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Book keeping & Accounts

Book-keeping and management accounts

Good quality and accurate book-keeping is the foundation of any financial control system and is essential to every businesses. For small/medium sized businesses, having an internal accounting function is usually too costly. Many owners do the basics themselves or resort to using an independent book-keeper in order to save money. However it is usually a false economy. The main weaknesses of this arrangement are:

  • It usually takes a lot of time if you do it yourself.
  • Overall control of the process is lost.
  • Reliance on one individual is risky.
  • The risk of mistakes and penalties for non-compliance are greater.
  • Integration with other important accounting functions, such as year-end accounts production and tax planning is made much more difficult and time consuming.

Many Riverside customers subscribe to the view that it is much more efficient and cost effective to use our book-keeping service which ensures better integration, a consistent quality, and high degree of security compared to using an independent book-keeper. Our book-keeping rates make us extremely competitive; management accounts and financial information are available on demand. Using Riverside in this way is the best use of its resources as it integrates with all the other services provided and streamlines the whole financial process of company accounts, tax and other responsibilities into a neat cycle.

The main accounting package used internally is TAS Books (part of the Sage organisation). It has been around for over twenty years and has many benefits over other similar packages:

  • It offers a great deal more flexibility than most
  • Ideal for VAT and year end
  • its excellent reporting function
  • It is intuitive and easy to learn (in some cases our clients have been using it as long as we have)

However where customers carry out their own book-keeping and have their own internal accounting department, we can usually import their accounts information onto our system for the production of annual accounts regardless of which accounting system they use.

Where clients use the same package as we do it makes the process even easier.