Bookkeeping Services

Effective bookkeeping services foster informed business decisions concerning revenue generation. Done effectively, these services systematically cover every transaction in your business environment, organising it into clear financial records that provide informed insights essential for regular decision-making.

Effective record-keeping activities include documenting your sales/purchases, ledger maintenance, recording contracts, payroll, and accounts payables/receivables & preparing reports on company finances compliant with relevant accounting standards.

The use of specialist software ensures accurate financial information and a streamlined overview of several aspects of your business performance – from cash flow tracking to expenses – ensuring that the business efficiently operates within set guidelines and regulations.

Outsourcing specialised bookkeeping allows organisations to have peace of mind knowing their financial records are always up-to-date and conform to regulatory requirements.

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Bookkeeping Service

Services Typically Included in Bookkeeping

Typically, bookkeeping services include the following:

  • Recording financial transactions
  • Accounts receivable management
  • Accounts payable management
  • Bank reconciliation
  • General ledger maintenance
  • Financial statement preparation
  • Payroll processing
  • Expense tracking
  • Financial reporting
  • Tax compliance support
  • Advisory and support
  • Data security and confidentiality

Why Do Businesses Need Bookkeeping?

Successful small businesses rely on meticulous bookkeeping practices that offer exact financial data at any given point in time. This data assists in making informed decisions for the enterprise while taking into account matters such as cash flow and tax implications.

Real-time information is essential because it provides insights into important aspects like:

  • Money inflows
  • Debtors’ status
  • Creditors’ status
  • Dividend allocation

Business owners typically struggle with maintaining daily accounts and other critical responsibilities despite doing their best. Also, legal duties mandate the proper maintenance of financial records for HM Revenue and Customs (HMRC), which may review them for compliance purposes regarding appropriate tax remittances. Failure to meet these standards may result in severe penalties amounting to £3,000 or disqualification from holding a directorial position within a company setting.

Therefore, proactively engaging with expert accounting services can help prevent these issues.

How Does Our Bookkeeping Service Work?

Our approach to bookkeeping is transparent. Here’s how it works:

  • Consultation Phase: From industry specifics to unique business aspects, we understand your financial needs and required solutions.
  • Information Collection: All documentation, including bank statements, receipts, invoices, and other relevant documents, are received through a secure digital platform or via physical delivery based on your preferred method.
  • Data Entry: Every transaction is dutifully inputted and categorised by our proficient bookkeepers into our accounting software, a record-keeping system that guarantees a clear audit trail.
  • Reconciliation of Accounts: We cross-check every detail from your bank statements to financial records to ensure complete accuracy, identifying any discrepancies or errors that require attention.
  • Detailed Financial Reports: Our structured bookkeeping procedures lead to monthly/quarterly customised reports tailored to individual client requirements, such as income statements, balance sheets, and cash flow statements – giving you a detailed overview of your company’s finances at all times.
  • Support and Communication: We endeavour to keep an open line of communication throughout the process – from regular updates to addressing all questions or concerns you may have regarding the financial plan. We also provide valuable insights into how best you can approach your business decisions backed by accurate data.
  • Compliance and Tax Documentation: Our services ensure regulatory compliance while preparing tax documents; we carry out proper record maintenance for an efficient tax filing procedure.

Why Choose JJO Accountancy for Your Accounts Preparation?

  • 24/7 customer support
  • Tax preparation services
  • The accounts will include:
  • Account Notes
  • Profit and Loss Account
  • A Director’s report
  • A Balance Sheet
  • The accounts prepared by JJO Accountancy meet the required standard
  • HM Revenue and Customs
  • ICPA Registered
Bookkeeping Service

How Much Do Bookkeeping Services Cost?

UK businesses seeking to hire external accounting support should understand that costs will differ based on complexities such as transaction volume, business category and consultant’s skillset. For bookkeeping specifically, the typical range falls between £20-£50 per hour depending on the provider’s competency and work experience; conversely, tailored monthly packages are offered for individualised need-based solutions.