Bookkeeping Services from Adams Moore
Let Us Worry About Getting Your Accounts Accurate
Whether you’re a sole trader, partner or a director of a limited company, there are a number of statutory requirements you must meet – having immaculate financial accounts, or ‘books’, is one of them or you may find a HMRC penalty on your doorstep. That’s not to say the process of record keeping should be a frightening task, but as a company grows there are more lines to record and a business owner can quickly need help with accurate and effective bookkeeping.
Medium to large companies usually hire accountancy staff or whole departments, but the option of outsourced bookkeeping can often be more cost efficient, especially when taking factors like office space, pensions and payroll functions into consideration. If your accounts are taking you away from other important business tasks and having a healthy work life balance, or you want to find out how engaging a third-party accountant like Adams Moore could be more beneficial for your bottom line, call us to arrange a free consultation.
Alternatively, you may already have an accountant, but for some reason it’s just not working out as you imagined. We think it’s crucial to build rapport with our clients and get under the skin of businesses so that we can serve companies to the very best of our ability. After years of experience we aim to make people’s lives as easy as possible and take the stress away from bookkeeping tasks, year end and everything in between.
Ensure you are complying with legalities and operating business finances effectively, while also streamlining processes and making your available resources work as efficiently as possible.
Bookkeeping Considerations for Limited Companies
> Document all finances and accounts of monies spent and received
> VAT information, if registered
> Up-to-date records of debts owed or the company is owed
> Details of debentures and indemnities
> Keep details of assets owned by the company
> Any loans or mortgages secured against the company’s assets
> Stocktakings to understand exact stock owned at the end of the financial year
> Evidence of all goods bought and sold, and who you bought and sold them to and from
> Keeping pertinent records about the company
> Information about directors, shareholders and company secretaries, and results of shareholder votes and resolutions
> Shareholder transaction records
> Substantiate everything required for your tax return including, receipts, petty cash books, purchase orders, invoices, contracts, sales books and till rolls
> Bank statements and relevant correspondence
> Records should be kept for 6 years or longer depending on a number of criteria
HMRC can fine company directors £3,000 if accounting records aren’t chronicled and retained correctly and they can also disqualify people from being directors. Not having in-house or outsourced bookkeeping services in place isn’t worth the risk.
Bookkeeping Considerations for Sole Traders
> Traditional accounting vs cash basis accounting
> Recording all sales and income from other sources
> Business expenses documented and categorised
> If registered for VAT, all records detailed
> If you employ others, PAYE records will likely apply
> Recording your personal income, including benefits, such as child benefit
> Proof of the above, including receipts, bank statements, sales invoices and till rolls
> Ensure all records are kept for 5 years from the 31 January submission deadline
By speaking to a professional accountant and business adviser, it is likely you will find ways in which to better evidence the records required by law and ensure no pieces of information are slipping through the net. Missing entries in your accounts can not only mean you are paying the wrong amount of tax and VAT, potentially putting you and your business out of pocket, but also if the company is chosen to be audited it could bring about severe penalties.
The expertise of Adams Moore’s bookkeeping services team can advise you on a wide range of matters, for example, whether cash basis accounting for VAT or the flat rate VAT scheme would work better for you.
Online Accountancy Software – Cloud Bookkeeping and More with Xero
We offer all of our clients the opportunity to use the latest online software so any number of people within a business can undertake a wide range of essential financial tasks. For example, claim expenses, create purchase orders, raise invoices and monitor loss and profit all on the move from any device that is connected to the internet. Read more about Xero accounting software by clicking here and find out how it could save you time and money.
Whether you currently are self-employed, look after your own books and are looking for some help or want to understand if outsourcing your bookkeeping is more financially beneficial for your business, call us to arrange a free consultation. Adams Moore’s bookkeeping services, accountancy packages and business advice offerings are all flexible and tailored to you and making your business a success.