Bookeeping

Bookkeeping underpins everything we do as accountants and its importance should never be underestimated!

Basically, it a system you use to accurately record all the day to day transactions of a business, and categorise them correctly. Without keeping accurate records, you have absolutely no idea of how your business is performing.

Book keeping systems have changed beyond recognition in recent years, and it’s a very welcome development! Most decent platforms are now fully in the cloud (our favourite is Xero for several reasons), and this has the following benefits for you:

  • No more back ups – your date is securely stored on your behalf

  • Affordable monthly license fee

  • Can be accessed from anywhere via a web browser (so no more expensive servers running 24/7!)

  • Automatic links to your bank account to import transactions

… and perhaps most importantly…

  • Your accountant can access this throughout the year enabling them to be truly proactive!

It’s an absolute game changer, and has literally revolutionised the way that accountants now work with their clients.

Of course, it’s still important to ensure that the book keeping is done correctly, otherwise the data is pretty much useless. You can’t simply connect your bank feed and then do nothing… 😉

But with bolt on tools such as HubDoc (included for free with Xero!) you just need to photograph your receipts - or forward an emailed receipt – and “match” it against the bank transaction. We have seen clients save hours every week by not having to manually recreate transactions from scratch. This has the added benefit of eliminating entry errors, so you have the peace of mind of knowing your data is more accurate.

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Accurate data means better reporting, which in turn enables better decision-making.

If you’d like to see this in action then please reach out to us and we’ll show you just how easy these systems are to use.