Because of this, many owner-managed businesses utilise the services of their external accountant to prepare relevant management information including monthly or quarterly financial statements.
This can be less than satisfactory, however, as the computer records at the business frequently don’t reflect those being worked on by the accountant. This can lead to wasted time, costly mistakes in book keeping – or both.
Opting for online accounting, however, allows the external accountant to work on the live records, while the business can also continue processing and updating. This makes for a far more streamlined operation and ensures greater reliability of the financial records.
Key Performance Indicators and Key Financial Information are built into the system to ensure that the client’s attention is immediately focused on this key information.
Depending on the size or complexity of your business, you have the option of adding on additional services such as a review of your records on a monthly, bi-monthly or quarterly basis. The scope of such a review is agreed in advance.
And if you require more detailed information we can also provide a management accounting service where, on an agreed monthly, bi-monthly or quarterly basis, we prepare management accounts based on the records and meet with you to review the results.
This provides you with a clear picture of up-to-the-minute performance and helps you focus on whatever actions may be necessary as a result.
A further benefit of online accounting is that it fulfils your statutory requirements with regard to the keeping of proper books and records, while also allowing for the speedy preparation of your annual financial statements.
This confidential, state-of-the-art online facility is extremely user-friendly, minimising the management time that it absorbs within your company.