So said the MD of a client of ours during a review of her latest management accounts.
Backstory
It’s a familiar tale.
Maggie runs her own company and she does all the bookkeeping herself. Once she gets past the end of the year she calls up her accountants and asks them to finalise the year-end.
Eventually, they respond.
And this is where Maggie loses control, loses sight of what is going on. She doesn’t understand what the accountants do when they move from the bookkeeping to the year-end accounts and nothing is ever explained to her.
And she can’t see the relationship between the profits her company makes and the income she pays tax on.
Illumination
We helped shine a light on Maggie’s bookkeeping and year-end accounts.
The big issue was the relationship between dividends, her director’s account and the money she draws from the company.
The key is to do the correct accounting as you go, leaving nothing to the end of the year. Nip any problems in the bud as you find them.
The bookkeeping then follows a pattern and it’s easy to see what’s going on.
Allowing Maggie to stop pulling her hair out and to yell down the phone:
I’ve got a much better view of what the **** is going on in my company
Maggie, West London business owner
Be more Maggie
If this sounds familiar then perhaps we can help.
Give us a call on 020 7125 0270 or email info@bluedotconsulting.co.uk
Simple.
No forms to complete. You’d rather be in a meeting than a database!
Michael
Related links:
From paper bag to paper-free – switch to paperless accounting
How to improve cashflow and make more money