Bookkeeping FAQs – no question is a silly one

Even if you already have an accountant they might not provide a full range of bookkeeping services. Many bookkeeping services like LEOBS also provide accountancy support. 

 

You can save a lot on accountancy fees by making sure your financial records are up to date. Your bookkeeper can keep track of all your day-to-day business expenses and income. They can also manage your payroll, chase overdue invoices and help you manage your cashflow. 

 

A good bookkeeper understands your regular business transactions so they are likely to notice if anything unusual happens. With a quick phone call, they can let you know if there’s something you should check. 

 

Bookkeepers provide different services to suit your needs whether you’re a sole trader, a limited company or in a partnership. Good bookkeepers provide a tailored service so you’ll only pay for what you need. 

 

Typical bookkeeping services include: 

 

Yes. Your bookkeeper can manage your books remotely using accounting software in the cloud like Xero. They’ll show you how to use it and it’s really straightforward. Then you’ll always have the latest and most accurate information about your business finances. 

 

You can access your own real-time data, financial records and reports. You’ll always have access to the information you need to make business decisions anywhere, anytime, and on any device. 

 

The government’s Making Tax Digital (MTD) rules currently apply to VAT registered businesses. So, if your turnover is above the £85,000 threshold your VAT return must use ‘compatible’ software and be submitted online. From 2026 businesses and landlords with income above £50,000 must also use compatible software for income tax self assessment (ITSA).There are plans to take the same approach for Corporation Tax but we don’t know yet when that will be. We recommend Xero to our clients, which meets these requirements. There are also plenty of apps available to help save you time and money, like Dext. 

 

The UK’s money laundering regulations say bookkeeping is a regulated profession. Anyone who records, reviews, analyses, calculates and reports financial information for other people should be registered. This requires bookkeepers to be supervised by HMRC or to hold a practice licence with a recognised membership body such as the Association of Accounting Technicians (AAT). 

 

We complete AAT training and qualifications and take part in an annual programme of Continuing Professional Development (CPD). This makes sure we stay up to date with legislation and accounting best practices.