Why good bookkeeping matters

Having a well kept bookkeeping system is important for both your own information and for good governance of your business. Even if you don’t think you need any accounting information, it’s your duty to keep it, so you might as well make it work for you.

We’ll support you in your bookkeeping work, whether on a regular basis or as you need us. You might still be using manual ledgers or spreadsheets and if you are, we are more than happy to support your accounting work when it comes to your year end accounts. However if you’d like to use bookkeeping software, or would simply like to ask us to look after your bookkeeping, please get in touch and we’ll discuss your options with you.

Aside from your legal requirements to keep records, you’ll find that a fully reconciled bookkeeping system becomes really useful to you, if you’re using it correctly. We’re happy to advise on how to get the best out of your system and let it repay the time and effort you’ve put into it.

Do I need to keep records if I’m not VAT registered?

A fairly common misnomer is that if you’re not VAT registered, you don’t have to keep as many records as if you weren’t. Similarly, many think that being a Sole Trader is “simpler” when it comes to bookkeeping. In reality, the requirements for a bookkeeping system are just the same regardless of your business’s setup. If HMRC begin an enquiry into your business, you always need to have quick, easy access to anything they ask for which backs up your submissions. We’re happy to advise on how best to keep your records, in a way that satisfies HMRC’s requirements but doesn’t take you too long to manage.

Choosing a bookkeeping system

We’re experts in setting up bookkeeping systems for our clients. We (as part of Gilroy Finance Group and our sister firm MNE Accounting) are Xero Platinum partners and have a number of expert users, fully accredited in using what we think is an excellent bookkeeping system. With Making Tax Digital for VAT having already been brought in, and Making Tax Digital for Income Tax Self Assessment being introduced, we are helping our wonderful clients to get ready with this market leading software.

Using a local accountant

We’re very happy to work digitally and over the phone - it’s the way many firms and clients expect to work. And because of this, we work for many clients who are located a long way away from us! However if for whatever reason you’d like to pop in to drop your records off, or to pick up your final accounts, you’re always very welcome to come to our office in Glenfield, at the Old Rectory.

VAT: Registration and compliance

Registering for VAT can be a fairly big step for most businesses when the time comes. We can advise on the right approach (for example, selecting the best scheme) for getting a VAT scheme in place and guiding you to managing the ongoing workload. There’s more work involved in bookkeeping for your business when you’re VAT registered but we’ll advise how you can mitigate this, as much as possible. And if you don’t want to do your own VAT work, speak to us and we’ll be able to put a process in place for us to take it off your hands.

How much does Goodchild charge for Bookkeeping?

This is a tricky one to answer, as a £10k turnover business could be a more complex business to look after bookkeeping-wise than a £500k turnover business. It’s all about how you run your business, how you process your income and expenses and how complicated things like your banking arrangements are. What we can say, is that we pass on any efficiency savings to you, so that we only spend the necessary time completing your bookkeeping. Unlike many firms, our priority is spending less time (and therefore billing you less) on your bookkeeping where possible.