KG Accountants understands that the prospect of that first meeting with an accountant or adviser can be pretty scary if you don’t know what to expect.
We like to think that your mind will be put at ease after reading this but, if you need to know anything else, please just contact us, we promise there isn’t a question we haven’t heard before.
Whether we are producing your accounts or carrying out tax compliance work, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves. We highlight the ways in which you can help.
We highlight below many of the ways in which you can help.
It is however important for you to discuss these ideas with us since all of the suggestions may not be applicable.
Setting the scene
The meeting should take place wherever you are most comfortable, either at the your premises or accountants’ office – your accountant should ask your preference. The meeting will last around 45 mins.
Keeping us informed
We will be better prepared ourselves if we know of any changes within your business which could affect our work. These could include changes in your:
- product or market
- business strategy eg pricing policy
- bookkeeping system (Excel spreadsheet, Sage, Xero or quick books)
- key personnel.
What we need
If you know what information we need to be able to complete our work you can make sure it is available.
We can decide together what you can prepare for us and what we will need to prepare for ourselves.
Better communication between us will help to minimise misunderstandings and avoid unnecessary work.
We need to agree a suitable timetable in advance. This gives us both a chance to be properly prepared.
However, if you find yourself behind schedule let us know as soon as possible so that the timetable can be rearranged if necessary.
How you can help
Books and records
Setting up and maintaining your books in an organised manner will help us to extract quickly and easily the information needed to prepare or audit your accounts. It will also enable you to see at a glance the state of your business.
Consideration of the following points may improve the organisation of your records:
- totalling and balancing your books at regular intervals will help you spot and correct any mistakes
- analysing your payments and receipts so that information can be easily extracted
- filing your invoices in a logical order (numerical, alphabetical or date) to make it easy to find any one of them.
By establishing and maintaining certain procedures you will be able to keep a better control over your records and your business. It will also mean we can cut down on the work we need to do which may save you some money.
We can help you set up these procedures initially and once established you will be able to carry them out yourself. These procedures will include control accounts, reconciliations and stocktaking.
Control accounts record the movements of cash, debtors and creditors by using the monthly totals from your cash book and sales and purchases summaries.
The cash control account will show how much cash the business has at the end of each month.
The debtors or sales ledger control account will show how much your customers owe you at the end of each month.
The creditors or purchase ledger control account will show how much you owe your suppliers at the end of each month.
Reconciliations help to ensure that the figures in your books are complete and accurate. Therefore if produced on a regular basis they will help you spot any errors which can then be corrected before we examine your records. Some of the records which will need reconciling are:
- bank accounts
- control accounts
- suppliers’ statements.
If your business carries any stock you will need to count it at least once a year. To ensure that the count is carried out efficiently and accurately you should consider the following points:
- stock items should be stored neatly and logically to make counting easier
- all staff involved in counting should be given clear instructions
- try to minimise the movement of stock during the count. If possible deliveries in and out should be withheld until the counting has finished
- spot checks should be performed during the count.
If you hold large amounts of stock we may need to attend the stocktake and perform our own checks.
There are a number of schedules which have to be produced in order that the accounts can be prepared and/or audited. We can prepare all of these schedules ourselves but obviously if you were to produce them it would save time and money.
BREATHE: Remember this one, it’s important.
KG Accountants based in South East London, SE1 London bridge are small business accountants who provide Small business accounting services and Taxation services including completing and filing your tax returns, Limited Company Accounts, payroll, bookkeeping and VAT at a reasonable price.
If you need to speak to a Pro active Accountant about your new venture, please contact us on Tel: 0207 953 8913 please Visit our website.