Can anyone tell me what this means...............

System

Can anyone tell me what is involved in "doing someones books". I have been offered a small job and have been told that i am required to do a landlord of a pubs books. Sorry if i sound a bit thick but does this just mean keeping invoices and recipts up together or is there more to it than that - VAT returns etc. I am a newly qualified technician but I have never "done" someones books before and im not sure if i have the confidence to do this as i wouldnt want to do it all wrong - im not sure whether i should take the job or not. Any advise would be really appreciated.

System

Can anyone tell me what this means...............

"Doing someone's books" generally means keeping all their financial records in order and maintaining a Cash Book and any other ledgers which they currently run. It does not usually involve year-end accounts and is generally straight forward if you do not inherit a mess from your predecessor. However, you should watch out for specialist areas. Pubs are often highly computerised these days with electronic link-ups to the brewery in respect of commissions and purchase orders. Suggest you request a meeting to see how they are set up and to discuss your rates.<BR>Book-keeping is often commands a lower rate of pay than year end work (depending on how you price yourself and what your customer is prepared to pay) and consequently they may be quite happy to run through things with you and tell you how to do some of the more specialist stuff. You may end up specialising in pubs in which case you will become faster and able to charge more.<BR>Personally, I have found it is easier to stick to companies who have more usual accounting requirements and I have told them how I want them to "do their books".<BR>Good luck.

System

Can anyone tell me what this means...............

Be very careful with pubs because they tend to have fruit machines and the vat on fruit machines is wierd to put it mildly, very bizzare rules and very difficult to follow invoices. Also the brewery invoices are frequently split up between the pub rent and insurance and the private element that is the premises that the landlord inhabits. This complicates the vat liability further as you must extract the private element and not put it through as an expense of the business but post it to the capital account instead.<BR>That said, it can all be learnt and found out, but the first job is allways the scariest they get easier from then on.<BR>One of my clients is a publican and it is my least favourite job. I work very hard for my money on that one.