Last week I wrote about checking your unpaid bills, your creditors, to see if the bills outstanding are accurate or whether there are old unpaid bills which could be duplicates or could require credit notes.
 
 This week I am going to cover debtors - the customers who owe you. Whilst all business owners think they are on top of their unpaid invoices and know exactly who owes them and how much they are owed, often the accounts tell a different story. …

Creditors are the suppliers you owe money to but have you ever thought to check whether the report generated from your accounts software is accurate?
 
 When we take over bookkeeping work one of the things we check is the age of the supplier invoices awaiting payment. …

March is the chosen financial year end for more than 60% of our bookkeeping clients, whether they are a sole trader or a limited company. So in April and May we are completing March and April bookkeeping for our bookkeeping clients, completing their VAT returns and finalising their accounts to hand over to their accountant. 
 
 This year, despite the additional workload created by COVID-19, …

When keeping your accounts records you can choose whether to record your transactions on a cash or accrual basis so it is important to understand these terms when it comes to understanding your finances as they can each give a different picture of your business for the same period.
 
 Recording transactions on a cash basis means …