What we do: Bookkeeping
Whether you outsource the function to a professional, or handle it yourself, every business needs a bookkeeper.
Our Bookkeeping Process
Our bookkeeping process is broken down into two stages:
- Bookkeeping Setup (Initial Session)
- Monthly Bookkeeping (Recurring Task)
Bookkeeping Setup (Initial Session)
Straight after signing up as a bookkeeping client, one of our senior bookkeepers will get in touch to schedule your Bookkeeping Kickoff Session. The session will be remote (via web-cam and screen share) and will last for approximately 45 minutes.
The main purpose of the kickoff session is to get your bookkeeping system setup and running in such a way that we can work with you on a monthly basis.
We will set things up so that everything is as “hands free” on your end as possible.This will allow you to focus on running your business rather than worrying about it.
Examples of what we will do in the kickoff session:
- Setup automated bank feeds
- Integrate your Receipt Bank/Xero account
- Walk you through how to use Receipt Bank
- Walk you through how to use Xero (if necessary)
- Walk you through creating secondary users for all required platforms (allowing us to access/download future data without hassling you)
- Answering any other questions you may have about bookkeeping
At the end of the kickoff session your bookkeeper should have access to everything that we need in order to get your books up to date. Your bookkeeper will let you know any next steps from here.
Monthly Recurring Bookkeeping
After the session, your bookkeeper will create a monthly recurring piece of work on our practice management software (Karbon) and will customise it based on your business needs.
If your business trades on Shopify it will have a slightly different bookkeeping process compared to if you trade on Etsy (or both!).
By using practice management software it ensures that we can keep track of all of our pieces of work and that no task is overlooked.
Any bookkeeping tasks will automatically regenerate each month so that we always know what we need to work on.
As your bookkeeper works on your books they may have queries. They will email these through to you when and where they arise.
As you would expect, there are usually a higher number of queries in the first couple of months working together. Once we fully understand your business the frequency of queries usually decreases significantly.
Sometimes we need to include client tasks into our process (e.g. tasks that we need you to perform), these may include downloading particular reports if you are unable to provide us secondary user access.
These tasks will be emailed to you each month in the form of an interactive checklist. Once you mark any task as complete, our team will receive a notification and will know they can continue to work on your books.
Where possible we always try to provide detailed instructions (or SOPs) on exactly what is needed from you. We do this to make things as simple and straight-forward as possible.
Bookkeeping and VAT
If you are our bookkeeping client then we will actively monitor whether or not your business is approaching or crossed the UK VAT threshold.
Find out more about our VAT service here [LINK]
Ecommerce Accountants LLP
1 Mark Square
Telephone: 020 7520 2676
Registered Company Number: OC413282