Seeing new client later - they own a shop

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Sarah-Lou
Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
in General accounting discussion
Got a few clients but none own a shop, besides the obvious stock issues is there anything else I need to consider that I might not think of?

Thank you :o)

Sarah-Lou

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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    My first thoughts - PAYE records, casual labour records, young workers registered with local authority, minimum wage. Then there is VAT records, sales vatable or mixed? How is this recorded? Is there a special VAT scheme in existence?
    However, go with an open mind and just listen to start with. Take away your thoughts and come back to them later.
  • Anne Boleyn
    Anne Boleyn Registered Posts: 196 Dedicated contributor 🦉
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    Shop accounts

    Hi Sarah-Lou

    Also to bear in mind whether any goods/stock are taken/used by the proprietor. One of my clients lives in the flat above his shop which is rented and an adjustment is made for the flat.

    Good luck with your new client.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Also, I don't know if you are doing the bookkeeping, or the accounts, or both. If they are doing the books and you're doing the year end, do not underestimate how long it will take you to unravel!
  • Newbie
    Newbie Registered Posts: 229 Dedicated contributor 🦉
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    internal controls in place in terms of cash = risk.
  • Sarah-Lou
    Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
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    Well it's a relatively easy client however 90% of their trading is in cash *gulp*. They document every sale and every purchase (or so they say).

    They don't employ anyone else in their business so that's one less thing to worry about, they haven't been trading for very long and suspect will have made a relatively large loss.

    Am concerned about the amount of cash though. Any advice?
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    Do they use a till? If so, not really a problem. You just have to rely on them putting everything through the till. I have a market stall customer and I just have to "trust" them to put all the takings onto a sheet at the end of the day. In the end, that is not your problem.

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