Bookkeeping
Bookkeeping is the cornerstone of good financial management and with HMRC issuing over 90,000 penalties for errors in tax returns in 2022/23, it’s imperative that your bookkeeping records are accurate.
It might be tempting to employ someone at a lower hourly rate to become your in-house bookkeeper, especially in the early days of your company. However, entrusting your bookkeeper with sensitive financial information opens you up to risk as they do not have to adhere to the same ICAEW ethical standards as a qualified Chartered Accountant.
Not only do we ensure that our clients information is handled securely but our dedicated team ensure that all information is compliant with the latest legislation. This gives you peace of mind that everything is being taken care of and allows you time to focus on your core operations.
Over the years we’ve saved our clients thousands of hours, taking care of everything from payment processing to preparing payroll and expenses to customised monthly management reporting. Our dedicated bookkeeping team will provide you with continuous, invaluable support and guidance.
Whether you wish to outsource your monthly bookkeeping function completely or need help covering staff absences such as holidays and maternity leave, our dedicated team are happy to help.
Key Points:
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HMRC issued over 90,000 penalties in 2022/23 for errors in Tax Returns.
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The number of HMRC tax investigations increased to 248,000 active cases in 2022/23.
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Our meticulous team have decades of experience, in addition to our meticulous approach we can also detect internal fraud patterns within an organisation.
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As the largest Xero practice in Nottingham, we have over 12 years of experience in offering our clients the best cloud accounting solutions and we have a proven track record across various industry sectors.
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You can completely outsource your bookkeeping requirements or we can help you on a project basis to help you cover staff absences. We offer our clients an off-site solution, working closely with your team.
What our clients say:
“Thank you to Lisa and Yuna for all their help and hard work. I really appreciate their skills and help.” – Debbie
“Anne and Beth are very friendly and very helpful, nothing is too much” – Sally
“All good!” – MarkC
“Yuna is excellent” – PW
“Very helpful process” – Mark
Feedback 2024
Year to date
Our recommendations:
With limited resources, you might be tempted to manage your bookkeeping. After all, several software packages manage simple bookkeeping. While cloud accounting can offer you detailed insights into your finances in real time, there’s something essential that it can’t give you: the ability to identify tax breaks and allowances, meaning that you could be missing out on significant savings.
Another important factor to consider is that even the most thorough cloud accounting software cannot detect if you have made a mistake with your data entry. Inaccuracies can have serious consequences, from penalties to an increased likelihood of an HMRC investigation.
If you do bookkeeping in-house, it’s wise to have a Chartered Accountant who can conduct regular and detailed analyses of financial statements to spot any irregularities or inconsistencies. After all, the BDO UK Fraud survey in 2021 found that almost a third (29%) of fraud crimes were committed against companies by their employees.
As a leading Chartered Accountancy practice in Nottingham, we have vast experience investigating company accounts to detect whether records are manipulated for personal gain. We know how to spot worrying patterns that could indicate internal fraud, and we can help you rectify this before too much damage is done.
For a free consultation on how we can help you
Contac Lisa Oyaide-Nicholls to see how RWB can support you on-site or remotely with your bookkeeping.
Other useful resources
Self Assessment forms and helpsheets
help sheets from GOV.UK