Good quality records can tell you everything you need to know about your business, such as how much money you are owed and what you owe to suppliers, as well as monitoring your profit. However, incomplete, out of date records contribute to losing sight of cash flow which could easily result in your business failing but could also lead to incorrect tax returns and ultimately a tax enquiry.

By law, all business owners have a responsibility to demonstrate they have taken reasonable care in telling HMRC their tax liability and good book keeping can assist with this. But HMRC has estimated that around 40% of SMEs have a problem with their business record keeping, leading to an underassessment of tax payments and the emergence of Business Record Checks. Will your business records measure up under scrutiny?

Prime Chartered Accountants can take care of all your book keeping and accounting needs through our flexible and reliable outsourcing service, leaving you more time to run your business with full peace of mind. Our expert team has decades of experience in advising SMEs on keeping good records, not only to fulfil statutory requirements but also to provide the information to run their businesses effectively. Our service covers various ways to manage your accounts to suit your business and includes:

• Basic data entry 
• Debtor and creditor listings 
• Paying suppliers using our BACS bureau
• VAT returns 
• Production of regular reports and detailed management accounts information and key statistics 

Prime has extensive knowledge of Sage, QuickBooks and many other book keeping packages including the new online offerings such as Xero, so we can help you to determine which method of record keeping is suitable for you.