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:
- 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?
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.
Common Signs a Business Needs a Financial Accounting Cleanup
Our experienced accountants work with many clients, from small businesses to established larger companies, that find it difficult to allocate time to update their business’s accounting regularly.
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.