Bookkeeping is a crucial element for businesses in Cookstown. Whilst many people think bookkeeping consists of just filing invoices and receipts, there is so much more depth to the role. As businesses in Cookstown and Northern Ireland continue to grow and expand, we thought it was important to highlight the importance of bookkeepers and let businesses know exactly what we do to help their growth.
2020 caught the whole world off guard and as we all tried to survive the unknown and steady the ship, the true importance of bookkeeping came to light. When applying for COVID grants or trying to navigate the governments furlough scheme, bookkeepers (and accountants) were on hand to help every step of the way, from advice on maintaining their cash flow when everything halted, to understanding the ever changing guidance and regulations. A good bookkeeper will have your up to date figures available at the touch of a button. This was imperative when figures were needed to apply for SEISS, Bounce Back loans etc.
Helps with Budgeting
A bookkeeper can help businesses in Cookstown with budgeting for the future. With up to date figures available a cash flow forecast can easily be prepared. This will assist with tax planning following on from the changes in the budget recently.
As the UK moves towards the Making Tax Digital initiative in 2024, we are on hand to make this switch as seamless as possible for all businesses in Cookstown, providing guidance to all who need it as we transition into this new era for business owners and landlords.
Growing your business
Every business owner’s dream is to grow their business to its full potential and this is no easy task. With the help of a qualified bookkeeper, businesses can use accurate data to give themselves future goals to grow. The bookkeeper will take care of the day to day financials whilst giving you, the business owner the freedom to do what you do best.
Bookkeepers have a lot of experience when it comes to working with a range of businesses. Because of this, they make excellent business advisors, there is no problem they haven’t seen before.
A good bookkeeper becomes an indispensable part of your business, we like to call ourselves ‘your business partner’. A good bookkeeper can provide monthly management accounts and future projections of the income and expenditure including cash flow forecasts. The estimate of cash flow allows effective management of assets, ensuring that the business has enough funds to meet its monetary needs and obligations.
Prepare for the end of the tax year
The dreaded date of any business is the end of the tax year. At EG accountancy, we can take care of this for you so you can keep your focus on your growing business. With a strong bookkeeping process in place, a bookkeeper can help take the stress off the businesses and have all financial records ready to go for your end-of-year statement. We specialise in:
- Limited Company Full Accounts and Filleted Accounts
- Sole Trader Profit & Loss Accounts with Balance Sheet
- Sole Trader Income & Expenditure Account (for very small businesses)
- Rental Accounts
- Corporation Tax Return
- Self Assessment Tax Return
Help with Government Regulations
Like most things in life, innovation changes the way we do business. Bookkeepers in Cookstown are always up to date with government regulations and can help you understand the new changes, how they affect your business and help transition your processes for the future.
We all know errors in your VAT can be detrimental for a business. Let us manage your VAT for you.
If you are a VAT registered business, it is essential that you keep accurate and organised records of everything that you owe or can claim back VAT on. This includes:
- A record of all exempt goods and services that your businesses has bought or is selling
- Copies of sales and purchase invoices
- Copies of credit/debit notes you have received and copies of those you have issued
- A record of items you have purchased that you cannot reclaim VAT on
- A record of any items that you are exporting
As a digital firm we remove the need to keep stacks of paper records. At EG Accountancy, we use the latest software and processes to make organising our clients records easier than ever. By simply scanning and uploading your invoices and receipts , you wont need to worry about hanging onto old receipts and invoices!
Your bookkeeping experts in Cookstown
At EG Accountancy, we can help completely transform your bookkeeping and accounting processes. We will provide you with accurate, up-to-date accounting data and information to help maximise your finances and grow your business.
More importantly, We are there for you every step of the way. Why not relieve yourself of the heartache and stress of trying to keep on top of your bookkeeping along with everything else.
Get in touch with us today to learn more about how we can help your business.