Good bookkeeping is essential for the smooth running of your business. Identifying, measuring and recording your financial transactions in a clear and systematic order should be a priority for every business. However, bookkeeping can be incredibly time-consuming. For many of us, it feels like an unending task that takes time away from our real passions and goals as a business.
At RS Accountancy, we are dedicated to helping you to get organised and save money. Our team of specialists can help you with all your bookkeeping needs, so that you can focus on running and managing your business. For more information on our bookkeeping services, contact our team today.
Our six-step guide to our bookkeeping services
We believe in keeping things simple and effective. Our key to good bookkeeping is establishing a systematic and clear process. Don’t let your business suffer because of poor administration. After all, bookkeeping doesn’t have to be stressful.
Follow our six-step guide to help you become more efficient and effective in managing your payments, receipts and taxes.
Step One — Invoices
- Raise the sales invoices
- Record the sales invoices in the accounts and do this for both the sale and the debt owed from the customer
- Assign the purchase invoice or expense receipt a reference number
- Record the purchase invoices in the accounts for both the expenditure and the debt owed to the supplier
Step Two — Payments and Receipts
- Record the customer receipt, including both the bank receipt and the clearing of the customer debt
- Record the supplier payment for both the bank payment and the payment of the supplier debt
Step Three — Bank Reconciliation
- Take time to go through all the bank receipts and bank payments in the accounts. Tick these off against the bank account. This process is called bank reconciliation
- Our software makes undertaking bank reconciliations easier than ever. The software has a bank feed that automatically transfers the information from the bank. You can then easily tick off the bank transactions along with your imputed income and expenses
Step Four — Review List of Customers and Suppliers
- Go through the list of customers that owe money, making sure that each one has been recorded correctly
- Go through the list of suppliers that owe you money, ensuring that all the information is correct.
Step Five — Review
- Review your profit and loss account and balance sheet for any errors.
Step Six — VAT
- If your company is VAT registered, take time to complete the VAT returns.