Every business needs to keep a record of their income and expenditure. This is simply known as bookkeeping. As soon as you have the intention to start a business you should keep a record of every financial transaction.
Bookkeeping is an essential part of reporting the trading activity of a business by way of recording income and expenditure, in doing so on a regular basis you will be aware of how your business is performing by way of a profit and loss report, this simply is your income less your expenditure.
Why is it important?
HM Revenue & Customs *HMRC have announced that they are going to check the quality of the record keeping of 50,000 small and medium businesses each year for the next four years. The maximum penalty for failure to maintain adequate business records currently stands at £3,000 HMRC expect this to raise 600 million in income in fines and extra taxes over the four year period.
Based on their past experience HMRC believe that 40% of small and medium businesses fail to maintain adequate records.
Our Service & Commitment
Our service is tailored to your requirements, we provide quality of service which is stress free and efficient so that our clients can concentrate on what they do best and why they started in business in the first place. We can work from your premises if preferred or we can have your records collected and work from our own premises. We have thought long and hard about of fees and after listening to our clients have decided to implement a fixed fee menu so there are no hidden surprises, we have no fixed term contracts or tie in periods.
What we do
We take care of recording all of your business transactions and implement an effective bookkeeping system making sure there are no gaps in your record keeping, reconcile your business bank and credit card accounts, loan & HP accounts, give you a detailed report of your debtors and creditors, complete your quarterly VAT returns and submit to HMRC on your behalf, give you a monthly profit and loss report if required. We will prepare your accounts to trial balance ready for sending in to your accountant at the end of your financial year.
How we work
On agreement of a monthly fixed fee based on your business type we will simply arrange a mutual time for us to work from your premises, or alternatively arrange for us to call and pick up your records so we can work on from our premises, we will then update your accounts. Job done!