How good are you at managing your business’s finances? Do you keep a record of every transaction made? Do you meticulously store receipts? Do you stick to your budgets and keep all records neat, tidy and accessible?
If you, like many business owners, find it hard to muster up passion for old receipts and Excel spread-sheets, then you might be pleased to know that TWC love accounts enough to do them for you.
TWC can be hired to take care of all your business’s day-to-day money matters, from filing receipts, recording transactions and chasing up invoices, to reducing tax liabilities, meeting important deadlines and keeping on top of regulation changes.
What does a bookkeeper do?
A bookkeeper’s job is to keep a record of how much money is spent, earned and owed during the day-to-day life of a business. By the end of the year, we will be able to use the data to compile a clear, concise and accurate record of every single transaction made during that time – accounting for everything from small stationary orders to big sales. This information can then be used to file the business’s end of year returns. Some main bookkeeping duties include:
Keeping financial records
It’s easy to let receipts and invoices pile up when you’re self-employed and have a million other tasks to complete. You might tell yourself you’ll sort the numbers out at the end of the day – but what if at the end of the day you have to take an overseas call, or you need to work on your website, or finish off that promotion strategy? The trouble with running your own business is that there is always something to do, and it’s tempting to put the finances to the side while you work on seemingly more urgent matters. After all, those receipts and invoices will still be there tomorrow.
True – those records will still be there tomorrow, but so will the new day’s batch. The longer you neglect your accounts for, the messier they’ll get and the more work you’ll create for yourself in the long-run.
TWC will make a record of every single transaction made in a day – whether that be sale, a purchase, or an IOU. This is so that, at the end of the month, accounts can be reconciled to check that sales and purchase figures add up to the amount left in the account.
Data logged by bookkeepers includes:
- outstanding bills
- cash flow.
Chasing up unpaid invoices
A survey by Shift Business found that small businesses in the UK lose nearly £4 billion in revenue from unpaid invoices every year. TWC can handle all incoming and outgoing invoice matters and also chase up any unpaid purchase orders so sales never get left unpaid for or forgotten.
Keeping up-to-date with tax law
Tax law changes an awful lot and breaking it can be costly, so it helps to do your research to stay in-the-know when it comes to government legislation. However, if just the word ‘tax’ is enough to make you feel queasy, you might want to designate this task to TWC. We will make it part of our job to stay on top of regulation changes so we know exactly when to change practices to avoid penalties.
Keeping up-to-date with software updates
TWC are proficient with accounting software. A great deal of small businesses prefer to buy accounting software instead of hiring a bookkeeper; however, lack of technical skill and know-how can lead to big mistakes that end up costing more than they’re worth. TWC are proficient at using the latest software to input figures correctly and minimise the risk of making a mistake that messes up the end of year tax return.
What are the benefits of hiring a TWC to be your bookkeeper?
Why opt for a bookkeeper over cheaper accounting software? Entrepreneurs who want to keep start-up costs as low as possible often think they can handle bookkeeping duties by themselves. Of course, plenty of business owners do just that, but it does take a certain amount of skill, accuracy and a great deal of time to enter accounts well, even into the most sophisticated of accounting software. Here are some of the key benefits of hiring TWC as your bookkeeper:
Avoid costly mistakes
Even business owners with a passion for figures can make mistakes. Inputting figures into a spread-sheet at two in the morning after a long day of hard graft is a recipe for disaster. DIY bookkeeping may seem like the cheaper option to begin with, but any mistakes made will impact the end of year tax return, which could result in heavy HMRC penalties.
HMRC penalties are as follows:
- For a careless mistake you could be charged up to 30% of the amount you owe.
- For a deliberate mistake you could be charged up to 70% of the amount you owe.
- For a deliberate mistake you try to conceal, you could be charged up to 100% of what you owe.
Free up time
Running your own business is hard work – suddenly you find you have an infinite list of tasks to complete that, if left uncompleted, could spell the end for you. When you rely on your business to pay the bills and support your family, those pressures can feel even greater. Hiring TWC to handle your financial transactions could free up a great deal of your time and take some of the load off your own shoulders.
In the long run, hiring TWC as your professional bookkeeper could save your business money. Experience and training ensures TWC understand and record data both accurately and speedily, leaving you free to worry about other things.
How often will I need a bookkeeper?
How often you need a bookkeeper will depend on how much work you have for us, which will in turn depend on how big and complex your business is. TWC can be hired on an hourly basis – you may find you only need help once or twice a week, or you might want us on hand all day every day.
How much will hiring TWC to look after the books cost?
How much you spend hiring TWC will depend on how much work you want us to do. We charge a flat fee £20.00 per hour.