Bookkeeping

Tailored bookkeeping services on a weekly or monthly basis.

Join Leicestershire SME’s saving thousands a year

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What we do when we handle your bookkeeping

Depending on your service needs which we  will set out with you, we will manage your bookkeeping either weekly or monthly as a minimum. We will post your invoices which you have sent to Auto Entry and reconcile the bank in Xero. Reconciling the bank involves posting your bank transactions including ensuring the correct Vat and accounting treatment for all transactions.

By maintaining the bookkeeping on a regular basis we can ensure the accounts are accurate and meaningful throughout the year to give advice continually. Each month we will let you know of any invoices we are missing and any queries on transaction we have while they are fresh, rather than asking for details on a transaction from months ago.

Each month we will review the accounts, debtors and creditors to ensure these are accurate and to pass on any advice.

Why good bookkeeping matters

The bookkeeping is at the very heart of the business and the basis on which business decisions will be made. By maintaining your bookkeeping on a regular basis we are able to ensure you are able to see how the business is performing at any time allowing you to make decisions with confidence. This also allows you to accurately plan your cash flow knowing things like your VAT liability are accurate at any point.

In addition, by ensuring the bookkeeping is up to date and accurate throughout the year allows us to complete the accounts quickly after the year end. You will also be fully aware of the business performance throughout the year and not only once the accounts are complete, after the year end. With this knowledge you will be able to make better decisions, whether this involves taking on staff, purchasing an asset or any other matters.

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Who we help

We help a range of businesses across Leicestershire and beyond. Whilst the majority of our clients are located close by in Syston, Melton Mowbray, Loughborough, Leicester and the surrounding area, the beauty of Xero is that we can, and do, support businesses across the country in real time.

Why work with Xero

By being able to work collaboratively through Xero, we are able to offer the best possible service. We are able to manage your bookkeeping on a regular basis whilst you can also raise sales invoices, send us purchase invoices or ask questions at any time and from anywhere.

READY TO CHAT?

You can contact us via:

01664 420281
help@lyfe.accountants
Pop and visit us:
Pera Business Park
Nottingham Road
Melton Mowbray
LE13 0PB



    HOW DO WE HELP?

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    Kenton Doors joined us as clients in 2011. For many years their records consisted on manual books with records of invoices, payments and receipts. These payments were matched manually to the invoices but the client had no real idea of how the business was performing.

    In 2017 we helped the client move their bookkeeping to Xero to comply with MTD for VAT. We set up all of the information needed for the business to use Xero, including setting up all regular customers and suppliers, linking their bank account and being on hand to train the client and top answer any questions as they go along.

    Fast forward to now and the client is confident in using Xero in raising their invoices and logging their expenses. We look at their bookkeeping every week, posting all bank transactions, wages, and so on and advising the client of any missing information. We are able to send regular debtors reports allowing the client to keep on top of who owes them money (something that was often missed with the old manual records), regular accurate management accounts and able to meet with the client ahead of the year end to discuss any tax planning opportunities or ideas to hep their business.

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    We are here in Leicestershire and beyond:

    Whilst the majority of our clients are located within 10 miles of us, we do help clients in a range of locations including:

    • Leicester
    • Loughborough
    • Oakham
    • Nottinghamshire

    Three ways businesses use us

    Fully outsourced bookkeeping

    For the majority of our clients, we manage their bookkeeping allowing them to focus on what they do best – running their business. With the knowledge their bookkeeping is being maintained by a qualified, knowledgeable team they are happy to let us take the strain and help with regular, accurate information.

    Shared bookkeeping

    Some clients prefer to be hands on with their bookkeeping and so want to be involved. This often involves clients posting transactions they are comfortable handling with us taking care of those tricky matters to ensure the accounts remain accurate and complete.

    Bookkeeping clean up projects.

    Occasionally we will encounter businesses who have tried to complete their own bookkeeping but have become aware this is outside their skill set. On these occasions we will review the accounts fully, make the necessary adjustments and normally maintain the bookkeeping from this point onwards.

    Common bookkeeping problems we fix

    Whilst most clients who maintain their bookkeeping are confident in what they do, we do encounter issues. This can be in difficulty posting accurately to simply not having the time to maintain the records themselves. More often that not this will involve transactions posted to the incorrect accounts, for example vehicle purchases posted to motor expenses or corporation tax posted to the profit and loss account rather than the balance sheet liability. We also find clients can struggle with the correct VAT rates of transactions, which is completely understandable. Clients may find the time and knowledge involved in accurately maintaining the bookkeeping become an issue, but by regularly reviewing the bookkeeping we can spot this before it becomes and issue and step in to take on the bookkeeping, freeing up clients time and taking off the mental strain.

    WHY CHOOSE LYFE ACCOUNTANTS FOR YOUR PAYROLL?

    We love seeing business grow and become successful. Since starting in 2007, we have supported many local and national businesses for their accountancy and business needs. Over time, with advances in accountancy software, we have been able to change the emphasis of our work from just completing the statutory accounts and tax returns to building a business which offers holistic business support guiding businesses from preparing regular management accounts to cash flow forecasts and full financial action plans.

    By using the latest technology, and keeping a keen eye on the market for new software which will make our clients job easier, we are able to help our clients meet any challenges they come across, our clients are prepared for any taxes and changes in legislation, and we are on hand throughout their business journey, helping clients grow, thrive and achieve their goals, whether financial or non-financial.

    We would love to help your business too.

    Get the best personal service in Leicestershire

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