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Bookkeeping

How up to date are your financial records and bookkeeping processes?

What is bookkeeping?

Bookkeeping is the backbone of any organisation. Healthy bookkeeping enables a business owner to operate the mechanics of their business efficiently.

Keeping petty cash receipts and staff expenses in order alongside accurate income and expenditure logs can be the difference between a stable business and a subsiding business.

Many people see bookkeeping as a chore – a grind in the daily routine where scrunched up receipts and coffee-stained invoices in a carrier bag is still a common sight.

But with tax ‘going digital’, a simple to use online system is the only way to streamline efficient bookkeeping – it’s effective too.

Failing to maintain your books isn’t an option

A common factor for why businesses fail is because the owners are unaware of their cash flow status. Invoices aren’t issued promptly or bad debtors chased and there’s little comprehension of how to accurately calculate profit margins and expenses. Before you know it the business is making a loss and accounting panic sets in.

These issues and feelings are not uncommon, even for successful business owners. The difference is they seek financial help when they need it, or they work with a good accountant who will spot areas of concern before it’s too late.

The benefit of outsourcing your bookkeeping is that rather than worry about the figures and compliance you can get on with what you do best – running your business.

In fact, having an external bookkeeper will save you money and time – plus numerous head scratching moments.

Bookkeeping support at a level to suit you

Key Accountancy Services, based in Staffordshire, can support your company to maintain up-to-date accurate bookkeeping whether habitual to the carrier bag (paper not plastic) or an online system.

Training to use a straightforward cloud accounting package is offered to quickly get your books in order without the added paracetamol pack. 

Simply choose what you need help with (or we’ll let you know):

  • Purchase Ledger
  • Sales Ledger
  • Invoicing
  • Statements
  • Credit Control
  • Bank Reconciliations
  • VAT Returns
  • Management Accounts

Stay legal with efficient bookkeeping

You may not think it now but a good habit of monthly or weekly bookkeeping will identify opportunities and inconsistencies quickly, making it super easy to deliver bookkeeping transparency to HMRC.

Precise bookkeeping is a legal requirement and tax inspectors – even for micro-businesses and sole traders – will pick up anything remotely questionable.

A HMRC investigation can be a trying time for a business owner but with detailed, present-day bookkeeping, you’ll have nothing to worry about.

“Our business deadlines are planned and executed to military fashion meaning we never fall foul of missing a deadline and getting hit with fines – so on the ball it’s unreal!”

[FAQ] How can I outsource my bookkeeping?

Think about where you need help. Are you happy to use an online system to log your petty cash purchases and would it make life easier if you could issue an invoice and pay a supplier at the touch of a button?

Jot down your thoughts and contact us for a free preliminary chat. That way we can meet face-to-face, see if it makes sense to work together and set some simple ground rules.

For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.

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