Accountingis a profession which in many cases is on a low standard, so that it is not always possible to rely on the figures for financial decision-making, performing current economizing and efficiency activities, and planning for the future.
In addition, accounting is supposed to provide information on the condition of the business at any given moment, and to ensure that matters will be dealt with beforehand, and not after the damage has been done.
Furthermore, every businessman, whether he is an independent operator or a limited company, is duty-bound to manage books of account. The type of bookkeeping is determined on the basis of the industry of which he is a part, his sales turnover and the number of employees in the enterprise. Every tax-payer is obligated to keep books of account and records according to the addendum to the law applicable to him, and as provided in the bookkeeping instructions. Failure to keep books of account pursuant to the law could lead to disqualification of the books and arbitrary tax charges.
The principal items of service:
Preparing current management accounts.
Producing reports to tax authorities: Income Tax, VAT and National Insurance.
Cash flow statement.
Examining credits from credit cards.
Reconciliation of customers, suppliers, employees, etc.
Inputting computerized bank statements directly from the banks, for those interested.
Producing and analyzing monthly trial balances (including current examination of ways to save on tax).
Current accounting via the Internet for those interested (same security level as the banks).
Customer management and handling debt collection.