Nowadays not only companies but also the self-employed are required to keep records that are capable of producing “true and fair” accounts. This may not actually require full double entry book keeping systems, but can not be far short. Such a requirement for most self-employed people may sound faintly absurd, but that does not mean that there are not penalties for failing to comply. We offer a two tier approach:-
Basic level - we will take your basic records (bank statements, vouchers, cheque book stubs etc.) on a quarterly basis, and process these, such that any VAT returns are completed and you will receive a basic set of management accounts.
Advanced level - for the slightly larger business or those which have customers that will be taking credit that needs to be monitored, we can take the records on a monthly basis and provide customer statements on your own headed paper, together with a monthly management report. Of course the relevant VAT Returns will also be prepared.
In both cases, although the resulting records will be maintained at our offices, they are your “books” and as such are available for you to provide to whomsoever you wish to confirm that appropriate records have been maintained. We will also be provided with an annual hard copy record for you to retain as your files. As further security we will retain back up electronic copies of all such records for seven years, but please note that the law requires retention of a “hard copy” of all documents for the seven years; scanned or other electronic versions are not sufficient on their own.