Every business of every size in the UK has financial reporting obligations it must meet. Good bookkeeping plays a vital role in helping businesses compile accurate reports to meet these obligations, but it can also directly benefit a business' bottom line.
Good bookkeeping can also help make businesses aware of past-due trade debtors, alerting the owner to which customers should be sent friendly reminders (or charged interest), to ensure invoices are paid more quickly.
In this way, a good bookkeeper can improve a business’ level of working capital, helping to bring cash into the business faster than is paid out to suppliers.
With research revealing that 1 in 30 UK businesses have been duped by fake invoices, good bookkeeping can help businesses avoid invoice fraud.
Barton Virtual Finance understands the value of good bookkeeping. Our services are specifically geared towards supporting the growth of Britain’s businesses.
It is hard to argue with the premise that every small business should budget for bookkeeping services. The benefits you gain far outweigh financial or other disadvantages.
Bookkeeping - recording business transactions to produce a set of accounting records using an accounting software package or excel if preferred.
The following services are provided as part of the bookkeeping package. You can decide on how much or how little you need for your business.
Invoicing - Billing for goods or services provided to clients promptly.
Sales Ledger - Record of sales. This record will tell you whether you have been paid or not and how much you are still owed.
Credit Control - ensures customers pay on time. It is a critical part of a well-managed business that will help reduce bad debts and improve the cash flow in your business.
Pay invoices timely - improves your reputation, strengthens relationships with your suppliers, avoids late payment charges, avoids the indication that late payment denotes a business in difficulties.
Purchase Ledger - Record of purchases. This record tells you whether you have paid suppliers and how much you still owe.
Procurement - to achieve immediate upfront cost savings by obtaining items, services and contracts at the best price available.
Audit - internal audit can improve the performance of your business by providing assurance that a company’s risk management, governance and internal control processes are operating effectively.
Expenses - A stated travel and entertainment policy makes for responsible and controlled spending. Improved efficiency when making travel bookings, purchases, etc.
Management Reports - provides vital insights into your business’ performance. Management reports allow you to judge your business performance going into the next quarter or even next year. Most importantly, it can reveal trends, especially if the report compares previous quarters or the performance year to date, compared to last year.