Bookkeeping

Raising and inputing of invoices and maintenance of books can be time consuming when you have a business to run.

Life Accountancy is more than happy to take this job off your hands.

From as little as £30 an hour, Life Accountancy can invoice your customers or input and process purchase invoices and organise the payment to creditors and prepare bank reconciliations. All you have to do is drop Life Accountancy a line.  Life Accountancy is not just a bookkeeper – you are paying for vast knowledge and common sense, gleaned from years of experience. You are also paying for the peace of mind that you can concentrate on where your experience lies – in growing and developing your successful business! Life Accountancy also has worked on developing staff policies, and can be on hand to offer assistance in these matters too.

What is Bookkeeping

Bookkeeping is the recording of all financial transactions undertaken by an individual or organisation. The organisation may be a business, a charitable organisation or even a local sports club. Bookkeeping is “keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left.” A financial transaction is any event that involves money.

Two common bookkeeping methods used by businesses and other organisations are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping uses only income and expense accounts, recorded primarily in a “Revenue and Expense Journal”. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits.

Small business owners need to be aware of the latest penalties from HMRC if they do not maintain proper tax records. The HMRC intend to investigate 50,000 small businesses a year which they suspect of keeping poor record keeping that lead to an underpayment of tax. If small business owners fall foul of these checks, it may result in fines of up to £3000. Poor bookkeeping may be avoided by using a professional company such as Life Accountancy.