Posted 11th February 2022
Posted 3 months ago
By Unknown
How to improve cashflow
When cashflow dries up, business problems start to multiply – so keep that cash flowing with these five simple strategies.
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
Posted 10th February 2022
Posted 3 months ago
By Unknown
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.
Posted 7th February 2022
Posted 3 months ago
By Unknown
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
Posted 1st February 2022
Posted 4 months ago
By Unknown
How e-invoicing can protect against invoice fraud
With invoice fraud is on the rise, don't leave yourself vulnerable to scammers, E-invoicing is the secure way to send and receive invoices.
Our accreditations
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Sage Cloud
The UKs oldest and most prestious. We are accredited experts and can help you with any aspect of your bookkeeping.
Xero
A leading accounting software provider. We are accredited experts and can help you with any aspect of your bookkeeping.
Which bookkeeping software do you 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 do you provide accounting and bookkeeping services?
- 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
Business records you must keep if you're self-employed
- all receipts for goods and stock
- bank statements, chequebook stubs
- sales invoices, till rolls and bank slips
- all sales and income
- all business expenses
- VAT records if you're registered for VAT
- PAYE records if you employ people
- records about your personal income
- your grant, if you claimed through the Self-Employment Income Support Scheme because of coronavirus
Records you must keep if your running a limited company
- all money received and spent by the company, including grants and payments from coronavirus support schemes
- details of assets owned by the company
- debts the company owes or is owed
- stock the company owns at the end of the financial year
- the stocktakings you used to work out the stock figure
- all goods bought and sold
- who you bought and sold them to and from (unless you run a retail business)
- all money spent by the company, for example receipts, petty cash books, orders and delivery notes
- all money received by the company, for example invoices, contracts, sales books and till rolls
- any other relevant documents, for example bank statements and correspondence
You must keep details of:
- directors, shareholders and company secretaries
- the results of any shareholder votes and resolutions
- promises for the company to repay loans at a specific date in the future ('debentures') and who they must be paid back to
- promises the company makes for payments if something goes wrong and it's the company's fault ('indemnities')
- transactions when someone buys shares in the company
- loans or mortgages secured against the company's assets
How long must I keep financial records?
Limited companies - 6 years from the end of the last company financial year they relate to
Self employed - 5 years after the 31 January submission deadline of the relevant tax year
