Managing the day-to-day accounting for your growing business

Managing the day-to-day accounting for your growing business

The Haggards Crowther team is experienced and efficient in ensuring your data is processed accurately and promptly so you have access to timely reports and information.

Outsourcing your day-to-day bookkeeping is not an onerous or difficult task. As part of the set up, we will discuss and agree how to make the relationship work well, defining roles and responsibilities for both parties, matching our staff to the right contact in your offices. Once routines are established, the relationship will quickly become an effortless operation where everyone knows their role.

Whilst it is not a pre-requisite, we typically use Sage 50 to manage our clients accounts as it is a well-established system with reports which are deemed to be industry standard. We do use some other systems where the client’s businesses require us to do so and the advent of cloud-based accounting software has seen an increase in the number of applications we use. If there is no preference however, we will use Sage 50 because it is efficient and allows us to provide you with the right information when required. All our systems are regularly backed up for your peace of mind and if required we will happily share your back-ups with you for sake keeping. 

In terms of management information and reporting we can be flexible to meet your needs. If you simply need a Profit and Loss (P&L) statement and a balance sheet then that’s fine, but if you require more detailed analysis and regular updates on debtors and creditors, we can do this too. All reporting requirements will be agreed at the outset of our relationship. 

Bookkeeping – Flexible Options

The purpose of bookkeeping is to record all the financial transactions of the business so that reports can be produced, and year end accounts can be prepared. As a business owner, you have options available regarding who does the bookkeeping for your business:

  • Haggards Crowther
  • You (or a member of your team) or an external bookkeeper

Option 1 – Haggards Crowther provide a full service

The great benefit of us doing the work is that we will know that the books are in great shape and ready to be used for VAT returns and accounts preparation. Our bookkeepers are fully trained and have access to senior members of the team for query resolution. 

Option 2 – You (or a member of your team or an external bookkeeper) provides Haggards Crowther with the data

If you do the bookkeeping, then in all probability you will use accounting software (E.g. Sage, Xero, QuickBooks, Free Agent), or Excel. If you are keen to do as much of the work as possible, we suggest you discuss with us:

For accounting software: The processes and checks that we will expect to complete if you have not done so. By way of example, bank reconciliations and VAT reconciliations need to be completed, as do reviews of the Sales and Purchase Ledgers. 

For Excel: How to present the data to us so that our time is optimised. It is likely that we will need to do some bookkeeping to prepare a Trial Balance, but our charges will be minimised if you provide data in a way that it is easy for us to pick up and use. One way of achieving minimal input from us would be to use our Excel template (see below for details).

Haggards Crowther Excel Bookkeeping Template

Over the years, we have developed an Excel template for internal use. In 2016, we refined it and we now offer it to clients that wish to do their own bookkeeping. If you use it effectively, it will reduce significantly the number of transactions left for us to process. 

We charge a nominal set up fee for the template, covering the cost of tailoring it for you and training you on how to use it, and then a small on-going fee each year to reset the template and to cover any technical matters arising. 

The template will not suitable for all types and sizes of business, but it does work well, for example, for simple service industry businesses.

Contact us today for more information on our managed bookkeeping services and how it will help your business by calling 020 7384 0920.

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