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Book-Keeping

Book-Keeping

A team of expert consultants

Keeping accurate records of daily events, for future reference, is highly recommended as a fundamental discipline in all walks of life, to ensure smooth operations and to keep stress levels to a minimum.

With businesses, it is a legal imperative!

No matter what type of business structure is in question, whether Sole Trader, Limited Company or any other, there is a legal obligation on Owners and Management to keep clear and accurate records of all daily business transactions.

Such daily records, when processed into periodic summaries, form the basis for calculations of monthly Paye / Prsi liabilities, bi-monthly Vat returns, quarterly management accounts, and annual Financial Statements for presentation to shareholders, and for determining annual corporation tax liabilities which become payable to the Collector General. 

These records can be maintained manually, like in former times with smaller businesses, say, in a diary or in old-style hard- back daybooks, or more likely nowadays using cost-effective computerised accounting systems for the processing and recording of all daily bank, sales, purchases, and petty cash transactions, facilitating period reporting on Debtors, Creditors, Profitability, via Trading, Profit & Loss a/c and Financial Position as at a point in time via The Balance Sheet. 

Book-Keeping in a business is primarily all about recording granular detail of the business day’s events, at the place of business, in a systematic fashion, either on a paper based system or more likely on a computerised accounting system. Technology has advanced now to such an extent that it is possible for the business owner to invite the external accountant service provider to dial in remotely to firm’s system and review quality of the book-keeper’s work to date, and advise on any work yet to be done before Periodic or Annual Financial Statements can be made available for, say, Management or the Bank.