assessment the taxpayer has responsibility for correctly completing their Income Tax Return and settling all liabilities by the due dates. Failure to comply with the regulations will result in automatic penalties and interest. In preparing your returns we will ensure that potential opportunities are highlighted to arrange your tax and financial affairs more efficiently.

Our tax compliance function will give you peace of mind by:

• Ensuring that returns are completed accurately and submitted on time, so that penalties for late or incomplete returns are avoided
• Advising you of tax liabilities in good time, in order to ensure that interest charges are not unnecessarily incurred and that cashflows are not unexpectedly affected

We will ensure efficient and expert handling of your tax compliance obligations and simplify your self assessment matters by:

• Processing self-assessment tax returns
• Dealing with all related correspondence and communication
• Handling Inland Revenue queries regarding your returns.

Sometimes businesses do so well that they face particularly large tax liabilities, even after exhausting all available reliefs and exemptions have been claimed.

In these circumstances a more tailored solution may be appropriate.  The best approach will always depend critically on your own specific goals. Our tax planning approach is based on a sound understanding of your business and personal objectives.

We are aware of the solutions in the marketplace as well as our own internally developed products and can offer further information on a wide range of personal and corporate tax planning strategies. We have a track record of developing and implementing successful tax saving strategies even when others have failed.

Contact us today to arrange a confidential obligation-free assessment of your corporate tax planning.

 

Getting a will drawn up is not a luxury; it´s essential. If you already have a will, how much consideration was given to the tax implications for your estate when it was drawn up?

We are sure you will agree that it is of paramount importance that 40% of your life´s work is not passed unnecessarily to the Inland Revenue in the form of Inheritance Tax. IHT has traditionally been a tax affecting a relatively small proportion of the population, but continued appreciation in house prices has over time dragged an ever increasing number of people into the inheritance tax net.

IHT Planning involves a detailed understanding of the various exemptions and reliefs, all of which can make a huge difference to your IHT position. For many, the steps which need to be taken are relatively simple, yet effective. For larger estates, more complex planning can shelter specific assets from IHT, and your investments can be managed to benefit from IHT reliefs. Trusts are a valuable tool, but must be carefully drafted to ensure they meet your particular needs.

Good IHT planning can also ensure that your business passes down to the next generation intact, and in the way you want. At the same time, it can maintain the business's entitlement to agricultural or business property relief.

Our service covers:

• Tax planning for wills
• Trusts
• Insurance based arrangements
• Post-death planning
• Reliefs & exemptions

We have experience in providing a complete range of advice to individuals and can offer a comprehensive review of your affairs to ensure that the maximum amount of wealth is passed on to your beneficiaries.

We can also help you ensure that :

• Your will is drawn up in the most tax efficient manner.
• As an individual you need to know that you are financially secure whilst mitigating the impact of inheritance tax on your estate.
• You balance your own requirements for income with proper planning for Inheritance Tax purposes
• You take advantage of the current liberal regime for Inheritance tax through lifetime planning

Contact us today to explore your options in using this service.

 

The Inland Revenue Department is now responsible for the management, assessment and collection of property taxes.

Assessors usually value property based on the possible assessed annual rental value of the property. This process usually result in conflicts and disputes over the assessed property value and the tax imposed, which is a percentage of the annual assessed property value. These concerns and disputes causes property owners and assessors to end up in District Courts to settle these objections.

Professional Accounting Services can assist with the filing of warranted objections where necessary. In addition we can help mitigate these unnecessary situations and circumstances by reviewing the assessment methods used. We can represent property owners and work with assessors, valuers, real estate agents, and quantity surveyors in amicably pursuing common ground regarding any disputes to ensure timely out of court settlements in the best interest of all parties concerned.

Contact us today!

 

Facing the Inland Revenue department can be a stressful and time consuming affair. A tax audit can place the organization under even more pressure and engage the accounting staff in undue delay and down time.

We offer your organization professional and cost effective representation to handle all your tax related matters. Our innovative approach and meticulous reviews of your tax liability ensures that you will not incur taxes over and above the requirements of the relevant tax laws.

 

A business plan is defined as a set of goals and objectives that are quantified, relate to a specific time period, and contain the necessary strategies to accomplish the plan, whether it is specific or general.

A business plan helps you set goals and identify exactly how you will achieve them. It helps you gauge income and expenditure, handle unforeseen circumstances and help guarantee good business decisions.

It provides valuable information to those who work for you or with you and assists with the proper allocation of resources.

During times of growth are where proper planning is most essential. Professional Accounting Services maintain a range of services to address this issue, including brainstorming sessions with employees and management, to the formalization of key ideas into solid action plans.

