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Accounting clean up
Unless you are a bookkeeper or an accountant, the chances are that running your business leaves little time for managing your accounts.
It is all too easy for a filing backlog to build up or for errors to be made when inputting invoices or receipts. Without accurate financial information, managing cashflow is hard and you risk making bad business decisions.
We can help. Our expert teams do this day in day out and can clean up your accounts to make sure:
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- You don’t miss out on money owed to you
- You pay the right amount of VAT and tax
- You regain control of your financials
As part of our accounting clean up service, our team will eliminate any errors in your financials, VAT returns or accounts so you don’t need to worry if HMRC check your records. We will also liaise with HMRC on your behalf if any of your previously-filed information needs to be corrected, or if you are behind with any statutory filings.
What do you get?
Checking the nominal ledgers
Checking the bank reconciliation
Checking the cash and credit card reconciliations
Checking sales and purchase ledgers
Reconciling VAT account
Making sure payroll entries are accurate
Reconciling all other balance sheet accounts
Compare and agree opening balances against last financial statements
One of the things our clients value most about our accounting clean up service is that while we are getting you back on track and up-to-date, we will review your current accounting system to check it is still the best fit for your business.
Making adjustments for prepayments and accruals
Review chart of accounts
Management accounts at date of completion – showing assets and liabilities at clean up date
Accounting systems review
Provision of detailed report of all corrective action taken
Provision of detailed list of missing information
Liaising with HMRC while records are being bought up to date (if required)
Submitting corrected information to HMRC (if required)
Full review and debrief meeting
Common Signs a Business Needs a Financial Accounting Cleanup
If any of the following apply, it may be time to revisit your accounting process and ensure all accounting records are up to date without the pressure and stress of trying to make better business decisions without accurate management accounting:
- You have a backlog of accounts payable and accounts receivable documents to enter, and you find it time-consuming to enter large volumes of accounting data with the assurance of no mistakes
- You are concerned about forthcoming submission deadlines for financial accounting statements or the accuracy of your tax accounting
- You have messy accounting books that never make it to the top of your to-do list and make it impossible to track inventory levels, expenses claims, or money owed to or by your business
- You are not confident that accounting records are in the proper order, that all fixed assets have been correctly depreciated, or that your cash flow reflects the reality of your business bank accounts
Working to clean up accounting processes can save time, restore your trust in the financial reporting produced by your accounting software, and allow you to make informed business decisions supported by real-time accounting information.
Accounting Clean Ups for Small Business Owners
Messy accounting books or outdated general ledger accounts can cause no end of inefficiencies without clarity of your business loans, income, money paid or due, bank account balances or outstanding transactions.
Preparing financial statements can be complex and labour intensive, where you need to invest hours entering months’ worth of accounting transactions, interest charges and changes to assets or have a full year of business accounting bank statements to reconcile.
Our capable, professional accounting service is an excellent way to regain control of your accounting, with an inclusive review of your accounting methods and records. Where we identify mistakes or calculation errors relevant to your tax accounting, we can liaise directly with HMRC to rectify your position and bring your accounting affairs up to speed.
How to Avoid Accounting Mistakes
Human errors are far from unheard of, particularly where business owners are juggling bookkeeping and balance sheet accounts alongside running their company – and an accounting clean-up is a fast-track opportunity to reconcile all of your professional accounts in one go.
During the accounting review process, James Todd & Co will evaluate the accuracy of payroll, VAT and tax accounting submissions, advise on potential accounting practice improvements, and ensure you have professional accountants support to avoid errors or lags in updating your accounting records for the future.
Trust us we’re Xero and Sage experts
Accounting Clean-up Enquiry
Some words from our wonderful clients..
"We have worked with Michelle and Kevin for many years. We were a small Partnership when we started using them for our annual accounts; as they grew as company so did we. With all their expertise and advice we turned our 500K turnover business into a 3.5 million Turnover business. They do our monthly management accounts and review and advise us on strategies to help us continually grow. The wide range of services they offer is amazing from Tax advice to Payroll and much more!" - Danny Knight, Director, Knight Fencing Ltd. - client since 2007
"Running your own business can be incredibly stressful, You need someone you trust who is on your side and who you can call whenever you need help or advice. I have that with James Todd & Co." - Julia Haviland, Director, Brittain Marketing Services Ltd
"James Todd & Co have been our accountants since 1997 and have provided excellent services throughout our time together. They have undertaken our CIS, Payroll, VAT and end of year accounts during this period and have been excellent throughout. They have a great team, all of which are a credit to the company." - Steve Carder, Director, Facilities Fire Protection Ltd - client since 1997