‘B’ is for book-keeping

The building blocks of accountancy

Susan Hutter continues with her A-Z of top tips to get the best out of your accountant. This week it’s the letter ‘B’.

is for book-keeping

There is a tendency for many consultants and GPs to put the record-keeping on the back burner and only deal with it later, either themselves or using their personal assistants.  

And even then this is only once a year when their accountants nag them for the information so that the annual practice accounts can be prepared. 

Needless to say, this is not the best method of dealing with the record-keeping. Apart from anything else, it is very time-consuming if the records are dealt with only once a year. It becomes difficult to remember what some of the transactions relate to and, as a result, this means more work for your accountant, which will be reflected in the fees. 

It is a good idea to use a book-keeper, who can often be provided by your accountant, to attend at your surgery on a regular basis; for example, monthly or quarterly, depending on the size of your practice. 

Most book-keepers should be able to write up the records and reconcile the bank accounts. Also agree the PAYE figures and calculate what monies are due by and to the practice at the year-end.