Talk about value
When we carry the bookkeeping .. this is what we do.. but it’s ok - technology does it ! 👀
We check…
🦅 The correct treatment of the invoice. The category it goes to e.g. travel, rent, telephone, etc.
🦅 The correct VAT has been accounted for because even though an invoice or receipt has VAT .. in fact, it may not be claimable. We check this and correct it.
🦅 The period in which it relates to because in some cases, the invoice date is not the same as the service/goods date. You may also be owing things ahead of time which scews your margins.
🦅 We check to see if the item needs to be classified as an asset. Or removed from an asset back to the profit and loss. If mis-posted, it can damage your bottom line.
🦅 If it’s a genuine business transaction. Usually we take a view on what HMRC will look out for should you end up having an inspection or investigation.
🦅 Whether or not it will have an impact on your personal taxes.. because sometimes people spend too much from the business account and don’t realise the tax implications. It can cause 32.5% tax personally!
🦅 If the payments to the government have been applied correctly and then agree it to HMRC account. We have our own agent account to check and confirm figures match and agree. HMRC usually has errors which makes it a little harder to work out and very confusing. They randomly send letters out which can be incorrect.
🦅 We check that if there are any further tax benefits you could receive just by processing your data.
All this technology has enabled us to do an even better job with your data and it does remove a lot of human error. But a famous function in Xero, we use all too often is ‘find and recode’. This fixes errors in bulk. Ideally we prefer to educate and eliminate the ‘find and recode’ button.
Of course anyone can bookkeep. Anyone can use user friendly intuitive software .. but to the trained eye, we pick up on errors and opportunities quicker. We can advise and fix as we go along. This is our role and why in some cases we prefer to do the books for you.
When you do your books, you may be saving fees, but in the long run you may also be missing out on opportunities to win work for yourself. If you can work out or even learn what your rate is, your value, your worth, are you doing a job like your books that is holding you back from growing ?
If one business project takes you 2-4 hours of your time to put a proposal together that could win you £10k worth of income, then why spend 2-4 hours on bookkeeping - which will cost you around £50-£100 per month.
We love doing what we do and we do it with pride. It’s our passion to help and support business owners.
Leave the books to us!
