Why choose Freedom in Numbers to help you with bookkeeping?
Bookkeeping is the process of recording the daily transactions of your business, be it in a spreadsheet or on an online accounting software like Xero.
If you’re not familiar with bookkeeping, it can be very easy to make mistakes and cause lots of issues with the HMRC later down the line.
Part of running a business means you’re in charge of keeping all your records in order, and these need to be done accurately, as rubbish records going in means wrong figures out.
If bookkeeping sounds like more of a headache than you thought or is simply not your strong point, we can take care of all your record keeping freeing you up to do the things you like to do in your business.
Getting all the records in order might be one of the most mundane jobs in business, but it’s also the easy part. An accountant will make sure you’re making use of all available allowances and keep you on the right side of tax law.
It’ll always be tempting to try and keep your business finances in house and manage it yourself to keep costs as low as possible. As most discover, though, keeping all your numbers in check as your business grows and progresses gets in the way of actually running your business and hitting your targets.
It makes sense to consider getting an accountant involved early on. By putting a professional in charge of the numbers, you’re freeing yourself up to run your business how you want to run it, without the headache of bookkeeping getting in the way.
The Freedom in Numbers team are always on hand to provide support suited to your business, including advice on getting the most out of your finances.
Don’t panic, we’re here to help!
What is bookkeeping?
Bookkeeping is the process of recording the money coming in and out, so that you can see exactly what is happening in your business.
In order for your business to be successful, it’s important to be keeping your bookkeeping records as up to date as possible, otherwise you might find that struggle with paying your bills, buying stock or simply paying your taxes.
It will help give you complete visibility over your business and guide you to making the right decisions with the right knowledge.
What is the difference between a bookkeeper and an accountant?
A bookkeeper will manage the granular data of your business (the in’s and out’s) along with chasing customers for payment, and making sure your VAT returns and payroll are filed on time, whereas accounting covers the more regular reporting of the financial accounts of your business.
They don’t need to be different people either. An accountant should have the knowledge and expertise to manage the bookkeeping for you, giving you a complete end to end process.
Why is bookkeeping important?
It may seem like a task that is way down on your list of things to do, but by ensuring your bookkeeping is up to date means you’re not going to have customers that haven’t paid you for months (bad debts), or you’ve missed paying an important bill and you have a supplier or debt agency chasing your business.
It will also help you by driving the business forward to achieve the goals you set out to achieve. If you know sales are way above target, that could mean you can get that new office sooner, or if they’re a little behind you can change tack and bring in more customers.
Bookkeeping helps you prepare for the financial year ahead and allows you to think about what your next moves are, including what cash flow looks like.
Do I need a bookkeeper and an accountant?
In most instances, absolutely not.
There is no reason that your accountant cannot provide both services, unless they don’t have the skills to do so.
Likewise, you may have a bookkeeper that is competent in processing the year end accounts too.
How much does a bookkeeping service cost?
This is a bit like the questions ‘how long is a piece of string’!
Prices vary between service and the people providing the service.
Typically there are three different methods of pricing a bookkeeping service – time based, fixed cost and transaction based.
Time based doesn’t always encourage efficiency, as the amount someone is paid goes down if they use automation to speed up the process.
Fixed cost is good for cost control, however if your business gets smaller (for instance if it’s a low season), the level of work will drop, but the price stay the same.
Transaction based flexes with your business, and if your business (and subsequently transactions) increases, then you can expect that the bookkeeping will cost you more. However if it gets smaller (and the number of transactions decreases), the cost will come down too.
Why choose us for bookkeeping support?
As a business owner, it’s important that you understand what is going on in your business, and whether all your efforts are actually making you money.
Without bookkeeping, this is next to impossible as you only have a bank balance to give you comfort, and no idea of who owes you money. You’re essentially trading blind.
At Freedom in Numbers, we’re here to support your business, and take away the stress of the administrative side of business, giving you your freedom back.
Our bespoke bookkeeping services are tailored to your business, and flex to fit the activity of your business.
We offer a monthly fixed fee service that it tailored to your business and will include all the services you’ll need to get started, including dealing with the HMRC on your behalf!
We will save you time and money.
We’re confident that you’ll love our brilliant customer service and have an excellent experience working with us.
