Bookkeeping

It is important for a company to systematically record all of its financial transactions throughout the financial year. This will help the company more easily produce its statutory annual accounts at the financial year-end. Having a systematic accounting system in place will also help to foster he growth of the business by allowing quick and easy access to important information on a day to day, week to week and month to month basis.
121 Company Formation is an experienced accounting company that offers professional business bookkeeping services to help:

  • Ensure your company’s day to day record of transactions and other financial information are all systematically kept
  • Summarise your financials in a set of year-end accounts
  • Calculate your company’s corporation tax liability

WHAT INFORMATION SHOULD BE INCLUDED IN MY BOOKKEEPING?

Bookkeeping services involve, as the name suggests, keeping a book that records accounting activities in a certain way by:

  • Issuing and recording financial documents such as invoices, purchase orders, receipts
  • Posting amounts due and amounts paid to the debit and credit ledgers, if using a double-entry system
  • Recording payroll information
  • Reconciling customer payments to invoices
  • Raising supplier invoices and recording payments
  • Making and recording loan repayments
  • Monitoring and recording the depreciation of assets
  • Generating periodic financial reports or management accounts

FREQUENTLY ASKED QUESTIONS

HOW IS THIS INFORMATION RECORDED?

There are two standard bookkeeping systems – double-entry or single entry.

Single entry is by far the simplest, quickest system. It involves keeping a record of income and expenses in chronological order. This will form the basis of your final accounts which will be prepared by your accountant. Many small businesses find this a perfectly adequate system for their company’s needs.

The double entry system involves treating every transaction as having two parts and therefore two ledgers - one part is entered as a debit entry and the other as a credit entry. This system allows errors to be easily detected since at any point in time, the total of the debits must tally with the total of the credits.

IS BOOKKEEPING DIFFERENT FROM ACCOUNTING?

Yes, bookkeeping is a detailed record of each of your company’s financial transactions. Accounting summarises this information into a set of easily readable accounts or financial statements.

HOW LONG WILL I NEED A PROFESSIONAL BOOKKEEPER OR ACCOUNTANT?

Bookkeeping and accounting are an ongoing, fundamental part of your business. It must be maintained in order to provide you with professional reports that will ultimately serve and support your company's financial goals.

PURCHASE OUR ONLINE ACCOUNTING AND BOOKKEEPING SERVICES

Each of our client’s bookkeeping requirements differ. Contact us for a quotation customized to suit your business needs.
Purchase our company formation package and you'll get access to our incomparably low tax and accountancy prices.
Please contact our customer services team either by calling +44 (0)203 8932 121 or sending an email to info@121companyformation.co.uk

Bookkeeping

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