Bookkeeping Services in the UK
3E Accounting explains how best to manage your daily finances with bookkeeping services in the United Kingdom.
There is no gainsaying the fact that getting your finances right is the cornerstone of success. From financial statements to taxation to filing at the financial year-end, it all comes down to accurate bookkeeping. Engaging the right bookkeeping services in the United Kingdom can make a tremendous difference to your company’s accounting activity. Done right, it will save you time, costs and resources while promoting best practices in how you manage your business’ financials.
Getting the Numbers Right
Bookkeeping is the proper maintenance of day-to-day accounts and financial records. It is usually done by experienced and professional bookkeeping clerks or bookkeepers. They will be familiar with most main accounting systems. A bookkeeper maintains the general ledger, which is the company’s accounts. They will collate and record all transactions such as sales, payments, purchases, collections, etc. Bookkeepers also provide financial reports and statements, making it easier to track a business’ financial transactions.
Reliable bookkeeping services will save time as you will not have to keep rectifying your accounts. This comes in handy, especially during the time for annual and tax filings. Your books will be accurate from day one of business, and this facilitates more productivity and less backtracking of records. Accurate accounts will also help companies to make better financial decisions as they have timely data at hand. It streamlines invoicing, documentation as well as cash flow.
Bookkeeping systems can track your cash transactions as well as the accounts receivable and accounts payable. All loans, as well as payroll expenses, are kept accurate along with retained earnings and owners’ equity. They can be Single-Entry or Double-Entry Bookkeeping Systems. Single-Entry systems are simple and best suited for small businesses. Double-Entry systems are more common and use a standard method of recording. They are more accurate and provide a complete record of all accounts.
Currently, traditional trends have undergone a massive shift and the way you do your accounts is no longer static. From cloud-based platforms to flexible outsourcing options, the precepts of bookkeeping can be customised to suit any need. It can be done on-site, off-site, or as a hybrid of both. On-site bookkeeping, as its name suggests, will have professional bookkeepers physically visiting your business premises. They will make use of your company’s resources such as workspace, accounting systems, etc. to do the bookkeeping for you.
Off-site bookkeeping is done entirely online utilising systems such as cloud computing and other online tools. All records are stored electronically and can be accessed via secure facilities and platforms online. A hybrid of both these types of bookkeeping is more flexible. It works with what best suits your business at any one time and can even facilitate training your staff to do bookkeeping themselves.
To avail some of the best bookkeeping services in the United Kingdom, Contact 3E Accounting today. We offer specialist expertise with global industry experience and flexible customisation to tailor your accounting system. For accurate and high-quality accounting standards, give us a call today and speak to one of our friendly experts.