Bookkeeping 101

If you’re running a business—whether it's a thriving enterprise or a budding startup—bookkeeping is one of those essential tasks that mustn’t be overlooked. Yet, it's also one of the most frequently pushed to the bottom of the to-do list. Many business owners find themselves asking: “How often should I really be doing my bookkeeping?” The answer, as with many things in business, depends on your specific operations—but there are clear best practices worth following.

Bookkeeping isn't just about keeping your records in order for tax season. Regular bookkeeping helps you:

• Track your cash flow
• Monitor your financial health
• Stay compliant with HMRC
• Make informed decisions based on real-time financial data
• Avoid the last-minute scramble when deadlines approach

Infrequent bookkeeping can lead to missed invoices, unpaid bills, tax penalties, and even poor business decisions due to outdated or incomplete financial information.

Let’s break it down:

Daily:
For high-volume businesses, a daily review is ideal. This includes checking for new transactions, entering receipts, reconciling payments, and flagging any discrepancies.

Weekly:
For most small businesses, weekly bookkeeping is the sweet spot. This allows you to:

• Reconcile bank and credit card transactions
• Send out invoices and follow up on unpaid ones
• Pay bills
• Monitor your budget
• Maintain accurate financial records

Monthly:
Even if you’re managing your books weekly, a monthly review is essential. This should include:

• Generating profit and loss statements
• Reviewing cash flow
• Verifying that accounts are balanced

Let’s face it—bookkeeping can be time-consuming, especially if it’s not your area of expertise. That’s where we can make a significant difference.

Here’s how we can support your bookkeeping:

• Data Entry and Transaction Recording: We will stay on top of daily or weekly data entry, ensuring that nothing falls through the cracks.
• Invoice Management: Anything from generating invoices to chasing late payments, we can keep your cash flow steady.
• Expense Tracking: We will categorise expenses correctly and ensure receipts are captured and stored, aiding in smooth reconciliation and tax deductions.
• Bank Reconciliation: We match your bank statements with your accounting records regularly to ensure accuracy.
• Reporting: We help compile monthly financial reports so you always have a clear view of your financial health.
• Support with Accountants: We can liaise with your accountant, ensuring all the required information is ready and accurate for end-of-year filing.

Whether you decide to handle bookkeeping yourself or delegate it to us, consistency is what matters most. Regular updates help keep your business agile, compliant, and financially healthy. When you work with us, you gain back valuable time and reduce the stress of financial admin—so you can focus on growth, innovation, and your customers.

• Weekly bookkeeping is ideal for most small businesses.
• Larger or more complex businesses may need daily attention.
• Monthly and quarterly reviews are crucial for compliance and planning.
• We can streamline and manage the process for you.

Bookkeeping may not be the most glamorous part of business, but it is undeniably one of the most important. With the right support, it doesn’t have to be a burden.