Do you need a Bookkeeping Service?
It is a legal requirement for every business that they keep records of their transactions, sales, expenses and purchases by some type of Bookkeeping system. Many different formats can be used – from accountancy software to Excel spreadsheets or even ledgers. Although there is currently no set compulsory format – with the arrival of the government’s Make Tax Digital initiative reporting will need to be digital.
The MTD process applies to VAT from the first return commencing after March 31st 2019 and tax is scheduled to follow – possibly by April 2021. It makes sense to ensure compliance for your Bookkeeping to the MTD requirements as soon as possible, even if you are not above the VAT threshold. This makes sense from a financial control point of view – and fines for failing to keep adequate records are substantial.
The benefits of a good Bookkeeping Service.
Good bookkeeping leads to more precise control of a business’s finances, it is an essential part of running a successful business. When good records are kept the business owner knows at any given time, how much is owed from customers, how much is owed to suppliers, how profitable the business is and how much cash is available. The owner can then make informed decisions.
Many businesses struggle to maintain good bookkeeping records – the demands on staff time are just too great. Outsourcing your bookkeeping to Teasdale can remove this serious headache.
The benefits also include use of the best bookkeeping system for your needs, peace of mind, with rapid data entry and books always up to date, and often tax savings, spotted by our enthusiastic and skilled staff.
How easy to use is the Teasdale Bookkeeping Service?
Teasdale have worked hard to provide a simple and easy process for our clients. Paper records can be mailed to us or dropped off at our offices. For electronic records (such as invoices sent as PDFs) you simply forward them on to your assigned bookkeeping clerk via email.
Once you decide to work with us, we will ask you to send us your records at an agreed frequency, depending on your businesses’ needs. This can be monthly, quarterly if you are VAT registered, or it can be annually for small non VAT registered businesses. However, all businesses vary and we will agree the most convenient frequency with you.
Once your records have been received, we will input the transactions into bookkeeping software which will take care of any MTD requirements. We will then use the processed bookkeeping information to complete your VAT returns (if applicable), accounts and tax returns.