bookkeeping

Interested in moving your accounts online?

xero-logo-lowres-RGB.jpgcloud-proadvisor-index-training-qbo.pngAs a Xero Partner and Quickbooks Online ProAdvisor, we can help! Read more at our dedicated bookkeeping site, whitehillbookkeeping.com, or get in touch.

 

Whitehill offers a wide range of bookkeeping and accounting services to clients large and small

You'll find more details of our bookkeeping and accounts services on our sister site, whitehillbookkeeping.com.

Have a look at our bookkeeping solutions for...

How it all works

setting up books

We set up books and accounts and bring them up to date.  If you already have accounts, we take these on - whatever state they're in...

reconcile

We reconcile and produce regular reports for you to keep track of and manage your business.

tax

We deal direct with HMRC as your agent, or just provide information to you, ensuring any VAT and Payroll amounts are correctly reported.

 
reporting

We produce reports for Shareholders, Companies House, the Charity Commission or anyone else, as and when needed.

payroll and credit

We can also provide payroll services and a complete credit risk management operation.

GETTING SET UP  → DAY TO DAY  → TAX  → REPORTS  → CREDIT & PAYROLL

Bank reconciliation

What is it?

recon.jpgBank reconciliation is comparing your record of transactions and balances to the bank’s record of transactions and balances. It's the bedrock of every bookkeeping service we provide - whether it's credit control or financial or management reports.

Bank reconciliation means we go through every transaction in your account and make sure you and the bank agree on the transaction. Some items, such as cheques you have issued but haven't been paid in, won’t show up on your bank statement because the bank doesn’t know about them yet. There may also be electronic transfers out of your bank account that you didn’t know about. Bringing all of these things into the open and explaining the differences is called bank reconciliation.

It’s important for us to go through the process of bank reconciliation at least once a month. If it's not done, you are exposed to a number of risks which could lead to bank charges or payments being refused.

  • Without bank reconciliation, you may not have a clear idea of how much cash is available in your accounts. You might find cheques being "bounced" or overdraft charges being made.
  • There may be erroneous payments or even theft going on which you're not aware of. If you don't notify your bank quickly when an erroneous payment is made or money is taken from your account, they may not be able to correct the error or recover the money.

What we provide

We can perform weekly or monthly bank reconciliation for you. We will keep an accurate record of your transactions and reconcile this record with bank statements and records. Where we find discrepancies, we'll let you know and discuss what action to take if necessary.

How does it work?

To perform bank reconciliation we need access to your bank statements and records of transactions. Bank statements are generally obtained electronically - we can either get these directly using online banking if you are happy for us to do so, or we can work from paper copies you receive.

Transaction invoices and receipts can often be sent using email to us direct from the supplier or customer. If you want, we can combine the bank reconciliation service with keeping records of bills to be paid and payments due in; we can make sure you're on top of your cash in and out this way. If you prefer, we can just receive copies of transactions from you by post or email and use these to perform the reconciliation.

Invoice Processing

What is invoice processing? 

Invoice processing deals with invoices coming in to or out of the business. For incoming invoices we match these against purchase orders (where there is one) or other records of a purchase being made. Where there is no record of a purchase we will check with you before processing further, to make sure it's a valid invoice and the amount is correct. Once this is established the invoice is booked in our system against a category and we then either include it in a list of payments which need to be made, or set up the payment directly on your bank account.

For outgoing invoices we book the invoice into our system and then either send it out to the customer from here, or monitor payments to ensure it's paid.

What we provide

We will receive all invoices for you and enter them into the books ready for bank reconciliation and reporting. We can set up categories of expense so you can track expenditure effectively.

We can also either issue invoices to customers on your instruction, or receive copies of issued invoices for tracking payments. Once we receive a customer invoice we will enter it into the books ready for bank reconciliation and payments tracking. We can combine this with credit control to monitor and where necessary chase payments, setting appropriate credit limits for customers to ensure you are not exposed to unnecessary risks.

How does it work?

Ask suppliers to send invoices direct to us and where you issue purchase orders, make sure we receive a copy. We keep records electronically so we can securely share all documents with you. Once we've matched invoices against purchase orders, or confirmed with you that it's a valid invoice, we enter it into the books ready for bank reconciliation and payments tracking including supplier payments due.

For outgoing invoices to customers we can either generate and send these for you or enter and track invoices sent once we have details of an invoice you've sent out.

Supplier payments due

payment.jpgWhat are supplier payments due?

From the books generated for your businesses a result of invoice processing we can help you to keep track of payments due. Supplier payments due means every week or month we will provide a list of supplier payments due together with the amounts and when they're due to be paid. From this you can ensure you know what's coming as well as what's currently in your accounts.

What we provide

Supplier payments due is important for you to anticipate cash flow out of the business. We provide a weekly or monthly report giving details of all supplier invoices due for payment within the period, together with any late payments and risks of incurring interest charges.

How does it work?

With invoice processing in place there's no extra work for you to add supplier payments due. We simply produce a report every week or every month which gives you details of payments due out of your business for the coming period.

Links you may find useful

links you may find useful

Management reporting

yearend_m.jpgWhat are management reports and accounts?

Management accounts translate finance into knowledge. Processes such as bank reconciliation, invoice processing and VAT returns may be essential to keep track of incoming and outgoing cash and value, but management accounts will help you to track and grow your business. Management accounts use categories you define to track income and expenditure - against a job, or types of income and cost. Using this type of information enables you to see what's making money and what's not; where the profits are coming from, and which customer is the most valuable. What pays off and what doesn't.

