Our Bookkeeping Process

our bookkeeping process
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    Your bookkeeping system should be simple. We can implement a system designed around your business needs, using the latest accounting software.

    We will recommend the perfect software to suit your business, providing you with a user-friendly, quick and easy system. So no more hunting around for invoices or spending hours poring over spreadsheets!

    Data collection

    Dext (formerly known as Receipt Bank)

    This is the preferred method. Dext is a purchase invoice management app that allows you to easily get invoices to us.

    You send all your invoices to Dext through forwarding to your dedicated Dext email address or taking a picture with the app on your phone. There is also a scanning facility.

    We also have a special facility that makes it easy for you or your staff to submit expenses paid for personally, so you can approve them and pay them separately.

    Probably the best thing about Dext (apart from being far easier and quicker for you) is that we we push a pdf of the invoice into Xero, so ever transaction in Xero has a picture of the real life invoice attached to it. This is so useful for you when you need to go back and find information.

    Bank

    Reconciling the bank each month is an essential practice. We will ensure each bank transaction is processed correctly, including loan repayments and money withdrawn or paid in by you.

    We will manage a “bank feed” in your chosen bookkeeping software, meaning you don’t have to print off bank statements as the information is automatically transferred. If that is new to you, rest assured, it’s very secure and easy and we don’t require access to your bank account.

    Performance

    Accurate financial data will be generated each month and quarter, to provide a detailed overview of your business performance. We can review this data and highlight any threats or opportunities e.g. potential cost savings and tax reliefs.

    The Bookkeeping Process

    Coding

    Coded according to your particulars i.e. the way you need your sales/costs tracked.

    VAT

    VAT is complex but we can ensure that your returns are made on time and without error. We will also ensure you claim the maximum amount of VAT you’re entitled to.

    Fixed Assets

    Maintain fixed asset register. Manage disposals.

    Loans

    Manage Loans. Make sure outstanding balances correct (short and long term), process interest.

    Correctness

    Work is always done and checked by 2 members of our team.

    Final Bookkeeping for Management Accounts

    Journals

    All other Accounting journals processed.

    Balance Sheet

    Standard Balance Sheet checks to ensure data robustness.

    Extra Journals

    Enter standard journals. Salaries/Dividends. Check Client checklist for more.

    Comments

    We will make comments on your performance. Costs, Sales, Profit, Cash, Ratios and general performance based on your goals.

    Any Bookkeeping Queries

    When we are finished processing the Month/Quarter, we will give you a list of queries or invoices we need. You can just find these invoices for us and then we can close the month/quarter off.

    Report

    We send you the P&L, Balance Sheet, and if you wish a Cash Flow Statement and Trade Debtor and Creditor Report so you can see which invoices are owed to you and those you owe.

    We will then ask you if you want to discuss the figures, e.g. GP margin, Sales, or xyz cost may seem a lot higher. Together we can also look at trends in periods a few months back.

    Tax Planning

    In the background our Head of Tax will ensure we have all the information we need to perform your annual Full Tax Review.

    Contact Archimedia Accountants

    Get in touch to discover how our team of expert bookkeepers can save you time and money. Learn more about how we can help you succeed with our bookkeeping process.

    Chris Demetriou

    Chris Demetriou

    Chris is Head of Business Advisory​ at Archimedia Accounts and is a specialist in tax. For more advice book a FREE consultation:

    Contact Chris

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