What is bookkeeping?
Think of bookkeeping as foundations on a house build, with bad foundations, you will have a structurally unstable house. This principle is the same within accountancy, with bookkeeping being the foundations, and your finalised accounts and Tax return being your completed property.
Chippendale and Clark fully support cloud technology such as Quickbooks and Xero as a platform for our clients bookkeeping, the only aspect we do not support, is their marketing- promoting that you can do your own bookkeeping and VAT simply by using their software!
The act of bookkeeping can be complex, with different VAT rules and Tax treatment on certain expenses, it can take years to learn all the rules. This has been increasingly difficult with the rules changing so frequently through Covid-19.
Who are our bookkeepers?
Here at Chippendale and Clark your ‘Bookkeepers’ are actually our accounts assistants. All our account’s assistants qualify with AAT as a minimum. AAT are a professional accountancy body, by having this qualification it ensures that our accounts assistants have the right skills to process your records effectively.
Our accounts assistants do not only work on our clients bookkeeping, but they also draft the year end accounts. This expertise working on your records monthly means that your financial records are always up to date enabling our team to estimate future Tax bills and produce quarterly reports.
What does an efficient bookkeeping process look like?
Our bookkeepers follow a 30 check task list to ensure that every area of the bookkeeping has been considered and reconciled. We complete a debtors and creditors report to ensure all payments are up to date, picking up on any outstanding invoices. We analyse the profit and loss for any abnormal expenditure and reconcile each line on the balance sheet such as VAT and PAYE accounts.
As part of our free Quarterly reports, we calculate the estimated Corporation Tax bill to date and also ensure that the director’s loan are not in an adverse position.
These additional steps ensures that any issues within the records are rectified as the months go on, rather than at the year end when it may be too late.
Please see our latest blog here, to find out more about how accurate bookkeeping can save on Tax bills.
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