Accurate bookkeeping is essential in any business. Simply put, it accounts for where the income has come from and what it has been used for. Not only is it a legal requirement for the directors, trustees etc. to compile these records, in line with legislation, but it also allows them to make decisions about which parts of their business are profitable, which ones are not and which ones can be adjusted to increase profitability. It allows them to forecast accurately items such as cash flow, forecasted profit, cost of sales etc.
From source documents and bank statement we draft a set of “books” from which all other financial statements are derived.
Where the situation allows we will implement on site systems to allow the client to prepare as much of this info as possible to avoid extra cost and to streamline their business. For instance invoicing sometimes needs to take place at the point of sale and this can all be done on the same system, online, to avoid re-capturing data thereby reducing the cost to the client.
Debtors, creditors, stock levels etc. are all captured on the same system so that at the push of a button one can determine cash flow requirements and stock re-ordering lead times.
Digit Accounting and Bookkeeping Services 