Accounting

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Accounting

Getting good advice from the outset is essential. However, if you also ensure that you have accurate records of all business transactions as you go along, this will save your accountant time and therefore you money, at the end of the financial year.

There are a number of software packages available to help you but generally, you will need to set up and maintain:

• Cash book - dates, amounts and cheque numbers of all transactions, regular payments, standing orders, direct debits. Always check against bank statements.
  
• Sales Ledger - keep copies of all invoices you send and record when paid (or chased as the case may be).
  
  Purchase Ledger - record details of all company outgoings, regular or one-off.
  
• Petty Cash - all other spending and sundry expenses. Keep all receipts.

Then throughout the accounting year your adviser should make sure you are aware of any tax obligations to avoid penalties for late payment. They should also let you know of any planning opportunities which you could take advantage of.

Good advice can save you money on your tax bill and help you to keep administration costs down. To talk to a financial adviser, please complete a Quick Enquiry Form, or call us on 0845 108 0505.

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