Are my records up to date?

Accountancy is the profession that follows tax and accounting laws. The Companies Act 2006it’s the latest Companies Act that accountants need to follow for all our disclosures for accounting purposes. It’s the cheques and balances that’s needed to ensure that your company, the readers of your accounts which include the bank will see your records. It is company law to keep proper books and records to ensure that they are available at any point in time. They must disclose with accuracy, you position of what your assets are and what your liabilities are any given point in time. Even if you do not have a company, there is still a legal requirement by HM RC to keep proper accounting records and this article covers the issues and importance behind this.

Hopefully you will not be using this system anymore! HMRC now requires digital records.

Bookkeeping and compliance

Unfortunately it’s your responsibility to ensure that your records are accurate. Not getting on top of this can be a complete drain on your resources and lead to an exponential effort to put things in a good shape. Therefore you are very wise to ensure that a strong system is use,  as well as the right people and resource to ensure that your job is an easy one. Every time that you are bogged down with sorting out your books and records is time that could be spent more wisely elsewhere in your business. Therefore most business owners even if are completely able to, normally would delegate this area to somebody else which can be a well-trained administrator or outsourced bookkeeping function.

In today’s world of having data fed straight from the bank account into the system and having people remotely based as it enables everybody to easily capture a very skilled person without having to accommodate them in your own office or workshop when you do not have the time capacity to manage them and yet you can have the information quickly available to you without having to wait. We only recommend systems that use online banking feats such as Xero that will make your life much easier.

Xero software really delivers and available for smart phone and tablets.

So whether you’re thinking of hiring an individual for your company, or whether you’re looking fora complete solution please make sure that you contact Cranleys to help with this work. It’s important to ensure that your company can grow and you focus on the sales and the operations and free up the administration times you do not get bogged down with your books.

For serious businesses and those that have a degree of more complication it’s common to have monthly management accounts which enable you to keep track on how well your business is doing. This will enable you to make decisions on the companies performance which could include taking out additional resource for areas that you consider to be growing and to cut down on costs which the business cannot afford. It’s important you get a system that works around your own needs as it’s only you as the business owner that will benefit from the performance that these management accounts can bring you.

Invest in this and you will have a business which you will have a pleasure in managing, however, leave it toother people unqualified to look after this and you could be paying the cost many times over. It’s not uncommon for errors to go undetected as even the accountants work is not devised to pick up every error possible and you could be seeing yourself having a number of the errors and as a result be missing out on valid reclaim spec for your business.

At Croydon as we are here to help you in whichever way you wish to work which can include training other people, taking the bookkeeping function in house with use or working with other remote bookkeepers to enable you to have the business record keeping that you will be proud of.

If hiring an experienced finance team is beyond your means, outsourcing your finance function is a reliable and cost-effective option.  This can bring many benefits to your business such as improved debt collection, cost reduction and increased profits.  Our experienced bookkeepers are familiar with all the common accounting systems including Xero, Sage and Quickbooks.  We are able to tailor our offerings to work with the latest technology so that you waste as little of your time as possible, while always having the right information at your fingertips.

In addition, our services can even extend to providing you with the advice normally available only to the largest companies: a finance department with tax, VAT, payroll, and finance direction, all available on tap when you need it, but not being paid for when you do not! For more tax advice and assistance with accounts and to speak to Colin Davison, Managing Partner at Cranleys. 01256 830000