Our Blog

Outsourcing bookkeeping facilitates better business management

Fri, 23 Oct 2015 13:05:54 GMT

When it comes to running your own business the key to successfully managing your finances lies in organisation. Many businesses feel they cannot afford to outsource their bookkeeping and attempt to handle it in house. The truth is that a large proportion of business intricacies fall outside the expertise of many entrepreneurs. By utilising a professional bookkeeping and data entry service you can hand over the responsibility of finance management and focus on the areas of your business that you are passionate about. Overall, the outsourcing of your bookkeeping can save you money and afford your business the opportunity to thrive.

Aside from cost-efficiency there are other benefits to utilising professional bookkeeping services. You can concentrate on developing your company and avoid aspects you are unclear on. You can also reduce your administrative burdens and eliminate any concern over employee related issues. You will benefit from individuals with industry insight and expertise that strive to maintain their position in a competitive sector. This ensures their dedication to provide you with the best possible service.

You will incur much less paper work which will in turn offer you further savings. You will also be able to make better use of your office space by using the rooms you would have allocated to an internal bookkeeping department to enhance your production capacity or provide extra space for customer services. Furthermore, you will never have to face typical year end issues and pressure. Professional bookkeepers ensure your data entry and annual account submissions are completed and efficiently managed in time giving you the peace of mind that your finances are in order.

As widely trusted bookkeepers we are proficient in every aspect of business finance and we make use of the best programs and tools to offer you a high calibre service that will offer maximum benefits to your business. Our team of experienced and skilled professionals are on hand to assist you with affordable and dependable accounting services in Worthing.

Supporting clients with their books

Thu, 08 Oct 2015 15:30:00 GMT

Maintaining accurate financial records is an ongoing job because you'll need to keep note of all your incomings and outgoings. As part of this, receipts should be kept and organised so you can look back over them if you need to check the validity of any figures. This can involve a great deal of extra work but is essential for the smooth running of a business.

Traditionally it was even more challenging to organise accounts effectively because you needed to keep paper copies of everything. These take a lot more management and you could easily turn to them and find they are no longer in the order you thought they were. Modern digital systems have made the process much easier and brought many benefits, including taking up much less space and making it easier to search for information when it is needed.

Whatever option you choose, it is a good idea to seek guidance from an experienced accountant or bookkeeper. These professionals will have the skills to help you get everything organised correctly. Their support can prove to be invaluable, saving you time and effort and boosting accuracy. They may even be able to advise you about ways you can improve your financial situation, such as minimising taxes.

We can provide a range of accounting services for Worthing individuals and businesses, working with them to increase the accuracy, organisation and transparency of their records. Our team have plenty of experience with paper records and we even offer a drop and run service where receipts and information can be left with us and we will enter everything on to a modern digital system. We use industry standard software to ensure excellent results and clear organisation.

As well as paper records we can also help clients who already use electronic systems and need assistance with them. We are accomplished at using Sage software and can solve all kinds of problems. On top of this we can also provide training to help people get the most use from the software.

For a full array of accounting services please contact Worthing Bookkeeping for details. We can create a specific package for every single client and ensure their needs are met.

Professional bookkeeping offers maximum efficiency to businesses

Thu, 24 Sep 2015 14:13:15 GMT

Bookkeeping is undoubtedly one of the most time consuming aspects of running a business. Many businesses attempt to handle their own bookkeeping with a view to reducing costs and keeping everything in house, but by hiring a professional bookkeeper you can be sure of an efficient service and effective management of your resources. Whether your business is new or already established, there are many ways you can benefit from outsourcing your bookkeeping to trusted professionals.

We offer a wide range of services to all business entities and we build long-lasting relationships with our clients. We strive to deliver the individual solutions each client needs and we are renowned for our cost-efficient and comprehensive service. Our team will always ensure your financial records are maintained and that you are free to focus on your business.

We aim to make life easier for our clients by reducing their responsibilities. If your financial records consist of a box filled with receipts, you can simply drop them off with us where they will be categorised and systematically entered into account packages. We will ensure your books are balanced and notify you when they are ready to go to your accountant. Our service means you do not have to sort out the information yourself, hire or train an employee or worry about mistakes caused by incorrect software.

Submitting your annual accounts can be stressful. Our role is to eliminate any concern by making sure that you meet your legal obligations, benefit from all available allowances and operate as tax efficiently as possible. We are also partnered with a certified accountancy firm and our clients can be sure that every aspect of our work is fully verified.

We pride ourselves on the accuracy and affordability of our work. Our team is made up of skilled and dedicated professionals that put their efforts into completing your accounts within agreed budgets and time frames. We offer every client a free consultation, a no obligation quote and we are happy to answer all enquiries. If you need bookkeeping and accounting services across West Sussex, contact us today.

