At AccountAce, we understand that the foundation of a successful business is not just about selling – it is about strategic financial management. With years of accounting expertise, our specialist bookkeepers are here to guide you through the complex world of financial record-keeping, ensuring your business operates smoothly, complies with legal requirements and maximizes profitability. Our services are designed to cater to your unique needs, whether you are a sole-trader, a start-up or an established business.

What is bookkeeping?

Bookkeeping is the process of recording and organizing all financial transactions of a business, ensuring that records are accurate, up-to-date and comprehensive. Bookkeeping is the backbone of a company's financial health; it ensures that there is a clear view of the health of the business, enabling business owners to make more informed decisions and helping to ensure that they comply with their legal obligations.

What does bookkeeping include?

Bookkeeping typically includes recording and categorising all of your business transactions (sales, purchases and payments), which are then reconciled against your bank statements or live bank feed. By keeping a detailed account of financial transactions, bookkeeping provides invaluable insights into the financial state of a business, helping stakeholders make sensible decisions.

What are the benefits of using a professional bookkeeper?

• Expert Financial Management

  A professional bookkeeper brings a level of expertise and accuracy to financial management that is difficult to achieve in-house without dedicated personnel. Our skills ensure that financial records are meticulous, up-to-date and comprehensive.

• Compliance and Risk Reduction

  Keeping abreast of regulatory changes and ensuring compliance can be daunting. As a professional accounting and bookkeeping provider, we are well-versed in the latest financial regulations, helping to mitigate risks associated with non-compliance.

• Time and Cost Efficiency

  Outsourcing bookkeeping tasks frees up valuable time for business owners and staff to focus on core business activities, driving growth and efficiency. Moreover, it eliminates the need to employ an in-house bookkeeper, which can be a costly overhead.

• Informed Decision Making

  Accurate and timely financial reports prepared by a professional bookkeeper provides critical data that business owners need for strategic decision-making, enabling them to identify trends, manage cash flow effectively, and plan for the future.

• Scalability

  A professional bookkeeper can adapt to the changing needs of your business, providing more comprehensive services as your business grows without the need for additional hires.

Which businesses can benefit from a bookkeeper?

Virtually every business can benefit from the services of a professional bookkeeper. From start-ups to established enterprises, the need for accurate financial records transcends industry, size and lifecycle stage.

Specifically, small and medium-sized enterprises (SMEs) stand to gain significantly as they may not have the resources to employ an in-house accounting department. Freelancers, sole-traders and entrepreneurs also benefit from bookkeeping services to ensure their finances are in order, allowing them to focus on their core competencies and business growth.

What is the difference between bookkeeping and accounting?

Bookkeeping is the recording of financial transactions, which is a part of the wider accounting process. Accounting involves interpreting, classifying, analysing, reporting, and summarizing financial data. Fees for utilising a fully-fledged accounting service can be expensive when compared to enlisting the services of a bookkeeping business.

How often should I update my books?

It depends on the size and complexity of your business. Some businesses update their books daily, while others may do it weekly or monthly. Consistency and accuracy are key, regardless of frequency.

Should I use software for bookkeeping?

There are several software options available on the market and we have experience with most of the main platforms. However, you will need to have the time and expertise required in order to maintain accurate books – that’s where professional bookkeepers come in.

We have the knowledge and experience to save you time, eliminate errors and provide valuable insights through reports and analytics. Many of our clients have found they have made significant savings in the long run by employing a bookkeeper.