Bookkeeping is essential for both the management of your business and for submitting annual accounts.
Having a system in place that keeps accurate financial records:
- helps your business run more efficiently
- helps you budget effectively
- gives you confidence that you’re paying the right amount of tax
At TLC Accounts, we bring our proactive approach to record your business transactions in an organised and efficient manner.
And we can do it all remotely, and collaborating in real time working in partnership so you can see what is happening in your business whenever you need to.
With all your data stored safely and in one place, it’s easy to get a snapshot of how your business is performing.
All about performance
Bookkeeping is the process of recording all your business financial transactions.
This includes receipts, invoices and sales documents – including payroll and fixed assets – into an intelligent computerised system.
TLC Accounts brings order into your business. It lets you analyse your business, making it easier for you to make forecasts, look at performance and scrutinise expenditure.
With a detailed comparison of your record of transactions against your bank’s, we help you find and fix data entry mistakes or missed transactions. It’s also good for detecting wrong payments or fraud.
As we run through the transactions, we check they’re consistently assigned to the correct account code and flag tax deductible expenses for when you file a return.
We help you prepare accurate VAT returns. And, if HMRC decide to pay you a visit, you can have confidence you’ll be able to show them every single sales invoice and stationery receipt, should they ask.
Figuring out efficiencies
As well as liaising with suppliers for invoices and receipts, and clients for credit control, we can adapt your reporting to suit your business.
Perhaps there is a natural segregation of business activities? By creating project codes and costings, we can give you visibility of what you earn from each category. It’s not just about turnover, or your bank balance. We give you an intelligent oversight of your business performance.
Understanding your accounts
A balance sheet provides a summary of what your business owes and owns, how it is being funded and how funds are being used.
A profit and loss account summarises transactions over a given period and shows the bottom line – whether your business made a profit or loss.
Limited companies and partnerships whose members are limited companies must produce a profit and loss account for each financial year. Limited companies and limited liability partnerships need to produce a balance sheet as part of their annual accounts submission.
Sole traders and partnerships also need to keep adequate records to allow them to complete their self assessment tax returns, but don’t need to create formal profit and loss accounts.
At TLC Accounts, our mission is to liberate small and medium-sized businesses across Scotland from time spent keeping track of numbers.
So we work in the background like a well-oiled machine.
Our go-to software is Xero. It’s a cloud-based system that gives you unprecedented freedom to work anywhere and anytime.
Working in partnership, we can run everything smoothly, keep tidy records, and make compliance a breeze.
- Automate tasks like invoicing and reporting
- Get a full financial picture of your business
- Make filing and end-of-year tax returns easy
Time to get in touch?
Why not find out how TLC Accounts can liberate you from time spent keeping track of numbers.