bookkeeping accounting services

Bookkeeping Services East Sussex

For reliable bookkeeping services in East Sussex or Polegate, please contact our bookkeepers.

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?

A proper qualified bookkeeper is a major asset to any professionally run business. A bookkeeper will keep tax records, record ledger, profit and loss reports for your business.

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

Reconciling bank accounts on a monthly basis for you showing a complete record of transactions will enable your bookkeeper to compile a complete trail of data for your accountant.

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?

There was a time when keeping a simple single entry or double entry bookkeeping system was sufficient to submit for accounts.

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?

A bookkeeper would be required to keep proper books and records, this would entail double entry bookkeeping, single entry bookkeeping, financial transactions, balance sheets, financial statements culminating in a trial balance sheet which would then be delivered to the accountant to analyse and submit to accounts for onward submission to HMRC.

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?

A good bookkeeper would have attained qualifications, showing their knowledge to use software to record financial business records. They would have to study double entry and single entry level course, to show skills in finance reports.

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?

Communication skills

Some people think that bookkeepers deal with numbers only and analytical tasks and that communication is not needed. Which is wrong! We have to communicate with people to gather the data. In fact, we need to have excellent communication skills so that we can ask you exactly the information we need. This communication may be face-to-face or electronic; nevertheless, it is very much important.

Problem-solving skills

This is another quality that people expect bookkeepers to own. In the world of finance, problems and issues will undoubtedly be knocking on our door every once in a while. Hence, we need to possess the calmness to first, spot those issues long before others, and then solve them.

Bookkeeping Tips:

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.

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