We are a team of expert and fully qualified bookkeepers operating throughout the London Area, working for over 25 years with small to medium sized businesses.
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If your business is growing rapidly, you need help in bookkeeping. Indeed, it will be difficult for you to plan how to expand the business if you spend most of your time doing the bookkeeping tasks.
Note that the accounting department is like an engine to your business. It summarises financial transactions and provides the information you need for planning. So, you need a reliable partner like London Bookkeepers to collect raw data and convert it into accounting and management reports. Larger companies have the resources to hire an experienced accountant who can easily generate these reports. But small and medium scale businesses do not have the money to pay an in-house specialist for this task.
So, by contracting us, we will ensure that you have all the financial reports on time. We are QuickBooks Pro Advisors and Sage business specialists experienced in preparing financial summaries for companies. We collect data from different departments and use it to prepare reports. These reports are meant to give the management insight on the financial status of the business. They increase efficiency and help their businesses to remain competitive. We prepare reports based on GAAP (Generally Accepted Accounting Principles) to give owners an idea about what is taking place in the company. We prepare monthly, quarterly, biannual and annual reports. This is to help our clients make regular decisions to help grow their businesses. We have years of experience and qualified bookkeeping staff to ensure that the reports we generate are intensive.
The reports will help you to answer questions like:
- Is my pricing,right?
- Does the business have enough funds to pay its staff?
- Which clients bring more profit to the company?
- Does the business have enough money to hire more employees?
- Which marketing strategy has a higher rate of return?
If you pay your suppliers through cash or bank, you need a reconciliation statement to help you tell the financial status of your business at a glance. We prepare monthly reconciliation statements for this purpose. Also, we are Xero certified partners, and we will connect your accounts to our software. The software will enable you to download all your bank transactions any time you need them. We then reconcile your credit cards and bank transactionsIt allows us to prepare a monthly summary of all the activities that took place at your bank. At the end of the year, we prepare comprehensive summary to be used to prepare a balance sheet.
London Bookkeepers understand the importance of knowing how sales and expenses compare. We also know that business owners may not have the time to sit down and prepare a profit and loss account. So, we prepare the income and expenditure statement to help managers to know the businesses’ progress. Our goal is to ensure that the entrepreneur gets more information about the business. It helps them decide whether to change the strategy they have employed or maintain it. Our income and expenditure statement will show the sales, the expenses and the net profit or loss the business made. In the case of a loss, we point out key areas that led to the loss. We tell the management what to do to put the business back on a profit-generating track.
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If the results show that the business made a profit, we give tips on what to do to increase profitability and how to keep your tax liabilities to a minimum. We are QuickBooks Platinum Partner and qualified QuickBooks ProAdvisor’s, and so we use the software to summarise information in a language you can understand.
Note that we prepare the income and expenditure statement to help an entrepreneur to see whether the business is making a profit or loss. We also tailor it so that owners can use it as a tool to monitor operations. Our goal is to give the owner important information on revenue and expenses. It informs them of the things to do to recoup the losses including costs that need to be reduced. Lastly, we will tell you whether the business is using the available resources well or not. Note that we prepare financial statements and can submit to the HMRC if so instructed.
London Bookkeepers are Quickbooks pro-advisor qualified. Thus, we understand how debts can make it difficult for the business to operate. So, we help businesses keep track of all the debts owed. We filter the invoices using software to single out customers with outstanding balances. We then prepare an aged debtors list showing debts that are likely to be paid and those to be written off as bad debts. The list will show you which customers owe you the most and those owing the least. Using the data collected, we pinpoint customers that are likely to pay and those who might default. We then recommend possible credit limits.
We then prepare a debtor’sreport which can be submitted to financial institutions when looking for a business loan. Remember that lending institutions consider debts owed before approving loans. The reasoning is that money owed represents possible future income. So, having the list is a plus. But to be able to prepare a reliable debtors report, your business must keep track of the invoices they send. We also advise that the business should have records of when the business was supposed to pay.
Generally, our debtor’s report will answer the following questions:
- How much customers owes you?
- Due dates for invoices sent.
- How long a customerhas been owing?
- The customer that owes you most of the money.
- The credit limit you should give to each customer.
We understand that managing payroll is a challenge to small businesses. We also know that HMRC regulations keep on changing and so you need to work with a competent bookkeeper and payroll provider. We are HMRC approved and conversant with all the rules. We prepare payslips for businesses that pay via the direct deposit method or cheques. We will also avail to you all the records HMRC requires you to keep avoiding the £3,000 penalty.
Benefits of working with London Bookkeepers for bookkeeping services.
1. We shall give you an unbiased opinion
In-house bookkeepers may try to conceal any information that shows the business is not doing well. But when you engage us, we will give you the real financial picture on the ground whether positive or negative. We are aware that you need this kind of information to plan how to turn your business around.
2. Our charges are low
We charge a competitive price since we know you need all the resources to grow your business. Also, you will only pay us for the days we work for you. It means that you will not need to employ a full-time bookkeeper who will need to be paid a monthly salary and other benefits. We shall also serve as your financial watchdog and give you tips you on cost saving opportunities. Our fees are fixed each month and we offer a free 2 month trial period on bookkeeping services.
3. Low turnover
When you hire a full-time bookkeeper, they may get frustrated along the way. Some of them get bored while others feel that they are not appreciated. Their absence is likely to cause financial turmoil to your business. When they disappear, you will not have a person to send reminders to vendors. Also, you will not have a person to update the debtors on their balances. But when you hire London Bookkeepers, we will be there for you. We can never drop you since we are interested only in a long-term relationship. We will work with you all the way. We are experts in providing a first-class bookkeeping service to London small and medium sized businesses.