BOOKKEEPING & ACCOUNTING SERVICES

 

FAQ’s

 

Have you got a question? Perhaps we have the answer already.

 

FAQ’s

 

General

What does a bookkeeper do?

We reconcile the daily transactions that a business produces ensuring the bank accounts balance. We prepare and submit VAT returns and ensure the accounts are complete at the Year End ready for the accountant for the production and filing of any relevant End of Year returns due to HMRC

What are the benefits of having a bookkeeper?

We will save you time, allowing you to spend more time focusing on the business and increasing sales. We will keep on top of the workload and any filing deadlines, so you don’t have to. We can deal with correspondence from HMRC and advise you of any payments due and by when.

What is the difference between a bookkeeper and an accountant?

We will look after the businesses regular transactions throughout the year by entering purchase and sales invoices, reconciling the bank accounts and producing and filing any VAT returns that are due. At the end of the year, we provide the completed bookkeeping to the accountant to produce the annual accounts for filing with HMRC.

Is it better to work with a bookkeeper or do it yourself?

The best way to answer this is by pointing out the benefits of working with a bookkeeper. Many business owners decide to do their own bookkeeping and whilst some people do just fine, others have got themselves in a bit of a pickle due to the lack of understanding in nominal codes and not realising when the bank balance does not match the bank statements. This can cause a big problem and usually means there are either missing or duplicate transactions. If you are not confident that you will be able to complete your bookkeeping accurately, you may wish to outsource this task.

Do I still need an accountant if I have a bookkeeper?

Yes – we would recommend that you use an accountant to produce your end of year accounts for filing with HMRC. They will also be able to help you with any tax advice.

Do you provide quotes for fixed payments or charge by the hour?

We can do both. We tend to provide a monthly fixed fee quote so you can better forecast for your outgoings but we are aware this does not always work if your business activity fluctuates, therefore we will also charge by the hour in those circumstances.

How do we get our paperwork to you?

We have systems in place that allow you to upload documents digitally. This can be done via email, a website or by using an app. This eliminates the need to print and post paper copies.

Do you have a cut off time to get our documents to you for our VAT return?

Each client has their own dedicated bookkeeper who will be in touch at the end of the VAT quarter. They will advise what date we require any missing items by, to allow enough time to reconcile the remaining items before preparing your VAT return for your approval before we file it on your behalf.

Does my business need to have a high turnover to work with Perfect Balance?

No. We work with a variety of businesses with a wide range of turnovers. No matter how big or small your turnover, our service remains the same and we are dedicated to providing a professional service ensuring your accounts are kept up to date and your deadlines are met.

How much organising do I need to do if I have a bookkeeper?

Your main task will be to provide us with copies of invoices and receipts which we make very easy by using digital software. You can simply forward documents by email to your dedicated email address or take a photo on the app. At the end of each month we will send you a list of anything we are missing that we need to complete your bookkeeping accurately.

Will you speak to HMRC on my behalf?

Yes- If we have authorisation to do so (agent access) then we can speak to them for you. You will need to add us to your Gateway Account to act as your agent before we are able to do this.

Do I need software to work with you?

No, although with the changes that are coming into force over the coming years it will end up being mandatory for everyone so why not get ahead! If you are VAT registered, you should already be using a software.

How much involvement do I need to have if you take over my bookkeeping?

We will need you to provide the supporting documents (invoices and receipts) but other than that your job is pretty much done! You can leave the rest to us and we will be in touch with any queries on a monthly basis.

How do I track my expenses?

Firstly, you need to make sure you keep receipts for everything. These will provide evidence of your business transactions. If you have bought something for the business personally you will need to record these separately. We can help you find the easiest way of doing this that works with your software or bookkeeping method.

What is an audit trail?

An audit trail is a step-by-step record of all activity within your software. It is a detailed, chronological record where the records and data are tracked.

How do I separate business transactions from personal ones?

First and foremost, GET A SEPARATE BANK ACCOUNT!!

This will save so much time and will allow you to deal with the relevant transactions without having to sort through them first.

How should I organise and store documents?

If you use a software and upload images of your receipts you do not need to store originals, however, if you do not you will need to keep them for 6 years. We would advise keeping them in date order and if you have a large number of receipts file them alphabetically too. Keep each financial year separate. This will assist you in finding previous paperwork should you need to.

What are accounts receivable and accounts payable?

Accounts receivable is the balance due to the company from its customers for goods or services not yet paid for. Also known as Aged Debtors.

Account payable is money owed to suppliers for goods or services not yet paid. Also known as Aged Creditors.

How do I sign up with you?

Firstly, you will need to contact us to have a chat about your requirements. We will provide a quote for our services and upon acceptance we will talk you through the next steps and handle everything for you. It is as easy as that!

How will you complete my bookkeeping, how does the process work?

We will update your bookkeeping on a weekly basis then send a list of missing items at the end of each month. This allows us to keep on top of you’re accounts and keep your financial records as correct as possible at all times.

Services

When would you carry out our bookkeeping?

We update each client’s bookkeeping on a weekly basis and send a list of any queries or missing items at the end of each month. You can see a copy of our bookkeeping process on our online brochure here https://online.flipbuilder.com/mwcp/uobn/

Will you chase my bad debts?

If you would like us to carry out credit control, we will speak to you about your requirements and keep on top of this alongside your bookkeeping.

Can you do my Payroll?

