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Bookkeeping

43 articles in Bookkeeping
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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…
One of the services we offer is Xero training.  There are many businesses using Xero who may be unsure of whether they are using it effectively for their business.  Or they may feel they are not using the software to its full potential.  If you are using Xero in your business and you would really like some help to use it better we have some bespoke training sessions available for you to book in August.…
HMRC have this month updated their Notice 700/22 relating to Making Tax Digital.  The update shows that bookkeeping entries can be made much more simply than was previously described. …
HMRC have issued the new rates for fuel from 1st March until 31st May 2019.  These rates are used to reimburse employees for business travel in their company car or…
43 articles in Bookkeeping
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Unit 21 Portway Business Centre
Old Sarum, Salisbury
Salisbury
Wiltshire
SP4 6QX

e: info@sandrasilk.co.uk
t: 01722 341820