What we provide

Management accounts and reports are tailored to the specific needs of your business. We can track and report on the profitability of a job or type of job; on the value of a customer or type of customer; of the costs which arise from the jobs you do or are overheads on the business. These reports can all be produced from the same set of data, provided we set it up correctly.

How does it work?

We talk to you about your needs and what will help you to manage and grow your business. From that conversation we draw up a set of categories and once they're approved, we implement them in your books. From that time on we can produce the management reports you need, at the frequency you need them.

Statutory reporting

From time to time you will need to produce reports for someone else; if you are running a registered company, you'll need to file annual reports and accounts with Companies House.  If you are a registered charity, you'll need to do the same with the Charity Commission.  You may also need to produce reports and accounts for shareholders or others with a financial interest in the business.  

We can produce reports and accounts to the standards required by Companies House and the Charity Commission; we can also get these independently audited or examined for you by a Chartered Accountant. You won't need to worry about getting reports in on time, or about penalties for incorrect or late filing.  

Useful links

Companies House guide to the rules governing what you need to file and when

Charity Commission guide for what needs filing when

Credit control

What is credit control?

credit.jpg

Credit control means confidence in extending credit terms to customers, and avoiding losses due to customers failing to pay. Credit control aims to both;

  • increase sales revenue by extending credit to customers who are deemed a good credit risk, and
  • minimise risk of loss from bad debts by restricting or denying credit to customers who are not a good credit risk.

Credit control is also called credit management, or credit risk management.

What we provide 

We believe effective credit control happens before someone fails to pay. To judge a customer's creditworthiness we rely on available credit checks and our processes typically include taking up references for businesses. From this we can draw up recommendations of how much credit to extend, although the final decision is always yours. Once an invoice is sent we will track payments against the agreed terms and where necessary issue statements and letters chasing late payers. We will also keep you updated on the progress of recovery from any late payments.

How does it work?

Before you agree credit terms with a customer, give us the details. We will give you an indication of potential creditworthiness within 3 days, and take up references for them if you agree we should do so. We then send you a recommendation on how much to offer and for how long; the final decision always rests with you.

Once credit terms are agreed we will update our systems and monitor payments against the credit terms issued. We will send out statements as payments become due and chase late payments with a letter or email. Finally, as soon as a payment becomes overdue, we will ensure you're aware and continue to update you.

Payroll

crowd_m.jpgWhat is payroll?

Payroll services involve collecting information on hours worked, pay rates, deductions, and other payroll-related data and using that information to generate pay slips, payroll reports, and filing of NI and PAYE tax returns with HMRC.

What we provide

Our payroll service is simple and effective. We will take the information you provide on employees, rates and hours and use these to calculate the amount due. We will liaise with HMRC to ensure deductions for Employer and Employee National Insurance and PAYE income tax are made correctly, and return information for you to HMRC. We will advise you on the net amounts to pay to the employee and to HMRC.

How does it work?

You provide the basic information - employee, rate of pay and hours worked - and we'll do the rest. We will calculate the gross and net amounts due, together with the amount you will need to pay to HMRC. We will also generate the payslips for employees and the end of year or end of employment forms needed by you.

HMRC: Tax and National Insurance

Value Added Tax (VAT)

What is a VAT return service?

If you are VAT registered then you will need to make a VAT return to HM Revenue & Customs (HMRC) and pay the VAT due. There is a statutory maximum turnover when you must register for VAT; but you may also want to register voluntarily for VAT if you have customers who can claim back VAT if you are registered, or have a lot of purchases from suppliers who are VAT registered.

A VAT return service will use the information in your books and bank statements to calculate the amount of VAT you owe each quarter and either make the return to HMRC for you or advise you on the amounts to declare to HMRC. We can also set up the payment required or let you have a statement of the amount payable by you to HMRC for VAT.

What we provide

We can provide a VAT return service for standard VAT registered businesses and those which are registered for a HMRC Special Scheme - for example;

  • Cash Accounting – you only need to pay VAT to HMRC when you are paid by your customers.
  • Flat Rate Scheme – applying a flat rate percentage to your sales and paying this amount to HMRC.
  • Annual Accounting – agreeing an annual liability, based on the previous year's figures, and paying this on an installment basis. At the end of each year a final return needs to be submitted and any balance due paid or claimed.

How does it work?

We will work from VAT receipts you collect from your suppliers and VAT invoices you send out from your business. From these we will maintain accurate VAT records within the books and at the end of each VAT quarter, calculate the amount to be paid or claimed. We will then either complete your VAT return for you, or advise you of the numbers to fill in. Finally, we can either set up the payment for you or advise you on the amount due and the date payment must be made.

If you are in arrears we can also liaise direct with HMRC on your behalf to set up a payment plan.

Pay As You Earn (PAYE) Tax and National Insurance

What is a PAYE tax and national insurance service?

cash_m.jpgIf you have employees you need to provide monthly or weekly ("real time") returns to HMRC showing PAYE information.  HMRC recommend you use either commercial payroll software, or a payroll service provider to do this.  Each month a payroll service provider (also called a payroll bureau) will check amounts with you and submit your information to HMRC, advising you of the amounts payable.  A payroll service provider will also ensure your end of year returns are also made as necessary.

What we provide

We can provide a full payroll service for any business with one or more employees, including submitting information in real time to HMRC using our approved systems.

How does it work?

We will work from records of employees provided by you, and check figures before submission.  We can then ensure your PAYE information reaches HMRC on time.  If you are in arrears we can also liaise direct with HMRC on your behalf to set up a payment plan.