Bookkeeping is more about recording the financial data, getting it in order, and getting it into some kind of system. So that you can get understandable data from it. To make sure the data is in there, it’s recorded, it’s logical, it’s correct.
Fee - £25 per hour
Reconciling your business bank account each month keeps your bank account, accounting, and taxes up-to-date.
Reconciling means –
This is an itemised list of all your revenues which then subtracts an itemised list of all your expenses to come up with a profit or loss for the period.
A balance sheet gives you a snapshot of your business’ financial position at a specific moment in time.
A balance sheet helps you –
It allows you to –
We can identify lost cheques, lost deposits and unauthorised transactions.
Track revenues and expenses so that you can determine the operating performance of your business.
Get a handle on the financial strength and capabilities of your business.
Makes sure your bank charges are correct and transactions are posted correctly by your bank.
Identify and analyse trends, particularly in the area of receivables and payables.
Identify specific items that are causing unexpected expenditures e.g stationery, purchases etc.
The ability to detect and prevent fraud from within your company.
Let’s you know how your business is doing by making sure all accounts are reconciled and properly accounted for on your financial statement.
Track dramatic increases and trends in revenues or costs.
Determine if your business is in a position to expand.
Determine if your business can easily handle the normal financial ups and downs of revenues and expenses.
Manage your cash effectively which can help you save money and ensure it makes money for you.
Protect yourself. Timely reconciling allows you to promptly object to your bank about any unauthorised fraudulent or forged transactions presented to your bank and paid by that bank, thus transferring the risk to the bank.
Determine if you need to take immediate steps to bolster cash reserves.
Ensuring you know what free funds you have to allow you to take advantage of those opportunities arising.
Once the data is produced Accountancy is more about interpreting, analysing, summarising the financial data, and communicating data that can be inferred from those to the Management. The final function is preparing financial statements.
Minimum Fee - £250
Statutory Accounts for a Limited Company need to follow the legislation laid down by the Companies Acts.
Statutory Accounts for a Charity also need to follow legislation but this is laid down in the Charities Acts.
Statutory Accounts for a Social Enterprise - also known as Community Interest Company (CIC) are also regulated by the Companies Acts and monitored by Companies House with a few differences of their own.
Their layout and format are dictated and a full set of accounts consists of Profit & Loss Account, Balance Sheet and Cashflow Statement as well as Notes to the Accounts.
Their layout and format are dictated by 'Statement of Recommended Practice' and monitored by the Charities Commission.
These are monitired by Companies House.
Should a Charity also be a Limited Company then they are required to use the regulations within both Acts.
There are no specific Acts that rule the record-keeping for these types of businesses as the main function of the accounts is more to justify the figure charged for Corporation or Income Tax.