What do our bookkeeping services include?
Bookkeeping services help maintain accurate, up-to-date financial information to enable accountants to prepare yearly financial reports and tax returns for large and small businesses.
The services provided by an accountant for their clients include:
Data entry through accounting software:
Financial transactions are recorded to keep track of everything that comes in and goes out of your business. Data entry is fundamental to bookkeeping services, as all financial information must be 100% accurate to provide a true perspective of companies performance for all owners and stakeholders. Therefore, accounts use many reliable software for this purpose.
Monthly financial reports and Tax relief:
An accountant creates monthly financial reports to enable the tracking of business performance. These reports include balance sheets, cash flow statements and profit and loss statements. Also, the accounts experts give the best advice to minimise your company tax.
Accounts receivable, Accounts payable and Pay Sheets:
Bookkeeping services include ensuring customers are invoiced and fees collected promptly. All outstanding bills are paid on time and within budget. Additionally, workers services like calculating employee salaries, paying net salaries and adjusting deductions can all be done by a bookkeeper.
Bank reconciliation:
This is where monetary transactions in the records are compared to the transactions reflected in bank statements. This is important to uncover errors in data entry or transactions that are overlooked.
The work done by bookkeeping assistance can ensure compliance with financial regulations and enable those in charge of the business to make good decisions and support.
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What exactly does a bookkeeper do?
A bookkeeper is, essentially, a data entry executive. The main role of a bookkeeper is to create and maintain accurate, up-to-date business records for their clients. The information they collate is fundamental for all large and small business owners and accounting services to make key monetary decisions and provides support and benefit to save time.
Bookkeeping is a subcategory of accounting and can be done by many accountants or people with bookkeeping training. Their work provides the core, essential commercial infrastructure that leads to more advanced accounting practices to be processed.
The recording of monetary information process is more complex than simply copying invoices into a spreadsheet. Data entry is just one of the tasks a bookkeeper carries out; they must also have a strong understanding of specialist accounting software. With these tools, they can create sophisticated data records with the power to generate in-depth reports for clients about anything from expenditures to gross profit.
Data reconciliation is another important aspect of the work of a bookkeeper, to ensure there is consistency between businesses records and bank statements.
Bookkeepers are not accountants, but the two professions have a very close relationship. It is therefore important that there is strong communication and mutual support between bookkeepers and accounting professionals to ensure business operations run smoothly.
The bookkeeper makes the accountant’s job easier with well-maintained record-keeping. With a bookkeeper and accountant working as a group, you can rest assure your business finance process is in good hands, allowing you to focus on development.
How does a bookkeeping service work?
When clients begin working with bookkeeping assistance, they understand that all the bookkeeping is handled remotely. A bookkeeping assistance always has a robust onboarding process to enable a secure connection that provides support and access to the business accounting records.
The bookkeeping assistance gathers login information from any financial institutes your business uses so that the business information can be imported into the accounting software used by the service provider. Business owners can rest assure that security is paramount at all times to ensure the company health.
Once secure access to clients’ business accounts is established, the dedicated team of bookkeepers works on completing the monthly transactions and carrying out the other services offered. Your business information is accurately entered into the accounting platform to ensure up-to-date records and detailed commercial reports every month.
Any questions you have can be directed to the bookkeeping team as an immediate point of contact – just like if you had an in-house bookkeeping team.
The group at your bookkeeping assistance provider is dedicated to making your life easier. Services are scalable and can be customised to suit your needs, so you never need to worry about moving over to a different accounting firm.
If you would like to learn more about how our bookkeeping assistance could work for your business, please don’t hesitate to talk with our team to gain accounts support and control the risk and challenges in your companies tax payment.
What are the requirements for bookkeeping and accounting records?
Providing your accounting and bookkeeping assistance with the full range of facts and info they need to keep your monetary records in good shape should not be too difficult or time-consuming. With a little planning, it can easily be implemented into your daily operations.
The most important thing is that all your receipts need to be transferred to your accountant, so you must be consistent about collecting them and passing them on. Essentially, your role will be to provide physical evidence of every transaction your business makes – everything from bills paid to money received for goods/services.
Many financial receipts for customers and clients in the modern world are done via electronic transactions, particularly monthly bills. This information can easily be forwarded to your bookkeeper. For anything still done on paper, such as till receipts or invoices, you must put them aside and keep them safe until they are in the hands of your accountant.
When you get a receipt, take a moment to note what it is for on the back, and include info like where you were and who you were with (where applicable). Even if your receipts are packed into a shoebox or piled together, your bookkeeper will take them.
You must also consider how you want your bookkeeper to access your bank accounts information. You could provide direct access online for the most streamlined experience. Your bookkeeper will need all the information about your assets and liabilities.
Essentially, the more information you provide to your bookkeeper, the better they will be able to do their job.
If you wish to learn more about what WIS Accountancy would need to help you maintain your commercial records throughout the UK including England, London, Wales. Feel free to get in touch with our friendly employees who has the ability, efficiency, practice of accounts and finances who will provide free advice on taxes and deal with advisable resources to your company sales. Also, we will provide support to deliver a range of answers to your questions.
Can your bookkeepers do payroll? Is that part of your accounting services?
Running payments by yourself can become incredibly complicated and time-consuming to your company, particularly as the regulations around tax and employment become ever-more sophisticated. The burden on businesses to comply with these things is always increasing, and the penalties for failing to comply are substantial.
Hiring a bookkeeper to manage payroll processing can bring a number of benefits that will make a huge difference to your business taxes. By outsourcing those jobs, you will find that pay sheet distribution becomes more accurate and your time is freed up to focus on your business.
As a business owner, your list of responsibilities is extensive, and bookkeeping assistance can trim some time-consuming work from that. After all, your efforts are much better spent on growing your business and enhancing your products/services.
We can do pay sheets as one of our additional services for your business to ease this burden. We provide a comprehensive payroll service for businesses and guarantee accuracy and confidentiality.
Our work includes:
- Administration of things like national insurance contributions, PAYE, statutory sick pay, maternity pay, etc.
- Computer-generated payslips through software
- Periodic summaries of staff costs, with detailed analysis
- Completion of statutory forms such as year-end returns
- Setup of automatic employees payment via your online banking system, ready for your review and authorisation
- Administration of business incentive schemes, as well as bonuses and ex-gratia termination payments
Even if you are only a small business with a few employees, our paysheet services can help you save money and time with professional payments administration as part of our bookkeeping assistance.
How can WIS Accountancy help?
Paperwork and record-keeping do not have to be yet another burden on your time. With an affordable fees structure, WIS Accountancy can become your new business’ bookkeeping partner to take over all the financial admin, including things like tax relief, VAT and pay sheets. We are experienced, executive accountants with extensive certifications in bookkeeping.
By partnering with us, you can declutter your business life by letting us handle the daily commercial and accounting admin efficiency. We can provide auto-enrolment for up-to-date facts on your cash flow in the form of efficient financial statements to enable you to make smarter businesses decisions a success and control any nasty surprises in your accounts.
We also offer personal support with excellent customer assistance for all clients, allowing you direct access to your own bookkeeping team via phone or email throughout the week. And when it comes to tax season, we will ensure that your VAT is paid and reported promptly – you never need to worry about missing deadlines.
All the stress involved in recording and managing your finances will be outsourced, and you can have the peace of mind that our professional assistance will handle everything correctly and on time. Every time.
