Bookkeeping & VAT Returns
We aim to work closely with a small number of customers so that we can provide the best service possible and give our clients the support they need to help them grow their business. We work on your accounts every week so you can have a clear, up to date and accurate picture of how your business is running in real time.
Level 1
• Categorise transactions and assign to the correct general ledger accounts on a weekly basis.
• Reconcile bank and credit card accounts on a monthly basis.
• Generate valuable reports to give you key insights on how your business is performing.
Level 2
• Everything from Level 1
• Managing Accounts Receivable including; creating invoices ready for your approval and requesting money owed from your customers on a weekly basis.
• Managing Accounts Payable including; tracking and organising which bills you need to pay and when, to help manage cash flow and supplier relations.
VAT Returns
• Preparing and sending Vat returns.
The price for this service depends on a number of factors so please contact us if you would like a price for preparing and submitting your VAT returns
- Categorise Transactions
- Reconcile Bank & Credit Cards
- Generate Valuable Reports
- Accounts Receivable Management
- Accounts Payable Management
- VAT Returns
- It’s really important to assign all transactions to the correct general ledger accounts regularly, which is why we aim to offer that part of our service on a weekly basis meaning accounts are always up-to-date. In addition, to understand how a business is truly performing and how to increase profiabilty moving forward you have to ensure that all transactions are correctly categorised and that your Chart of Accounts is tailored to your business and how it operates. For example assigning indirect costs as direct costs makes it really hard to accurately price products and services and evaluate the true cost of sales. This could lead to poor decision making in a business. We want to help you avoid that.
- All transactions generated within the accounting software must be matched to actual transcations that appear in a bank or credit card statement or a properly maintained cashbook, the reverse is also true. This is where many of the checks and measures happen in the bookkeeping process. If this isn’t done regularly then the accounts are unlikely to be accurate and transactions may be unaccounted for. This will affect the cashflow of a business as you won’t know which customers still have outstanding and overdue invoices and so are unable to effectively credit control. It may also mean that you are not complying with HMRC regulations, this can lead to penalties and further investigations by HMRC.
- Reports such as the Statement of Profit and Loss give insights on how your business has performed over recent months. They can alert you to issues as they unfold meaning you can make decisions proactively and not reactively. For instance a decrease in profits may not be easily identified until the decrease has accumulated over a number of months by then the options for recovering profitability might be drastically reduced and the business be in serious financial trouble. The Trial Balance or Balance Sheet is able to detect many accounting errors, running this report monthly makes finding and correct errors much easier and as a result less costly to correct.
- Many business owners are understandably in a position where they want and need to spend the majority of their time generating revenue in sales. This can lead to customers or clients being invoiced long after the work has been completed or payment for unpaid invoices not being requested. This is often a ‘time available’ issue and so in this level of service we create invoices ready for client approval and request money owed on overdue invoices on a weekly basis. Just send us your workflow and we’ll keep you on-track with the rest.
- With bills constantly coming in it can be hard to keep on top of which suppliers to pay next and by what date. This is not only important from a cashflow point of view but also from a supplier relations point of view. In addition many companies offer a Prompt Payment Discount to customers who pay invoices within a certain number of days which can reduce the cost of sales to the business. Good supplier account management may also lead to better credit terms of greater discounts on orders in the future.
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Submitting timely and accurate VAT Returns is a requirement of a Vat registered business and almost all VAT registered businesses need to submit their returns through a Make Tax Digital (MTD) approved software such as Xero. Although the VAT return itself only has a few boxes to fill in, getting accurate figures to put into the boxes isnt always straight forward so mistakes can easily be made. Accounting for the Fuel Scale Charge or Postponed Import Vat may not be something you feel comfortable with and so we offer a service to prepare and submit Vat returns to HMRC on your behalf once they have been approved by the relevant authority within your business. The price for this service depends on a number of factors so please contact us if you would like a price for preparing and submitting your VAT returns.
We only work with clients who already use Xero, or who are happy to switch to Xero. We feel that to offer the best service possible we need to focus on just one accounting software program. It means we are better placed to troubleshoot any issues that our clients face with their accounting software.
As a Xero Certified Adviser and Xero Partner we have special access to Xero’s support helpline to deal with any unique problems quickly and efficiently. The world of cloud accounting software is changing quickly and Xero is at the forefront of that movement which is why we chose to use it. There are hundreds of apps that integrate with Xero to help clients; manage workflows, with HR compliance, credit control, document storage and the transfer files to name just a few.