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Why you need a bookkeeper!
Apr 22, 2022
We thought we would kick off the new tax year with reasons why you need a Bookkeeper!
Entrepreneurs and business owners are great at doing everything themselves, its probably why they have set up their own business and why the thought of spending money on something they could do themselves is madness!!
We get it.
But if you could have more time to grow and improve your business, work more productively, and have a better work life balance surely spending a bit of money to achieve this is a no brainer?!
There is some truth behind the saying “you’ve got to spend money to make money” because hiring a bookkeeper will allow you more time to concentrate on the running of your business whilst they take care of the financial side of things as well as staying on top of your tax obligations. Instead of worrying about collecting receipts, making sure an invoice has been paid, managing your payroll or reconciling your bank statements your bookkeeper will manage all of it (or as much as you need) saving you valuable time. This time could be spent increasing your marketing efforts, improving your products or customer experience, ideally making your business more successful or just allowing you more time to do your job productively.
As well as this bookkeepers collate real-time financial information which in turn can offer valuable insights into your business and allow future planning.
Perhaps you are a dab hand at bookkeeping though, and happy to do it yourself, but have you thought about bookkeeping training? A bit of training on specific areas you may be weaker in could speed up the process and allow you to work even more efficiently; training would ensure you are working to the full potential with the package you currently use such as QuickBooks
Bookkeeping, although an expense, should be seen as an investment as it will ultimately save you time in the long run and you know the saying time is money!
Here at Books and Business we offer a bespoke bookkeeping service from a full service including the new VAT for MTD set up and monthly managing to ad hoc training or even just a one-off reconciliation of your accounts to make sure everything is running as smoothly as it should do.
Send us an email with your specific requirements and let us tailor a package to suit your specific business needs.
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.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates
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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.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates