Bookkeeping

Bookkeeping

SERVICE OVERVIEW

This is where I will make sure all sales and purchases are posted and ensure the balance sheet is fully reconciled. I will send you a report each month detailing your profit or loss as standard!

Bookkeeping prices vary depending on how complicated your accounts are, for example; how many transactions you have, if there are credit card accounts, if you would like a quarterly meeting to go over the figures, etc.

PLAN AND DETAILS

Monthly PlanFrom £75/month

What is bookkeeping?

Bookkeeping is the basis of what you will get your figures from, if done properly it can form a solid basis of accurate clear and genuinely useful financial figures which you can use to propel your business in the right direction. Failure to keep adequate records can result in a £3000 fine and disqualification as a company director so it is important to know your obligations and ensure bookkeeping is done to a good standard. But worse than the regulatory threat, no matter how good all your other processes are, badly done bookkeeping can mean that your finance function is unable to function properly, leaving you in the dark as to what you are pouring your blood, sweat and tears into is working or if you are just being a busy fool.

Down to the core functions a bookkeeper does:

  • Invoicing customers or recording sales
  • Recording of purchases and business costs
  • Ensuring all bank transactions are recorded
  • Simple payrolls
  • Sometimes creation and submission of VAT Returns

Do I need a bookkeeper or an accountant?

In the past, the roles of bookkeepers and accountants have been very defined however with the new technology on offer in recent times the lines being merged and it can often now be a better idea to have your accountant bookkeeper with the same business due to the complexities and knowledge required of new apps and technology in order to have your accounting system run as one well oiled machine.

Some people think that because they’ve got a bookkeeper they don’t need an accountant and if an accountant does the bookkeeping it’s going to be much more expensive. The overall cost of bookkeeping has radically reduced over the last few years because of the advances in technology mentioned above.

So I’ve got my accounting software, what now?

we offer training sessions and courses for Xero from £70 so you know you can use zero to the best of your ability and if you find that you are struggling with it we can take the whole bookkeeping off your hands freeing you up to spend more time doing what you’re good at and what you’re passionate about which is running your business

We also offer a systems audit consultancy service to help you implement new pieces of software to optimise, streamline and automate your bookkeeping function (wow that’s a lot of long words)

What we offer

Using quality data is vital to the decision making process and taking your business in the right direction.

We can provide a full bookkeeping service updating the figures on a daily, weekly, monthly or quarterly basis providing high quality figures that form the base of a solid accountancy function. This will be done by one of our in house pro bookkeepers to ensure the highest possible standards.

Cash Accounting

  • Cash accounting enables you to pay your VAT only when you get paid and you can only reclaim VAT when you have actually paid the supplier.
  • This can be great for your cash flow especially if your customers are not the best payers. if you have bad debt, you will never have paid the vat in the first place. However, in this situation it may be better to concentrate on putting in processes is to ensure that your customers pay you on time. we can help you with that too.

    What about Making Tax Digital (MTD)

    You may have heard the term making tax digital (MTD) being thrown around by accountants, at Gareth Lawrence we use industry leading software to prepare and submit VAT returns so you can rest assured that every VAT return is fully MTD compliant. You do not need to worry about anything there.

    Our VAT service

    Looking for a bit of advice? Give us a call and have a chat.

    It can be tricky to navigate your way around it without an expert on hand.
    We can help advise on VAT planning and administration, or we can just take the whole lot off your hands so you don’t even need to think about it.