- Last Updated on 23 August 2012
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Some people see accounting as being a non productive task in a business. It is seen as being time consuming, confusing and frustrating. This is not the case. So let’s start at the beginning.
The main purpose of accounting is to keep records on the financial transactions in a company. Then to convey that information in an organised format to management and owners. Accounting allows the company to analyse the financial performance of the business and is one of the reporting mechanisms on achieving objectives.
You have two ways of keeping your accounts – manually or on computer. Also, you can keep the accounts yourself, get a family member or friend to do them or employ a professional.
Accounting systems don't need to be complicated, and many micro and small businesses use a manual system. Pencil and paper used to be the way accounting was done before computers. The manual process can be tedious and prone to errors, but it is simple and inexpensive, making it a perfectly good choice for small businesses.
A basic manual accounting system will involve keeping sales and purchase day books, cash book and petty cash sheets. You need to keep record of people who owe you money (debtors) and people you owe money to (creditors) and then when payments are made.
If you know your way around spread sheets, like Excel, you can setup your own sheets there.
For computerised accounts there are many software packages available. Some of the names include:
- Sort my books,
- Big red book,
- Take Five,
- Tas (owned by Sage),
- Access accounts,
- Business One from SAP,
- Artemis II from Aquila Technology,
- Sam Jr, Kernel
- Kingswood (agribusiness).
- Microsoft own Great Plains and Navision.
A few of these are Irish businesses.
Choosing the correct package for you is very important because setting it up takes a lot of time and effort and you don’t want to have to do it twice
What The Synergy Group can do for you:
- Carry out your bookkeeping on a prescribed time per month.
- Prepare your management accounts on a monthly, quarterly, bi-annual or annually.
- Analyse your accounts and compare to your plans and budgets.
- Prepare and submit your VAT and employers documents
- Set up a manual system for you and show you how to use it.
- Help you to choose your accounting software
- Help you to setup your accounting software.
- Assist your accounts department with their work
- Project accounts work as needed.
- Taxation – personal and business
- Submit annual returns to the Revenue Commissioners – personal and business
Call The Synergy Group to get a free overview of your situation and we will advise you on a way forward. Then, if you wish, we will hold your hand to make sure it works.
T: +353 1 8215189
F: +353 1 8215191
M: +353 87 2326927