Objective of an Accounting System

          To provide reliable financial information for reporting and management purposes

 Elements required to ensure reliability of information

• Opening balance sheet values must be recorded to ensure historical capital resources of business are included, to cover all balance sheet assets and liabilities. Adjustment to be made in full when starting a new accounting system.  Thereafter the accounting system must be adjusted each year to ensure the data matches the final accounts prepared by the accountant used for official filing purposes at Companies House and HMRC.
• Settings and Transactions to be recorded in line with system guidance to ensure reporting requirements can be fulfilled.
• Bank reconciliations completed to ensure complete and accurate recording of all business transactions

MyRegData offer a complimentary pre-RegData submission review to assist with the preparation of the 6 and 12-month FCA submissions.  The review is neither a compliance review nor an audit but is intended to identify any significant issues that may affect the IFA report.  The appointments for the review are limited, please reserve yours as soon as the Bank Reconciliations for the reporting period have been completed to avoid disappointment.