Introduction
- The Approach to this and all Articles is consistent with our Standard System and Procedure.
- The above-named Article describes “an overview” of the purpose to which the “substantive contents” will be continually “populated” and “grown”, on a regular basis making its functionality extremely powerful.
- By its nature it is “dynamic”, and it is recommended that a request be made for its update, where the last dated updated is greater than the last thirty working days.
- This article describes the accounting system for non-VAT registered clients.
- It identifies the areas of responsibilities for both Clients and Avar.
The System
- Invoices and Credit Notes
- All Invoices and Credit Notes, both Sales and Purchases, should be scanned and saved in the cloud only when paid or received.
- All unpaid invoices should be kept as hard copies.
- At the year end, any unscanned documents will form the basis of the final end of year debtors and creditors. These should be listed on the Boomerang.
- Bank and Credit Card
- All statements should be downloaded in a csv format and transactions entered onto Boomerang.
- Statements should also be saved in a pdf format and saved in the cloud.
- Petty Cash
- All vouchers and receipts should be scanned and saved in the cloud.
- Transactions should be entered onto Boomerang.
- Mileage Claim and Use of Residence
- If applicable, these should be entered onto the relevant sections within the Boomerang.
Completing the Boomerang
- Once all transactions have been entered onto Boomerang, Avar will complete the transaction entries with the client via an online screen share meeting.
- It is at this stage that any initial queries and missing information can be identified and cleared where necessary.
Resposibilities
- Clients are responsible primarily for the management of documents and transaction entries onto Boomerang.
- Clients should adhere to the SSAPs and time limits.
- Avar will be responsible for the following:
- Preparing Boomerang
- Draft Accounts Package (DAP) (for the agreed periods)
- Final Accounts Package (FAP)
- Corporation Tax
- Payroll
- Statutory Matters (agreed basis)
- Financial Modelling
- Templates
- Telephone Support
- Telegram Support