Utilise a bookkeeper to help keep on track with issuing invoices

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Do you raise invoices promptly?

Jun 13, 2022

When business is booming, you are focused on ensuring all orders are filled, customers are served, all works are done etc etc; but this could mean that trying to get your invoices out on time may start to slip. They may start to get issued later and later meaning the money isn’t coming in as the invoices aren’t going out.

Staying on top of the admin side of your business can become a strain on resources; not only can raising vital invoices fall behind but following up on the payments and what is overdue can also slip. The longer you take to invoice someone you run the risk of the invoice not being paid at all. Trying to then figure out what you have billed and when, what is owed and who from can be a bit of a nightmare!

Preparing invoices is just one job that a bookkeeper can take off your hands, as well as preparing the invoices a bookkeeper can chase overdue payments to ensure your books are always up to date which reflects the exact financial position your business is in.

Not only is preparing the invoices an added stress to your daily routine you must also ensure you pay your outstanding bills on time too. Not paying your suppliers on time can put your business at risk and potentially ruin your reputation. However, you can use a bookkeeper to either schedule in a “payment run” once a month or alternatively with the right paperwork in place with your bank, they can set up the payments on your banking system too making sure you are always on time with paying your suppliers, which can help to building a good rapport with your suppliers.

Give us a call today to see how we could help with your business administration; see how much time we could free up in what is an already a very busy role.

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Plans for ID verification from Companies House

by PH186232 • 22 Oct, 2024

Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.