Every business has a legal obligation to keep a record of their transactions.  You can do this however you like – paper/spreadsheet/bookkeeping software – it’s your choice.  Once again the fines are hefty!  Up to £3000 for failing to keep adequate records.

Good record keeping is good for business and is an essential part of running a successful business.  You need to know at any time how much you are owed by customers and how much you owe to suppliers and therefore how much cash is available.  Better decisions can be made with upfront knowledge rather than last minute surprises.

At Bowes Brooks we complete the bookkeeping for numerous clients.  Some drop in records weekly others require monthly management accounts so we see them monthly and others quarterly for their VAT returns.

We even provide bookkeeping training for clients that would like to do it themselves but don’t know how.  Outsourcing your booking to Bowes Brooks offers peace of mind, up to date information and frees up your time.

We can advise on bookkeeping software.  Our favourite at the moment is Xero also we have experience and use regularly most of the packages available on the market.  Xero is cloud based software so you can see your situation anywhere there is an internet connection or even better on your smart phone.

If we are setting up your bookkeeping we would normally use Xero as we can input the transactions in one location and you can view the results from another at any time.  We include the cost of Xero in our bookkeeping costs however we have a limited number of Xero vouchers for 2 months free use if you’d like to try it yourself.

You can do the bookkeeping yourself

Whatever way you choose we can support you.

We charge an average of £20 per hour for bookkeeping although this can vary up and down (agreed in advance) depending on the complexity and therefore the skill level our staff need to complete it.

Whilst this might sound high please remember that all of our bookkeepers have been doing this for years and are very quick using the software and know immediately how to deal with a transaction.  We’ve worked out cheaper more than just a few times by being quicker despite being more per hour than freelancers.  Plus we get it right!

Help & Advice

Articles from our blog written by Jessica Brooks

What’s an Accountant for?

What’s an Accountant for?

Why does anyone need an accountant?  

How do they help me?  

What do they do anyway?

Here’s my answers to those questions:

Keeping you Legal.  We help you do your financial administration so you file everything you need to, on time, every time.

Saving Tax.  We help you save tax by making sure you do things in a way that incurs as little tax as possible.

Understanding your taxes.  Helping you understand how you are taxed, so you can plan for it.

Knowing your numbers.  Helping you understand your business by interpreting the numbers for you, so you can make decisions based on fact not just intuition.

Making you rich.  Helping you put a plan together so you can get your personal finances in order and meet your financial goals.

Budgeting and forecasting.  Planning for the future, so you can arrange your finances effectively.

Support.  Your accountant is probably one of the few people you can talk to with complete honesty about your business.  He knows the facts, so there is no need to show off or for false modesty.  

If you need any help with these, you know where we are.

Jess Brooks

Who are your best customers?

The Pareto principle or the 80–20 rule says that, for many events, roughly 80% of the effects come from 20% of the causes.  So how might this affect you in your business?  I’d suggest that it can be profound.  If you can identify which of your clients or customers are: 

  • The 20% who produce 80% of your profits.
  • The 20% who produce 80% of your complaints and hassle. 
  • The 20% of your products that produce 80% of your profit.
  • The 20% of your sales staff that produce 80% of the sales. 
  • The 20% of your marketing that produces 80% of the results.

Then you can make decisions that will drive your profits to super success.  Of course it can be hard work analysing who are the
best and worst customers, staff or suppliers. Having identified them you can exit the troublesome ones and get to work replicating your best areas.  

The clock is ticking... just 25 days to submit your tax return.

As the adverts say ‘tax doesn’t have to be taxing’. 

In fact if your affairs aren’t that complex it could take as little as 30 minutes to complete the online form BUT you need to be registered for online filing AND you need to have all the necessary paperwork in front of you. 

And deciding which information you need is one of the parts our clients have most difficulty with. 

We are always happy to answer quick questions, even if you're not a client. So if you're feeling stressed then pick up the phone.