Bookkeeping Services in Manchester
What is bookkeeping?
Bookkeeping is the practice of recording and tracking the financial transactions and information of your business on a regular basis. These records are used when it’s time to complete your self-assessment tax return or company year end accounts.
What is the difference between accounting and bookkeeping?
Although they often overlap, accounting and bookkeeping services have very different distinctions and functions.
Bookkeeping is the first step of the accounting process and involves recording financial information and records on a regular basis so that business owners can make informed business decisions based on the financial position of the business.
A bookkeepers tasks and responsibilities include entering financial data (such as customer and purchase invoices) into a business’ accounting software, making sure all bank, cash and control accounts are reconciled, posting journals and sometimes preparing and submitting VAT returns.
Accounting takes the data produced by the bookkeeper and then summarises, analyses and presents it in a way which is useful to business owners and external parties such as HMRC.
An accountant can tell you how much profit (or loss) you are making, can tell you what your cash flow position is and can tell you your financial position.
Why should you outsource bookkeeping services to Quay Accountants in Manchester?
There are many benefits to outsourcing your bookkeeping service to us.
Bookkeeping can be extremely time consuming, getting in the way of your actual work and keeping you from more productive tasks directly related to growing your business. Bookkeeping is also a role that is prone to human error if not done correctly.
By outsourcing your bookkeeping to a dedicated qualified bookkeeper (often within an accounting firm like us), you don’t need to worry about any of this and can have peace of mind that your accounting records are correct should you get a HMRC inspection.
As well as giving you back your weekends, we also offer additional services enabling you to keep control of your tax obligations, grow your business and identify savings along the way.
What accounting software do you use for bookkeeping services?
One of the accounting systems we use here at Quay Accountants for our bookkeeping services in Manchester is Xero accounting software.
It can directly link to your banking feeds and has the ability to connect to thousands of apps such as Dext, making the bookkeeping process simpler for both business owners and bookkeepers.
We also use a handy little tool called Dext which connects to Xero and enables you to scan/photo/email any receipts or invoices directly into Xero without manually having to enter the information.