In addition, if you are seeking funding for a startup business, a new business idea, or need funds for expansion or consioldation, a business plan is critical and essential. You will need to demonstrate to the potential financiers and bankers a strong understanding of the need for your product or service, or the reasons for the appication of the funds.

It needs to contain all the information about the business, marketing and pricing strategies, sales forecast, previous sales information, financial situations, available funds and sources of funding currently available. These financial institutions or investors will also need concrete reassurance and evidence for the repayment of their investments.

Professional Accounting Services have approximately 15 years in writing business plans with 100% success rate.

Contact us today to arrange a free consultation.

 

In our current modern business environment, proper management of a business’ cash flow is of paramount importance. The preparation of cash flow forecasts, profit and balance sheet projections, and capital expenditure forecasts are an essential part of the development of any business.

With the use of technical computer modelling, a wealth of knowledge, practical experience, Professional Accounting Services work with all clients to produce a forecasting analysis package specific to their particular needs.

We are engaged by both small and medium size enterprises, and are actively involved in providing support throughout the year, and assistance in monitoring their business operations.

Contact us today for advice on profit improvement, efficiency of operations and allocation of resources, employee level analysis, and general areas where costs can be reduced.

 

PROFESSIONAL ACCOUNTING SERVICES is proud to be the first to introduce this exciting, new and innovative way of accounting!!

We are aware that you have a host of questions regarding this service, however, fear not....we understand. For your peace of mind and enlightenment we have devoted this entire section in explaining what it is and the advantages to your business. For further questions, or to sign up for this service contact us now.

What is Online Accounting?

Online Accounting, Internet Accounting, or Web-Accounting are all loose terms used interchangeably to identify the process of establishing, maintaining, and accessing accounts on the internet. There are several degrees of account maintainance, however the most widely used is "full online accounting" where a company's accounts are maintained on an Accounting Firm's Website. Data entry is made at the clients business premises, however the accounting firm has access to the accounts for review and audit.

Is Online Accounting Safe?

Many persons are very wary of using the internet primarily because of hackers and other individuals who spend their time in mischeivous acts online. However these same persons are online buying all sorts of products, checking their email which sometimes feature very confidential information, communicating morally or otherwise with many sites, and daily using the internet to their advantage and for their convenience. My answer is yes it is safe. How many times have you heard that the banks in St. lucia or elsewhere complained of persons accessing their database illegally. What about the millions of businesses around the world engaged in "e-business and e-commerce"? Have you heard or read any article where persons tampered with their prices, products, or information......do you get the picture?. I hope so.

Dear reader and inquiring mind. The internet is here to stay and the world is fast moving towards a paperless society, whether we like it or not, and therefore millions of dollars are being spent every day to ensure that the information super highway is safe. Legislation is being enacted around the world to toughen up on internet crime.

Online banking is now the way forward and it is safe. Therefore rest assured. Online accounting is also now the way forward. It is being used in the United States, Canada, England, Australia, and a host of other countries around the world. And it is safe.

At Professional Accounting Services the safety of your business information is of utmost importance to us. We guarantee that all online transactions are supported by Secure Sockets Layer (SSL) 128 bit, one of the highest commercial encryption security available worldwide. In addition all accounts are updated offline. Only the information specifically requested is posted to our site for access only by you. And without your password no one can access your information.

With online accounting you will immediately experience a difference in your accounting. Here are some of the ways your business will benefit from this new and exciting way of maintaining your accounts.

(a) You immediately have the services of an experienced accountant handling your affairs.

(b) Your information will now be more reliable, timely, and accurate.

(c) You will be able to access your information 24 hours a day. You can only access your inhouse accounts at the office when you are there. If you forgot much needed information you will have to drive back to the office and since you are not the person keeping the books you may have no clue where to start looking for the information. With online accounting you just click your phone, or grab a drink at home relax at your computer, and access your accounts in peace.

(d) You will have peace of mind knowing that your accounts are handled by professionals.

(e) Travelling overseas will not prevent you from accessing your accounts. Once you have internet access via a phone or computer... voila! Your accounts are at your fingertips.

(f) You will save money by using online accounting. The reduction in office supplies, electricity, and payrol expense will be notably lower.

(g) You can now focus on other important aspects of your business, knowing that your accounts are in good hands and well maintained.

(h) With online accounting you will have immediate access to a host of reports 24 hours a day.

To sign on for this service or to access sample reports Contact Us today!

Why Online Accounting?

All commerce based businesses must deal with balancing their books at one time or another. However, few smaller businesses know how to handle this problem efficiently. Some individuals try to deal with the situation by doing it hemselves.
Others hire an expensive new employee. Still others over-work an existing employee with a task that probably was not in their initial job description. Is this familiar? We all know that these options usually waste a great deal of time and valuable resources.

