Accounting Systems and Internal Controls

Many small businesses neglect this at their peril. We know that it is better to put systems in place that are designed to ensure that things do not go wrong or that errors are detected quickly before they can cause major damage to your business.

Chart of Accounts for your Accounting System

We will prepare a detailed chart of accounts based on the industry that you operate in and in line with your specific needs i.e. departmental or segment reporting, in order for you to have accurate and complete results.

Monthly Management Accounts

We will prepare these accounts (income statement, balance sheet, cash flow statement and applicable supporting schedules) from the above detailed chart of accounts and discuss them with you so that you are always on top of what is going on in your business. This way you can react to issues immediately rather than having to wait for the end of the year to find out. Best practice is to set deadlines for the finalisation and approval of these management accounts by management and to adhere to them.

Budgets and Cash Flow Forecasts

You should strongly consider doing annual budgets and cash flow projections. In many instances you may be required to do so as the bank may insist on it before they will grant you finance to expand your business. We can help you with all aspects of this and advise you on the best way to present the information to the bank to ensure you stand the best possible chance to get the finance.