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Bookkeeping

46 articles in Bookkeeping
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During August I have being doing bespoke Xero training both face to face (side by side in practice!) and remotely via Zoom.  The last few months have given businesses the time to implement new ways of maintaining their accounts but, as with any new software, there comes a time when you just need help to understand what to do and that is where bespoke training comes in. Xero is user friendly and has very good…
I have been using Xero for 9 years now and frequently train not only our own new employees on how to use it but also other businesses who need help. One of the advantages of Xero has always been the bank feed which downloads transactions from your bank on a daily basis directly into the software.  These transactions can then be quickly and easily allocated to an invoice or directly to an account code with a description and relevant VAT code. But sometimes the bank feed…
Today I took on a new client.  They telephoned last week wondering what to do as they had just gone over the VAT threshold.  They were nervous about what that entailed and concerned they wouldn't know what to do.  I spent some time talking them through being VAT registered, keeping accurate records and…
Last week I wrote about checking your unpaid bills, your creditors, to see if the bills outstanding are accurate or whether there are old unpaid bills which could be duplicates or could require credit notes. This week I am going to cover debtors - the customers who owe you.  Whilst all business owners think they are on top of their unpaid invoices and know exactly who owes them and how much they are owed, often the accounts tell a different story.  …
Creditors are the suppliers you owe money to but have you ever thought to check whether the report generated from your accounts software is accurate? When we take over bookkeeping work one of the things we check is the age of the supplier invoices awaiting payment. …
March is the chosen financial year end for more than 60% of our bookkeeping clients, whether they are a sole trader or a limited company.  So in April and May we are completing March and April bookkeeping for our bookkeeping clients, completing their VAT returns and finalising their accounts to hand over to their accountant.  This year, despite the additional workload created by COVID-19,…
Have you seen the Xero adverts on TV or heard them on the radio?  Xero accounting software has become extremely popular and now has more than 2 million subscribers around the world.  Perhaps you are already a Xero user but feel that you are not using it as well as you might?…
If you decided to outsource your bookkeeping would you choose a bookkeeper or an accountant?  It can be confusing because many accountants offer bookkeeping services and therefore are a one-stop shop for your bookkeeping and your tax return or statutory accounts.  Bookkeepers provide bookkeeping services (and tax returns in some cases) and do not offer the services which accountants offer because they are not qualified tax advisers. So you might think that an accountancy firm is the best solution because…
When keeping your accounts records you can choose whether to record your transactions on a cash or accrual basis so it is important to understand these terms when it comes to understanding your finances as they can each give a different picture of your business for the same period. Recording transactions on a cash basis means…
All businesses need to keep an annual record of their income and their business expenses in order to report them to HMRC through a tax return if they are a sole trader, through partnership accounts if their business is a partnership or through statutory accounts if they are a limited company.   So it is important that businesses keep regular and accurate records…
46 articles in Bookkeeping
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Unit 21 Portway Business Centre
Old Sarum, Salisbury
Salisbury
Wiltshire
SP4 6QX

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