Bookkeeping

In business, where every detail counts and mistakes can cost you, bookkeeping forms the backbone of your financial management. The systematic recording and organising of financial transactions ensure that your business stays accurate and transparent in its financial affairs.

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What is bookkeeping

Bookkeeping is the process of recording all a business’s financial transactions. Outsourced bookkeeping services provides an efficient solution for small to medium-sized businesses, providing quality support without the overheads. It may sound boring but is fundamental to the preparation of all financial reports. A business without a sound bookkeeping process is like a house built on sand. There are many positive reasons for caring about accurate business performance measurement, but you should also bear in mind that failing to keep appropriate records as per HMRC’s guidelines may result in a fine of up to £3,000 and being disqualified as a company director. Regulation around bookkeeping, specifically record keeping, is very tight and requires incorporated businesses to keep their accounting records - including detailed receipts and invoices of all items bought and sold by the business - for a minimum of six years. This period can be further extended if you have bought an item which is expected to last longer than six years.
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Our way

In order to keep you compliant and safely out of trouble, as well as streamlining the process to make it as easy and quick for you as possible, we provide all our clients with Dext software/app. The system is very easy to use and allows you to send all your receipts to an electronic storage facility.

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In more detail

What is bookkeeping

The typical bookkeeping tasks will include, but are not limited to, the following:

  • Responsibility for invoicing goods or services
  • Reconciliation of monies received
  • Reconciliation of supplier invoices
  • Paying suppliers
  • Preparation of VAT returns
  • Payroll

Myths and misconceptions

There are certain myths and misconceptions around bookkeeping and accounting and what they both involve. Some believe that having an internal bookkeeper will remove the need for an accountant, which could not be further from the truth as both roles are quite distinct. Another popular myth is that accountants don’t do bookkeeping or that they will be more expensive. The reality is that technology has significantly reduced the overall cost of bookkeeping, removing many of the traditional differences here. Many accountants offer fixed-fee bookkeeping packages, creating better cost certainty.

How outsource bookkeeping services works

Firstly, you will be provided with your own login to Dext, allowing you to download the app and log in. You can either take a picture of your receipt using the app on your phone, or simply forward all  the invoices received electronically to your designated email address for secure storage. We carry out the bookkeeping process on weekly basis and will send you a report listing any missing receipts. Dext links seamlessly to Xero and QuickBooks, ensuring that the bookkeeping process is as painless as possible.

Accurate bookkeeping is invaluable to any business. It allows you to keep an accurate track of money coming in and out, in turn generating a clear and accurate picture of your business’s performance. It is particularly important in producing insightful management accounts. Detailed and accurate tracking of your sales and related expenses can quickly show the profitability of your products and services, and allow you to keep an eye on potentially unnecessary spending.

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