Bookkeeping is the practice of recording and tracking the financial transactions of a business on a day-to-day basis. Bookkeepers regularly create reports that display this activity and show how the business is doing. This may also include other tasks like paying bills, preparing tax returns, invoicing and giving expert advice.
According to a survey of small businesses, financial paperwork and records can take up as much as 30% of an owner’s available work time. For many companies, this time would be spent more productively dealing with customers or the development of their products and services. As per the Companies Act, all companies are expected to keep their financial and accounting records for at least 6 years.
In some cases, the time span is longer such as in the case where you have bought machinery or equipment that is expected to last longer than 6 years. It is necessary to keep receipts and invoices which include the details of all the money sent and received by the company.
The records should also include all the assets and debts owned by your company. You are also expected to keep a record containing the details of the stock owned at the end of the budget year and the products purchased and sold throughout the year. If you fail to keep these records, there is a fine of up to £3000 and disqualification as a Company Director.
We have a designated team of experts looking for bookkeeping services. A to Z Accountants can assist you in your bookkeeping task by:
We understand that every business is different, so we provide accurate business bookkeeping services by considering the workflow of your business.
Starting our work by discussing the goals and requirements of your business. After understanding your business thoroughly, we develop customised accounting procedures for your bookkeeping task and ensure that the task is accurate and updated.
So if you’re looking for bookkeeping services and would like to know more. Please give us a call today to schedule your free consultation. Or fill out a contact form and we’ll respond within 24 hours.