Cloud Bookkeeping Processes

A Cloud Based bookkeeping business, Bookkeeping Synergy strives  to efficiently produce accurate bookkeeping alongside the supporting services of VAT Returns, Payroll & Auto-Enrolment and  Management Information reporting. We encourage our clients to work with us in drawing up Business Plans and annual budgeting – these tools are a road map that give purpose and direction and help keep focus on the target.

Bookkeeping is the method by which a business records its financial transactions. It is a single common, universal language and the rules are the same worldwide – tax and legislation may be different but the basics of bookkeeping will be the same. At Bookkeeping Synergy we deliver accurate, well presented books on time, every time. Our team is professional and reliable and we are regulated by the Institute of Certified Bookkeepers for the purposes of Money Laundering Regulations and are registered with the Information Commissioners Office. We seek to offer our clients the very best service in every aspect of bookkeeping.

We ensure our staff adheres to our strong moral code as laid down by The Institute of Certified Bookkeepers, and work with  integrity and transparency.

We  remain open and accessible to our clients’ contributions, questions and communications and provide a varying skill set, with superior customer service, and in a friendly and professional manner. We  continually strive to keep up with today’s fast world of technology which has been changing the face of bookkeeping and the world of accounting in the way that we partner with our clients in the bookkeeping process and the Management information presentation. We must retain a place in the revolution of cloud-based software, archiving and hosting and to this end Bookkeeping Synergy has chosen Xero and Sage software as its preferred software.  We will see to the change over from your present accounting software to Xero and will assist in training and setting up office systems to streamline your bookkeeping processes.

Which Cloud Software?

We are passionate and committed to remaining relevant and as such, we have kept up-to-date with the latest technologies. We live in a digital age which is impacted daily by the influence of mobile, cloud, and social networking. To survive we must innovate. The day of heavy, clunky software is over. Choose ‘light’ now! This software is available whether at home, or on the train, or in the office, or on your PC, or on the phone or on a tablet! Amazing – let’s move with it.

 

Our Bookkeeping Process:

 

PROCESSING SALES INVOICES

Using Cloud software Sales invoices can be generated by our clients and emailed directly to their customers.  Eliminate the need to print off and file these invoices – cloud stores them electronically automatically.

PROCESSING PURCHASE INVOICES

Purchase invoice are processed quickly by either emailing them to us (or having your suppliers do this) Clients may also forward emailed invoices directly to Receipt bank or Datamolino for processing.  All invoices are saved as attachments to the transaction – again we are saving time, space and the weight of archiving. As long as the attachment is readable, the paper invoice may be shredded.

PROCESSING EXPENSES

Processing expenses can be managed easily and efficiently. Expenses can be any costs which employees have incurred, away from the office, in order to complete their work, for example, food, travel expenses, purchasing of stationery etc.  When a client uses Datamolino or Receipt Bank to integrate receipts and invoices into Xero, they have the added facility of being able to take a photo shot of their receipt while on the move which will automatically be sent to Receipt Bank.  No need to keep this receipt! Our service to our clients includesposting receipts & processing payment runs of purchase invoices and expense claims.

MONTHLY JOURNALS FOR PAYROLL, AUTO-ENROLMENT PENSIONS, PREPAYMENTS AND ACCRUALS

Monthly Depreciation, Prepayment, Accrual and Payroll journals are essential for correct Management information so that all Direct Costs and Overheads are allocated into the correct month.

BANK ACCOUNT RECONCILIATION

Bookkeeping Synergy Bookkeepers will reconcile all Bank Accounts and Petty Cash boxes monthly. The process checks the Bank Statement against postings on the clients’ software.  This shows up  any discrepancies between what balance is showing in your bank compared to the sum of money displayed within your company’s records. Differences occur for a number of reasons including cheques which have not yet been presented to your bank or charges from the bank which have not yet been recorded by the company in their books. We are diligent and thorough in this process.

CONTROL ACCOUNT RECONCILIATIONS

The amount owing to suppliers in a business’s purchase ledger should equal the totals in the control accounts. If there is not a match between the two records then the books will need to be investigated and corrected so that they tall. We keep reconciliation spreadsheets of liabilities shown in the Balance Sheet.

