If you just started your business, there’s no doubt that you can manage these requirements up to a point with the help of software. Our bookkeeping team can help you in this area. These tasks clearly require somebody’s time. Let us list a few daily tasks associating with bookkeeping: recording invoices received and sent out accurately, reconciling back statements and posting banking transactions, paying suppliers and chasing past due invoices, ensuring the staff are paid on time and accurately, making VAT, PAYE/PRSI calculations and ensuring that these are paid to HMRC on-time. Do you need a Bookkeeper?Īlmost certainly yes when your business gets to a certain size. At Tax Agility, we offer bookkeeping as well as accounting services – we give a free and no-obligation first meeting so you can choose the services that best suit your present needs. A successful partnership between bookkeeping and accounting will ensure the long-term financial health of your small to medium sized company. It is fairly safe to say that both functions need each other. In addition, you get financial statements and tax returns prepared for you. At a result, you know your depreciation, costs of operations, profit margin – information that can help you to make an informed business decision. At the end of your financial year, your bookkeeping efforts should result in a ‘trial balance’ which you will hand over to an Accountant like us.Īccounting is the work of analysing your financial transactions following a set of principles and requirements. Usually, you input the information in an accounting software like Xero. In this process, you collect, organise and record the financial information in chronological order on a daily basis. What’s the difference between Accounting and Bookkeeping?īookkeeping is the work of keeping transactional records such as an invoice issued to a client, or a payment you have made to a vendor. A better way to delve into this topic is to answer eight questions that are often on an entrepreneur’s mind: 1.
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