Receive monthly bookkeeping services for a set monthly fee based on your company turnover and transactions. This includes unlimited telephone support and advice. Never any hidden fees.
Advanced SoftwareEvery Bookkeeping customer receives a free version of Xero accounting software (worth £27 a month) which we will use to keep your boookkeeping up to date.
Unlimited TrainingUnlimited training on both Xero and Receipt Bank software included.
Dedicated BookkeeperEvery client receives a dedicated bookkeeper that full understands their business needs.
Cloud TechnologyAccess your the software and bookkeeping from anywhere, any time.
Scaleable PlansYour monthly price will be fixed based on your monthly turnover and transactions. Never any hidden fees!
Customer CareUnlimited telephone and email support within the monthly fee! Includes 3 hour email response times.
Bookkeeping is part of the process of accountancy. It involves recording the financial transactions of a business. This could include purchases, sales, receipts, wages, and other payments. A company may employ the services of a bookkeeper to record the daily financial transactions of a company. Alternatively it may be the job of an accounts team or accountant.
Historically, the process of bookkeeping involved books and ledgers to keep logs of financial transactions. As technology advanced, these processes moved to computers, with spreadsheets becoming the programme of choice. Many small businesses may still utilise spreadsheets for their bookkeeping processes, however there is newer technology available. In recent years online packages have become easily accessible, offering a much simpler solution for bookkeeping.
Regardless of how big your business is, keeping track of your money is so important. Bookkeeping effectively is going to help you to keep track of who owes you and how much. It is also going to help you understand where your money is being spent. You should be able to quickly and easily see the state of your cashflow to better understand your company’s financial position. If you don’t already have an accountant, you should consider getting one. Many accountants provide a service for the collation of your end of year accounts and the submission of your tax return. This will require some modicum of bookkeeping. The accountancy fee you get charged may depend on how well you have been doing it!
If you need to submit an end of year tax return, you are going to need to know the financial lay of the land for your company. This is going to be tricky to do if you do not have records of income and outgoings over the course of the year. Calculating tax deductible items and making the most of your allowances will also be nigh on impossible without these records. Once your tax return is complete, you are likely to have a bill due. In order to manage this obligation with as little financial stress as possible, you need to plan to put sufficient money aside as you go through the year. Good bookkeeping will allow you to roughly work out how much to squirrel away so you don’t get caught out at tax time.
Any business or individual who is self-employed and needs to submit a tax return will need to be bookkeeping. You could employ a freelance bookkeeper to take care of this for you monthly, alternatively you could tackle the job yourself. If you set up the correct processes early enough in your financial year, it is something you can manage in house. If you use an accountancy package, the processes of bookkeeping are infinitely quicker and easier. The software will take care of a lot of the leg work for you, and you accountant will keep everything in order for you, freeing you up to spend more time on your business. However you decide to proceed, it is a job you need to tackle with frequency. Leaving your finances until the Nth hour before your tax return is due will often be a recipe for disaster!
There are many methods to approaching bookkeeping. Utilising the services of a freelance bookkeeper will offer assurance that the job is handled professionally and correctly. However this will likely cost the most. Additionally, you will need to provide your bookkeeper with the paperwork and information they will require to do the job. It is not entirely devoid of your time and efforts too!
Taking on the job yourself or in house will be cheaper, but is more time consuming. It will take extra time to input all the data and track all the financial transactions of the company. You will need to decide if you can afford this extra time.
Taking the process online, using an accountancy software programme is the best way to prepare for the financial future of your business. The process of bookkeeping will be quicker and easier. There is a cost involved of course. It is up to you to decide whether this is ‘worth it’ for your business. If you are planning on paying for a package, consider an online accountancy service. This will include the services of an accountant as well as a subscription to a software package.
If you are already paying an accountant to complete your end of year accounts, joining the two processes could prove more cost effective for your business. It will definitely be worth tracking your time and costs of the alternatives. You can then compare this with the peace of mind that comes with having a complete online system to record your financial position as well as an accountant keeping track of your business, before making any decisions.
Most small businesses will be able to offset their expenses against tax. This could include travel expenses, office rent – including using a room in your home, certain utility bills, capital expenditure such as computers, printers and phones, internet and phone bills, certain vehicles expenses. Being able to do this to the best advantage of your business will require good bookkeeping.
Having up to date accounts means you can keep a closer eye on your invoices and overdue payments. Using online accountancy software can simplify this further. Payments can be automatically tied up with their corresponding invoice for speedy bookkeeping. Identifying overdue invoicing will be easy, so you can streamline your processes for chasing up those late payers.
Preparing your end of year accounts will be a substantially easier job if you have been maintaining good bookkeeping habits. It will only involve the pulling together of data that you will already have input and organised.
Accountancy software is an online system that records your businesses finances. The software links and regularly syncs with your bank account to provide an up to date account of your finances. The software, with the help of your accountant, will be able to sort through your income and outgoings. Transactions are categorised based on ‘rules’ that you and your accountant will have set up. This process massively reduces manual data entry, and mistakes. The software will be able to run numerous reports with this categorised data. This process will simplify your tax and VAT returns. It will also be able to provide you with the ability to assess your company’s revenues, processes, profits and losses. Most software packages can offer bells and whistles on top of this. However as a starting point, these features will form the basis of easy and concise bookkeeping for your business.
Accountancy software will put an end to many paper processes. In addition, you will be able to ditch the bookkeeping spreadsheets. Most packages will also be able to offer systems for invoicing. This will enable you to pull together the financial process from beginning to end.
Accountancy software comes with a price tag. This will be a new cost to consider, for those who have been managing with spreadsheets previously. However, VAT registered companies should now be familiar with the new government scheme Making Tax Digital for VAT. This requires those companies to use a compatible kind of software programme for submitting VAT returns to HMRC. For these companies this should not be unfamiliar territory. For anyone who is not yet VAT registered but hope their businesses will grow to this point in the future, jumping on the software bandwagon now will insure you know exactly what you are doing when the time comes to go VAT registered. Accountancy software will offer plenty of added benefits to your bookkeeping obligations in the meantime.
The best approach to bookkeeping is an organised one! Start straight away. Putting it off is only going to lead to things getting forgotten and missed. Research your accountancy software. Remember there are online packages you can sign up for yourself. Alternatively, you can use an online accountancy service. This provides you with an accountant and the software programme, as well as all the advice and support you will need. If you would like further assistance you can contact More Than for a free quotation.