Among the major problems faced by local banks with small to medium size enterprises, is the failure to keep proper records. Some businesses keep no records at all. This creates a major barrier and set back when these businesses apply for financing, or are face with expansion and growth planning.

With online accounting small businesses no longer have to make this important aspect a burden. For a minimal monthly fee your accounts will be maintained and you can access your information at any time convenient to you.

Our professionally trained and experienced staff will be happy to help you set up. It only takes a moment to register.

 

How does it work?

Professional Accounting Services have designed two packages in offering Online Accounting services. To sellect a package you must register online at our website paccountingservices.com. A username and password will be emailed to you. Based on the package you use the following will apply.

Package 1 - This is the basic package and is ideal for persons who have very few business transactions, have approximately 30 minutes daily to enter a few transactions in a spread sheet, and have very limited knowledge of microsoft excel. In short you enter information on our website using your secure password. We use the data to update your accounts with us using an offsite (a computer not on the internet) computer. The reports from your accounts are then entered on the site for easy 24 hour access by you.

Package 2 - This package is a full accounting package. We use Simply Accounting (Accpac) Software package for this service. This accounting package is similar to Quickbooks, Peachtree, and Dac Easy. If a business is already using their own accounting software, we do not ask them to change, unless they want to. We do however ask that their chart of accounts be modified to match what we set up. ( which is usually very similar).

The registration process is similar to Package 1. Once the registration process is completed, and individuals are online, the accounts are being updated as normal, as though nothing happened. The only difference is that the accounts will be available online 24 hours. It is therefore extremely important that the data entry clerks be controlled with module level passwords based on management's recommendations.

Our experienced staff will be more than willing to work with you from start to finish. We will ensure that you have a comprehensive knowledge of the features and that you are availing yourself to maximum benefits. Remember we do all the work.

Debt management is extremely essential to a business to stay afloat and to avoid bankruptcy. There are two types of debts - bad debts and good debts.

Credit from suppliers is good debt for a business, however using credit cards to pay for business expenses and loans is bad debt, particularly if the credit card will not be paid at the end of the month and only the minimum payment made. An overdraft is also considered bad debt if your business does not give credit. The interest rates are usually higher than normal loans and if you are not making substantial deposits the interest charged can substantially reduce the amount of funds available.

Professional Accounting Services offer professional consultancy services in reviewing your debt portfolio, and making recommendations with regards to key ratios such as total debt to asset ratio, debt servicing to income ratio, etc. We can offer expert advice on debt consolidation, loan restructuring and represent you in negotiating the overall management of your debts. Together we chart and plan the best course for your business in stabilizing its debt to manageable proportions.

Contact us today on how we can use this service in the best interest of your business.

For today's employers, the area of human resources is a two-edged sword.

On the one hand, recruiting, retaining, and motivating good employees is vital to the performance and profitability of any business.

On the other, the sheer quantity of administrative work involved in effective human resources management, the complex tax and regulatory environment, and the increasing need for specialisation in key areas mean that valuable resources of time, energy, and money are often diverted from core business functions to deal with these administrative chores.

Professional Accounting Servicces can offer a range of services to help manage your human resources more effectively by assisting with:

• Developing effective remuneration programmes
• Introducing tax-efficient incentive and benefit schemes for key employees
• Conducting performance evaluations and appraisals
• Targeting recruitment and training programmes
• Establishing & customizing employee policies, procedures, handbooks, etc
• Maintaining appropriate records
• Staying abreast of changes in the PAYE, and NIC regimes
• Understanding and applying Labour and Employment legislation

Contact Us today to see how we can partner together to resolve your concerns in this crucial area!

 

It is a known fact that good cash management can improve a company's liquidity, reduce costs, and increase profitability. Professional Accounting Services can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly.

We can provide you with accurate, timely, informative cash flow forecasting reports that enable you to:

• Realise and understand when cash is available
• Plan and prepare for expansion, stock control, and taxes
• Analyse and anticipate key expenses

Equipped with this information, we'll work with you to develop action strategies that improve your bottom line.

 

The need for adequate insurance coverage cannot be overemphasized. Business insurance is a great way to insure the business or organization. It totally eliminates the possibility of a break down due to the chance of an area not being covered against any business risks that are unavoidable. Business insurance schemes are designed to protect a business from potential business risks that may emerge in time.

Business insurance for startup businesses will provide coverage during the cradle stages of a growing company in the event it encounters a series of obstacles and unforseen or catastrophic events. Adequate business insurance enables the entrepreneur to eliminate tension and worry and focus on the development and growth of the business.

Professional Accounting Services is very experienced in helping entrepreneurs identify the best plan and coverage for their business.

Contact us today for expert advice on your insurance needs.