As we mentioned in our related services page, the accounts of any business can be far more useful than just as an end of year reckoning on progress.
In the same way that you may undervalue your accounts, you may not be aware of the process that surrounds their preparation, or of the many factors that influence the process. That’s not really a surprise when you didn’t set up your business to learn about the detail of our industry!
In this section of our Information Centre, we’ll try to explain some of the aspects of this side of the business. So we’ll talk about the purpose of accounts, provide more details around some specific parts of them, and keep you up to date on forthcoming changes that you may need to be aware of.
The most important point to remember is that we don’t expect you to become an expert! We’re here to provide the extra information that you may need, to answer questions that you may have, or to translate as or when needed.
As ever, if you have any questions after reading any of these posts, please get in touch!
Are YOUR Accounts fit for purpose?
Most businesses have Accounts created for one reason; to work out how much tax they’ll have to pay. That’s fine, but before your Accountant starts work, they should understand your plans for the future. Your Accounts need to be fit for purpose!
Understanding your Profit & Loss Account – Part 1
Following on from last week’s article about An Unreasonable Expectation, I thought I’d explain some of the basics of the Accountancy world, to help demystify what we get up to! I’m going to start with ‘Understanding your Profit & Loss account’.
Make your chart of accounts work for you!
Bookkeeping is often a role that falls to someone within a business that isn’t necessarily trained to do it. Secretaries, administrators or assistants are often the most likely to get involved, but business owners also dabble. It’s therefore really important that it’s made as easy as possible, particularly if several people contribute. Consistency is vital, and the chart of accounts that’s used can be a huge help.
Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!
Each of our clients receives regular updates that keep them aware of changes and suggestions; if you’d like to receive those too, just click on the button below, add your details and we’ll do the rest!
Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
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