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Ask for our free paper: "Notes on Company Accounting and Taxation generally." 

Accounts production & what does your Accountant need?

Requirement depends upon the business itself, whether it is a Limited Company, a Partnership, or that of a Sole Trader and whether it is subject to Audit, or not. The information requirements for smaller  entities should not be onerous and can be discussed. However, in general what is needed is explained:

We should be able to “track” business income and expenditure for the period under review.  A traditional manually analysed Cash Book provides the bulk of this.  If the Greenhow Cash Book computer templates are used we should be provided with the printed reports.

Supporting documentation to transactions is generally needed.  This would include the principals’ expense claims.  If  business car mileage claims are involved, at least in total we need this  detail.

Generally, for any expenditure, which is divisible between personal and private, 100% thereof should be included, so that the whole is apportioned at a financial period end.  We need to know the basis of those apportionments.

Tax.  Make certain we are aware of any changes affecting your taxation position.

In most cases, as at the end of the Accounting Period, we need to know:

  1) The detailed amounts owing to and from the business, these may include amounts which may be un-invoiced, as at that date (if so, exclude V.A.T.),

  2) If not included in the above, the value (at selling price, excluding V.A.T.) of income accrued due to you, as at that date,

  3) The values (at cost, excluding V.A.T., ) of Stock in Hand and Work in Progress,

 And, in respect of the whole Accounting Period:

  4) Details of all Bad Debts,

  5) Details of all Capital Expenditure with copies of any business finance agreements,

  6) The Cash Book to Bank Statement Reconciliation. 

  7) Your Reconciliation Report of the Accounts balance to the last V.A.T. Return (if you are VAT registered).

Computer  “Packages”  We should be provided with a detailed print-out of the Nominal Ledger and Trial Balance Reports (as at both the beginning and the end of the Accounts period) and a printed detailed Cash Flow Report.  

If the Accounts are subject to Audit, we will probably need a copy of  the data on disk.  We may possibly need the governing “package” software, to be able to view it.

Finally, we should be made aware of any significant business events occurring within, or after, the Accounts period, this would importantly include any decision to cease trade, or detail of any factors which might necessitate cessation, within 1 year (from providing the records to us).  

(Updated paper 10/07/05)

The pages attached [go to top of page], advise you of some aids to record keeping.

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