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FINANCIAL RECORD MAINTINANCE

FINANCIAL RECORD MAINTENANCE

As a business owner, it goes without saying that you are very busy dealing with staff, customers, and the needs of your company, and this leaves very little time to deal with the accountancy side of your business. When it comes to bookkeeping, some companies have a shockingly poor system, with incomplete spreadsheets, only partially updated software, boxes of dis organised receipts and post it notes with figures scribbled on. However, lack of organisation on this scale can lead to a host of problems.

Keeping your financial records and accounts up to date is extremely important for the efficient running of your business. As well as helping you to complete your annual tax returns, maintaining your records will help you to track important expenses and save time if you need to apply for external funding. We can help you to maintain your records and accounts throughout the year, so you can stay on top of your finances and readily access all the information that you require.

IMPORTANCE OF EFFECTIVE RECORD MAINTINANCE

  • Without a proper record, it is impossible to accurately keep track of expenses and  too much money may end up being paid out in taxes.
  • If there is no clear and up to date record, it is impossible to build up an accurate image of the financial standing of the company which will enable informed decisions to be made.
  • Without careful monitoring of accounts and comparison of receipts against statements it is impossible to keep an eye out for fraudulent activity.
  • Without complete records, preparation of tax returns is an extremely time consuming and onerous task.
  • Billing errors can go unnoticed causing businesses to lose out on revenue.
  • Financial statements are often required to obtain fresh lines of credit and it can be difficult to supply these without properly maintained records.

Advice for financial Record Maintenance

It is possible to maintain records for businesses in a few different ways, including in the old fashioned manual way, on a spreadsheet or by using online software. It is important, however, to ensure that the chosen system is user friendly and suits the needs of your business. It can be quite daunting to keep your own business records, and everything needs to be broken down into a set of manageable and straightforward tasks so that accessing and updating can be done regularly instead of allowing paperwork to mount up. Businesses must keep all tax records for a period specified by law in case the HMRC requests past records, and all details of receipts, purchases, payments, assets, liabilities and sales must be kept accurately for this purpose.

The Accountancy Solutions can offer an alternative to the onerous task of handling your own records. While it can be difficult to maintain accurate accountancy data, you can harness our expertise and knowledge. We can ensure that your records stay fully accurate and completely up to date to facilitate the needs of your business and to ensure complete compliance with the law.

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