You will probably have heard the expression “Cash Flow is King”. If you aren’t on top of collecting your cash, there is an increasing risk that you won’t be able to pay the bills.
Accurate, timely, clear bookkeeping is the only way to ensure you always understand your up to date financial position. Many business owners who look after their own bookkeeping do too little too late, missing claimable expenses, and damaging their finances. Too strong? Perhaps, but we’re sure you get the point, good financial controls are imperative for a well run, successful business.
With the optimum use of software and applications, you can get virtually a ‘real-time’ view of your business finances.
The “Making Tax Digital” initiative will force businesses and landlords with sales of £10,000 or more per year to report their results quarterly. Using the leading online accounting software for your bookkeeping will provide the information you need for HMRC as well as helping you to run your business more effectively.
We use Xero online accounting software across our client base and are proud to be a Xero gold partner. Using Xero for bookkeeping will save you time and give you valuable insights into your business performance.
In parallel with this, we also recommend and use both Receipt Bank and One-Tap, which easily extract accounting information from receipts and invoices and import it into Xero. When you are out and about you can simply take a picture of a receipt with your phone and submit it …what an easy way to track your expenses, live!
Some of the things we can offer you within our bookkeeping services include:
- Recording purchase invoices and receipts via Receipt Bank or One-Tap
- Making recommendations to maximize tax deductible expenses
- Matching purchase invoices to purchase orders
- Providing payment lists for supplier and creditor payments including HMRC
- Producing sales invoices
- Review of debtor collection policies and processes
- Setting up automated debtor chasing using Xero or Chaser
- Producing aged debtors and aged creditors report
- Maintaining the fixed asset register and calculating depreciation
- Recommending how much money to set aside for tax and VAT
- Ongoing monitoring of your business finances
Our service will be tailored to your needs and will grow with your business. The level of bookkeeping provided can range from an hour or two a quarter to cover the more complicated areas, to a full end-to-end service.