One of the principles of accounting and bookkeeping is timely and accurate information.

In the ideal world this means that at any point in time you can have up to date financial information to help with any decisions you may need to make.

Here at Hive, we have this same ambition. If you need to negotiate a loan, are looking to sell your practice, or maybe purchase your first or second practice we aim to give you figures that are accurate today.

However, this information doesn’t just happen. We need to input all your information first to be able to get the figures out. This is what the bookkeeping task entails. To do this accurately and timeously, there are a few things we need from you.

One of the most important pieces of information that we need from you is your bank statement. Your bank is the record of most, if not all, your transactions and business activities. This information is used to calculate your income and expenses (and so your profit) and your assets and liabilities (the worth of your business). If your bank account is linked with Xero, which is our go to accounting software, and does not agree with the bank statement we cannot continue with the bookkeeping. Without the bookkeeping we cannot provide up to date, accurate information to you.

The way we check that Xero agrees with the bank is to compare the balance on your statement with the balance on Xero. If these are the same then all is well.

In the past we have asked you to provide a copy of the actual statement at the end of the period we are working on. The increased use of online banking and phone apps has made this much simpler for you, and us. It is possible now for us to use a screenshot of your bank balance on a specific day and compare it with Xero. Asking for this makes it much easier and quicker for you to send us the information and therefore quicker for us to verify that Xero is correct. We would only ask for a full statement if we need to confirm anything or if it doesn’t balance. This way we can approach the ideal of giving you the most accurate information possible.

So please send you bank statements/screenshots as soon as we ask. This will enable us to calculate your figures, meaning that you can feel happy knowing that you will always have accurate figures at your fingertips. And, of course, our aim is to provide a level of service that meets your requirements and keeps you satisfied. If you need further guidance on what it is we are asking for and why, then please do ask.

For more information on our services, get in touch.