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Accurate bookkeeping and maintenance of financial records are fundamental to the provision of financial control for any business; it’s this function that provides the cornerstone to all your other commercial needs, whether that be to meet your reporting obligations or give a snap-shot of your current trading position.
Tax legislation requires all businesses to maintain accurate accounting records but, just as importantly, keeping precise records means that you can make informed business decisions based on sound financial information.
Additionally, specific legislation may affect particular types of business, such as:
- companies and LLPs are required to maintain accurate accounting records under Companies Account 2006.
- charities are required to maintain accurate accounting records under the Charities Act 1993.
- specialist businesses, such as solicitors, estate agents and letting agents have specific rules requiring them to maintain additional records, for example in relation to holding client money.
- contractors and subcontractors within the construction industry may need to retain records under the Construction Industry Scheme.
- If a business is registered for VAT, it will also be required to maintain records for VAT purposes.
Reliable and accurate bookkeeping enables efficient and accurate accounting and represents the foundation of any accounting system, which enables management information and other reporting, such as VAT, to be performed accurately and in a timely manner. In our experience, insufficient attention is given to bookkeeping, which in turn leads to inefficient processes and increased compliance costs in later stages of the accounting process.
It’s possible that, whilst you recognise the importance of this function, you are not always in a position to give it the attention that it requires. If this is the case, we can help.
We can assist with your Purchase ledger, the things your business buys, and the handling of bank statements, cash and credit cards related to this. We process your monthly receipts, invoices and bank transactions.
Additionally, we can lend a hand in maintaining control of your Sales Ledger, the sales invoices you issue, and the credit control.
If you have any questions, or for more information call us on 01622 745629. You can also sign up for our free newsletter.
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