At 360 Ledger Services we pride ourselves as not being just another data processing bookkeeper.

We like to meet with you on a quarterly basis, at the very least, to discuss the work that we have just completed for you. There will always be questions that need answered. This is dependent on the complexity of your business and how often you use our services.

We have identified six areas which businesses can lose money or have the potential to get fines from HMRC. These areas are also the ones that tend to cause accountants problems and clock up time on the job.

We have called this the 6 Point Health Check. Below outlines what this is and the potential pit falls these areas have. Not all the businesses we represent will have all of these areas.

Trade Debtors

This is the account which identifies who owes you money.
This accounts gets reviewed once work has been carried out for you.

Why?

Credit control process may need to be used to get money in that you are owed.
Duplication of Sales invoice can be identified.
Missing sales invoices can be identified.
Over and under payments from your customers can be identified.
Can catch posting/coding errors.

Trade Creditors

This is the account which identifies who you owe money to.
This account gets reviewed once work has been carried out for you.

Why?

So you can identify who you owe money to and how much to pay them.
Your suppliers on the software will get reconciled to your supplier statements to ensure that they have not accidently added an invoice to your account in error. Also it identifies any missing invoices which you may have lost, (this is good especially if you have a vat bill looming).
Identifies over and under payments on the suppliers account.
Can catch posting/coding errors.

Bank accounts, credit cards and factors accounts

I have lumped these all together as it is all similar in the world of accounts, you will notice Cash is not include in this as there is no third party verification to cash, only a receipt. However if your business is a cash business like a café/retail this will be included in the health check.

Why?

These areas form the back bone to your accounts and can identify expenses that you may not have an invoice/receipt for, or even bank charges, wages payments, etc
It can identify if you have put personal money into your business.
The list is endless of what these accounts can catch. Plus it is best practice bookkeeping to have and use your bank account as everything is traceable.
Can catch posting/coding errors.

Wages control account

If you have a number of staff this is an excellent account to review. Within this account you match off the wages paid to your staff verses the wages information you have processed through your wages software.

Why?

You can identify under and over payments of wages to your staff.
Can catch posting/coding errors.

Paye and Nic control account

This account matches off what your wages reports say should be paid against what you have paid.

Why?

Hopefully it will keep you one step ahead of HMRC as mistakes do happen, especially when you have had a hard days work and leave paying the bills until last thing at night.
Will identify over and under payments.
Can catch posting/coding errors.

Vat control account

This account matches off what your vat return says against your payment.

Why?

Can catch over and under payments.
Can catch posting/coding errors.

There are many more areas in your accounts that need to be addressed at some point, which I can do if you want, but these are the main six areas which you can lose you hard earned cash on and I have helped many people and their businesses get back the money they had no idea they had lost.

If you would like to find out more, simply get in touch.