Bookkeeping and accounts preparation are part of our day to day activities at Cindele Ltd. With the current regime of filing deadlines and penalties, timely service has become all the more important. We pride ourselves in getting our clients' accounts completed to the highest standard, on time and well before their filing deadline.
Some consider historical accounts as only useful for satisfying statutory obligations. We however believe that the way your company has performed in the past can be a vital tool in planning for the future and can be used to assess areas of a business that require more attention.
Using the latest computing systems we will prepare your accounts promptly and efficiently. We will then provide you with a clear explanation of your accounts and tax situation to ensure that you have a full understanding of the figures prepared for you.
Bookkeeping is an indispensable subset of accounting and refers mainly to the record-keeping aspects of accounting. Bookkeeping is essentially the accounting process of recording all the information regarding the transactions and financial activities of a business. What follows is a basic overview of what bookkeeping for a small business entails:
- Prepare source documents for all transactions, operations, and other events of the business.
- Determine and enter in source documents the financial effects of the transactions and other events of the business.
- Make original entries of financial effects into journals and accounts, with appropriate references to source documents.
- Perform end-of-period procedures.
- Compile the adjusted trial balance.
- Close the books.
The term accounting is much broader, going into the realm of designing the bookkeeping system, establishing controls to make sure the system is working well, and analysing and verifying the recorded information.
Accounting encompasses the problems in measuring the financial effects of economic activity. Furthermore, accounting includes the function of financial reporting of values and performance measures to those that need the information. Business managers, investors, and many others depend on financial reports for information about the performance and condition of the entity.
Accountants design the internal controls for the bookkeeping system, which serve to minimise errors in recording the large number of activities that an entity engages in over the period. The internal controls that accountants design are also relied on to detect and deter theft, embezzlement, fraud, and dishonest behavior of all kinds.
Accountants prepare reports based on the information accumulated by the bookkeeping process: financial statements, tax returns, and various confidential reports to managers. Measuring profit is a critical task that accountants perform —a task that depends on the accuracy of the information recorded by the bookkeeper. The accountant decides how to measure sales revenue and expenses to determine the profit or loss for the period.