Bookkeeping is the crucial part of any accounts system. It forms the base from which to prepare accounts and reports whether that be management information or the year end financial statements on which any tax liabilities are calculated. Get the bookkeeping right and you will have accurate, timely and reliable information. Get it wrong and you can end up with a complete mess, inaccurate accounts and no idea who owes you money and who you owe money to.
In the event of a HMRC investigation if you do not have a solid bookkeeping system in place then you are leaving yourself wide open to the risk of receiving assessments for extra tax which they think should have been paid. It will be up to you to prove that these assessments are wrong which if you don’t have a good record keeping system in place could prove very difficult.
We offer bookkeeping services to all our clients. Sometimes we carry this out ourselves in house although we do work with various good independent bookkeepers who we can recommend which may sometimes prove to be a more cost effective solution.
Alternatively if you are keen to remain as close to your business finances as possible and you want to save money in the long term then we can train you how to do your own bookkeeping. Once you have the right system in place, which will depend on the complexity of the business and the number of transactions, then bookkeeping is a relatively straightforward process and if you get stuck we are always here to help.
“Helpful and supportive”
When I decided to take on the task of maintaining the day to day accounts of the Oat Hill public house and restaurant myself rather than outsource them to a bookkeeper I approached Michael Paul Accountants. Their help has been invaluable. They advised me on a suitable Sage accounts package, oversaw its implementation and trained me how to use it. Their method of training was excellent teaching me how to use the system over a period of time and making sure I was comfortable with one area of the program before moving on to the next. They continue to come and see me regularly to check how I am getting on and resolve any problems I have. Helpful and supportive I would highly recommend Michael Paul Accountants.Ian Scott
The Oat Hill