Bookkeeping is tedious, time-consuming, and sometimes a little confusing. For small businesses, it often gets in the way of you doing what you do best, running and building your business.

An inability to maintain records can lead to fines of up to £3,000, as well as one being stripped of their title of company director. Consequently, it’s unequivocally vital that you bookkeep correctly.

What is Bookkeeping?

Bookkeeping is the general management of a company’s financial information, regarding data including expense accrual, transactions, and other financial information. This is an essential feature of running an organisation, as it guarantees that all financial information is in order. As a result, the most educated and financing decisions can be made by the company directors.

Quite simply, a bookkeeper is a professional who handles all the recording and financial transactions of a company. A company can guarantee that all financial liabilities and assets are accurately recorded when they have an efficient bookkeeper at their disposal.

What does Bookkeeping Entail?

You are expected to maintain accurate financial records for a minimum of six years and even longer if you have purchased an item or service with the intention of it lasting over six years. You must also keep invoices and receipts of all monetary transactions that the company has dealt with. There must also be accurate information regarding any assets or debts that the company may have.

Company bookkeeping can be a full-time job. It often makes commercial sense to have someone look after your bookkeeping so you can run your business more efficiently. We take the burden of bookkeeping away from you and free up your time. Our tailored service includes:

  • Record information
  • VAT records and possibly VAT submissions
  • Employee payroll
  • Recording invoices received from suppliers and paying suppliers
  • Recording monies received
  • Billing of goods or services

Keeping up to date with your account bookkeeping and having organised and complete records can also help your business to succeed. It will provide you with reliable information on which you can base vital business decisions.

Keep Your Books in Order with TaxRefundsRUs

Here at TaxRefundsRUs, we provide a reliable bookkeeping service so that you don’t have to worry about the state of your company’s financial records. Call today on 020 8561 8388 to find out how we can save you time and increase your business’s productivity through our bookkeeping services. With around 30 years in the industry, our team is comprised of experts who are well equipped to maintain your financial records. Get in touch today.