Every business owner hates bookkeeping and paperwork. Unfortunately, it has to be done. And it must be done in a prescribed format… otherwise the Tax Man will be on your back. If you don’t keep proper books and records, you risk fines and penalties from the tax authorities. It’s a legal requirement to keep financial records in a prescribed format.
Bookkeeping really is a hassle. And we can take that hassle away. However, it’s about more than that.
It’s not just about doing what you need to comply with the law and to keep the Tax Man happy (and you definitely need to do that!). It’s not just about saving you time. It’s about helping you to build a great business. This is why we going beyond simply entering data.
You see when done accurately and timely your financial data provides critical financial information and key performance indicators. This is information is critical to understand what is going right, and what is going wrong, in your business. Having the right data will help you make the best decisions for your business and help you build a more profitable and successful business.
We don’t call it bookkeeping. It’s much more than that. It’s a Virtual Financial Management service.
Get your life back!
Let us take away the hassle of keeping the books!!
It’s not just about doing what you need to comply with the law and to keep the Tax Man happy (and you definitely need to do that!). It’s not just about saving you time. It’s about helping you to build a great business!! This is why we are going beyond simply entering data.
Virtual Financial Management Services include
Posting all Business Bank transactions
We will post all Receipts and Payments for all business bank accounts including any PayPal accounts.
Completing the Bank Reconciliations
Reconciling your bank account on a regular basis is critical. When you get to the Year-End, if this doesn’t reconcile, your account will be wrong. You could end up paying too much tax because you’ve missed allowable expenses. Or you risk fines and penalties from HMRC because you’ve missed taxable income. So, what we do, is reconcile your bank account at regular intervals.
Posting Purchase Invoices, Expenses and Cash transactions
We will post expenses to the correct expense codes enabling you to obtain relevant financial information and comply with HMRC.
Credit Card transactions and Reconciliations. We will post all transactions on your business credit card and reconcile the closing balance every month.
Completing the monthly Sales and Purchase Ledger reconciliations
Your monthly Purchase Ledger reconciliation so you know exactly what you owe (Accounts Payable) at any point in time to your suppliers. And your monthly Sales Ledger reconciliations so you know exactly who owes you and how much they owe you (Accounts Receivable) at any point in time.
Completing the monthly VAT reconciliations
To make sure your VAT records are compliant.
Completing any Payroll Journals
If you run a payroll, we will post the correct journals each month.
Our Record Keeping education program
It’s so important to keep the right records to keep on the right side of the Tax Authorities and to support your claims for Tax deductions. So, what we do is show you exactly what you need to keep, how to keep it and how to do it in the easiest way.
Access to our Secure Online Portal
Our firm is completely Cloud based. You get access to our secure online portal making it easy for you to share documents with us, saving you rime and giving you peace of mind, everything is secure.
HMRC can charge you a penalty if your records aren’t accurate, complete and readable. You may have to pay interest and penalties if your figures turn out to be wrong and you haven’t paid enough tax. HMRC may check your records to make sure you’re paying the right amount of tax..