Bookkeeping - Accountant in Sussex - Accountancy Services

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Bookkeeping

All  owners who want to ensure the successful of the business must look to bring in good financial practices and protocols from the very first day of trading. In the early stages of the business and as it develops, the importance of knowing the true trading position is very important to ensure its success.

Bookkeeping is the fundamental process from which your accountant will produce your annual accounts, and as such ensuring that all the information is entered correctly is important in ensuring that the costs relating to your Year End Accounts are kept to a minimum.

This is also very useful as it will provide a potential tax position for the business, which will allow the owner to take this into consideration well in advance of payment to the Inland Revenue.

Most firms that do not implement good accounting practices early on are unlikely to trade beyond the first year.

As an accountant, I can link both services into one, which means that the fees relating to the production of the Year End Accounts and the supporting Tax Returns are kept to a minimum, as the day to day bookkeeping function will be geared to ensure that only minimal work is required to produce your financial accounts.

To help a new business, I can provide a full range of bookkeeping services. Meeting the financial requirements of the business early on, this will help the owner and myself understand the position of the firm at any time. This is important as owners will need to make decisions that could impact on the profitability and successful growth of the business, and for me to provide advice based upon the current position of the firm.

For the small sole trader I can provide a bookkeeping service based upon Excel Spreadsheets. These spreadsheets will be able to cover all aspects of the financial function of your business and will be able to provide the current Profit/Loss for that financial period, current Bank Account Balances and where necessary Aged Debtor and Creditors balances. As the business grows and the volumes of accounting transactions increase, then the implementation of an on-site accounting software package should be considered.

In cases where the business will require more advanced accounting facilities. I can provide an accounting package, that can be installed at their business trading address and agree with the book keeper and owners a list of the nominal ledgers and Report to meet their reporting requirements. If required I can  offer training to staff in the various facilities the package has to offer.

In the event the business does not have a book keeper, I can arrange to provide this service to meet with your time-scales and costings. This will ensure that the accounts are kept up to date and both myself and the owner have a grasp of the financial position of the firm. As part of this service I can offer a brief report outlining my findings and recommendations in order to assist the owners in their decision making.

It is important that owners understand the importance on identifying the skill required to run a business and to understand their own capabilities. If the owner is unable to understand the financial requirements of running a business and decides that they can do it themselves it could result in several problems.

  • The owner spends more time dealing with the financial aspects of running the business and not spending their valuable time generating new work.
  • The accounts are left as the owner assumes that it can be dealt with later, therefore the owner has no idea of whether their business is running as a going concern, or the owner allocates time at the end of a hard day when concentration levels are low.
  • Additional costs are incurred as an accountant/bookkeeper is used to make good any errors that have been made where some one without the relevant understanding has tried to provide the financial service to the business.
  • As previously mentioned if the financial function is not managed correctly from the outset the owners will have no understanding of the trading position of their business.