How clear are your accounts?

Mon, 07 Sep 2015 15:02:55 GMT

The basic idea of balancing the books is to ensure that the totals you have for incomings and outgoings are correct and everything is in order. This is very important because the figures will be used for all kinds of financial reports and to calculate whether the business is making a profit or a loss. You'll also need clear accounts when you have to submit them for tax reasons. If the numbers don't add up, you could face a host of potential problems.

Many businesses make accounting and balancing tasks more difficult by not having clear, well organised records. This is crucial and should be something that every business does. A record of everything should be kept, including receipts, invoices and cheques. There should be notes on each of these to explain what they are for and the date they were either issued or received. This makes it easier to trace financial information if you need to and means you won't miss any figures out when you do those all-important calculations.

Clear accounts need to be kept for six years before being archived. In some cases they must be kept even longer, especially when it comes to transactions that cover multiple accounting periods. If you are self employed, you should keep records for five years after the submission deadline for the appropriate tax year.

When businesses first start out, they should have clear accounting practises in place. This is crucial and can potentially save them a great deal of money. Hiring an external accountant or bookkeeper is a wise idea; some businesses avoid hiring accountants because of the perceived expense, but making savings by cutting essential services is a false economy and can lead to more costly issues in the future.

We provide a flexible range of accounting services throughout Worthing for businesses of every size. We can provide data entry and get all of your incomings and outgoings arranged in a clear, accessible manner. At the same time we will balance the books for you and can produce statements too.

Making sense of a simplified tax approach

Mon, 31 Aug 2015 08:00:00 GMT

Many small to medium size business owners find it hard to believe that there really is an organisation called the Office of Tax Simplification up and running in the UK today. Their job is to take the UK's complex taxation policies and advise the government on more simplified and straightforward ways of applying them. Even with these measures in place, the UK system can sometimes be complex and difficult to work through.

The variations in the UK tax system are designed to encourage business growth, leading to an overall stimulation of the economy. That said, even with the Office of Tax Simplification working to make tax filing as straightforward as possible, many business owners ending up getting distracted. The main focus of a business owner should be on growing and succeeding with their company. When they have to deal with tax returns and filing considerations too, there is a risk of neglecting the business or making errors in tax filings. To save time and avoid mistakes, you may require professional advice and practical help. This is where we can help.

One of the major problems accounting businesses face is the frequency of VAT returns, which must be filed quarterly. This means companies need to always stay on top of what they need to pay VAT on and what they can reclaim VAT for. As the guidelines and legislation affecting VAT are under seemingly constant review, even if you have the best kept records and accounts in the country it can be a challenge to work out what may be reclaimed and what must be paid. We're happy to handle this for you in a cost effective way.

If your VAT returns are incorrect, you run the risk of being fined. In many cases this is the result of a simple mistake. With our tax expertise and accounting services in West Sussex, you can avoid the pitfalls and make sure your returns are submitted correctly and on time. We'll make sure you are in the best position possible with your VAT return situation whilst always ensuring you remain well and truly on the right side of the law.

Learn Sage with our expert help

Wed, 12 Aug 2015 08:00:00 GMT

Sage Accounts is one of the most popular pieces of accounting software on the market. It allows businesses to devise their own system, including choosing the modules they need currently and leaving space for those they will require in the future. The software is immensely flexible and goes beyond basic accounting, meaning it can cater for the needs of both small and large businesses alike.

One great thing about the software is that you can set it to carry out daily, monthly and annual tasks automatically. This means that you can have the system set to compile reports and produce statements so you don't need to do it manually. This brings added efficiency and also reduces the risk of human errors from inputting data.

The fact that Sage Accounting is so powerful also means it can be challenging to use at times. Learning the system on your own can take a great deal of effort, including a lot of trial and error. A better option is to hire a specialist to teach you. This will dramatically improve your ability and help you to get the absolute most from your software.

At Worthing Bookkeeping we provide a wide range of accounting services in Worthing, working with a diverse range of clients throughout our local area. One of the services we are particularly proud to offer is Sage Accounts training. With our assistance, you can learn how to set up your package of modules and use them to their full advantage for your business. We work with you on a one-on-one basis because we know that each client will have their own specific needs and goals for their business. This personalisation also means we can provide the right level of support to suit you, regardless of your experience level.

With our help, you can build your own understanding of the software and increase your proficiency using it. We will answer any questions you may have so you can be completely comfortable using the system.

