Bookkeeping services for small businesses
If you need any guidance, we'd love to help.
If you’ve landed on this page, chances are you’re in need of a little helping hand when it comes to all things bookkeeping. Well, lucky for you, you’re in the right place!
We know that bookkeeping is pretty far down the list of enjoyable things to do for most people. Tasks such as sending invoices and processing payments can quickly become tedious and time consuming, not to mention repetitive, in a way that makes it tempting to put them off for long periods of time.
Tempting though it may be to delay it, upholding good bookkeeping practices really can make all the difference to both your business and your sanity in the long run. For a start, bookkeeping goes hand in hand with accounting, often seen as the first step in the accounting process. If all of your financial information, transactions and records aren’t up to date, what’s stopping your accounts from going haywire too?
What does bookkeeping involve?
Here’s a list of a few key tasks:
- Sending invoices
- Processing payments
- Recording financial transactions
- Completing payroll
- Daily banking
- Maintaining ledgers
In a nutshell, bookkeeping is all about looking after a business’ financial records. If you’re looking to get up to speed, check out our Introduction to Bookkeeping blog for more info.
Our bookkeeping services
It’s a lot to take in, we get it. And as business owners and sole traders, we know you have a lot of other demands on your time too. So, before you start tearing your hair out, let us introduce you to our bespoke bookkeeping service perfect for those looking to minimize their everyday workload and make bookkeeping tasks more efficient and manageable.
Here's what's on offer:
FreeAgent Set Up
As part of your package, we’ll take care of setting up your FreeAgent (including Open Banking) access. This allows you to take care of your books wherever and whenever.
Accountant Assistance
As part of your package, we’ll take care of setting up your FreeAgent (including Open Banking) access. This allows you to take care of your books wherever and whenever.
Inclusive Transactions
That’s right, we’ll give you ten transactions a month free with your DIY Bookkeeping package. No need to pay any additional fees just to shift money from one bank account to another.
Importance of good bookkeeping
Aside from keeping your accountant happy, good bookkeeping practices mean you’re more likely to stay on the right side of HMRC too. Small business owners can sometimes find themselves in conflict with HMRC over a lack of transaction records or a failure to address VAT. Errors and inconsistencies when submitting can lead to some hefty penalties so it’s always best to make sure things are in order way ahead of time. Maintaining accurate records week on week is what helps this to happen.
On top of that, what with the introduction of Making Tax Digital in 2019, it’s more important than ever to maintain records in an efficient manner ready to whiz off to HMRC at the drop of a hat. With HMRC looking to introduce Making Tax Digital for Income Tax Self-Assessment for individuals with a certain annual turnover, we’ll soon see the need for quarterly reporting of transactions to help estimate annual tax bills. Even more so than before, it’s super important to maintain good bookkeeping so that this job is simplified in the future.
To reduce mistakes and increase efficiency, it’s key you use a software supplier that supports MTD for VAT. It should be compliant, highly accurate, easy to navigate and, most importantly, simplify your business life. Check out our guide on choosing the right accounting software for more info.
Why baa?
For starters, we know our stuff! You can trust us to stay up to date on the ever-evolving nature of the industry and keep up with all incoming tax laws and regulations. Our diligence and attention to detail means you can spend less time worrying about operating compliantly and more time simply operating!
Plus, we know that bookkeeping is a pain. It’s one of those necessary evils that we have to do to keep finances ticking along. So since making bookkeeping fun is out of the question, we do the next best thing and make it as easy for you as possible instead. From an easy-to-use platform to take care of your business finances to access to bookkeeping and accounting experts, our bookkeeping solution is all about driving your success.
