Preparing for Your Accountant
Being prepared for your accountant will ensure that our work will be carried out as smoothly and efficiently as possible. Whether you are producing your accounts or simply carrying out an annual audit being prepared with some of the routine schedules will ensure that you experience the least level of disruption possible and have more time for professional advice from our team.
Below we highlight many of the ways in which you can help increase the efficiency and smooth running of your experience with TMA Accountants. It is however important for you to discuss these ideas with us since all of the suggestions may not be applicable to you or your business situation.
What we need
To ensure that you receive a efficient experience with TMA Accountants it is essential that if you know what information is required for your appointment with our team that you have available for your accountant to view. This will ensure that your accountant has all the information available to them in order to better evaluate your business situation.
Better communication with us will help reduce unnecessary work and misunderstanding. TMA Accountants will help decide what you can prepare for us and what we can prepare for ourselves.
Keeping us informed
TMA Accountants will be better prepared ourselves if we know of any changes or developments within your business which could affect our work or cause conflict. These could include changes in you’re:
Timetable
Preparing a suitable timetable beforehand gives us both a chance to properly prepare in time for your meeting with our team. If however, you find yourself behind schedule don’t panic or feel pressured to attend your appointment unprepared. Contact us as soon as possible so as your appointment can be rearranged for a later more convenient date.
Books and records
Setting up and maintaining your books and records in a professional organized fashion will help us to quickly and efficiently extract the information necessary to complete your accounts or audit. By keeping your accounts and records organized and in order we can quickly and professionally assess the condition of your business at a glance and better advise you as to the progression of your business. Consideration of the following points may improve the organisation of your records:
Totaling and balancing your books and records at regular intervals will help you spot and correct any mistakes which will aid us and you in the work.
Analyzing your payments and receipts so that details and figures can be smoothly extracted.
Filing your invoices in a logical order (numerical, alphabetical or date) to make it easy to find any one of them, this will highlight any missing invoices required to accurately complete a set of accounts.
Control accounts
Control accounts record the flow of finance such as debtors and creditors by using the monthly totals from your cash book and sales and purchases summaries. At the end of each month he cash control account will show how much cash the business has to work with making it easier to budget and organize payments both in and out of the business.
The debtors or sales ledger control account will show how much your customers owe you at the end of each month ensuring debts are paid on time each month. The creditors or purchase ledger control account will show how much you owe your suppliers at the end of each month so as to minimize the possibility of getting behind on payments.
Reconciliations
Reconciliations help to ensure that the figures in your books are complete and accurate at all times. Therefore when produced and analyzed at regular intervals they will help you spot any errors which can then be corrected before we examine your records. Some of the records which will need reconciling are:
Bank accounts
Control accounts
Suppliers' statements.
Stocktake
If your business carries any stock you will need to count it at least once a year although many businesses check their stock at regular intervals as this determines the most and least popular items at any given month. To ensure that the count is carried out efficiently and accurately you should consider the following points:
Stock items should be stored neatly and logically to make counting easier to count.
All staff involved in counting should be given clear instructions as to how to do their task.
Minimize the movement of stock during the count as this can cause confusion therefore once a stock is being evaluated deliveries and orders both in and out should be put on hold until stocktaking has finished.
Spot checks should be performed during the count as this will monitor the performance and accuracy of those involved and determine any errors immediately.
Schedules
There are a number of schedules which have to be produced in order that the accounts can be prepared and/or audited. We at TMA Accountants can prepare all of these schedules ourselves but if you were to produce them it would save time and increase efficiency.
You may wish to consider the preparation of some of the following schedules:
A detailed list of additions and disposals of fixed assets with a copy of the appropriate sales and purchase invoices attached
Schedules showing each item of stock held the quantity, unit value and total value. Indicate any stock items which are old or damaged
A list of your debtors at the year end including how much they owe you and how long they have been outstanding. Indicate any which are unlikely to pay you
A schedule of all bank and cash balances at the year end, together with all the bank statements for each bank account
A list of creditors which should include HMRC as well as the usual business suppliers.
Not all of these schedules will be applicable or appropriate to your business therefore if you have any concerns or wish guidance as to what is better suited to your own personal business situation please don’t hesitate to contact TMA Accountants.
How we can help?
There are undoubtedly many advantages to be experienced if you come to TMA Accountants fully prepared before work commences of your business and accounts. We will be able to complete our work more efficiently and smoothly in less time causing less disruption to you and your business.
This will enable us to be in a better more informed position to advice you on your current business and financial situation as a result as your books and records will provide far more detailed, clear and concise information that will enable you to make better informed business decision in the future.
If you wish to discuss this process any further or are unsure as to what your business requires to be prepared for your accountant please don’t hesitate to contact us immediately and we will assist you in every way we can.
This factsheet has been published by TMA Accountants for the information and benefit of clients. It provides only a brief overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice as detailed above. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.