The importance of keeping clear records

Thu, 30 Jul 2015 08:00:00 GMT

One of the most challenging parts of handling your own accounts, whether it is for business or your personal finances, is keeping accurate records. Organising all of your receipts and bills and keeping evidence of them can cause numerous problems if you don't keep up to date with it. You'll need to devote enough time to organising everything and keeping a record, otherwise you could fall foul of HMRC.

Business accounts are naturally more comprehensive than personal ones because you need to provide more information. Topics like income from sales, business expenses, VAT, investments, accounts receivable and accounts payable all need to be included.

One of the most challenging aspects of dealing with your own business accounts is keeping records for employees. Businesses are required by law to keep a record of what they pay employees, including notes of deductions for absence, sick pay and holidays. If you are covering expenses you need to make notes of these and keep receipts. Full PAYE records should also be kept to ensure you are paying all necessary taxes. You should have a record for each tax year and keep them for the following three years. Businesses that fail to do so can be fined heavily by HMRC.

Business accounts also need to include profit and loss reports and a balance sheet. The profit and loss statement should contain up to date information about income, costs, expenses and earnings. All of the data should be clear and backed up by evidence. The balance sheet shows assets, liabilities and equity; again they need to be supported by relevant details.

If you don't have the time to spare to do your accounts and get everything in order, we would be happy to do it for you. At Worthing Bookkeeping we provide a full range of accounting services throughout West Sussex. We have a special "drop and run" service where clients can leave us all of their receipts and documents and we will organise and catalogue them before creating the accounts and balancing the books. The service will save you time and ensure your information is organised and laid out to a professional standard.

Providing professional annual account preparation

Wed, 15 Jul 2015 08:00:00 GMT

By using professional bookkeeping services, you are able to keep track of your finances and relax in the knowledge that your business is entirely tax efficient. Every private company is required to prepare annual accounts for Companies House and HRMC every year. The aim of your accounts is to report the financial activity of your company for each financial year and determine the amount of corporation tax that is owed. If you run a company, you are responsible for ensuring your accounts are accurately compiled and submitted by the statutory deadlines.

Your annual accounts should include a balance sheet, a profit and loss account, a director's report and auditor's report, unless your company qualifies for exemption. Your accounts should also include detailed notes and the company director's signature. If you are a relatively new business, your initial set of accounts should be delivered to Companies House within 21 months of incorporation. These accounts usually cover a 12 month period, beginning from the incorporation date and ending on the accounting reference date. This is usually the anniversary of the last day of the month you started your business. After your first year of trading, your accounts will need to cover a 12 month period and will be due 9 months from your accounting reference date.

We have been supplying annual account preparation services for over 20 years, and we are proficient in every aspect of the work, providing a range of accounting services across Worthing. We employ a team of highly qualified, skilled and experienced professionals that offer a personalised service. They will guide you through the entire process and ensure that you produce professionally structured audited accounts. We are recognised for our flexibility and we can carry out as much of your auditing work as you require. Every aspect of our work is verified to make sure you comply with all corporate tax laws.

Bookkeeping services that benefit your business

Tue, 30 Jun 2015 12:00:00 GMT

It has become common for businesses to outsource their bookkeeping for a variety of reasons. The rise of the internet has forever altered the way we do business, as we now have access to a world of services with the click of a mouse. Immediate access to professionals who can assist us with particular aspects of our operation means that we can secure services that enable our businesses to run smoothly and successfully. Bookkeeping can be time-consuming and challenging, which is why outsourcing has offered so many benefits to business owners throughout the UK.

When you outsource this task, you will find yourself with more available time that is better spent focusing on your company. You will also save money by not paying wages and benefits to a specific bookkeeping employee. When you outsource, you simply pay for what you need and no more. You will have access to professional experience and sector knowledge for a fraction of the cost of an in-house expert. You will also have the security of knowing your business finances are in the hands of skilled people who understand the most beneficial practices and strategies.

Professional bookkeepers are aware of every facet of finance, and collectively they take every step to ensure you are receiving the finest services possible. Your business will also benefit from the finest tools, programs and latest developments. When you have a reliable team on hand to present potentially beneficial plans and ideas, you are able to make adjustments that will help you expand your business.

We provide quality accounting services in West Sussex and we build close relationships with our customers based on trust and long-term collaboration. Whatever your business entity, whether you are a sole trader, limited company or partnership, we are equipped to deliver every solution. From maintaining your finances and preparing your annual accounts to data entry and our convenient drop and run service, we will provide you with a professional and friendly service.

