When should I hire a bookkeeper?
You should hire a bookkeeper as soon as you start trading. This way you’ll avoid mistakes from the beginning and reduce headaches. Depending on your needs our bookkeepers can sometimes complete a full year’s bookkeeping in less than a day.
Do I need a bookkeeper? I know EXCEL and prefer to use it.
Whether you work for yourself or have shareholders, the accountability, accuracy and compliance needs to be the same. This is where a bookkeeper can make a big difference.
Will I be charged for my initial consultation?
No. All initial consultations are free of charge with no obligation.
Will it be clear from commencement how much I will be charged?
We work on a fixed fee basis or an agreed hourly rate. Fees will be agreed during your initial consultation and outlined in the letter of engagement. You will never be charged additional fees unless you ask for an additional service to be carried out.
Do I need to purchase bookkeeping software?
Purchasing bookkeeping software is not a requirement particularly if your business is very small. However if your business is larger or has a large amount of transactions we recommend that you do have bookkeeping software. There are a number of low cost cloud based software products available – please contact us and we can discuss further. If your business is on the smaller side we can provide you with templates to record your transactions. If you outsource your bookkeeping to us then we use our in house software.
What’s the difference between what a bookkeeper does and what an accountant does?
A bookkeeper puts together a complete database of your business’ income and expense for your fiscal year. An accountant takes the bookkeeping data and forms the reporting necessary for the tax completion. The danger here is that the work of the bookkeeper directly influences the work of the accountant. If the bookkeeping reports are in error – the accounting reports will be in error, too. The importance of using a first-rate bookkeeper is key to your business’ success.
Do I need to register for PAYE (Payroll)?
Even if you have only one employee or you are a sole Director employee you should be registered for PAYE with HMRC and make all the relevant RTI submissions.
Is it okay to keep my receipts and bring them to my Accountant at year-end?
Bookkeeping is relatively inexpensive and is crucial to your business success. It is important to stay up-to-date with income and expense reporting, so you can make the proper decisions sooner to reduce losses that may be preventable. Trades especially are vulnerable in this area as they perceive great compensation for the project but underestimate the true value of labour and materials required. Find a bookkeeper that will accept your receipts every two months and keep you profitable.
Questions?
Why not get in touch to get more information and ask further questions.
About Us
Based in London , we work with small and medium sized businesses of all shapes and sizes as well as individuals and freelancers.