The process of preparing your accounts from your accounts software can be greatly improved if you take the time to review your debtor/customer and creditor/supplier ledgers to make sure there are no outstanding items older than 6 months old.
If you do have such items, it will help your accountant if you include a brief explanation of any disputes you have had with your customer or suppliers so we can understand how best to account for these items and determine if any items should be written off. In addition it may help identify small errors which have been sitting on your debtors or creditors ledger which require tidying up before you pass on your records to your accountant.
We also advise that you review outstanding items on your bank reconciliations and in particular chase up people who haven’t banked cheques and offer to send out new cheques; this process will help you have a clearer idea of your true bank balance and will also improve relationships with suppliers/customers if your chasing them to bank a cheque they forgot they had been given.
Please contact us if you would like help with any of the above.
Audit Manager
Carlisle Office
