Any machine or system requires inputs, processes and outputs.
Look at a car; petrol goes in, the engineering converts it into motion, and the car moves.
The best machines push optimised inputs through extremely fine-tuned processes to achieve an outstanding result.
In an accounting context these elements can be described as;
Inputs = bookkeeping records
Processes = turning those records into meaningful information
Outputs = accounts, tax returns
The traditional accounting machine:
You receive the annual email from your accountant, so you hunt down twelve months of bank statements, paperwork, and receipts.
Sales are tightly controlled because you need to keep track of the invoices to make sure you get paid, but this still causes you concern each month.
Purchase receipts turn up through the year in various random places (your bag, the glove box, a drawer, a shoe box, perhaps even a lever arch file), and you frantically sort through a mountain of paper to find them all at the year end.
Your accountant then spends time and effort turning your records into something which HMRC will accept, confirms how much tax you need to pay, and then sends you a bill for the privilege.
Is there a better way?
At Kung Fu Accounting we help you fine-tune the bookkeeping inputs to save you time and energy, and deliver optimal information outputs throughout the year.
This means we can spend less time organising your paperwork at the year end and more time helping you understand what the numbers actually mean.
The accounts and tax returns are essential, just as moving forward and backwards is essential in a car, but we are not about ‘bare essentials’, we are about maximising outputs and optimising performance.
We believe knowledge is power, and our aim is to help you manage your finances and make informed decisions to drive your business forward.