One of the most experienced and qualified bookkeepers in East Grinstead, Lisa de Haas, answers common questions about bookkeepers and bookkeeping.
Q. What is Bookkeeping?
A. Bookkeeping is the process of recording a company’s financial transactions in appropriate records and of summarising this information in the form of accounting reports.
Q. What does a bookkeeper do?
A. Good Bookkeeping provides:
- A correct and complete record of all your financial transactions.
- Your company’s financial “memory” produced so that any given paper can be easily found and referred to at any time.
- Regular accounting reports, monthly, quarterly, or annually, so that you can keep track of your financial progress.
- A vital management tool in the form of factual data with which you can make correct business decisions.
- Your annual accounts fully in compliance with tax regulations.
- Your VAT returns fully in compliance with tax regulations.
- Your CIS returns fully in compliance with tax regulations.
Q. What is VAT?
A. Value Added Tax. – a 20% tax that you must collect from the customer and pay directly to the government if you make over £85,000/year. It requires expert bookkeeping to keep your VAT legal and trouble free.
Q. What is CIS?
A. Construction Industry Scheme – a tax a contractor must pay on behalf of a subcontractor. Again, an expert bookkeeper keeps this duty trouble free.
Q. What is (Annual) P&L?
A. Profit & Loss – a financial report for any given time period, showing income, costs and how much profit or loss you made for that time period.
Q. What is BS?
A. Balance Sheet – a report indicating the financial position of your business at a point in time. It shows what the business owes and is owed and gives a “snapshot” of what the company is worth at that time.
Q. What is the difference between a P & L statement and a B S and why do you need both?
A. A P&L statement shows how profitably a company is being run on a day-to-day basis and the BS shows what it is actually worth based on its assets and liabilities.
Q. How do you choose a good bookkeeper?
A. There are some good bookkeepers in East Grinstead. Visit their websites. Look at their experience and what clients say about them in their testimonials. Call those who interest you and ask for a free consultation.
Q. What should you expect to pay for the services of a bookkeeper in East Grinstead?
A. Prices start at £150/year. But speed and accuracy are important in terms of whether you get value for money.
Q. Of all the bookkeeper in East Grinstead, why should you use Lisa de Haas?
A. Simple. You get:
- Value for Money
Q. Where should you start?
A. Call 01342 327119 now for a free consultation and advice