Accounting should help you understand what the business earned, what it owes and when cash will be needed. A regular routine reduces the year-end backlog and gives the owner information while there is still time to act.

Useful for: Growing businesses, traders, manufacturers and service firms

Tools to support your accounting review.Open the Accounting Help Centre

Capture the daily transactions

Collect sales invoices, purchase bills, expense proofs and receipt or payment references in one agreed process. Record each entry against the right customer, supplier, bank or expense account. Attach a clear description so another person can understand the entry later.

  • Record cash and bank movements and identify transfers between your own accounts.
  • Allocate customer receipts against the correct invoices.
  • Separate business expenses, owner drawings and capital transactions.
  • Maintain a pending-document list instead of guessing the purpose of an entry.

Close and review each month

Reconcile bank accounts, review customer and supplier balances, and check stock or work-in-progress records where relevant. Investigate old advances, negative balances and entries without evidence.

Compare sales and tax-control accounts with the relevant return workings before filing. GST's GSTR-1 and GSTR-3B guides explain the different reporting roles of those returns.

Official guidance: GSTR-1 guidance · GSTR-3B guidance

Choose reports you will actually use

A monthly review can include a profit and loss statement, balance sheet, receivables ageing, payables schedule and a short cash-flow forecast. Discuss unexpected changes and assign responsibility for follow-up.

Agree a document cut-off, review date and approval process with your accountant. The reporting timetable should suit your transaction volume and management needs.

BEFORE YOUR CONSULTATION

Records to have ready

  • Sales, purchase and expense records
  • Bank, payment gateway and loan statements
  • Customer and supplier opening balances and outstanding details
  • Payroll, stock and fixed-asset records, where applicable

The final document list depends on your circumstances and the agreed service.

HOW WE CAN HELP

Discuss your requirements
with our office.

M H Consultancy provides daily or monthly bookkeeping, reconciliations and management reporting. We agree the frequency, records and reports with you before work begins.

Enquire on WhatsApp Office contact details

General guidance published on 9 September 2026. Applicability, forms and dates depend on your circumstances and reporting period. Confirm the current requirements before filing or making a financial decision.