We all lead such busy lives that the day-to-day task of bookkeeping is something that can often fall by the wayside. Should this be the case?
Bookkeeping and keeping your accounts up-to-date can be as important as generating new business. From your records you should be able to regularly ask yourself the following questions:
- Do you know if you are making a profit from your current business?
- Has your business got the capacity to take on and fund new work?
- Can your business pay suppliers as they fall due?
- Do you know what your pending liabilities are with HMRC?
- Do you know the financial position of your business at any point in time?
The only way this can be achieved is by ensuring that you keep your accounting records up-to-date and as business owners, you have legal obligations to ensure adequate accounting records are kept.
In this modern age with digital accounting packages such as Xero, QuickBooks and Sage, gone are the days of keeping reams of paper invoices and receipts in your office. With the transformation of digital accounting packages – the opportunity to keep up-to-date with bookkeeping has been made easier than ever before.
In most cases, automatic bank connections to the digital accounting packages has reduced the amount of manual data entry. Receipts and invoices can be stored electronically saving office space and the environment. Your invoices can be raised and sent electronically and payment options can be added.
Here at Lambert Chapman LLP, the majority of our accounts staff are certified in using digital accounting packages. We are happy to work with you to review your existing bookkeeping processes and we will offer recommendations to streamline the process if they are needed to help free up your time.
We also have a dedicated bookkeeping department, which means we are able to take over the elements of your bookkeeping best suited to match your business needs, allowing you to concentrate on running your business.
Please feel free to reach out to your Lambert Chapman contact who will be more than happy to advise.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.