Bookkeeping

We are focused on providing an efficient and low-cost book-keeping service. This can either be undertaken here or we can provide full training on QuickBooks Online or VT allowing you to do as much or as little as you wish. We also support most other bookkeeping software

Tax Data Ltd has been adapting the way it operates so that we can offer a much more efficient and sophisticated bookkeeping service. We have developed and refined a method of working with our clients that:

  • delivers a very high standard of clear, understandable bookkeeping records;
  • helps you avoid accidentally falling foul of the finer details of tax regulation;
  • minimises the amount of time you spend on mundane record keeping so you can concentrate on what matters, running your business at the sharp-end; and
  • provides an affordable service you will be pleased to pay for.

We can work with you to make sure you keep track of the tax liability as it arises, so you can better plan to pay these liabilities as they fall due.

The two most popular software packages we use are QuickBooks Online (QBO) and VT.

You do some/all of the bookkeeping

QuickBooks Online (QBO)

We are certified trainers for QuickBooks Online and have many years of experience using their desktop products Here are some QuickBooks Online videos. Instead of creating a 30-day free file, use the demo company here which is pre-populated with data, so you can investigate QuickBooks fully. It’s free to use, and can be used as often as you like. Don’t worry about mistakes or reversals as the second you close the window all the changes you made are erased, leaving the original data set ready for you to use again next time

This is a cloud based system, so it will always be backed up. Business bank transactions are downloaded and can then be tagged. The tags are memorised which allow automatic posting, saving time. There are different pricing levels depending on the level of functionality your business requires. As we are QBO agents we can usually get discounts on the advertised price so make sure you sign up through Tax Data Ltd. We can currently offer client the top package for £10 per month plus VAT.

VT

Alternatively, you can download some free software to help with your bookkeeping. VT Cash Book will help you analyse your bank and cash transactions. This will save us both a great deal of time going forward. You will need some help to start with but do have a look at it and let me know if you decide to use it.

If you decide to go forward with either package please telephone to arrange a training session with Rebecca. We also have some data files which are personalised to different types of business which may be of use to you.

Points to bear in mind.

It is important to ensure you get the right bookkeeping system which suits your business. With the introduction of “Making Tax Digital”. you can forget manual systems. So, if you are a new business or think of changing systems here is some food for thought.  

Rubbish in – Rubbish out.

As accountants, we see the same problem occur all too often. A client decides to introduce a computerised system for all the right reasons, but in the act of integrating the new software they dismantle all of their pre-existing controls and checks to ensure they capture and process all of the transactional information completely and accurately into their accounting records.

If you don´t develop new accounting controls around your new system, all that happens is you start posting incomplete and inaccurate information into the system – hence the title rubbish in, rubbish out.

Tax Data Ltd can quickly help you to establish the checks and controls you need to put in place to make sure your accounting software actually will maintain and produce meaningful accounting records you can rely upon. The reward for taking the trouble to make sure the data input is accurate and complete comes in the form of outputting reliable business management reports anytime you need them.

Don´t attend software training courses – bring the trainers to you.

It may seem strange to suggest it, but nonetheless we don´t recommend you waste your time and money attending one of the many software courses. All they can ever do is teach you the same generalised theory you can just as easily pick up for free by reading the manuals or visiting YouTube. What you really need is on the job software and systems training that is customised to accommodate the bookkeeping processes that you work with every day in your own office.

For example, what´s the point of attending a course where the syllabus requires that you spend half a morning learning about how to create a sale´s invoice template if you are never going to use it? What might be more useful is learning how to reconfigure the default nominal ledger on your PC, in your office, to match the reporting needs of your business. The default account list that comes out of the box is so general it is almost next to useless. Spend a few hours customising the accounts list and reporting formats and before you know it, you will be running off meaningful weekly accounting reports.

Don´t underestimate the costs involved.

The price you pay for the software will still be the smallest part of the final cost of successfully implementing a computerised accounting system – even for small businesses. If you and your staff don´t know what you are doing, you can easily treble your year-end accounting bill as your accountant will charge you for the time they take to sort out the mess you have created.

Thinking you can learn on the job rarely works. Calling in an experienced small business accountant like Tax Data Ltd who know how to configure and fine tune your system for any kind of business, can make sure you start out on the right track and avoid the common mistakes the unwary make. Get it right and accounting software can pay you dividends, both figuratively and literally speaking. Get it wrong and it may cost you far more than your think.

The Benefits of a computerised accounting system.

Downloading bank transactions and memorised tagging will save a huge amount of time and will usually be more accurate than entering transactions manually, once it is up and running.

Improved credit control is another advantage most people notice once they start using a computerised system.  You can usually generate reports of aged debtors, making the whole process of collecting in money from late-paying customers more efficient.

If you have taken the trouble to customise the nominal ledger accounts lists and related financial reporting templates, you can generate some pretty sophisticated management accounting reports that has relevance to even the smallest of businesses. If you can accurately identify your year to date sales, purchases, overheads, gross and net profits. It naturally follows you are much better placed to make more informed decisions about the running of your business. You can usually arrange reports for individual client, jobs, projects and identify where you are making profits and indeed loses.  

We do all/most of the bookkeeping.

For training and set up we charge £35 per hour plus VAT. For normal bookkeeping the rate is £25 per hour plus VAT. This may suit you better if you are too busy to do the bookkeeping yourself. Some clients using QBO are happy to do invoicing but prefer leaving other functions to us. You decide how or how little you want to do.

The Client: All you have to do is …

It really couldn´t be simpler for our smaller clients. All they are asked to do is let us have their sales and supplier invoices as they go, annotated with details of how the amounts due are settled or paid. You keep copies of the bank statement for us and provide notes to explain any unusual receipts or payments. If you operate a payroll, you just tell us how much to pay the staff each month and tell us about any joiners or leavers. We will deal with all the RTI reporting requirements. If you operate CIS, we look after all the admin paperwork for that too.

Tax Data Ltd: What we do …

We can set up Dropbox cloud folders for you to save your records in and which we both can access. https://taxdataltd.com/making-tax-digital-2/. Alternatively we can collect your files and bank statements each quarter and write up the accounts, dealing with any payroll, VAT or CIS returns as needed as we go. For larger businesses, we visit the client´s premises and post up the books in situ using their own accounting software (Sage, TAS, etc.). By the time we reach the end of the accounting year, most of the books have already been written up in preparation for the production of the year-end financial statements and tax returns.

If you are a business that prefers to prepare its own accounting records (manual or computerised) we are quite happy to take in your books at the end of the year and draw up the required financial statements and tax returns to be filed with Companies House and the Inland Revenue respectively.

If you are looking for a low-cost book-keeping and professional accounting service, where the principals care about giving a reliable and first-class service, then we look forward to speaking to you when you call 01737 551904.

Published 13 September 2017.

Updated 4 December 2017.