Bookkeeping is the recording, on a day-today basis of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of those individual financial transactions are accurate, up-to-date and comprehensive. Accuracy is therefore vital to the process.
Bookkeeping provides the information from which accounts are prepared but is a distinct process, preliminary to accounting.
Each transaction, whether it is a question of purchase or sale, or change of loans, has to be recorded in the books.
All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.
We will explain what records are required and consider what your accounting information needs are, all in relation to the resources you have available; to ensure you have a bookkeeping service that suits you and your requirements.
We can also prepare regular management accounts to help you manage your finances, your customer account balances, your supplier account balances, stock levels and if you are trading as a company, they will allow you to plan your dividends. Management accounts can also identify slow-moving or unprofitable goods or services, bad debt and surpluses or deficiencies in resources, so they can be a powerful aid in decision making.
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