Posting of all financial transactions
We will post all of the following financial transactions on a daily/weekly basis:
POSTING ALL BUSINESS BANK TRANSACTIONS
– we will post all receipts and payments for all business bank accounts including any PayPal accounts.
RECORDING CASH TRANSACTIONS
– we will post all cash transactions where you have proper cash receipts
COMPLETING PAYROLL JOURNALS
– if you run a payroll we will post the correct journal each month.
POSTING PURCHASE INVOICES AND EXPENSES
– we will post expenses to the correct expense codes enabling you to obtain relevant financial information and comply with HM Revenue and Customs requirements.
CREDIT CARD TRANSACTIONS AND RECONCILIATIONS
– we will post all transactions on your business credit card and reconcile the closing balance each month
MAKING ADJUSTMENTS FOR ANY FOREIGN CURRENCY TRANSACTIONS
– Foreign transactions are complicated because you either have to deal with exchange rate conversions or accounting for finance fees on each foreign currency receipt or expense. But don’t worry; we’ll sort that out for you.
These postings will ensure that everything is posted to the correct place, which means your financial records will always be accurate enabling you to make important financial decisions about your business. And of course, you can sleep at night knowing your financial records comply with HM Revenue and Customs requirements.
HM Revenue and Customs (HMRC) can charge you a penalty if your records aren’t accurate, complete and readable. You may have to pay interest and penalties if your figures turn out to be wrong and you haven’t paid enough tax. HMRC may check your records to make sure you’re paying the right amount of tax.
Carrying out monthly reconciliations
Reconciling your bank account on a regular basis is critical. When you get to the yearend, if this doesn’t reconcile your accounts will be wrong. You could end up paying too much tax because you’ve missed allowable expenses. Or you risk fines and penalties from HM Revenue and Customs because you’ve missed taxable income. Or you have to pay higher accountancy fees for the accountant to sort it out. So what we do is reconcile your bank account every month. We will also carry out the following reconciliations for you every month to make sure everything is accurate:
Your monthly purchase ledger
reconciliation so you know exactly what you owe at any point in time to your suppliers
Your monthly sales ledger
reconciliation so you know exactly who owes you and how much they owe you at any point in time.
Your monthly VAT
reconciliation to make sure your VAT records are compliant.
At the end of your financial year, as soon as we have completed your reconciliations we will provide you with an annual trial balance, which can then be exported and used to complete your year-end financial statements.