Accounts- how often do you do them?

[xkayla_herex]

Do you do your accounts weekly, monthly yearly?

I viewed a salon last Thursday and have asked for the accounts. The owner isn't up to date yet and I am supposed to get them today.

Does this sound normal? What could the delay be How often do you do your own accounts ? (Also do you do them yourself of have n accountant?)

 

[jbr]

Well, she is probably going to show you the annual accounts which would have been prepared by her accountant. It doesn't mean she's not keeping the books daily, but it would be unusual for a salon to pay an accountant to produce accounts more than once a year.

 

[xkayla_herex]

Thank you for your reply, I have received her accounts up to the year ended September 2015. So accounts for year 2016 (so from October 2015 up till now) I havnt recieved. I have been told by the company she is using to sell the business that she is getting everything together to her accountant to complete this. Is this normal? Why would it not of been done?

 

[jbr]

Yes, it's normal. She quite likely didn't have all the invoices that covered up to Sept 16 until some time later (water bills, for example may be only every 6 months), which is why there is a delay before the accounts can be made up and finalised.

You could ask if she has any provisional figures yet to look at, but it certainly isn't unusual for them not to be ready yet.

I use an accountancy package (Quickbooks) to keep on top of my daily/weekly/monthly accounting, but have an accountant to do my VAT and tax returns. The money they cost is tax deductible against your business and they often identify savings that more than offset their fees.

 

[xkayla_herex]

Yes, it's normal. She quite likely didn't have all the invoices that covered up to Sept 16 until some time later (water bills, for example may be only every 6 months), which is why there is a delay before the accounts can be made up and finalised.

You could ask if she has any provisional figures yet to look at, but it certainly isn't unusual for them not to be ready yet.

I use an accountancy package (Quickbooks) to keep on top of my daily/weekly/monthly accounting, but have an accountant to do my VAT and tax returns. The money they cost is tax deductible against your business and they often identify savings that more than offset their fees.

Ahh Ok thank you for your help, this is good to know- rather than using and paying for a system would it be possible to do your own daily/weekly/monthly accounts and get a accountant to do vat and tax returns? If you have employed staff how would this be done yourself regarding sorting their wages inc tax, national insurance and stuff?

 

[jbr]

You can do it all on spreadsheets but with staff it's a lot easier to have something like Quickbooks that can handle payroll too.