Book Keeping
Edward Accountancy & Tax Services Ltd is a firm of Chartered Accountants based in United Kingdom. It offers a wide range of professional accounting, taxation, and consultancy services to its clients from London.
Book-keeping
To keep recording of your financial transactions which include purchases, sales, receipts and payments by the company. It reconciles between Bank account and General Ledger records to ensure the completeness of the data.
As per UK Companies Act 2006, it is a requirement for keeping all businesses records accurately for both taxation and VAT (Value Added Tax) purposes. Apart from a statutory requirement, accurate bookkeeping can also facilitate the business by:
- Helping you to manage and control the finances of your business.
- Helping with planning for future growth of the business
- Helping to ensure that your accounts are completed more efficiently, thus saving on your accountancy charges, regulatory fines, etc.
At Edward, we can take care of all your bookkeeping requirements. We have a team of qualified accountants and bookkeepers who are well trained in Xero, QuickBooks, Sage and VT+ to make sure you are on top of your accounting affairs with the latest technology. If required, we can also prepare regular management accounts, so you have all the necessary information to make sound business decisions in a timely manner.
Analysing financial transactions and categorizing them correctly
Identify the nature of income and expenses of financial transactions. Determine the appropriate account for each transaction. Apply the rules of debit and credit to accounts.
Accounts payable analysis
Track receipts of customers’ invoices to monitor whether payments are made on time. Evaluate customer payment behaviour and enforce credit terms. Develop an action plan for managing late payments, including reminders and follow-up procedures to ensure timely collection.
Monthly MIS/Management Accounts with commentary
We prepare monthly management accounts to provide a clear view of the business’s performance. This includes conducting a business momentum analysis to identify trends and areas for improvement. Based on this analysis, we develop an action plan to address any issues and capitalize on opportunities. Our reports offer insights into the monthly direction of the business’s performance and position, helping guide strategic decisions.
Posting entries to ledger accounts
A ledger is a collection of individual accounts that represent different financial transactions. Move each journal entry to its respective ledger account, ensuring that debits and credits are accurately recorded and that information remains consistent. Then, calculate account balances across the various ledgers to provide a comprehensive overview of the financial position.
Bank reconciliation
Ensure the completeness of transactions by identifying discrepancies between the cash book and bank statements. Use the cash book correction method to reconcile the accounts, addressing any gaps to maintain accurate financial records.
Recording of financial transactions.
Use software suitable for your business’s nature and size to keep records of transactions accurately. Ensure that the software allows for real-time recording of transactions, maintaining up-to-date and precise financial information.
Trial Balance and analysis of accounts
Identify any unexpected balance in any account. Detect any unusual movement in any account. Make necessary adjustments to the accounts in accordance with UK Generally Accepted Accounting Practice (GAAP).
We provide expert advice for all size businesses.
We are committed to providing expert advice for businesses of all sizes. Whether you’re a startup, a small business, a mid-sized company, or a large corporation, our team of experienced professionals is equipped to offer customized guidance tailored to your unique needs.
