What is bookkeeping?
Bookkeeping is a key business task that often gets overlooked. Lets face it, doing admin is boring isn’t it. So what counts as bookkeeping?
- Recording all your daily transactions: Making sure every transaction is recorded correctly, including sales, purchases, and payments.
- Managing accounts receivable and credit control: Creating and sending invoices to customers. Also, making sure all customers pay on time and chase those who are overdue.
- Managing accounts payable: Processing and paying bills from suppliers on time, ensuring if relevant all VAT is recovered as appropriate.
- Bank reconciliation: Ensuring the companies books match the bank statement and all transactions have been captured.
- Payroll: Calculating employee wages and deductions.
- Preparing for taxes: Making sure record keeping is in order for end of year accounts & tax returns.
Why is it important?
Proactive record keeping and management brings many benefits to ny business including;
- Improved cash flow by staying on top of money that is owed to the business. Reducing risk of non-payment through pro-active management.
- Better decision making as you are working with up to date and accurate information. A bookkeeper can also help prepare any reports you may need to help you.
- Good supplier relationships with payments being made right and on time.
- Less stress around compliance when it comes to accounts and tax matters. Information is ready to go in the right format whenever it is needed. There is a risk of penalties from HMRC if record keeping is deemed to not be up to standard. By using our services that risk is removed for you.
- Good bookkeeping and well maintained business records will help you get a better deal on your annual accounts & tax returns from your accountant.
Quality assured
All our bookkeeping is undertaken by a team of qualified bookkeepers, and work is overseen by one of the practice accountants. This means you can have a great level of confidence in the work being done right and on time.
With our commitment to a quality service there is no better time to get in touch and discuss your bookkeeping needs. All our bookkeeping services can be tailored to your specific needs, and as a business we also carry significant insurance for your protection.
Rates start from just £25 per hour, and services can be turned on and off as needed to ensure you only pay for what you need and no more. A far more cost effective and simple solution that trying to manage the relevant tasks in house. It also eliminates the stress and risk of both compliance and having to manage staff.