Bookkeeping Services
Bookkeeping is the process of recording and organising the financial transactions of a business and is an essential part of managing any business, as it helps to keep track of income and expenses, prepare tax returns, monitor performance indicators, and provide strategic advice. At O’Connor & Co we efficiently keep track of your income and expenses through your receipts/bank statements for expenses you have made and invoices for work that has been delivered. We can then file self-assessment income tax, complete VAT returns and payment and calculate income tax and national insurance for your personnel.
Efficient bookkeeping is a key asset to any business as it's crucial in understanding the financial standing of the organisation.
Having the tedious and complex task of managing financial records and transactions delegated to a professional, means our clients can concentrate on the day-to-day running of their business. Our bookkeeping services improve cash flow and profitability by tracking income and expenses, invoicing customers, paying suppliers, and identifying areas for improvement.
Keep reading below
The process of our Bookkeeping Services
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No more time-consuming paperwork!
You provide the documents for all transactions and operations to your O’Connor & Co Bookkeeper. This can either be done in person or uploaded via user-friendly software that we will have trained you in the use of. This includes items such as bank statements, incoming/outgoing invoices, receipts for expenses, and any other documented payment that occurred.
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Putting Trade onto Paper
Your O’Connor & Co bookkeeper determines and officially records your source documents to create a comprehensive account of financial effects, with appropriate references to your source documents. Your bookkeeper prepares a trial balance at the end of each accounting period and reports any errors or discrepancies to you.
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A better understanding of your financial position
Your O’Connor & Co bookkeeper makes continuing adjusted entries to your official records based on additional information from you and/or external sources provided from your source documents. From there, they can prepare financial statements using the adjusted trial balance; these will be submitted to you for review and approval.
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Immaculately prepared accounts
Once the period has concluded, your O’Connor & Co bookkeeper can close the books for the accounting period and start a new cycle. All required returns at the end of a period can be submitted to HMRC on your behalf.
Additional Services
Accountancy Services
We are experts in all fields of accounting, auditing, bookkeeping, tax preparation, financial reporting, and business advice.
Payroll Services
Payroll can be complex and time-consuming, especially with the changing rules and regulations. We can take the pressure and stress away.
VAT Services
Businesses that are registered for VAT must keep accurate and complete records and submit VAT returns to HMRC, we can help with this.