David G Willis Bookkeeping & Accountancy Services

Every company, whether large or small needs a set of Annual Accounts prepared at the end of every financial year. Annual Accounts (or Final Accounts or Year-End Accounts) include the Trading Account, Profit & Loss Account, Balance Sheet and Trial Balance.

As well as being an obligation for HMRC, the information from these accounts will help you understand your business better and give you an idea about the profitability and financial position of the same.Also, they will provide vital information to other organisations such as banks, for example, if you are seeking a loan, or suppliers if they need to decide whether to offer you credit or not.

Any business whose turnover is over the current VAT threshold must register for VAT and usually must submit a VAT return every three months, even if there is no VAT to pay or reclaim. Also, if a UK business supplies goods and services to a VAT registered customer in another EU company, further information needs to be compiled and sent to HMRC.

All these circumstances are liable to cause problems not only for your business but also to you personally. Bookkeeping is the recording and organising of all business financial transactions, which include purchase and sales invoices, expenses, receipts and payments. Not only is maintaining solid accounts essential for any business, but it is also a legal requirement to keep these records, and accuracy is vital throughout this process.

Bookkeeping is the recording and organising of all company financial transactions into accounting software, including purchase and sales invoices, receipts and payments. Accuracy is vital in this process and maintaining solid accounts is essential for the growth of your business. If you outsource your bookkeeping to us, you can be assured that this area of your business will be in the best possible hands.

For the most cost-effective solution, your bookkeeping contract will be tailored to your specific requirements. For example, certain sole-traders may require only a small number of hours dedicated to basic bookkeeping each month and at the end of every tax quarter. A somewhat larger organisation might prefer several days of work carried out every month and at key times during the year.