The Complete Accounting Department Service
We provide businesses with the opportunity to outsource their Accounting Department to us for a small monthly fee. This allows clients to utilise our accounting knowledge and experience, leaving them to concentrate efforts on developing their business.
This service is undertaken on a monthly basis, so that transactions are up-to-date. Thus, statements can be sent out monthly to help improve cash flow. Records can be delivered, collected or even processed on site giving business owners immediate access to up-to-date financial information.
How do I operate my Accounts?
Whatever kind of business you run you are required by law to keep financial records relating to it.
There are a number of benefits to be gained from keeping accurate and up-to-date records.
It saves you time, and therefore money, whenever you need to produce financial reports and you can be confident that you're only paying the tax you owe. It also helps you keep up to date with how much you owe to suppliers and how much you are owed by customers.
What's important is that you keep accurate, relevant financial records and update them on a regular basis. You may incur a penalty if you're unable to provide evidence for the statements made in your income tax or VAT returns.
Training Courses - Setting up Internal Accounting Systems
Sceptre provide training courses to help new clients develop their accounting systems and to train them on how to maintain appropriate records. We undertake an analysis of our client’s business and then adopt a strategy to develop an accounting system that is tailor made to meet their requirements.
Our training programmes are flexible and can be dovetailed to fit with our client’s specific requirements. They can take the form of ‘on the job training’ using live data whilst the client completes their normal daily/weekly functions, or they can be a traditional classroom approach.
Although the level of record keeping required may vary from business to business, it should include:
- All receipts and expenditure
- All goods purchased or sold
A simple example of the information we need to record and keep copies on a Sales Invoice includes:-
- Sales Invoice (keep a hard copy)
- Invoice Number
- Date of Invoice
- Description of what the Invoice is about
- Customer name and address
- Invoice Total
- VAT Total (If chargeable)
- Details of when and how the Invoice is paid
- Your Company No. or VAT No. if appropriate
An HMRC officer may ask to see this Invoice and may want to see how this information relates to your accounting records.
‘Quickbooks Professional’ software is designed to allow non-Accountants to produce accurate records and produce reports that satisfy all legal obligations. Management reports such as Profit & Loss reports and customer statements allow you to run your business more efficiently.