Appropriate Bookkeeping provides a solid foundation for tactical and strategic decision-making. One of the basic functions of a company, bookkeeping is the organised system of maintaining financial information through a well-kept system which keeps the company up-to-date with its expenses.
Apart from utilising efficient bookkeeping records for business development purposes, ARQ Accounting also ascertains that the procedures are compliant to Maltese statutory law. This spares expenses and fines pertaining to late reporting.
It is required by law that companies provide detailed and accurate information of their activities, alongside clear indications of cash flow. These accounts need to be presented on at least an annual basis.
Through bookkeeping one can identify business opportunities to increase profit, whilst also identifying overhead costs which can be reduced or removed completely. Appropriate bookkeeping serves as a good tool for the detection of fraud and the management of risk. Bookkeeping also ensures the accuracy of payroll, making sure that each employee has received the proper payment. This applies especially to organisations which pay on a commission, bonus and employee performance basis.
The services in relation to bookkeeping provided by ARQ Accounting include the preparation of management accounts on a monthly, quarterly and annual basis. This mainly depends on the needs of the organisations which may require different time gaps from one financial report to the other.
The service also includes the control of budgetary procedures. Budgetary reporting highlights a company’s performance for a particular period. The maintaining of accurate budget reports is essential, as a company can estimate future expenses based on past transactions.
Maintaining appropriate records ensures that a company is provided with details pertaining to project expenses and estimated profits. This provides ample time for the company to correct any mistakes which may escalate expenses. Bookkeeping also allows the company to look back on previous projects and invest in a more proficient manner in the future through projects which bring a higher profit margin.
It allows a company to better understand its credit policies by analysing outstanding invoices. Through this, the company keeps records of what it is owed and how to react appropriately. This provides guidance as to whether the company should change certain procedures pertaining to its Credit Control function.
The benefit of this service is that it provides a sound basis for informed decision making. A tailor made service is essential as a Bookkeeping system must be adapted to that particular organisation. ARQ Accounting can provide Bookkeeping services for different types of organisations. The unit consists of a variety of professionals with experience in different industry sectors, which guarantees a specialised service.
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David is a Chartered Accountant and a Fellow of the Association of Chartered Certified Accounta... More