Limited Company Bookkeeping

bookkeeping for limited companies
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    Professional bookkeeping services for limited companies

    Limited Company Bookkeeping is a requirement by law but is also crucial for successful business management. Business accounts need to be completed for annually and bookkeeping for your small limited company is essential for the creation of business accounts and tax returns.

    If your business is a limited company you will need to pay corporation tax, limited company accounts need to be submitted to companies house and both business accounts and tax returns need to be submitted to HMRC.

    Limited company bookkeeping includes the recording of the limited company’s financial transactions, for example the limited company’s sales, expenses, staff salaries and loans the limited company might have.

    What bookkeeping records should your small limited company keep?

    It is a legal requirement that limited companies have double entry bookkeeping records. Double entry bookkeeping is a type of bookkeeping where transactions are recorded in terms of debits and credits, simply meaning that every transaction is recorded with their opposite entry.

    Limited company bookkeeping can be done by yourself. However, if the limited company’s financial transaction documents are lacking organisation there is a high risk of paying more tax and submitting the limited companies tax return late which could result in you getting HMRC financial penalties.

    So, if you’re struggling with it or its taking away valuable time that could be spent on improving the business or with family, Ltd. company bookkeeping can be done by accountants and professional bookkeepers.

    Here at Archimedia, we are a friendly-family run business with a team of experts that will simply manage your bookkeeping and handle everything with companies house and HMRC.

    Why is limited company bookkeeping important for your business?

    Bookkeeping for your small limited company is essential. Here is why:

    • Limited company bookkeeping will help reduce costs as you know how you are spending the money and see whether the money you are spending is actually improving your business.
    • Helps you to reduce your tax bill. By analysing the financial data regularly throughout the year, you can see where tax savings can be made before the end of the year.
    • Compliant in accordance with HMRC and companies house. Limited company bookkeeping will significantly reduce the risk of submitting wrong information.

    What bookkeeping services do we offer at Archimedia?

    The services we include are:

    • We process your sales invoices
    • We allocate sales receipts
    • We process supplier invoices
    • Depreciation journals
    • Interest journals
    • We allocate supplier cheques
    • We reconcile the bank
    • Payroll
    • Prepayments and Accruals
    • Allocating supplier direct debit payments
    • Calculation of VAT returns
    • Submission of VAT returns

    Use Archimedia for your limited company bookkeeping

    At Archimedia we use the bookkeeping programme Xero. Our system to reduces time wasting and it is quick and easy to use for both us and you.

    Archimedia also specialise in Tax Planning and Business Advisory which means using us for Bookkeeping will most likely allow you to save tax and have a “successful business blueprint” (bookkeeping allows this as we have the info early and so can do our magic early).

    How the process works

    • Invoice processing: We create a system to collect sales and purchase invoices from you and we process the invoices and allocate them. Your invoices will be attached to transactions in Xero (bookkeeping programme).
    • Receipt processing: We assign money from customers to the accurate sales invoices.
    • Payments: We assign money paid to suppliers, so you know where money is owed.
    • Reconciling the bank: We ensure every bank transaction is processed correctly which entails repayment of loans or money introduced or taken from you.

    Limited company bookkeeping services at Archimedia will put your mind at ease as we have a friendly team of experts that will organise your bookkeeping and we offer business advice to see where the business needs to improve. You can call or email us to speak to one of the members of the team anytime.

    Take our Free Tax Review to see how much you could save each year.

    Learn more about how we can help you succeed with our free tax review service.

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