Tax Data Ltd offers an extremely cost effective alternative to engaging a separate bookkeeper and still paying for a firm of accountants to prepare the year end accounts. We will just do it all for you in-house. We have been doing this kind of out-sourcing exercise for years. It works extremely well for a growing business that has reached the critical stage where they need help dealing with the day-to-day accounting function (credit control, payroll, management accounts, stock control, cash flow planning, etc.), but have some way to go before they can justify the cost of employing a full-time qualified accountant. Tax Data Ltd can bridge the gap.
Every week or fortnight by arrangement, one of our staff attend the client´s offices and posts up the sales, purchase and bank ledgers. We will also post any necessary accounting journals and reconcile all the bank, credit cards, and cash accounts as we go. More often than not, the client uses an accounting package like QuickBooks. If so, we will reconfigure the software to better suit the client´s business so that they can pull off more meaningful management accounting reports.
Once we get to the year end, the accounting records are so up together, the only thing that delays producing the statutory accounts and calculating the year´s tax liability is waiting for the suppliers’ invoices to filter through in the month following the year end. The client benefits from knowing they are using experienced accounting staff to post up accurate and reliable accounting records they can rely on to make rational decisions about the day-to-day running of their business. Our presence and contribution can give significant confidence to the client´s bankers if they are applying for additional loans and overdraft facilities. We can also make a considerable saving over the costs of engaging a separate bookkeeper and firm of accountants.
We benefit from be able to totally rely upon the records we have produced at the year-end for the year end accounting process. If the same accounting records were produced by another independent book-keeper, we can many hours just reconciling the records and making the adjustments needed to make sense of it all.
Published 13 September 2017.
Updated 15 October 2017.