Best Bookkeeping Services in London Accredited by Sage and Xero

What is bookkeeping

In simple terms, it is the recording of financial transactions.

Why do I need to keep these records?

It is your legal duty.

  • HMRC requirements - You must keep records and the pertinent support and make these available to HMRC if they request to see them. This applies to all taxes, meaning Income tax, national insurance contributions, VAT, Corporation tax, stamp duty and even inheritance tax. If you can't provide the evidence, it didn't exist!
  • Companies House requirements - If you are a Company director, the record-keeping burden is even greater because in addition to accounting records, you must inform Companies House of any changes to directors, shareholders, debentures, indemnities and charges over the Company.

What is the bookkeeping process?

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Record and send invoices

The most important part of trading. Send your invoices, monitor payment terms and get paid! you can turn on automated chasers and send easy payment links to your clients or better still, set up a direct debit.

Capture receipts and purchases

Snap the invoice and save it into your software. It is as simple as that! Enter payments terms into the software to maximise your cash flow.

Analyse your bank accounts

No need for manual entry! Set up a bank feed, download your transactions and watch the "match" features in action.

Pay your suppliers promptly

You can pay through your accounting software once your happy. No need to re-enter the information through your bank account.

Chase those slow paying customers

If your still waiting for payment, set-up automated chasers.

Read our latest blog on all things bookkeeping

Keeping business records

Keeping business records

HMRC could charge a penalty up to £3,000 may be charged for each failure to keep or to preserve adequate records in respect of a return or in respect of a claim made other than in a return.

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How to improve cashflow

How to improve cashflow

When cashflow dries up, business problems start to multiply – so keep that cash flowing with these five simple strategies.

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Why you need financial reports

Why you need financial reports

Making time to look over your financial reports each month is an important task for any business owner. We can give you an overview of what reports you'll need to help you build a thriving business.

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What is more important? Profits or cashflow?

What is more important? Profits or cashflow?

Worried about cashflow and the profitability of your business? We’ll review your finances and highlight key ways to improve your cash position while keeping the profits rolling in #businessadvice

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Our accreditations

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Bookkeeping Services London

Sage Cloud

The UKs oldest and most prestious. We are accredited experts and can help you with any aspect of your bookkeeping.

Bookkeeping Services London

Xero

A leading accounting software provider. We are accredited experts and can help you with any aspect of your bookkeeping.

Which accounting and bookkeeping software do we use?

We provide bookkeeping services for small business using market leading software. We use Xero bookking and Sage Bookkeeping software and are proud to say we have been accredited by Sage and Xero. A number of accountants use cheaper alternatives to improve their profit margins but many find they are prone to problems. Ultimately, the responsibility to get things rights sits with you, the taxpayer/Company director.

How can we help you?

  • We can digitally capture invoices, receipts and expenses into the accounting software. Once we have a record into the software, you no longer need to keep a physical copy.
  • All our bookkeeping in the cloud. This means your financials are saved in a secure environment and you don't need to worry about losing paperwork or wasting money on physical storage space.

Call us on 0203 488 7577 or email us at info@lancingcotswold.com