Keeping Records – How to reduce the time taken in accounts preparation

Keeping good records is an essential aspect in running a successful business. Apart from the fact that they will form the basis of your annual accounts which need to be submitted to the tax authorities, (and Companies House if you trade as a Limited
Company), they are also the only way to make meaningful decisions.

How to reduce the time taken in accounts preparation:

• File your invoices and correspondence in order.
• Record and analyse all your cash, credit card and bank transactions.
• Sub-total each page of your cash book and day books, providing totals at the end of each month.
• Reconcile your payment analysis book with your bank and credit card statements.
• Reconcile PAYE, NI, and VAT account balances with amounts due to HM Revenue & Customs.
• List and total your year end creditors.
• List and total your year end debtors.
• List your fixed asset additions and disposals made during the year.
• List and total your year end stock and work in progress.
• Keep back ups of your computer records.
• Reconcile your principal control accounts including sales, purchases and bank accounts.

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