What is it?: Going through to check all the transactions recorded in the company’s general ledger are consistent with those reported on the company’s bank statements and the credit card statements. Read on to find out why you need to do it for your business.
Do you know exactly when all your suppliers need to be paid and when you will have the cash in the business to meet all those payments? Or does it feel completely out of control?
The answer is to run a weekly Aged Creditor’s report so you (or your bookkeeper) can plan what money must be paid out when. A good bookkeeper can do this for you with no fuss and then check invoices are correct and manage payments for you.
Running your own business is stressful. Do you worry about your income and outgoings each month? Do you worry about customers paying late?
The answer is to run a weekly Aged Debtor’s report and take action based on what it shows you. It’s the kind of thing bookkeepers (and accountants) do all the time and with a quick glance at the report they can tell you exactly what action you as a business owner need to take and even chase those late payments for you.
This is our simple guide to how we add value to your business, without going into financial jargon. We’re always happy to explain the specifics of anything we can see your business needs. If something on the finances is niggling you just give us a call and we can talk it through over the phone or better still, over a coffee.
What is Making Tax Digital and what is the latest announcement all about? It seems like the government keeps backtracking so you’d be forgiven for thinking you don’t need to care about it. Read our handy blog post for a summary of the key points and what you, as a small business owner, need to know.