Regular bookkeeping
A regular bookkeeping service using the latest cloud accounting software to keep your financial records up to date by recording your income and expenses, bill payments and customer invoices then checking it all against your bank statements.
This service is about more than just keeping records. We can monitor your debtors, creditors and expenses, keep you informed of tax and payment deadlines and be available for you to get in touch whenever you need support or information.
Cloud accounting Set up and Support
The first step is to set you up with your QuickBooks Online cloud accounting software.
If you are already using QuickBooks Online we will start off by doing any tidy-up or catch-up work needed, then provide you with our regular bookkeeping service and ongoing support.
You may want to do your own invoicing. We can train you to create and send your invoices with QuickBooks Online then we’ll do the rest.
Account Reconciliation
It’s really important that once all the information is entered it’s checked against your bank statement so that everything balances. This is often the part of the job that takes the longest and can involve some detective work on our part. You authorise QuickBooks to bring in information from your bank account that we can use to check when all invoices and expenses were paid. This ensures we haven’t missed anything. The advantage for you is that you can make sure you are claiming all your business expenses against tax and can be confident that your tax return will be correct when it is submitted.
A Picture of your Business
Your cloud accounting package can give you a real-time picture of your profits and business activity. We can help you to use that information all year round to make decisions for your business by providing you with regular profit reports and other helpful information such as which customers have invoices outstanding and whether you have bills that are due to be paid.
Year End
We work with you all year round offering bookkeeping and cloud accounting software and support. At the year end we prepare your year end accounts and self assessment tax return, and because we’ve been doing your bookkeeping all year round we can be confident that we have the correct information for your tax return.
About the Software
We like to use QuickBooks Online cloud accounting software for bookkeeping because it offers so many useful features to help you keep track of your business. You can access your account any time to see a picture of your profits and business activity in real time.
We also use Auto Entry to process receipts and invoices quickly and accurately saving us time and you money.
This all means you’re ready for the changes that HMRC are making to the way you report information to them through Making Tax Digital.
Frequently Asked Questions
I normally just save up my paperwork and give it all to my accountant at the end of the tax year. Can’t we just do it that way?
The records you keep for your business can be used for so much more than just getting your tax bill right. We use cloud accounting software to keep records all year round. This helps to provide you with information about how your business is doing. We also keep track of whether you are providing all receipts for business expenses ensuring that you claim for everything and save on your tax bill. From 6th April 2024 all self-employed businesses will have to submit figures quarterly to HMRC under Making Tax Digital for Income Tax and doing it this way helps you to be ready for that.
Why do you use QuickBooks Online?
We’ve been working with QuickBooks Online software since 2018. There are many great accounting software brands out there but we believe that focussing on one software means we can provide a better more efficient service. We really know our way around QuickBooks and can use it to provide a great service and give you the support you need. QuickBooks provides simple, smart accounting software and is adaptable to many different types of business. We’ve also built up a good relationship with QuickBooks so we can provide it to you at a discounted price.
What is Making Tax Digital for Income Tax?
This is a service for submitting your tax return information to HMRC using software. This will become compulsory for self employed and property businesses from April 2021.
To use Making Tax Digital for Income Tax you will need to:
- get software that is compatible with Making Tax Digital for Income Tax
- use software to keep digital records
- send quarterly updates for business income and expenses
- submit your end of period statement
- submit a final declaration
Our service is designed to enable you to make the transfer to MTD smoothly and painlessly.
How much do you charge?
Each business works differently and has a different number of transactions and the amount of work involved can vary. We have an in depth meeting with you initially to work out how much it will cost to do your work. We then quote a fixed monthly fee instead of an hourly rate so you know exactly how much you are going to pay and there are no surprises. We don’t put pressure on you buy our services and after the meeting we always ask you to go away and think about it. We prepare a proposal based on what we have discussed and send it to you then it’s up to you whether you want to use our services or walk away.
These are the sort of things we take into account when working out the cost:
Cloud bookkeeping – Our monthly bookkeeping service starts at £50 a month. That price will vary depending on the number of transactions in your business and the level of service provided. For example, you may want us to provide you with a weekly report of unpaid customer invoices or alert you when you need to pay your bills. These services come at a small extra charge.
QuickBooks Online Subscription – We are able to provide you with a discounted subscription to QuickBooks online and the amount depends on the level of subscription required.
Year end accounts and self assessment tax return – We are able to provide you with this at a very reasonable rate because we’ve already done your bookkeeping during the year which makes it easier for us at the year end. Our typical charge for this is only £150 but we may need to charge more if you have more than one business or other sources of income. We can also break this down into monthly payments if you prefer.
Get in Touch to Arrange Your Free First Meeting
We’re committed to helping small businesses succeed and although we hope you’ll want to work with us we’re not going to pressure you to sign on the dotted line. We want you to choose the solution that works best for you and your business.
