There are many misunderstandings of what bookkeeping actually is. It is the recording of the daily transactions within a small to medium size business. We believe that by educating our clients on bookkeeping in general, we can give them a better understanding of what they need from the finance function of their own business.
FAQ’s
What is Bookkeeping?
Do I need a bookkeeper or accountant?
Yes because we can process the day to day transactions of a business, at a lower cost than your Accountant would charge.
We are with you throughout the year, be it weekly, monthly or quarterly giving you advice on how the company’s profitability is doing.
We can prepare your year-end accounts, all neat and tidy, ready for your Accountant to calculate your tax liability and sign off your accounts, after completing some year-end adjustments. This will save you money as your accountant will have less to process bookkeeping wise.
Finally and most importantly, engaging a bookkeeper will free up your time so you can work on your business and increase your profitability.
An Accountant is responsible for interpreting data provided by the bookkeeper to prepare company accounts.
Longer term and broader view of maximising the health and profitability of a business.
Should I outsource my accounts or hire a bookkeeper?
Hiring a bookkeeper gives you the added responsibility of being an employer. By outsourcing your accounts you rely on the bookkeeping firm’s team and expertise, reducing the chances of errors occurring.
Can you work at my premises?
Of course, our bookkeeper can comfortably work at your premises or from a remote location. It is entirely up to you.
What hours do you work?
We work flexible hours to fit your needs. We are always contactable outside of normal office hours.
What happens if I need information when you are not working for me?
We enable our clients to contact us any day or time, either by phone or email to help with any questions or queries. We can also help at weekends should the need arise.
Should I invest in accounting software?
Investing in accounting software such as Sage, QuickBooks, Kashflow or xero can be useful if you have had the right training. However accounting software can be expensive but when employing a bookkeeping firm this will remove the burden off your shoulders as they will have the required software.
What is the difference between a Limited Company and Self-Employed?
Being self-employed means working for yourself. You invoice your clients and they pay you directly. You must account for your own national insurance and tax and submit a tax return every year.
A limited company is a separate legal entity which is run and controlled by the director(s). The director is given the responsibility of carrying out the day-to-day transactions of the company and accounting for what takes place. You are paid as an employee and you can choose to take a shareholder dividend.
When do I have to register as Self-Employed?
When you are actively seeking work other than employment, you must register as self-employed. By not doing so in time, HMRC can fine you for late registration.
What is the deadline for submitting my tax return?
When filing paper returns the deadline is the 31st October and when filing returns online the deadline is the 31 January.
When do I need to register for VAT?
You will need to register for VAT if you are in business and in the last 12 months, your income has amounted to £82,000 or expect to reach that amount within the next 30 days
When do I register as an employer?
Generally you will need to register as an employer when someone starts working for you.