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Bookkeeping is commonly referred to as keeping the books. This is the process of keeping full, accurate and up-to-date business records. Proper bookkeeping can help businesses effectively manage cash flow, stay on top of profits and losses, and develop plans for the future based on financial trends. Furthermore, accurate bookkeeping is required by both federal and local tax agencies.
Bookkeeping involves making a record of the monies received by a business as well as the monies paid out. It compiles the monies a company owes to vendors, employees, tax agencies, contractors and any other individual or entity. Bookkeeping also records accurate amounts owed to the company by individuals and organizations, good bookkeeping will minimise bad debts and the provisions for bad debts for the company involved.
Though necessary and compulsory to business owners, the task of bookkeeping can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the utmost importance, making and keeping the books in a rushed manner a disaster waiting to happen.
Will our services save you money? Well, it really comes down to simple mathematics. There are likely two scenarios right now for how you are handling your financials. Either you are doing it yourself or you are paying a member of your staff to do it for you. Both of these cut deep into your bottom line, and we will tell you why.
If you know your business well then you will know exactly how much an hour of your time is worth to the company. There are some tasks that are just more important than others. For example let's say that when working on the most important jobs your time earns your business £100 per hour. Now compare that to the amount of money it would cost to use our services. Even if our cost was as much as £25-£45 per hour you are still making an extra £75-£55 per hour by letting us do it.
The other scenario is that you are paying an employee to do the job, either part or full time. When you factor in health benefits, sick pay, holiday pay, emergency leave and pay raises the cost can add up quickly.
Importance Of Bookkeeping
Will Our Services Save You Money
P11D processing for taxable benefits
Processing employees joining and leaving forms (P45 and P46)
SSP, SMP, SPP, Student Loans and Attachment of earnings
Year End P35 and P14/60 work
Self Employed (Sole traders, LTD, Directors and Partnerships)
Income from land and property
Capital Gains Tax
Sales Ledger Management
Purchase Ledger Management
Nominal Ledger/ Cash Book Management
Monthly Profit & Loss and Balance Sheet Statements
Breakeven Sales analysis
Year Ended Accounts (excluding limited companies)
Heritage Of Bookkeeping
The basic system of double entry bookkeeping was invented more than five hundred years ago by a Cistercian monk called Luca Pacioli. His system endures today and is used throughout the world, to monitor and maintain business records. Bookkeeping is a system designed to allow businesses to monitor business grown but also to enable each business sector to monitor creditors and debtors efficiently enabling good business continuity.