Managed Bookkeeping Services
For many businesses as their business grows bookkeeping becomes a time-consuming task which takes them away from what they enjoy, running their business.
If you outsource your bookkeeping to our professional accountancy team, we can remove the headache from your bookkeeping; allowing you to focus on the other aspects of your business and increase its profitability.
Bookkeeping is the recording of the financial outlay and intake of a person or business.
In your ‘books’ will be recorded a list of financial transactions, including sales, purchases, payments to those you have outsourced to, individuals or other organisations, wages and receipts.
Bookkeepers, or bookkeeping clerks, are often responsible for the general ledger, which is all of the business accounts.
Sometimes they may only be responsible for part of the accounts or business ledger. All transactions will then be recorded, most simply in two post, credits (income) and debits (costs).
They will provide reports for managers which may include financial statements for the quarter or year.
All businesses are legally obliged to record all their transactions for tax purposes.
Whilst the is no set way to do this all expenses, purchases and sales should be recorded.
Please be aware that if a business does not keep appropriate records, or books, and then they file an incorrect tax return, they can pay a higher rate of tax and a fine of up to £3000 to HMRC.
As a business owner you will already be aware that good bookkeeping is essential in the running of any business.
When your books are up to date, as a business owner, you can make decisions and improve the profitability of your business.
This can only be done with accurate bookkeeping that lets you know how much cash is available, how much you owe to suppliers, and if any customers owe you money.
It is a good idea to hire a bookkeeper when you decide to start your business.
The reason many advise this is so that you can avoid any bookkeeping errors right from the start, therefore avoiding any errors or which may later involve penalties from HMRC.
Using us for your bookkeeping allows our professional accountants to remove one of the more time demanding issues involved with managing your company, and quickly provides you with accurate information on where you company stands financially and how much resources you have available to boost profitability in your business. Not only do our professional accountants remove this headache, they provide more services besides, including:
Our professional accountants will review your business and select the most appropriate, and easy to understand, bookkeeping method for your business. This will vary from business to business, but it will provide you the information in a straight forward, easy to understand format tailored your business and needs.
Our professional team of accountants will ensure that your books are kept accurate and up to date.
Our accountants have years of experience in bookkeeping which enables them to enter all data accurately, which will then be double checked to ensure there are no errors, meaning your tax return at the end of the financial year will be accurate and you will incur no penalties from HMRC. Moreover, if HMRC does choose your business to investigate you will be able to provide full and accurate records for them to inspect, provided all the information given to us has been correct.
Our professional accountants can help by looking for ways to save you money in tax. With the years of experience that we have in bookkeeping, we will have someone who specialises in your field and knows where those savings can be made. When spotted early enough these savings can be large, meaning more money for you to use to expand and increase the profitability of your business.
This service is also available to you should you choose it, if you would like to hear more about our accountancy services please click here.
We have a team of dedicated, professional bookkeepers who have years of experience in this field. Whatever your business they will find the best method for displaying your books in an easy to understand format, which will allow you to keep up to date with your business finances. Moreover, our bookkeepers have worked in this field for a long time, and so may spot areas in which your business may save money in taxation.
There are many things that you can claim your money back for, these are wide and varied. Most costs incurred whilst doing your work are re-claimable on your taxes.
Many expenses that can be claimed are not often thought of, but we are here to help. We work hard to make sure you get the full refund you deserve.
Yes, you can. Outsourcing your bookkeeping to our professional accountants help to alleviate one of the more stressful parts of running a business, however you can also complete your books on your own and there may be some advantages to this.
It can save you money. For many small businesses, especially when they are just starting, it may make sense for them to save money by completing their own books.
Completing your books, yourself can provide you with real time information on how your company is performing. This is because you may be completing your books more regularly, perhaps daily or weekly, whereas we will be doing it monthly at the most regular. For you this means that you will have a much clearer idea of where your finances stand, and who you paid that money to, or who owes that money to you, instead of having to remember once a month who that supplier was at the start of the month.
When doing you own bookkeeping you are more aware of how much is being spent on any given day, this may lead to you realising quicker ways to save money or invest it to increase the profitability of your business.
Each business is different so unfortunately there is no fixed fee for each companies bookkeeping services. You will need a solution tailored to your business needs.
Contact us now so our professional accountants can give you a free, no commitment quote.
No. Our services to you are worked out on a fixed fee.
Charges for our services will be made clear to you before you decide to engage us to manage your books.
Why not contact our team now for a free quote from our accountancy team?
No. However, all business in the UK are legally obliged to register for VAT if your turnover is higher than the annual registration threshold.
In some cases, it can also be advisable to register for VAT as this yield other benefits for your business, we are happy to discuss what those may be with you.
If your business has any employees at all you should enrol in the PAYE system.
Even if you are the only employee and act as both director and employee it's important that you have contacted HMRC and registered with the PAYE scheme and continue to make all RTI submissions.
Even if you only outsource your work, and so use sub-contractors, as you pay yourself you must be registered with this scheme.
Bookkeeping put simply is keeping accurate financial records for a business.
The most notable difference between bookkeepers and accountants is that accountants are expected to analyse and interpret the data and provide ways in which you can save money, bookkeeping does not do this.
Accountants and bookkeepers do very different jobs in the businesses they work with.
Bookkeepers keep their client’s general ledgers up to date, which may include daily data compilation, ensuring accuracy in the accounts, ensuring the accounts are easy to understand and accessible by categorising it appropriately, and generating general financial statements.
Whereas accountants analyse the data, look for ways to save money in taxation, and prepare tax returns.
If you choose to hire a bookkeeper in house you will also have to become their employer, and this may not suit you as it will create more work.
As an employer you will have to pay their National Insurance and Taxes to HMRC. You will have to provide holiday and parental cover and produce their payslips.
If you choose to outsource to us then all this extra work will be taken away and placed with us, and our dedicated team will be able to take care of your accounts and work to ensure no errors are made.