Don't restrict your access to finance by neglecting your books

Tue, 16 Jun 2015 08:00:00 GMT

Accurate and consistent bookkeeping is important if you want to stand the best chance of securing financial support for your business. Banks and other lenders are unlikely to offer loans and finance if the books aren't in order and there is a lack of transparency. Both of these will set off warning signs and can leave your enterprise in a precarious position, potentially limiting access to capital and restricting growth for the future.

Whatever the size of your business, whether it is an SME or a larger company, it is crucial that you get the books in order. As part of this you need to keep evidence of all incomes and expenses, including receipts to support them. Your records should be clear and easy to make sense of, both for your own benefit and for that of lenders and tax authorities too.

Working with an experienced bookkeeper offers many benefits to SMEs, potentially saving them a great deal of time and expense. If you choose a provider that uses modern electronic systems you can also save on the amount of space you need to give over to paper records. Accounting software typically makes information more easily accessible too, so you won't need to waste time searching for specific details.

You should ensure your bookkeeping is in order at the same time you take care of your other important accounting services. By keeping both aspects under the care of a single accounting company you can save time and money, as well as building a much stronger relationship with the provider. It also means you only need to search for a trustworthy professional once.

At Worthing Bookkeeping we provide a full range of accounting services in Worthing and surrounding areas for local businesses. It is our main aim to provide the support that companies need to strive towards their goals, however ambitious they may be. We will help you to get your books in order, ensure they are properly organised and completely transparent. Alongside this we will help you with tax returns and annual accounts submissions too.

Providing indispensable help with your annual accounts

Tue, 26 May 2015 08:00:00 GMT

Bookkeeping and organisation of accounts can be quite a challenging task that takes a lot of time and effort. We are able to offer reliable accounting services in West Sussex that all of our clients can depend on and that will help to ease the problems that you face related to your business finances. In particular, we can provide help and advice in regards to preparing your annual accounts.

Also known as statutory accounts, your annual accounts are prepared from your financial records to be delivered at the end of the financial year. These accounts need to be delivered to any shareholders and those who attend general meetings in your company, as well as HMRC and possibly Companies House. Statutory accounts need to contain various details, including a balance sheet, a profit and loss account and a director's report. Alternatively, smaller companies (those with a turnover of £6.5 million or less, with less than 50 employees and £3.26 million or less on its balance sheet) can send abbreviated accounts to Companies House, which consist of a balance sheet from the statutory accounts along with notes. The accounts prepared must meet either International Financial Reporting Standards, or the standards outlined in UK Generally Accepted Accounting Practice.

Preparing your statutory accounts can be a challenge. There is a large amount of information that needs to be gathered and compiled accurately in order to prevent legal ramifications. The differences between how statutory accounts are prepared, depending on the status of your company, can also further compound confusion when preparing your accounts. From small companies to micro-entities, there are a slew of requirements, and they can be difficult to keep track of. This is why we offer an annual accounts service to aid our customers.

With over two decades of experience, our team will help to guide you through the process of creating audited accounts. We can simply advise you, or we can step in and provide practical support throughout. We will ensure that you've claimed for all allowances that you're entitled to, and will also ensure that you are operating as efficiently as possible with your taxes, helping to save you money. With a certified accountancy company verifying everything that we do, you can be further assured that we'll ensure you operate within corporate tax laws. Contact us today to find out how we can help you with our accounting services in West Sussex.

Complete confidentiality for your finances

Tue, 12 May 2015 08:00:00 GMT

Many businesses choose to outsource their bookkeeping, data entry and other financial tasks in order to save time and money. However, it's understandable that many companies are concerned about retaining privacy while doing so. As so many of us rely heavily on technology in our daily lives, data leaks are increasingly becoming a source of concern. Fortunately we are here to reassure all of our clients that when you use our accounting services in Worthing all your data will be kept absolutely safe and secure.

We have many years of experience behind us and can offer a wide variety of different services to all our clients. Whether you would like us to take care of your bookkeeping, accounts or VAT returns we're equipped with the skills to produce high quality results. Building personal relationships with our clients helps us to understand their needs completely.

One of our most popular services is 'drop & run', which means that you simply hand to us your receipts and our team will sort through them, categorise them and make sure that they're ready to be sent to HMRC for VAT returns. Whether you're a sole trader, limited company or operating as a partnership we will make sure that you're provided with the support and help you need.

If you're seeking reliable and extremely confidential accounting services in Worthing and throughout the whole of Sussex, we are proud to deliver the finest solutions. Specialising in all aspects of accountancy, we're ready to help anyone in any situation with the aim of improving their finances. Each and every one of our services is conducted with complete discretion so you can have complete peace of mind about data leaks. Get in touch with us and we'll be happy to offer a no obligation quotation and a complimentary consultation.