2.  Chartered Accountant
 Offices in Newry and Newcastle
 Clients around NI & ROI and GB.
 Firm trading 30 years
 Part time lecturer in Southern Regional
College Newry, teaching Taxation module on
University of Ulster accountancy degree
course
 Treasurer in the Newry Chamber of
Commerce

3. 1. Purpose of book keeping
2. Basics of book keeping
3. Options for recording your books

4.  Who likes “doing the books”?

5. Purpose Problems/Issues
 Know how your
business is doing
 Cashflow
 Legal requirements
 Obtaining finance
 Budgeting/planning
 “If you fail to plan, you
plan to fail”!
 Overcomplicated
 Not enough time
 Expensive
 Technophobe
 Duplication – manual &
computer records
 Bad fit for the business

6. COMPANY
 Money received & spent
 Details of assets owned
 Debts the company owes
or is owed
 Stock owned
 Any other financial records, information and calculations you
need to complete your Company tax return

7.  Must keep records for at least 6 years
 Sales invoices
 Purchase invoices
 Bank statements
 Financial accounts
 Vat returns
 Payroll records
 £3000 fine if deemed to not keep adequate
records

8.  Double entry book keeping -
For every positive transaction
there must be a
negative transaction

11.  Bank reconciliation
 Creditors/payables
 Debtors
 Profit & loss account
 Balance sheet
 Trial balance
 Nominal codes
 Cashflow statement

12. Opening balance x
Add lodgements x
Less cheques x
direct debits x
Closing balance x
Note closing balance per accounts should be
the closing balance on the statement less any
unpresented or outstanding cheques

13.  Business owner does all
the manual inputting, filing
and processing of information
on excel – vat returns etc

14.  Use software to make life easier
 Get the accountant/book keeper to do it

15. Pros Cons
 Popular among small
business
 Cheap
 Easy to use?
 Prone to mistakes
 Requires good
planning
 Can’t give you the
information you
want/need
 Not a long term
solution, not scaleable
 Different
versions/backups
 Advanced functions

16. Desktop options Issues
 Sage
 Quickbooks
 TAS
 Designed for
accountants
 Require training
 Can be expensive
 Hardware maintenance
issues
 Backups & updates
 Accessible only on one
computer
 Hard to correct
mistakes

18.  Xero
 Kashflow
 Clearbooks
 Freeagent
 Wave
 Quickbooks online
 Sage One
 Big red cloud
 Many many more!

19. Pros Cons
 Decent internet
connection a must!
 Security concerns
 Accessible from
anywhere, anytime
 No backups, automatic
updates
 Multi user potential
 Hardware not an issue
 Scaleable
 Add ons

21.  Lack of jargon – designed specifically for
ease of use by business owners & book
keepers
 Use anywhere, anytime and no backups
 Collaborate with your accountant in real
time
 Integrates with other online programs
http://www.youtube.com/watch?v=X-
88wS75EeI

22. • Import bank data
• Teach Xero what
to do
• Minimum data
entry
BANK RECONCILIATION

23. • Real-time
• VAT / Profit & Loss / Balance Sheet
• Exportable
REPORTING

24. MOBILE

26.  Post, scan or use the app to
get your invoices into receipt
bank
 Saves a lot of time paper
 Syncs with xero

28.  Understand the basics first
 It’s not rocket science
 Get the system that is right for you
 Speak to your accountant
 Sign up for a free trial – try before you buy
 Technology is leading the way forward!

29.  Phone 02830268050
 Email: aidan@malonelynchehaun.co.uk
 Linkedin
 Twitter @MaloneAidan
 Facebook
 www.malonelynchehaun.co.uk