Tips To Reduce Your Accountancy Bill ...

1 ) Record Keeping :

It is important that you retain all your records not only for the production of your accounts but should there be a HMRC investigation in to your or your company's financial affairs.

Keeping these records complete and in a logical / good order will save your accountant a lot of time.

The records / documents you need to keep are as follows :-

- Purchase Invoices / Receipts
- Sales Invoices / Receipt Books
- Bank Statements
- Payroll Records
- Bank Statements (full and complete)
- Paying in Books
- Cheque Books
- VAT Returns / Records
- Payroll Records

2 ) Collating Information :

If you are familiar with spreadsheets keep listings of :-

- Purchases and receipts - analyse them out : eg : Materials, stationery, advertising etc... and total each.
- Sales
- Bank charges and interest (received / paid out)
- List payments / drawings made to directors / owners

3 ) Notes :

Make notes for your accountant - to explain any odd transactions or any area / item that your accountant might need to be aware of that has occurred in the financial year to be addressed.

Let your accountant know if your personal circumstances have changed, such as as birth, deaths, marriages or divorces.

4 ) Bank Books :

Make sure your banking books are complete and have appropriate narrative on the stubs / receipts including amounts !

Q : Would you know / remember what was bought with cheque no 1000101 if the stub was blank ??

5 ) Accounts Software :

Utilising a good accounts software package within your business, if used correctly could save your accountant significant amounts of time and will also enable you to produce accurate reports as and when required.