We can help you with all your general bookkeeping requirements, either at your business premises or at our office.
Maybe you need help writing up the books or just want us to add the finishing touches to the information in order to create your own management information. If you do not employ a bookkeeper then we can take up the role or help you recruit the right person for your business.
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"We help with all your bookkeeping requirements and ensure the smooth running of your business by processing all transactions in a timely manner.
Bookkeeping management and processing
Organising, storing and processing your business transactions can be time consuming. At Everest and Co Accountants, we help with all your bookkeeping requirements and ensure the smooth running of your business by processing all transactions in a timely manner. With the introduction of Making Tax Digital, HMRC require all records to be kept in a digital format, using software’s to submit tax returns. By using cloud-based software’s, we ensure that all records are kept in accordance with HMRC guidelines.
Accounting systems we use
- Capium
- Xero
- Quickbooks
- Freeagent
- Sage
- VT
How we can help- Books and records
Setting up and maintaining your books in an organised manner will help us to extract quickly and easily the information needed to prepare or audit your accounts. It will also enable you to see at a glance the state of your business.
Consideration of the following points may improve the organisation of your records:
- Totalling and balancing your books at regular intervals will help you spot and correct any mistakes
- Analysing your payments and receipts so that information can be easily extracted
- Filing your invoices in a logical order (numerical, alphabetical or date) to make it easy to find any one of them.
By establishing and maintaining certain procedures you will be able to keep a better control over your records and your business. It will also mean we can cut down on the work we need to do which may save you some money.
We can help you set up these procedures initially and once established you will be able to carry them out yourself. These procedures will include control accounts, reconciliations and stocktaking.
Control accounts
Control accounts record the movements of cash, debtors and creditors by using the monthly totals from your cash book and sales and purchases summaries.
The cash control account will show how much cash the business has at the end of each month.
The debtors or sales ledger control account will show how much your customers owe you at the end of each month.
The creditors or purchase ledger control account will show how much you owe your suppliers at the end of each month.
Reconciliations
Reconciliations help to ensure that the figures in your books are complete and accurate. Therefore if produced on a regular basis they will help you spot any errors which can then be corrected before we examine your records. Some of the records which will need reconciling are:
- Bank Accounts
- Control Accounts
- Suppliers' statements
Stocktake
If your business carries any stock you will need to count it at least once a year. To ensure that the count is carried out efficiently and accurately you should consider the following points:
You may wish to consider the preparation of some of the following schedules:
- Stock items should be stored neatly and logically to make counting easier
- All staff involved in counting should be given clear instructions
- Try to minimise the movement of stock during the count. If possible deliveries in and out should be withheld until the counting has finished
- Spot checks should be performed during the count.
Not all of these schedules will be applicable to your business and therefore before doing anything you may wish to discuss this with us.
Future plans
As part of the accounts production process you are required to consider the business’ going concern position, to ensure that you are confident that it will have sufficient resources to remain in business for a minimum period of 12 months from the date that the accounts are approved. In addition you are also required to consider whether there is any evidence that the value of your assets has been impaired, for example as a result of obsolescence caused by changes in the market or technological developments.
If there is any uncertainty regarding the business’ future performance we may ask you to provide evidence in support of your going concern assessment. This could include forecast results and cash flow projections, sales orders received or details of new sources of funding. Providing these at the earliest opportunity will ensure that our work can be completed as quickly and efficiently as possible.
How we can help - Books and records
There are undoubtedly many advantages to be gained if you are better prepared before we commence our work.
We will be able to complete our work in less time. This will mean less disruption to you and your staff. In addition, we will be better placed to provide you with useful and constructive advice regarding the development of your business.
However, perhaps the most rewarding of all these advantages will be the fact that your books and records will provide you with more useful information which will help you make better informed business decisions.
If you would like to discuss these procedures any further or would like us to provide further assistance with your monthly or quarterly record keeping,please contact us at Everest & Co – Accountants.