During my career I have seen the transition of clients using manual records, ranging from a carrier bag of invoices to beautifully maintained simplex books, to the use of
Accounts software should always be set up to provide the most appropriate information for the business and not for the accountant. It is important to work with the client to assess what information they would like to manage and what data is crucial to the business operation. Often businesses will think that there are limitations to reports that the software can produce, whereas thinking outside of the box can ensure that it provides everything it needs.
A couple of areas that are frequently set up incorrectly or
Starting with the nominal code structure, all systems have a standard code list incorporated in them and this is based on very generic nominal codes. Too often, businesses use these codes “straight out of the box” and they are not always the most appropriate ones for a business to use. Recently I saw a client who is involved in the rental of motor vehicles and
The same company has approximately 50-60 vehicles of varying ages and again has no formal mechanism by which to determine the costs and income of each vehicle. In order to deal with
The power of this information will be really useful as it means that fact can be used when replacing vehicles, pricing models can be adapted and better decisions can be made regarding new or older vehicles.
Making Tax Digital will see more businesses having to get rid of manual records and adopt a
This is one simple example of how a little thought into the structure of an accounting system can really add value to a business. All of the accounts staff at Lambert Chapman receive training on Sage, Quickbooks
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.