Tips for better bookkeeping
Bookkeeping is a pain for business owners, but it’s an important part of keeping your business on track, and supporting you achieving your business goals.
If you find you’re making mistakes or your bookkeeping isn’t up to scratch, download our handy bookkeeping guide.
Still unsure what everything means?
No problem, we’ve got some FAQ’s that will help answer your questions.
How should I store my receipts electronically?
We would always recommend that you use a cloud accounting package like Xero, and it’s receipt capture software Hubdoc because it’s accessible anywhere with an internet connection – even on your phone!
Using the Hubdoc app on your smartphone, you can photograph your receipts and it will put them into Xero for you along with a copy of the image, so it’s easy to refer to when you need to find a receipt! No more paper receipts being stored for years.
What is the best way to do bookkeeping?
We’ve got you!
Here’s our blog – 7 great bookkeeping habits for small business owners.
Whilst you’re here, we’ve also got another blog with tips to avoid when bookkeeping!
How often should I do bookkeeping?
Ideally you should complete your bookkeeping no less than monthly, but we prefer to do it for our clients on a weekly basis at the very least.
For the majority of our clients, we do this daily to ensure whenever they need information, they have it at their fingertips. No one likes waiting for key information!
How long do I have to keep my bookkeeping records for?
The HMRC require business owners to keep records of their income and expenditure, including copies of your receipts for at least 5 years after the financial year has ended. This is so that if they need to enquire or investigate your finances, they will still be able to see the documents to back up the information you’ve submitted.
Major headache, we know! Up until the invention of online accounting, these needed to be kept as hard copies which would take up considerable space inside your business or home. Now the HMRC are happy with electronic copies which will only take up space on your hard drive or cloud storage solution space.
Does my bookkeeper need to be local?
Using cloud accounting software, such as Xero, means that modern bookkeepers can manage your business finances in real-time from their own office, rather than you having to wait for them to go into your office.
They can access your finance information from their own office and keep your books accurate and up-to-date at all times, which in turn helps you make better business decisions, and your bookkeeper can identify and resolve any issues as soon as they arise.
Freedom in Numbers - Accounting and Business Support
We know running a business can be stressful, and sometimes it’s hard to know where to start.
We’d love to hear from you, and help you revolutionise your finance function.
Let us take the stress away, and help you get back to doing what you love.
I asked Hannah to complete my first self-assessment as I wanted to make sure that I included everything that I needed to and make sure that it was correct! Hannah was a great support, patiently answering lots of questions and helped me identify a couple of things which I had missed too. I would definitely recommend Freedom in Numbers, thank you!
Hannah and the team have exceeded all and any my expectations. Always friendly and always willing to speak to you on the phone if you raise and issue. Superb accountants
A very friendly, easy to talk to, accountants that understand how to use technology to make accounts easy.
From the outset Hannah has provided up to date information, sound advice and a comprehensive schedule for us to work to. Always quick to respond to questions and answers honestly. It’s very refreshing to meet an accountant who genuinely wants to help small businesses grow and to understand the individual.
An amazing accountant, quick, efficient, helpful, responsible and reliable. A pleasure to work with offering a personalised friendly service and a professional approach. My business is in safe hands. Extremely happy with how quickly emails and various questions are answered.
Freedom in Numbers has been great for setting up my start-up. They onboarded my business onto a modern accounting software system, like Xero which I can also login to, and then provide ongoing guidance on complicated issues. I now have a solution that gives me control, cost effectiveness and expertise I can rely on when I need it.
Freedom in Numbers have been an extremely valuable partner in supporting the growth of our business. As well as being diligent and dedicated accountants and financial managers they add tremendous value in terms of helping us improve processes with smart technology and systems. They’re extremely flexible and have helped us manage rapid growth and our changing business needs and have fast become an indispensable part of the team shaping and growing our business.
Hannah is my 3rd accountant in 3 years of running my business. I struggled to find an accountant who was dedicated to helping new start up / small businesses get set up properly and feel fully supported. I needed an accountant who would be patient, explain things, support me and work as an extension of my team. I won’t be changing accountants again. Hannah is wonderful. I finally feel I have someone I can trust to make sure the finance side of my business is being taken care of leaving me free to do what I enjoy most and what I’m good at in my business. I very highly recommend Hannah.