Yes, we can. We usually only provide payroll services to our bookkeeping clients as an additional service but if you have software already set up we may be able to look after your payroll as a standalone service. Please get in touch with us to discuss your requirements.

Can you submit my CIS returns?

Yes – for a monthly fixed fee we will submit your monthly CIS returns and send deduction statements to your subcontractors, which is a legal requirement.

Can you submit my VAT returns?

Yes, we can. Whether you require monthly or quarterly returns, we will prepare your return and send it to you for your approval before filing it with HMRC. We will then advise you of any amount due to HMRC and provide you with details of how to make payment.

Are there different levels of service?

We have 4 different packages to choose from. They do not affect the level of service you receive but include different services depending on the level of assistance you require. Our package descriptions can be found on our pricing page 

Can you produce management accounts for me?

Yes, we can. We can produce these monthly or quarterly upon completion of your bookkeeping period. This will require you to provide the paperwork and documentation we need in a timely manner to allow us to complete your bookkeeping and produce factual management accounts.

I need my Tax Return doing but haven't done any bookkeeping, are you able to do both for me?

Yes, we can carry out your bookkeeping prior to completing your tax return. If you contact us, we can provide a quote for these services as the cost for the bookkeeping will depend on the quantity of work required.

Xero Training 

What is the Xero training?

We can provide Xero software training so you can use Xero yourself efficiently and with a better level of understanding. Our Xero Training courses are between 2-6 hours long. Depending on your experience, we can advise which duration would be best for you.

I saw your Xero courses on your website. I already have Xero but would like to know how to use it properly. What course is best for me?

If you already use Xero, I would suggest starting with the 2-hour course. This course suits individuals who already use it but would like to use it more efficiently and are unsure of certain processes. If need be, you can always book another session but we tend to find this is sufficient.

What can we cover in Xero Training?

Depending on what you would like to get out of the training, depends on what we will cover. There are suggestions included on our Course descriptions, but we can tailor the training to meet your needs.

Can you come to my home/ office?

Yes, we will travel free of charge within a 5-mile radius. For distances further than this, there will be an extra charge.

We can also provide the training over zoom or in our office for up to 2 individuals.

Can you set Xero up with me?

The training is designed to teach you how to do these tasks yourself. If we have time within the training we can enter certain information and balances. It is worth signing up to their free trial so we can use this in the training.

Can we reconcile my transactions?

We can look at a couple of examples, but we will not reconcile the bank account in full. The training is to teach you how to use the software so you can complete your bookkeeping efficiently yourself. For further help, we can provide bookkeeping services if required.

Can you provide a quote?

All details of our Xero Training can be found on our courses page along with the prices for each course. We have 4 courses to choose from.

Tax Returns 

Can you complete my Tax Return?

Yes – We can complete your Self-Assessment Tax Return and also Sole Trader Tax Returns. For more complex returns we have some great accountants that we work with that assist in the accurate completion and filing of your returns.

I need a set of Sole Trader accounts; can you help with this?

Yes, we can complete your Tax Return and provide you with a set of Sole Trader accounts.

I have a Limited Company; can you do my corporation Tax Return?

Your accountant would complete this for you but we can complete the bookkeeping required to enable them to do this.

I have property abroad- can you do my Tax Return?

We have accountants that we work with who would assist with your tax return to ensure it is completed accurately.

Are you able to advise me about Tax and what to spend my money on?

No, this would need to be discussed with your accountant. Don’t have one? We can put you in touch with a couple of accountants who can help you.

I haven't filed last year’s Tax Return so I am now behind, can you help me?

Yes, we can complete any outstanding returns to bring you up to date. We can then send you a reminder each year when your next return can be filed.

I am not sure if I have filed my Tax Return - How can I find out?

You will need to log into your Government Gateway account where you can view submitted returns. If you have trouble logging into your account you may need to contact HMRC for assistance.

I need my Tax Return doing but haven't done any bookkeeping, are you able to do both for me?

Yes, we can carry out your bookkeeping prior to completing your tax return. If you contact us, we can provide a quote for these services.

Software

Do you only use a certain programme to do bookkeeping?

Our software of choice is Xero and if we are required to set up software for a new business, this is what we will use. That said, depending on your requirements, we will use other software if you already have it set up.

What is Hubdoc and how do I use it?

Hubdoc is a data entry software owned by Xero that allows business owners a simple and straightforward way of uploading invoices and receipts. This digital method eliminates the need to print and post documents saving both time and money. It can be used in three ways; by forwarding emails of documents to a dedicated email address, uploading photos of invoices and receipts via the app and uploading documents to the desktop version.

Do I have to use Xero to work with you?

Although Xero is our software of choice, we are happy to use other software if preferred. We asked business owners and bookkeepers/accountants what their preferred software was and Xero was the favourite each time. The main reason was due to how user-friendly Xero is.

Why do I need to use a software?

There are a few reasons as to why you could, or should, use a software. If you are a VAT registered business this is mandatory. Using a software will save you time when it comes to your data entry and accounting. You will no longer need to keep paper copies of invoices and receipts, as these will be stored on the software. By using bank rules and automated invoicing it will be like having your own virtual assistant!

Is the software cost included in my monthly fee?

We provide an itemised quote and invoice so although you will make one monthly payment, the cost of Xero will be stated separately.

Please feel free to contact us to discuss how we can help you.

 

We are based in Church Crookham, Hampshire and cover approximately a 5 mile radius in which are able to visit your premises. We also work remotely and help the majority of our clients via this method. Call us on 01252 594141 or use the contact form below.

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