Bookkeeping Services for Small Businesses
Keep your books up to date without spending your evenings doing them
Keeping your business records up to date is important, but it shouldn’t take you away from running your business.
Liburd Gallagher Accountancy provides straightforward bookkeeping services for small businesses, sole traders and limited companies. We can keep your records up to date, reconcile your accounts and make sure your financial information is ready for your VAT returns, accounts and tax.
Less paperwork. More time to run your business.
Get a Quote | Call 020 7088 8141
What is bookkeeping?
Bookkeeping is the process of recording and organising the financial transactions of your business.
That includes things like sales, purchases, expenses, payments and money coming into and out of your business.
Keeping accurate records gives you a much clearer picture of how your business is performing and makes it easier to prepare your VAT returns, annual accounts and tax returns.
You don’t necessarily need to spend your own time doing it.
That’s where we come in.
What does our bookkeeping service include?
The exact service depends on your business and how much support you need, but we can take care of the day-to-day bookkeeping tasks that keep your records in order.
Recording income and expenses
We’ll record your business transactions and make sure your income and expenses are properly categorised.
Bank reconciliation
We’ll reconcile your accounting records against your bank statements to make sure the figures match and identify anything that needs investigating.
Purchase and sales records
We’ll keep track of your sales invoices and business purchases so your records are complete and up to date.
VAT records
If you’re VAT registered, we’ll make sure the relevant transactions are recorded correctly and your bookkeeping is ready for your VAT return.
Keeping your accounting software up to date
If you’re using accounting software such as QuickBooks or Xero, we can work within your existing system rather than making you start again.
Preparing your records for year-end accounts
Good bookkeeping makes preparing your annual accounts much easier.
We’ll keep your records organised throughout the year so there isn’t a huge amount of work to catch up on at your year-end.
Do I need a bookkeeper?
You might not need one.
If you’re comfortable keeping your own records and have the time to do it properly, there’s nothing wrong with doing your own bookkeeping.
But if you’re spending evenings entering transactions, chasing invoices, trying to reconcile your bank account or worrying whether you’ve categorised something correctly, it may be time to hand it over.
Bookkeeping could be worthwhile if:
- You don’t have time to keep your records up to date
- Your bookkeeping is always several months behind
- You’re unsure whether transactions have been recorded correctly
- You’re spending too much time dealing with paperwork
- Your VAT returns are becoming a headache
- Your business has grown and your bookkeeping has become more complicated
- You want to know how your business is actually performing
- You’d rather concentrate on earning money than entering transactions
You run the business. We can keep the books.
Bookkeeping for limited companies
If you run a limited company, accurate bookkeeping is particularly important.
Your company’s bookkeeping provides the financial information needed to prepare your annual accounts, Corporation Tax return and, where applicable, VAT and payroll.
We can provide bookkeeping as a standalone service or combine it with your wider accountancy package.
Your bookkeeping can work alongside:
Annual Accounts
We’ll use your bookkeeping records to prepare your company’s accounts.
Corporation Tax
Accurate records make calculating your company’s taxable profit much easier.
VAT
We’ll use your bookkeeping information to prepare your VAT returns where this is part of your service.
Payroll
We can deal with your payroll and keep your bookkeeping records aligned with your PAYE transactions.
Tax planning
Having accurate, up-to-date figures means we can give you more useful advice throughout the year.
Bookkeeping for sole traders
If you’re self-employed, keeping accurate records is essential for working out your taxable profit and completing your Self Assessment tax return.
We can keep your income and expenses organised throughout the year, making your tax return much simpler when the time comes.
If you’re currently doing everything yourself in a spreadsheet, we can also help you move to suitable accounting software.
We work with your accounting software
You don’t necessarily need to change the software you’re already using.
We can work with popular cloud accounting systems, including QuickBooks and Xero, and help make sure your records are being maintained correctly.
If you’re not currently using accounting software, we’ll discuss the options with you and recommend an approach that makes sense for your business.
The aim isn’t to make your bookkeeping more complicated.
It’s to make it easier.
How our bookkeeping service works
1. We understand your business
We’ll look at how your business operates, how many transactions you have and what bookkeeping you currently do.
