Bookkeeping
Building your financial records is the most important part of your business administration. All other financial insights are derived from your bookkeeping records, so getting it right is extremely important.
Most advertising surrounding bookkeeping suggests it is really easy. The truth is, it is really easy to make a complete hash of it.
Without the context you get through training as an accountant, you can be fooled into thinking you have done a complete job only for there to be mistakes and gaps in your records.
Accounting software is a blessing and a curse. The time saving features can exacerbate mistakes leading to records that are unhelpful in preparing other reports. This often leads to higher fees for accounting work to compensate for messy records, the additional fees are always more expensive than paying bookkeeping rates in the first place.
Let us take the stress and time of building your records away from you. A trained accountant will be your bookkeeper giving you peace of mind knowing your records are complete and properly prepared.
We are a trusted partner of Xero and recommend Xero to our clients. Find out more here.
Bookkeeping FAQ's
WHY MUST I KEEP BOOKKEEPING RECORDS?
Companies are required by law to maintain adequate accounting records. Failure to do so can result in a £3,000 fine and you may be disqualified from being a company director.
WHAT INFORMATION DO YOU NEED TO COMPLETE MY BOOKKEEPING?
Sales invoices, purchase receipts and bank statements at a minimum, but we will need a document for any transaction that takes place.
WHAT BOOKKEEPING SOFTWARE DO YOU RECCOMMEND?
We are a Xero Partner and we recommend Xero to all of our clients.
HOW LONG SHOULD I KEEP MY BOOKKEEPING RECORDS?
You must keep records for 6 years from the end of the last company financial year they relate to.
HOW LONG WILL IT TAKE TO COMPLETE MY BOOKKEEPING?
On average, it will take 1.5 minutes to process each transaction.
DO YOU ACCEPT PAPER RECORDS?
We are a paperless accountancy practice. We can discuss practical methods to digitise your paper records.
WHAT IS HUBDOC?
Hubdoc is a way for you to digitise your bookkeeping information. It allows you to take a picture of physical receipts and upload them to your xero account from anywhere in the world.
WHAT IS XERO EXPENSES?
Xero expenses is an easy way for you to snap expenses on the go. Your staff can claim expenses and you can easily track business mileage with the app’s built-in GPS.
WILL I HAVE ACCESS TO MY BOOKKEEPING RECORDS?
Yes , you will be able to log in and see your records whenever you like. Xero’s report functions mean that insightful information will be just a click away.
WHAT IS A BALANCE SHEET?
A balance sheet, otherwise known as a statement of financial position, shows the assets and liabilities of a company at any given point in time.
WHAT IS A PROFIT AND LOSS?
A profit and loss is a summary of a business’s financial performance over a defined period.