BOOKKEEPING SERVICES
Introduction
Every business, no
matter what its size, is legally obliged to 'keep the
books'. A bookkeeper does exactly that.
A bookkeeper uses
the double entry bookkeeping system that was
invented more than 500 years ago.
For small business owners
who are overwhelmed by the amount of paperwork
involved in running a business and have, so far,
been relying on the accountant to sort it all out will find that by employing a bookkeeper they can save
a sizeable amount of money! An accountant is
qualified to offer advice on tax, business
expansion, exit routes and other more 'complex'
issues. A bookkeeper works on the day-to-day
recording of the financial transactions and can
provide valuable information regarding the
performance of the company on a regular basis.
Management Reports
In the current recessionary economic climate every
company needs to assess how it intends to survive.
It is crucial for small business owners to keep the
finger on the pulse, monitor key performance
indicators, control costs and drive efficiency.
An important element of monitoring is to ensure that
you have a proactive approach to reporting rather
than a reactive one. A bookkeeper is best
placed to offer help in this area. Management
reports offer vital information for small business
owners and if the books are up-to-date the
information is all there for you.
Cash
Flow Reporting
Management of your cash flow is imperative for
survival - at any time - but more so now. Financial success is
about managing all aspects of finance and there's no
relief to know that at the end of the year the
accountant tells you that you've made a wonderful
profit when you can't pay your suppliers! You
need to understand the difference between profit and
cash flow and more importantly how to manage the
drivers of cash flow.
Short-term survival is only achieved by cash that is
available now and the forecast of what will
happen to that cash flow if intended plans are
carried through. When the books are
up-to-date, the bookkeeper can supply you with such
information that could prove critical to your
survival or demise is the current testing climate.
Bookkeeping Services
KPL Office
Services can operate both manual and computerised
accounting systems for sole traders, partnerships
and limited companies:
-
Maintain the cash books and ledgers
-
Prepare
bank reconciliations
-
Issue invoices and
chase payment
-
Prepare VAT Returns
-
Prepare financial
reports such as Trading, Profit and Loss Accounts and
Balance Sheets
-
Prepare management
information such as profitability analysis, business
performance analysis, key accounting ratio analysis and cash
flow forecasts
The services are tailored to your
individual company so contact
Kathryn to see how KPL Office
Services can assist you.
Legislation
It is now a legal
requirement that anyone offering 'accounting
services' whether for payment or on a voluntary
basis must be registered
either with the HM Revenue and Customs or with an
HM Treasury appointed supervisory body.
The Inland
Revenue define 'accounting services' as any service
that pertains to the 'recording, review, analysis,
calculation or reporting of financial information'.
Bookkeeping is about the recording of the financial
transactions of a business and so this requirement covers the work
of bookkeepers.
Bookkeeping is now a regulated
profession.
The Institute of Certified
Bookkeepers is a supervisory body that is
regulated by the Inland Revenue. Kathryn, the
proprietor of KPL Office Services, holds a
Practising Certificate and is authorised to
work in practice by the Institute of Certified
Bookkeepers.
