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| Accounting FAQs |
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| Written by Administrator | |
| Friday, 13 October 2006 | |
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Q1 Am I Required by Law to have An Accountant/Bookkeeper? A. The companies Acts requires a company to: - Keep accounting records; Produce audited accounts (if turnover > £5.6m); File accounts and an Annual Return with the Registrar of Companies and Keep Statutory Books. Sole traders and partnerships are not required by law to have annual accounts or to file accounts for inspection. However, annual accounts are necessary for the HM REVENUE & CUSTOMS tax returns. Yevs & CO can assist you meet your requirements. Q2 How can I develop accounting and financial reporting System? A. An accounting or financial system like any tool you use in your business, provides the financial information you need to run your business. To develop such a system you will need a chart of account that helps establish the information that will be captured by your accounting system, and what information that will subsequently be readily retrievable by the system. This tool, like the rest of the accounting systems, needs to be dynamic and should grow as the size and needs of your business changes. To help establish a good working chart of accounts you need to answer some questions, in conjunction with Yevs & Co, as to how your business will operate and what is important to you. The amount of time and money, which a well-organised accounting system may save you, can be massive as the need to generate information for various purposes increases. |
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| Last Updated ( Tuesday, 28 November 2006 ) |
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