Up-to-date and accurate financial information is one of the most important features of a successful business.
What is bookkeeping?
“The activity or occupation of keeping records of the financial affairs of a business”
Bookkeeping is not only a legal requirement but also essential to maintain accurate financial records. It requires skilled knowledge for the necessary tasks that are performed by a bookkeeper.
What is the difference between an accountant and bookkeeper?
A bookkeeper works to set up and oversee the day to day recording of all financial transactions performed through the business. Whereas, an Accountant is responsible for interpreting, classifying, analysing and summarising financial data. Bookkeeping is the foundation that Accountants will build upon when your company year end comes around.
Why do I need a bookkeeper?
There are numerous reasons why every business needs a bookkeeper. To start with a bookkeeper will free up your time, not only to focus on building your core business but to allow a balance between your work and home life. Not to mention the peace of mind that having a skilled professional handle the financial aspects of your your business and therefore, massively reducing the risk of mistakes, and/or fines from missed deadlines. A bookkeeper will work to your needs, maintain cash flow, make sure your bills are paid on time etc. A professional bookkeeper will actually save you money in the long run.
How often will I need a bookkeeper?
Ultimately that will depend on you and the level of financial record keeping your business requires. This basically means, use us as and when you need us! All of which can be discussed at your initial consultation, and reviewed as time goes on.
What type of software do you work with?
Predominately we work with Xero and Sage, however we have experience with Brightpearl, SharpAx and many others, and are happy to work with any type of software that your company currently uses.
Do you offer remote services?
Yes we do. We have our own office that we use to do any remote work, and have everything needed to fulfil your bookkeeping requirements. Paperwork can be delivered to us, or electronically sent. With the use of Hubdoc and a connection to your bank using the Bank feed function in Xero and Sage, we can automatically view your purchases invoices, purchase receipts and bank statements. Outsourcing your bookkeeping using a remote platform is a great money saving option for new or small businesses.
What is MTD - Making Tax Digital?
MTD is HMRC’s initiative that sets out a vision for the ‘End of the tax return’ and a ‘Transformed tax system’.
The main goal of MTD is to make tax administration more effective, more efficient and simpler for tax payers.
Making Tax Digital for income tax self assessment has been delayed until 2026.
What is GDPR?
The Data Protection Act 2018 is the UK’s implementation of the General Date Protection Regulation (GDPR).
Everyone responsible for using personal data has to follow strict rules called ‘data protection principles’. They must make sure that the information is:
* Used fairly, lawfully and transparently.
* Used for specified, explicit purposes.
* Used in a way that is adequate, relevant and limited to only what is necessary.
* Accurate and where necessary, kept up to date.
* Kept for no longer than is necessary.
* Handled in a way that ensures appropriate security, including protection against unlawful or unauthorised processing, access, loss, destruction or damage.