Outsourcing your bookkeeping

Ready to start Outsourcing your Bookkeeping? See the 7 Bookkeeping Problems to Avoid !

1. WHY is Bookkeeping for your OWN Business SO Important?
2. WHAT are the KEY Financial Reports (For YOUR Business)
3. KEY Accountancy and Bookkeeping Terms
4. The ‘SAKURA Best Practice’ Monthly Bookkeeping Process
5. The 7 PROBLEMS Resulting from Poor Bookkeeping

WHY IS BOOKKEEPING FOR YOUR BUSINESS SO IMPORTANT?

Bookkeeping is the practice of recording and tracking the financial transactions of a business i.e.
traditionally refers to the day-to-day upkeep of a business’s financial records.
Bookkeepers regularly summarise this activity into reports that show how the business is doing. By outsourcing your bookkeeping you can ensure to stay on top of these problems.

1. Legal Requirements
   With a limited company, the company director(s) are legally and personally responsible for ensuring
   that annual statutory financial statements (or accounts) are prepared.
2. VAT
   Ensuring that the submission of the bi monthly VAT returns becomes part of ‘business as usual’
   rather than the weeks ahead of the submission deadline(s) becoming unnecessarily stressful is
   important. Having to chase missing invoices from Suppliers, correct errors and potentially miss out on reclaiming VAT on business purchases are problems that are entirely avoidable – and take your timeand focus away from YOUR business !
3. Customer Relationships
   As part of managing your cashflow and ensuring that there is some element of credit control in place,it is important that you clearly understand what has been invoiced to your Customers AND what is yet to be paid (or part paid).
4. Supplier Relationships
   You need to understand what is due to be paid to your suppliers and when it requires to be paid. Also ensuring that you obtain invoices from Suppliers against any or all payment made to Suppliers as this will ensure that you are able to claim the right amount of VAT on your VAT returns
5. Key Figures
   Identifies financial and other risks facing growing business at an early stage, allowing them to be
   managed or mitigated ahead of time. If you have a growing business and may require funding within the next 12 months, NOW is always the time to consider your requirements and also to understand your options.

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