White Collar Consultants Limited

So much more than tax

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Are you getting what you pay for? Cont…


3. Reports, reports, reports

Some of the best tools are your age analysis reports.

These can be found in both the payables and receivables sections of your accounting software and they give you the following information (The reverse in the case of payables)

– Who owes you money (Your Debtors)
– How long they have owed you the money
– Total amount of money owed to the business.

Now, most proactive business owners have a rough idea of who owes them what money.

So a good test to ensure that your bookkeeping is up to date and recorded correctly is to print off this report and see if it ties up to what you think is outstanding.

Some reasons for discrepancies could be that:

– Sales invoices have not been processed
– Cash or bank receipts have not been processed
– Credit notes have not been processed
It is very important that this is done regularly because any invoices or receipts will affect your VAT return.
Now do the same for your payables or creditors because un-posted invoices could result in an over payment of VAT and unprocessed payments could affect your cashflow.

Below is an example of what an age analysis report could look like.

Good luck and remember if you need help White Collar are just a phone call away.

Age analysis Reports

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