Services > Accounting

It is a fundamental condition of incorporation that a company shall keep proper books of account. The records must be kept so that they will give a true and fair view of its affairs and explain its transactions. This means that there must be recorded receipts and payments, sales and purchases, assets and liabilities. These have to be sufficient to show and explain the company's transactions.

A director has to make sure that the accounting records show, with reasonable accuracy, the financial position of the company at any time. In addition, they are supposed to ensure that any balance sheet or profit and loss account prepared by them complies with the requirement to give a time and fair view.

Accordingly entries are to be made in the accounting records daily of all moneys received and expended by the company, and the matters in respect of which the receipt and expenditure takes place.

At CMYAP Management, we assist the directors to ensure that the records contain the assets and liabilities of the company. Where the company trades or deals in goods the statement of stock at the year end, and all statements from which it was prepared, will show the goods and the buyers and sellers in sufficient detail to be identified. Healthy accounts mean healthy businesses.