Bookkeeping FAQs

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February 25, 2022

So, you want to learn about bookkeeping. Well coming to Nottingham’s Top Certified Chartered Accountants & Business Advisers website is probably a good first step.

At Seagrave French bookkeeping is probably one of the areas of our business that we are most enthusiastic about. If you’re spending too much time on bookkeeping and not enough time with your customers, we can help. Our team will handle all your business bookkeeping, leaving you free to manage other aspects of your business.

So it is safe to say that we are pretty experienced with this process so we get asked a lot of questions about what we do. In this blog, we will cover some of the most frequently asked questions we get asked at Seagrave French.

What is Bookkeeping?

Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis.

What are the Benefits of a Bookkeeping?

  • Detailed Recording
  • Compliant with the Law
  • Instant Reporting
  • It Is Easier to Plan
  • Better Relations with Banks and Investors
  • Easier Audits

What is the difference between Bookkeeping and Accounting?

Bookkeeping traditionally refers to the day-to-day upkeep of a business’s financial records.

Accounting refers to the analysis, reporting and summarising of the data that bookkeepers gather. Accounting reports give a picture of the financial performance of a business and determine how much tax is owed.

What is a Bookkeeping Health Check?

A bookkeeping health check is an audit conducted by independent contractors who are employed to inspect accounting and legal compliance. Services of this kind consist of opening the company up to investigate possible compliance issues.

What are the Benefits of a Bookkeeping Health Check?

  • Ensure Your Company Accounts Are Accurate
  • Ensure Your VAT Returns Are Accurate
  • Identify Any Errors, Omissions or Duplications
  • Avoid Costly Mistakes
  • Confidence In Your Financial Data
  • Efficient Bookkeeping

We hope that any misconceptions about bookkeeping have been cleared up and that you have had your questions answered. Perhaps you are interested in investing in bookkeeping or one of our other services?

Whatever your reason for reading this blog we are happy that you did and if you are interested in reading more please consider visiting our knowledge bank here.

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