If you are in business, you are required by law to keep accurate records of your financial transactions. If you fail to do this you can be fined up to £3000, plus interest on any unpaid tax. You also need accurate records in order to complete your Self Assessment Tax Return (sole trader) or company tax return (limited company) and comply with HMRC requirements.
Also you will need good records to assess the health of your business and make effective decisions. The same information might be required by other parties such as banks or for sourcing finance.
We take a flexible approach, assessing what best suits you and your business, whether it be using Excel spreadsheets, desktop accounting software or cloud-based solutions. In any case you will have accurate and complete records which tell you what you need to know. We offer a book-keeping service provided by qualified, reliable and fully insured book-keepers – the best way we know of ensuring accurate books.
Alternatively you can do the book-keeping in-house, which might save you money if you are organised and do it regularly. We can provide advice, training and recommendations for software to help you get it right first time.
Book-keeping is central to accounting – the foundation on which you build your business compliance, but also gives you the information you need to make good decisions and grow your business.
We can take this further by providing
- management accounts
- cashflow forecasts
telling you in plain English
- how your business is doing
- what it costs to run your business
- cash available
Every business is unique (it’s what makes accountancy fun!) and we can design reports for you that tell you exactly what you need to know about the performance of your business.