VAT RETURNS

Registering for VAT can be daunting because there are numerous VAT Schemes (Standard or Accrual Scheme, Cash Accounting, Flat Rate Scheme, Retail Scheme, Margin VAT Scheme) – let us talk through the options with you. VAT returns are usually calculated and filed with HMRC on a quarterly basis.  At the time of Registering a business for VAT, HMRC will send a notice by post which will tell the business owner when their VAT Return is expected by HMRC. At the time of engagement we offer a service of becoming HMRC Agents for both filing returns and discussing VAT affairs.  It is important to note that even if a company is not trading but has registered for VAT that a NIL VAT return is required each quarter.

CREDIT CONTROL

An effective system of Credit Control for the collection of money on overdue invoices is a very important business process. To establish this system, a health check on engagement processes will be undertaken to ensure that our clients’ customers are fully aware of their responsibilities to pay within the agreed credit terms and that they are aware of the Terms and Conditions attached to the service or product purchased.  In the pipe line is an Add On to Xero which will automatically send out letters to customers whose payments have not been received by due date – watch this space!

PAYROLL

Payroll is often the largest overhead paid out by  business each month.  So it is vital that an efficient, accurate Payroll run on the date required by a business with all the necessary adjustments and additions is available.  In April 2013  a system of Real Time Information was introduced to all UK payrolls for filing with HMRC.  This required payroll bureaux to file PAYE/NI returns monthly instead of the previous annual returns.  The system is in place and operating but with necessary tweaks being made. If you are looking to employ staff and would like to know how much this will cost you a quick calculation of PAYE and NI contributions can be downloaded from the Reeves Tax App – what a resource! It will also give you a ballpark figure of your Corporation Tax liability

MANAGEMENT ACCOUNTS

Monthly Management information is the cherry on the cake! and vital to providing Directors and Managers with the financial information they need in order to make informed business decisions. We don’t drive blindfolded. We need to see where we are going – the same applies to your business.  Management information shows the direction the business is taking, where the overspends are showing up against the budget, and where further development could possibly take place. The information produced must be accurate and as up to date as practically possible.

END OF YEAR ACCOUNTS

Bookkeeping Synergy will produce End of Year accounts for sole trader, partnership, and Limited Company businesses.

BUSINESS PLANS, CASHFLOWS AND BUDGETS

Remember the story earlier on this site about Alice in Wonderland faced with making a decision about which path she should take?  The Mad Hatter asks her where she’d like to get to.  Alice retorts that it doesn’t really matter.  So the advice she is given is that it doesn’t really matter which path she takes.  Please don’t be a business that doesn’t mind which way it is going!  Let us assist you with a business plan and a budget as a starting place for taking control of the direction you grow your business.  Sometimes it will be the Bank who will ask for a Business Plan and a three year forecasted Cashflow – give us a ring, we’d love to help you.

SELF-ASSESSMENT RETURNS

An annual self assessment return is needed from anyone who is self-employed or who has received any taxable income from outside their full or part time jobs. This includes income from inheritance and rentals. If you are registered as self employed you usually receive a letter informing you that you need to complete a tax return for that financial year. At present Self Assessment returns  are completed and filed online. From 2018 the process of moving to Making Tax Digital will be in operation.  We can help you navigate the confusing questions and go through the checklist of all the information you need.

Xero (Cloud) With Add-ons

Xero – Certified Advisor


Xero describes itself as ‘beautiful accounting software’ – we agree! It has brought our work right up to date with current technology and pressing forward. Try their mobile app, daily Bank Feeds, and integrations – your former idea of bookkeeping will be turned up side down!

Institute Of Certified Bokkeepers

The Institute of Certified Bookkeepers


The Institute of Certified Bookkeepers is the largest bookkeeping institute in the world. It promotes and maintains the standards of bookkeeping as a profession, through the establishment of a series of relevant qualifications and the award of grades of membership that recognises academic attainment, working experience and competence.