Bookkeeping Health Check in Nottingham
What is Bookkeeping?
Bookkeeping is the practice of recording and tracking the financial transactions of a business. Bookkeepers regularly summarise this activity into reports that show how the business is doing. They may also perform wider tasks such as invoicing, paying bills, preparing tax returns, monitoring key performance indicators and providing strategic advice.
Why Bookkeeping Matters
While it may seem obvious, detailed, thorough bookkeeping is crucial for businesses of all sizes. Seemingly straightforward, bookkeeping quickly becomes more complex with the introduction of tax, assets, loans, and investments.
Tracking the financial activities of a business is the truest purpose of bookkeeping, meaning it allows you to keep an up-to-date record of the current incoming and outgoing amounts, amounts owed by customers and by the business, and more.
Bookkeeping Health Check
What is a Bookkeeping Health Check?
We carry out a number of checks to ensure that good bookkeeping practices are in place. This would typically see us looking at things like:
- Do the previous year’s balances agree to year-end accounts?
- Are all bank and control accounts fully reconciled?
- How up to date are aged receivables and payables and are they being managed?
- How payroll elements have been allocated and whether the PAYE and net pay accounts are correct
- Are there any clear omissions or issues from reviewing the P&L and the Balance Sheet?
- Are transactions being coded correctly and consistently?
- Has the VAT been reconciled?
Benefits of a Bookkeeping Health Check?
What are the Benefits of a Bookkeeping Health Check?
Ensure Your Company Accounts Are Accurate
Accurate accounting helps your business create and control company budgets to know when and how money is coming and going from your business.
Ensure Your VAT Returns Are Accurate
HMRC may charge you penalties and interest if an error is due to careless or dishonest behaviour. That’s why it’s important to keep accurate and up to date, VAT returns.
Identify Any Errors, Omissions or Duplications
Accounting errors are unintentional bookkeeping errors and are sometimes easy to identify and fix. A health check can help you identify and quickly fix any errors.
Avoid Costly Mistakes
It provides a level of transparency and granularity that helps reduce potential errors and sheds light on other areas where they can save money or make recommendations about costs.
Confidence In Your Financial Data
Financial confidence in business decreases risk. Having a more detailed and confident plan means the business will be able to spend more time on the business.
With efficient bookkeeping, you can identify money-making opportunities, avoid cash-flow problems, and find ways to increase income or decrease spending.
How can Seagrave French help you?
How can Seagrave French help you?
Let us review your book-keeping system to advise on…
- The right book-keeping system for your business
- If the information being produced is accurate and reliable
- How you can spend less time keeping your books
- VAT errors – before the VAT Man finds them!
- Specific training needed for book-keeping staff
- How you could produce more relevant management information that is useful to manage your business
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.