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
- If you’re just starting out with only a few transactions it might make sense and save some money
- You could have more up to date information as you can input more regularly, even daily. But you do have to knuckle down and actually do it!
- Inputting yourself means you are looking at the receipts in detail so you may just spot an error on a supplier invoice (although you should be checking these when they come in!) or you may spot where potential savings can be made.
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!