Bookkeeping Services in Northampton
All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn help you to avoid late filing penalties and reduce your accountancy fees.
What do I need to record?
In short- record every financial transaction. Here is a sample of some of the common financial transactions and tasks involved:
- Issuing invoices for any goods sold or services provided to clients.
- Obtaining, posting and filing all receipts for business expenses.
- Posting all receipts
- Payments to suppliers.
- Processing employee’s pay and related Government reporting.
- Recording depreciation and other adjusting entries.
- Providing Financial reports.
- Bank and cash reconciliation.
Please note that if you don’t record every financial transaction it could mean that you pay more tax than you need to.
Do I need a bookkeeper?
Not necessarily, but keeping your own books does require you to be organised, accurate and the constant application of time.
Experienced bookkeepers can save you from paying extra tax, while removing the stress of dealing with all the different Government departments, such as HMRC and Companies House.
How do I record my financial transactions?
Today most bookkeeping is done with the use of computer software.
We highly recommend Xero as it is a low-cost accounting and bookkeeping software package that is tailor-made for small to medium- sized businesses.
For more information about what Xero can offer, click on this link.
Reasons to outsource your bookkeeping
There are a number of reasons to outsource your bookkeeping:
- Make more money - by outsourcing your bookkeeping it enables you to have more available billable hours to increase sales.
- Save you money - It is less expensive to hire an outside bookkeeper than a full-time employee. Bookkeeping services are also fully tax-deductible.
- Save you Time – it can be a lengthy task recording all financial transactions, especially if you are not an experienced bookkeeper.
- Get paid on Time - by having a bookkeeper focused on your invoicing and bills, it will helps you get paid faster by ensuring that your monthly invoicing is out on time and payment is received promptly.
- Increase your Cashflow - an experienced bookkeeper can provide a report that you need to manage the flow of cash into and out of your business.
- Accuracy - your records will be accurate, up to date and in compliance with HMRC regulations.
How can we help you?
At Tidy Numbers, we have several experienced bookkeepers in our team who will be happy to deal with all aspects of your bookkeeping and accounts for your business either on-site or remotely.
We can help you stay on top of your entire weekly, monthly and annual tasks, and can work with your existing system or set up a new one. As well as core bookkeeping, we can maintain your VAT records, prepare your payroll and provide management information month by month if required.