Bookkeeping Services East Sussex
What is Bookkeeping?
Elite Business Accounting Limited have their own in-house qualified bookkeeping service, well versed in online cloud bookkeeping and accounting, such as Xero software.
What quantifies a Bookkeeper?
Some bookkeeping can be simple, basically involving just basic income and expenditure for sole traders or small businesses.
There are systems used by the bookkeeper to record finance records such as payments, income, importing bank statements, purchase orders, business profit, and reports to show who you owe and who owes you, at any time.
Engaging your Bookkeeper
In today’s market, the ability to run any kind of business remotely ie online, gives opportunity for many to set themselves up as bookkeepers. However, in order to find the right bookkeeper for your business it is essential you research any bookkeepers track record and skills process. Importantly, an accredited bookkeeper with the necessary qualifications and experience is always a prudent investment.
As with Accountants, generally Bookkeepers have attained a recognisable qualification which proves the knowledge they have achieved is at the best standard.
Why do I need a Bookkeeper?
Unfortunately, these days, with computer technology it is difficult to keep track of all transactions, in and out, without either signing up to an online software package or a professional bookkeeper.
Business, whether large or small would want to cut down on time and money spent for any business activity. Time and money are two very significant pieces of the business puzzle. Bookkeeping can be intimidating for small business owners and it is this fear that causes them to make decisions irrationally. For others it can be boring which also, unsurprisingly, gets the same effect albeit less evident.
You don’t have to be intimidated or bored by accounting. Successful business owners don’t view bookkeeping negatively; instead they go through the whole process systematically and thoroughly. They have adopted a few basic procedures to stay on top of the paperwork. By doing so, they save time, money and a lot of stress.
Small business owners need to take control of their spending be it time or money or both. There are several approaches and some of these are essential to actually doing business efficiently.
What is a Bookkeepers role?
What information would the bookkeepers require?
Basic information such as business bank statements, savings accounts, investments and pensions. Then it would be necessary to give a more in depth analysis of spending for business such as receipts, paperwork to support spending on equipment, tools, machinery, vehicles, invoices raised for work carried out, and any VAT returns for the current taxable year.
How important is a Bookkeeper?
Generally after a while as a bookkeeper many move onto study accountancy to give them a professional qualification. This becomes a career for many, and those accountancy companies that have the resources of a qualified bookkeeper have the knowledge to give their clients a complete in-house service.
What Does a Bookkeeper Do?
What are the key priorities for a bookkeeper?
Storing tax documents for at least six years can be a hassle. Another option is to purchase a small fireproof safe to store important personal documents (passport, life insurance, etc.) along with a regular backup of your bookkeeping software and tax returns saved on a flash drive. For extra data protection, consider off-site physical storage or online data storage for these records and scanned files
Instead, use your debit or credit card religiously. When you use cash you lose track of potential write-offs. If you have to pull money out of an ATM, note on the receipt the purpose of the withdrawal
Don’t mix the two. Keeping personal and business bank accounts and credit cards separate will make bookkeeping much easier and help maintain your corporate veil if you have a formal entity
Business and personal finance must be separate. This helps provide a more accurate record of transactions made for business and ones made for personal use. It is better to have separate accounts in order to truly see the business as a separate entity from the owner
Receipts are necessary for serving as proof to validate transactions on a company’s books. Authorities may deem certain entries as invalid if there is lack of proof. Receipts also help clear up any mistake made during the bookkeeping process
Bookkeeping is an exact science, there is no room for mistakes, the slightest error may cause the whole project to end up in a tangle of errors. One of the common mistakes that businessmen encounter is math mistakes. Even when using accountancy software, these errors may crop up occasionally which is why it’s important to regularly check the books for accuracy.