Are you good at handling your business’s finances? Do you make sure you keep a record of each and every transaction you make? Do you adhere to your budgets while keeping your records accessible? Do you meticulously store receipts?
Like numerous business owners, you may find it difficult to be fond of receipts, invoices, and spreadsheets. If this is the case, you may be happy to know that TWC are passionate about accounts enough to be pleased to do them for you.
You can hire TWC to take care of all your business’s day-to-day money matters, from recording transactions, filing receipts, and chasing up invoices, to meeting important deadlines, reducing tax liabilities, and keeping you up-to-date when it comes to regulation changes.
What does a bookkeeper do?
The job of a bookkeeper is to maintain a record of the amount of money a company spends, earns, and owes during its lifetime. At the end of the year, we will be able to use all the data collected to gather a concise, clear, and accurate record of even the smallest transaction made during that period. This information can then be used to file the business’s end of year returns.
Some main bookkeeping duties include:
Keeping financial records
When you’re self-employed, it’s easy to let invoices and receipts pile up when you’re busy because you have a million other tasks to complete. Every day you might plan to sort the paperwork and numbers out, but then you need to develop your website, take an overseas call, or work on marketing strategies. The problem with working for yourself and running your own business is that you’re busy with something every day, so procrastinating working on the finances while you take care of urgent matters seems quite tempting.
Even though it may look like there is always a tomorrow to take care of finances, tomorrow you will also have to deal with the new day’s batch. Bottom line, the longer you disregard your accounts for, the trickier they’ll get and you will have to work more to sort them out in the long run.
TWC will do the job for you by making a record of all transactions made in a day – whether that be a purchase, sale, or an IOU. At the end of the month, we can reconcile all figures and make sure they tally up.
Data logged by bookkeepers includes:
- outstanding bills
- credit control
- cash flow
- fixed asset register
We Chase up unpaid invoices
According to a survey conducted by Shift Business, every year small businesses in the UK lose nearly £4 billion in income from unpaid invoices. TWC can help you handle all invoice matters and chase up unpaid orders so your business does not have to suffer because of lacking cash flow.
Keeping up-to-date with software updates
TWC are talented with accounting software. Numerous small businesses choose to purchase accounting software so they don’t have to hire a bookkeeper; nevertheless, the lack of know-how and technical skill can lead to huge mistakes that may end up costing more in the long run. TWC are skilful at using the newest software that allows them to enter all figures correctly and reduce the risk of making costly mistakes that can mess up the tax return.
Keeping up-to-date with tax law
Tax law modifies on a regular basis and breaking it can be expensive, so doing your research when it comes to government legislation is extremely helpful. However, if you start to feel queasy simply when you hear the word ‘tax’, you might want to pass this task to TWC. We will make sure you stay on top of regulation changes so we know exactly what to do to avoid penalties.
What are the main benefits of hiring TWC to be your bookkeeper?
Why should you choose a bookkeeper instead of going for inexpensive accounting software? Most entrepreneurs often believe they can take care of bookkeeping duties by themselves in order to keep start-up costs low. A great deal of business owners manage to do that, but it actually does take a good amount of accuracy, skill, and lots of time to enter accounts well, even when it comes to the most complicated accounting software.
Below you will find some of the key benefits of hiring TWC as your bookkeeper:
Escape costly mistakes
Mistakes are omnipresent in accounting and as such even those with a passion for figures are prone to making mistakes. Dealing with figures and spread-sheets late at night after a long day spells disaster. Even though DIY bookkeeping may seem like the inexpensive option, any mistakes made are sure to affect the end of year tax return, so you may well expect hefty HMRC penalties.
What are HMRC penalties?
- Business owners could be forced to pay up to 30% of the amount they owe for a careless mistake.
- Business owners could be forced to pay up to 70% of the amount they owe for a deliberate mistake.
- Business owners could be forced to pay up to 100% of what they owe for a deliberate mistake they try to conceal.
Hire a bookkeeper to free up your time
When you’re running your own business you may swiftly find yourself overwhelmed by an endless list of tasks to complete without delay if you don’t want your business to suffer. Pressure is greater when you rely on your business to support your family and pay the bills. Hiring TWC to take care of your financial transactions is an excellent way to free up your time and take at least some of the burden off your own shoulders.
Hiring TWC as your professional bookkeeper is an excellent way to save your business money in the long run. Years of training and experience guarantees TWC understand and record data quickly and accurately, so you get enough free time to focus on your business.
How often will I need a bookkeeper?
This will depend on how complex your business is and how much work you have for us. You can hire TWC on an hourly basis
– you may need us on a daily basis or you may find that you only need help a couple times a week, depending on the size of your business.