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Bookkeeping

Many people who are busy running their own businesses in the Ipswich and Felixstowe areas struggle to keep up with the everyday bookkeeping. You can end up having to take this work home in the evening after a busy day and spending your free time doing it.

Because of this, if you are doing your own books, there’s a risk that you could fall behind. This means you will have to catch up when you need to file official accounts, for instance at the end of the financial year. You also won’t have the up-to-date management information which is needed to help drive the company.

It’s important to keep on top of your accounts on an ongoing basis, so that you constantly know about your profit and loss and cashflow. This will help you to pick up on any areas where you need to make changes to your business, and any types of work which are proving particularly profitable or unprofitable.

When you call Orwell Accountants, we can provide everyday bookkeeper services at a competitive price. This will free up your time for your key business activities and mean you have time to relax in the evenings.

However, if you do prefer to do your own bookkeeping, we can help with finding a suitable software system. We can also provide some training, so that you feel more confident about taking on this task.

Keeping Up-to-date with Accounting

All businesses have to keep accurate records of accounting, which is essential both for statutory compliance and for filing annual accounts. If you get an expert to take this on for you, you will save time and ultimately cost in preparing end-of-year accounts because you will constantly be up to date.

Orwell offers a full range of services including:

  • Data Entry, Balance Sheet and Profit and Loss

    Creating accurate records of all your financial information. Turning this into a balance sheet and keeping accounts of all your outgoings and expenses so that you can easily keep track.

  • Bank Reconciliation and Trial Balance

    Ensuring your records are accurate and correctly match your bank statement, with all relevant transactions properly recorded.

  • Invoice Preparation and Processing

    Generating correctly-worded invoices to send out and also processing invoices received by your business.

  • VAT Returns

    Keeping track of your VAT liability if your turnover is above the relevant figure and drawing up returns.

  • Debtors Reporting and Creditors Reporting

    Keeping track of the sums which are owed to your business and which you owe to others.

  • Credit Control

    This is important to guard against your company being owed bad debts. It involves setting out clear terms, making it obvious when money is due and chasing up late payments, sending out reminders if necessary.

Orwell Accountants are based in the Suffolk towns of Felixstowe and Ipswich, and can provide support for all the bookkeeping and accounting functions you need to carry out, whether you are self-employed or operate as a partnership or limited company. Contact us now for more details of how we can work with you and support your business.