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These cases are perfectly simple and easy to distinguish.
- Reducing Redundancy
- Uncovering Hidden Resources
- Increasing Company’s Agility
Employee Relations
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- Improving Communication
- Employee issue resolution
- Proper Documentation Process
Compliance Audits
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- Handling of employment
- Greater retention rates
- A fully engaged workforce
Bookkeeping Services London
Financial paperwork and records are tedious tasks that may take up to 20% of the total work time. This is a hefty amount of time for an average small business that otherwise could be spent on more productive work. Bookkeeping services London is offering you their services to save your time For instance, you can spend this time on marketing, service or product development, or customer-facing matters. You might be thinking of hiring a bookkeeper to save you time. But the question is, can your small business afford the expenses of an in-house bookkeeper? Moreover, do you need an accountant or a bookkeeper or both? We will provide relevant answers to all your questions.
Small Business Bookkeeping Obligations
In the UK small business bookkeeping obligations are strictly enforced, incomplete or unfinished records may result either in the form of disqualification as a Company Director or a fine of up to £3000.
As demanded by the Companies Act, every company must keep its accounting and financial record “true and fair”. Companies are bound to maintain the records for at least 6 years and this period may extend depending on the situation. For example, if your company has bought something like machinery or equipment that is going to last more than 6 years, you are bound to keep its record. The same goes for a transaction that covers more than one year’s financial period.
You must keep all the invoices and receipts detailing all the money that the company has received or sent. In addition, you also have to keep details of the debts that the company owed or owes as well as all the owned assets. Also, you have to keep the details of all the goods sold or bought throughout the financial year.
Moreover, details of your owned stock and the stocktaking used to work this out have to be available at the end of the financial year. Your company should also keep a log of whom you sold and bought to unless you are running a retail business.
Accountant or Bookkeeper or Both?
There is a lot of misunderstanding and confusion about the terms accountant and bookkeeping as well as their cost and perceived roles. Here are a few common confusions and misunderstandings:
- A belief that preparing accounts is different from bookkeeping
- That an accountant does not do bookkeeping
- That as compared to a bookkeeper, an accountant will cost more for bookkeeping
- That there is no need for an accountant if you have an internal bookkeeper
Technological advancements have eliminated a lot of differences that were previously present in terms of using an accountant or bookkeeper in the present day and time bookkeeping business is considered more efficient. This in turn has lowered the bookkeeping costs as many accountants now record the day-to-day transactions as well.
These Days, many accountants, such as us, use excellent software and work on fixed-fee packages. This is something that is helpful for small businesses as they can save money by separating accounting tasks from bookkeeping. Plus, the companies don’t have to use different suppliers for accounting and bookkeeping tasks.
Confusion About Bookkeepers’ Role
Although there is nothing complex about bookkeeping, many fail to understand the role of a bookkeeper. A bookkeeper records the daily financial information and keeps comprehensive records of all the finances and expenses. Bookkeepers usually undertake the following tasks:
- Utilize double-entry principles to record information
- Keep VAT records as well as VAT submissions
- Employee payroll
- Record invoices received from paying suppliers and suppliers
- Keep a record of received money transactions
- Responsible for billing of services and goods
Work Efficiency
The major benefit of bookkeeping is improved efficiency as you don’t have to double-check the work. Our bookkeeping services or support feeds your statutory accounts process as our qualified bookkeeping business expert accountants in London office monitor all the financial data for best results.
Go Digital
You can directly input or feed your data into our online account software portal. As soon as you enter the data, our team will evaluate it and can offer you live support and advice. We offer additional solutions to improve your financial reports and planning.
Sustainable Growth
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Showing You
The Way of Success
Denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure moment so blinded by desire that they cannot foresee the pain and trouble.
- Cost-Effective Services
- Helps Reduce Business Risks
- Management of Employee Performance
- Increasing Company’s Agility
Why Creote
Affordable & Flexible
Must explain too you how all this mistaken idea of denouncing pleasures praising pain was born and we will give you complete account of the system the actual teachings of the great explorer.
- Cost-Effective Services
- Helps Reduce Business Risks
- Management of Employee Performance
- Increasing Company’s Agility
Why Creote
Affordable & Flexible
Must explain too you how all this mistaken idea of denouncing pleasures praising pain was born and we will give you complete account of the system the actual teachings of the great explorer.
- Cost-Effective Services
- Helps Reduce Business Risks
- Management of Employee Performance
- Increasing Company’s Agility
Business Partners
Denounce with righteous indignation and dislike men who are beguiled and demoralized by the charms of pleasure.
- Is a bookkeeper cheaper than an accountant?
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Our bookkeepers take care of your tax preparation so that your accountant has less to do (which is a good thing, because bookkeepers are less expensive than a CPA). And if you don't have an accountant, we can handle your tax filing too. Learn more about our services.
- What are the things that bookkeepers do?
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- Record financial transactions
- Reconcile bank accounts
- Manage bank feeds
- Handle accounts receivable
- Handle accounts payable
- Work with your tax preparer and assist with tax compliance
- Prepare financial statements
- Take on some payroll and human resource functions
- Why does a small business need a bookkeeper?
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Small business bookkeeping is a crucial part of running a company. Bookkeeping allows small businesses to organize, store, and analyze financial information. By using this financial information, you can accurately draw conclusions about the financial security of your business.
- What is difference between bookkeeping and accounting?
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While bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business.
- What businesses need bookkeeping the most?
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- In-House Bookkeeping Jobs. Many medium to large companies hire full time bookkeepers to staff their accounting departments
- Jobs with Bookkeeping Services
- Colleges and Universities
- Government Agencies
- Healthcare Providers
- Lodging Facilities
- Retail Stores
- What are the signs of a good bookkeeping system?
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- Good communication
- Skilled and proficient in all cloud bookkeeping systems
- Detail-oriented
- Expert industry experience
- Healthy business finances start with the right bookkeeper!