2. We agree what we’ll handle
Some businesses need everything done for them. Others simply need someone to keep an eye on things and deal with the more time-consuming work.
We’ll agree exactly what’s included.
3. You give us access to your records
We’ll work with your existing accounting software and financial records.
4. We keep everything up to date
We’ll record transactions, reconcile your accounts and deal with the agreed bookkeeping tasks.
5. You get clearer financial information
You’ll have properly maintained records that can be used for VAT, accounts, tax and understanding how your business is performing.
How often should bookkeeping be done?
There’s no single answer that applies to every business.
Some businesses benefit from bookkeeping every week. Others may only need it completed monthly.
The right frequency depends on your transaction volume, business type and what you need the information for.
For example, regular bookkeeping can be particularly useful if you want to know:
How much money is my business making?
How much VAT do I owe?
Can I afford to take more money out of the business?
Are my customers paying me on time?
How much cash do I actually have available?
Keeping your books up to date means you don’t have to wait until your year-end accounts to find out what’s happening.
Bookkeeping and management accounts
Bookkeeping tells you what has happened.
Good financial reporting can help you understand what it means.
If your business has reached the point where you want more regular information about turnover, costs, profit and cash flow, we can discuss management accounts and more regular reporting.
This can be particularly useful for growing businesses that want to make decisions based on current figures rather than last year’s accounts.
Ask us about management accounts.
Why use Liburd Gallagher for bookkeeping?
An accountant you can actually get hold of
We’re a small accountancy practice, so you’re not passed around a large bookkeeping department.
If you have a question, you can speak to us.
Straightforward service
We’ll explain what we’re doing and what information we need from you without unnecessary jargon.
Bookkeeping and accounts under one roof
There’s a benefit to having the people maintaining your books and preparing your accounts working together.
It means we already understand your records when it comes to preparing your year-end accounts and tax returns.
Flexible support
You don’t necessarily need a full-time bookkeeper.
We can discuss the level of support your business actually needs rather than selling you a service you don’t require.
How much does bookkeeping cost?
Bookkeeping fees depend on the amount of work involved.
The main factors are usually the number of transactions, how often the books need updating, the accounting software you’re using and how much bookkeeping you want us to handle.
Rather than giving you a generic price that may not apply to your business, we’ll look at what you actually need and give you a clear quote.
No confusing hourly bills. No unexpected extras.
Already behind with your bookkeeping?
Don’t worry.
Being several months behind doesn’t mean you need to spend your weekends trying to catch everything up yourself.
We can look at your records, work out what’s missing and help bring your bookkeeping up to date.
Once everything is caught up, we can discuss ongoing bookkeeping so you don’t end up in the same position again.
Behind with your books? Talk to us.
Frequently asked questions
Bookkeeping is primarily about recording and organising your financial transactions. Accounting involves using those records to prepare accounts, calculate tax and provide financial and tax advice.
We can provide both bookkeeping and accountancy services, so you don’t have to coordinate different providers.
Yes. We can provide bookkeeping alongside your annual accounts, Corporation Tax and other accounting services.
Yes. We work with small businesses and can tailor the level of bookkeeping support to the size and needs of your business.
Yes. We can review your current records and take over the bookkeeping, whether you’re already using accounting software or need help getting your records organised.
Yes. If your bookkeeping is behind, we can assess what’s outstanding and help bring your records up to date.
Not necessarily. If you’re already using accounting software, we can work with it. If you aren’t, we’ll discuss the options and help you choose an appropriate system.
This depends on your business and how much support you need. We can discuss weekly, monthly or other arrangements depending on your transaction volume and requirements.
Yes. We can combine bookkeeping with VAT returns so your records and VAT reporting are handled together.
Yes. We can keep your income and expenses organised and prepare the information needed for your Self Assessment tax return.
Yes. We can maintain your company’s financial records and combine bookkeeping with annual accounts, Corporation Tax, VAT and payroll where required.
Need help with your bookkeeping?
If bookkeeping is taking up your time, falling behind or simply something you’d rather not deal with, let us take it off your hands.
We’ll explain what we can do, how much it will cost and what we’ll need from you.
Get a Quote
Liburd Gallagher Accountancy — bookkeeping without the headache.