Accountancy
The most important aspect of accountancy is the part that you do - keeping records! For personal finance these might consist of bills, credit card vouchers, bank statements etc. kept in a pile on top of the fridge.
Businesses tend to be a bit more organised with a proper filing system, and usually a computer involved somewhere.
Without records, accounts cannot be compiled. With records - even messy or old ones - accounts can always be put together.
The second most important aspect of accountancy is to assemble the information from your records in useful ways. This is where people like McCready Page come in.
You can, of course, assemble your own accounts, but it takes knowledge and time - which you could probably spend better doing other things! It is also difficult to keep abreast of tax law in order to gain all the allowances to which you are entitled.
The old adage that the cost of professional accountancy is usually repaid just in tax savings is true.
Management Accounting
Accountancy is not only important in tax matters, however, especially if you run a business.
Businesses often fail to thrive because the person or persons in charge are not sufficiently aware as to how the business is going financially.
For some companies we help with the day-to-day management accounting. For others, particularly smaller enterprises, we advise on how to 'do-it-yourself'.
In particular, cashflow and financing are crucial. When it comes to discussing matters with your bank, solid figures properly calculated carry great weight.
As in all our fields of work, we can provide specialist assistance when needed, through our comprehensive network of experts.
