Bookkeeping Services In Ipswich & Suffolk
What is Bookkeeping?
To simply define bookkeeping, we’d say: bookkeeping involves organising and recording all financial transactions within a business. Bookkeeping is how you know what money is going in, out, when and where. This is a day-to-day process, and a highly systematic one. There’s no room for error here.
To be a little more specific, bookkeeping revolves around providing a correct, detailed and up-to-date record of the financial information for your business. There’s no better way to monitor cash flow on a daily basis.
Accuracy is absolutely essential to this process, given the fact that accounts are prepared from the information bookkeepers provide. Within the broader scope of accounting, bookkeeping is undeniably important.
Every transaction, no matter how insignificant it seems, if it is in relation to a purchase or sale, must be recorded. ‘Quality controls’ that pertain to bookkeeping standards ensure efficient and faultless records of all transactions. This means that you, as a business owner, can focus on what matters most outside of your finances without worry – namely, the everyday running of your business. With ST Accountancy’s bookkeeping Suffolk service, you can rest assured that the experts will handle everything for you, and if you need further assistance from us, we also offer tax advice services in Suffolk for businesses needing support with this area.
Why do I need an accountant for my Bookkeeping?
The question may remain if you are reading this: “why do I need an accountant for my bookkeeping?” Luckily, the answer is rather simple. An accountant is a professional with a wide range of expertise. An accountant can handle your bookkeeping records, and make use of this valuable information in financial forecasts, auditing books, tax returns, business plans and more. Instead of hiring two separate professionals, you can combine the best of both trades in one.
Hiring an accountant to do both bookkeeping in Suffolk and accountancy, ultimately, is an unquestionable decision. It’s helpful that our accountants in Braintree can also keep an eye out for money-saving tax breaks, an area in which a bookkeeper is not well-versed.
Although an accountant can handle the tasks of a bookkeeper and their own responsibilities, it is important to remember the distinction between the two. It boils down to this: a bookkeeper can accurately record transactions, including inventory and payroll, but will not analyse reports produced or offer necessary tax advice. This rests in the expertise of your resident accountant. We provide accountant packages for startups that are bespoke to their specific needs, which may or may not include bookkeeping.
It’s important to remember that accounting and bookkeeping are not the same job, and your accountant should be compensated accordingly. Nevertheless, this remains a cost-effective solution for getting an accountant for SMEs who are concerned about the cost of hiring an extensive accounting team. Running a successful business is often about efficiency and maximising your available resources. Our bookkeeping in Ipswich and Suffolk service can achieve such efficiency with ease.
Our Process
Step 1: Analysing financial transactions and assigning them to specific accounts
Bookkeeping is delivered with two core objectives in mind – one, that every debit has an equal credit, and two, that all accounts must balance. Analysing financial transactions and assigning them to specific accounts plays a major part in fulfilling this. We make sure transactions are recorded exactly where they need to be.
Step 2: Writing original journal entries that credit and debit the appropriate accounts
Our journal entries keep a chronological record of all transactions. These journal entries aren’t like writing into a diary. Instead, they are submitted to a computer and derived from paper documents that contain information about your business transactions. Our journal entries can be made from a variety of transactions, too, including invoices and sales receipts.
For example, you’ve bought new computer equipment for the office. The journal entry for this transaction will debit the cash account by the amount paid, and credit the office supplies account for the value of the computer equipment.
Step 3: Posting entries to ledger accounts
A ledger is a collection of related accounts, otherwise known to many as an ‘Accounts Payable’ or ‘General’ ledger.
The posting process simply refers to when an account balance in a certain ledger is changed. We post our journal entries to ledger accounts only when such a change is deemed necessary.
Step 4: Adjusting entries at the end of each accounting period
Sometimes, adjustments are necessary. The accounting cycle can be unpredictable, after all. We can modify account balances to enhance the accuracy of our submitted record, if such an act is needed.
Why choose us for your Bookkeeping Services over your competitors?
Competition is intense in our industry, and we have long sought to distinguish ourselves from our competitors. Here at ST Accountancy, we combine years of diverse financial experience with the adaptability of our first-rate employees to ensure we deliver bookkeeping services in Ipswich & Suffolk unlike any other.
Our Suffolk bookkeeping services are reliable, timely, efficient and accurate: all the qualities you’d hope for a premium bookkeeper in Ipswich. You can entrust the future of your business to our safe hands – we protect your financial prospects, and ensure you are fully compliant in all that you do.
For our bookkeeping services in Ipswich, we’re here to help!
Reach out to ST Accountancy today, and make use experienced East Anglia accountants. We’re here for you.
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