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What Others Ask

A few questions that other customers asked:

What is bookkeeping?

Bookkeeping is the management and control of daily financial transactions such as cash receipts, purchases, payments, and other banking transactions. A bookkeeper records all financial transactions into a company’s books (i.e. accounting system).

The bookkeeping process usually begins with the receipt of income and payment of expenses through journal entries, followed by posting to subsidiary accounts (customers, employees) and general ledger accounts (invoices).

Accounting software (such as Xero, QuickBooks or FreeAgent) can help automate many of these functions and provide online access for tracking both income and expenses by date range/type. However, not every business has someone in-house who has the knowledge or skills to use such software.

What does a bookkeeper do?

Bookkeepers are responsible for the daily management of financial transactions within a business.

They can help you with financial statements, taxes, invoicing customers, accounting system setup, budget preparation, analysing business performance, reconciling accounts and identifying areas of improvement.

They are also responsible for ensuring all accounting records are up-to-date and accurate, analysing financial information to support the company’s future decision making, preparing monthly management accounts and liaising with auditors or tax accountants on behalf of their clients, business owners or directors.

Many bookkeepers offer additional services such as invoicing software set up & training, as well as payroll processing (i.e. Xero Payroll).

Do bookkeepers do payroll?

Yes, a bookkeeper can handle payroll for you.

Bigger bookkeeping firms will offer these type of services as they will have staff trained to process salary information.  Smaller self-employed bookkeepers will refer you to a professional payroll company or another service provider.

If you would like a quote from a payroll service company, feel free to use our free quote service.

Can bookkeepers do tax returns?

Firstly, bookkeepers are not professional tax advisors. They can help you file your taxes but cannot offer advice on how to best minimise what you pay the government each year .

Some bookkeepers do have the skills to prepare tax returns and file them for you – but it’s worth checking with them beforehand.

Accountants can also help you through the tax return preparation process, as they normally have access to more information about your business finances and will be able to provide more informed recommendations based on that data .

Check if you can potentially save money by reading our free guide on tax refund and tax rebates here.

It’s worth remembering that a bookkeeper’s primary responsibility is keeping your financial books organised.

What is the difference between an accountant and a bookkeeper?

A bookkeeper is a business professional who manages and posts daily financial transactions such as cash receipts, purchases, payments, and other banking transactions. Bookkeepers also reconcile account discrepancies and prepare individual or company tax returns.

Bookkeeping services often include:

• Daily bank reconciliations
• Accounts payable and receivable management
• Posting to general ledger accounts and the ledgers of subsidiary accounts (customers, employees)
• Analysis of financial performance; identification of problems; preparation of solutions; implementation plans
• Preparation of journals entries as needed (i.e. sales returns & allowances)
• Reconciliation schedules as necessary (i.e. monthly statements against invoices)

Accountants on the other hand provide services in the form of:

• Tax return preparation
• Assistance filing corporate tax returns
• Payroll services
• Auditing services
• Due diligence studies
• Estate planning assistance
• Reports for outside organisations necessary to the well-being of your company (i.e. stockholders)
• Forecasting business activities based on analysis of historical data

Accountants tend to have more general education in business related areas, and typically focus on providing advice or assistance for more complicated business matters.

While bookkeepers standardise bookkeeping practices, with their activities focusing more on handling day-to-day cash flow transactions according to generally accepted accounting principles (GA AP) and other financial reporting standards.

Do I need a bookkeeper and an accountant?

Many businesses choose to hire both an accountant and a bookkeeper.

Accountants typically charge on an hourly basis whereas bookkeepers often charge on a monthly flat rate.

Combining the service of these two professions can help ensure that important elements of your financial management needs are fully covered, while not having to pay additional fees for services that may already be covered by one or the other.

Bookkeeping Services Near Me

How much does a bookkeeper cost?

Rates for bookkeeping services vary depending on the company’s size, location, and services provided.

Companies that have more complex accounting needs tend to be charged higher rates since they may require additional tasks such as creating reconciliations or preparing financial statements .

Bookkeeping hourly rates typically range from £15-£40/hr (including VAT) for businesses with up to 10 employees. However, many bookkeepers offer discounted rates for monthly retainer arrangements instead of charging by the hour.

For business owners who rely mostly on bookkeeper input and find themselves needing more in-depth accounting support/analysis, they should consider a part-time accountant as this is likely to be a lower cost than an experienced full-time professional.

How do I find a good bookkeeper?

There are a number of ways to find a bookkeeping service in your area: – Search online for “bookkeeper near me” and review the available options.

Ask family members, friends, and co-workers for recommendations. Another common route is people ask their connections on LinkedIn for details of firms they rated.

Search for local bookkeeping associations on Google and ask them for their list of recommended service providers (you can usually search by location).

Of course, you can always use our free bookkeeper quote service to get multiple quotes from highly rated providers in your area.

Can I sue my bookkeeper?

If you’re asking this question, it’s probably because you’ve ended up with a bookkeeper who didn’t do what he or she was supposed to do. One of the most common problems that business owners face is finding professional bookkeepers.

If you have a signed contract between your company and your bookkeeper / accountant – then subject to the terms & conditions of that contract, it is likely that you can pursue them for losses.

It is highly advisable to seek legal advice from a professional lawyer who deals in these matters.