We hate to break it to you, but you’re not the best bookkeeper for your business. You are a business owner with a speciality in your industry. Here at DNA Accountants, we’ll always encourage business owners to hand over their bookkeeping to us.
Why do we suggest this? Because it’s the fastest way to save you money in the long run. A great bookkeeper can save you money by:
-Correct coding and categorising of your business’s income and expenses
-Regular journal posting
-Dealing with HMRC letters/enquiries/deadlines
-Correct VAT treatment of transactions, preparing the VAT return and submission
-Running a tax efficient Payroll
-Preparing Construction Industry Returns (CIS)
-Credit Control
Now back to our original question – are you thinking of doing your own limited company’s bookkeeping?
We love business owners who want to get stuck in and do this. Bookkeeping may look easy, and on a basic level, it is. However, it can also go wrong very quickly and can be a painful and time-consuming exercise to fix. There are also lots of rules regarding claiming certain expenses through your business which you may not be aware of. Having DNA Accountants in your corner ensures nothing gets missed and you fully comply with HMRC regulations.
If being your business’s bookkeeper is your only choice, we can help with that too. We provide training; getting you set up and running on Xero, covering invoicing, basic bookkeeping and ongoing support. It doesn’t have to be a solo mission, and we can carry out reviews to ensure you are keeping on the right track. This doesn’t mean you have to stay this way for the year – we can take over at any point, freeing up your time to focus on the growth of your business instead. Book a call with us now to discuss your individual company needs.
We can provide structure and certainty when it comes to your financials, with a personal relationship to back it up. We are always around for a chat and you won’t get charged extra for doing so!
Now you may be thinking at this point, I have an accountant, why do I need bookkeeping in the first place?
The short answer is, you don’t! You could just keep all your records for the year, bundle them up and hand them over to your accountant at the year-end.
However, by having DNA as not only your accountant but also completing your bookkeeping, we have access to your up-to-date data. As soon as your year-end date ticks past, we can begin preparing your accounts ensuring that you have your finalised accounts in the fastest and most efficient way. No headaches of having to gather up all the info needed and receive questions about transactions that happened nearly a year ago. We already dealt with that at the time!
By having your bookkeeping completed at regular intervals you are able to look into the following areas in more depth:
-Instant reporting
-Cash flow/ budgeting/ forecasting
-Easier tax preparation
-Easier decision-making
-Better relations with banks and investors
-Decreased errors and fraud
-Increased business efficiency
-Up-to-date and realistic pricing for your business
What’s the difference between a bookkeeper and an accountant?
Bookkeepers are there to help you with the daily life of being a business owner. You have a quick question regarding invoicing and VAT – you shoot your bookkeeper an email. You need an up-to-date Profit/ Loss report – your bookkeeper can get this to you straight away. Bookkeepers are there to keep you running smoothly throughout the year and ensure you have the most accurate financial statements ready for your year-end accounts.
An accountant works directly with your bookkeeper to verify the financial statements and prepare your company’s tax return. Accountants can assist with complicated tax questions and ensure you are covering all bases for tax savings. Accountants tend to focus more on the bigger picture and assess the company as a whole at the year-end.
In summary, we suggest having both! Paying for two separate people to do this doesn’t make a lot of sense, having a one-stop-shop does. That’s where DNA Accountants can come in. Providing a streamlined service for both areas of expertise.
We want you to focus on what you do best: providing a great service to your customers. Leave the day-to-day financials with us – it’s what we do best! Now don’t just take our word for it – check out this case study from Donna at Blackbrook Interiors, for a client’s perspective.
If all of this sounds like a different language to you, then please do get in touch, we’re always happy to chat things through.
