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Can Bookkeeping Help your Business?
Bookkeeping is an essential part of accounting that you either have time for or you do not. The way you record data and stay on top of your incomings and outgoings will dictate how straight forward submitting your accounts is at the end of your financial year.
Bookkeeping can be daunting due to the sheer time it takes to complete. Employing an accountant to do your bookkeeping gives business owners more time to concentrate on other areas like, sales, retention, marketing, operations, HR, or management.
How does Bookkeeping work?
You will be assigned a bookkeeper who will add structure to the way you record your business incomings and outgoings. This ensures that you are on top of:
- How much profit your company makes
- Who owes the company money
- What VAT will be due each year/quarter/month
- What your expenses amount to on a monthly basis
It depends on what level of detail you require but up-to-date books give you greater insight into your business and the ability to forecast when making critical decisions. The ability to make informed decisions is at the heart of successful business practice.
Since the introduction of ‘Making Tax Digital’ HMRC have put greater pressure on businesses to record their earnings in real-time. The emphasis on accurate reporting and monthly submissions is making bookkeeping efficiency essential to avoid penalties.
"Rigel Wolf Ltd have been excellent at catering for our payroll service requirements, providing a personal, professional service. We are fortunate to have chosen an accounting team with a responsive, flexible and customer friendly ethos that matches our needs. They have steered us expertly and helpfully, we could not have asked for a better service in anyway. I wouldn’t hesitate to recommend Rigel Wolf Ltd to anyone"
We followed Shell from her previous firm to Rigel Wolf due to her professionalism and the high standard of work that she provides. She has helped us in many areas of our business – always explaining things clearly and suggesting better working practices.
We have on occasion had to rely on Shell to carry out work for us at short notice and she has never let us down. Shell is extremely knowledgeable in her work and we would not have been able to make some of the financial decisions in our business without her.
"As a small business Rigel Wolf Ltd has been the perfect find for all of our accounting needs and business advice and support. Simon and his team place customer satisfaction at the top of their agenda and backed up with all of the knowledge you could ever need to know for starting or running a business means any enquiry or concern is swiftly dealt with and the support offered is second to none. As a potential new business owner or existing company/sole trader I couldn’t recommend Rigel Wolf Ltd enough as the perfect support for your new venture or as an alternative with an extremely approachable and professional manner."
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Address: Orion House, 28A Spital Terrace, Gainsborough, DN21 2HQ