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June 2009

Don’t forget to take this into account...

Sir,

I read with interest Adam Walker’s article regarding the pitfalls of starting a new lettings business (EAN, May 2009).

He did however omit to mention the ‘elephant in the room’ — the necessity to have a good understanding of the client accounting requirements of a lettings business.

This is a critical discipline and has to be done well from the outset by a person who has a good understanding of book-keeping and is competent to deal with the necessary ledger reconciliations, reporting to clients, taxation accounting and reporting.

Those new to the business should never leave the accounting as a low priority; it will surely cost more to sort out a mess which has developed than to do it correctly from the outset.

ROBERT HORSFORD,
Managing director CML Software Ltd (full address supplied).