BOOKKEEPING OPTIONS

Full service bookkeeping or ad hoc support...it's up to you!

Bookkeeping - Flexible Options Available 

The purpose of bookkeeping is to record all the financial transactions of the business in a controlled environment. The end game is that reports can be produced – most commonly a Profit and Loss account, a Balance Sheet and a Trial Balance  – from which VAT returns and year end accounts can be prepared. 

As a business owner, you have options available regarding who does the bookkeeping for your business:
•    Haggards Crowther
•    You (or a member of your team) or an external bookkeeper

Option 1 - Haggards Crowther provide a full service

If Haggards Crowther does all the bookkeeping, we will use internal software and charge according to the time spent at prevailing charge out rates. The great benefit of us doing the work is that we will know that the books are in great shape and ready to be used for VAT returns and accounts preparation. The bookkeepers are trained to work efficiently to a high standard, and they have access to senior members of the team for query resolution. 

Our prevailing rate is £37 - £42 per hour, depending on the experience of the bookkeeper. 

To give you an indication of annual costs: For a simple business (EG one providing consultancy services) that is VAT registered with no complicated transactions, where the data has been organised by you in such a way that it is easy for us to pick up and use, 500 bank transactions would take around 2 days to process, resulting in fees of around £500 per annum - the equivalent of £40 per month. If the business has complicated transactions and/or the data is provided in a way that creates inefficiency for us, the fee could more than double for the same number of transactions. 

Option 2 - You (or a member of your team or an external bookkeeper) provides Haggards Crowther with the data

If you do the bookkeeping, then in all probability you will use either specialist software (EG Sage, Xero, Quickbooks, Free Agent), or Excel. If you are keen to do as much of the work as possible, we suggest you discuss with us:

For specialist software: The processes and checks that we will expect to complete if you have not done so. By way of example, bank reconciliations and VAT reconciliations need to be completed, as do reviews of the Sales and Purchase Ledgers. 

For Excel: How to present the data to us so that our time is optimised. It is likely that we will need to do some bookkeeping in order to prepare a Trial Balance, but our charges will be minimised if you provide data in a way that it is easy for us to pick up and use. One way of achieving minimal input from us would be to use our Excel template (see below for details).

Most importantly, you should take care to ensure that data is complete and accurate, as finding and correcting errors is often time consuming. 

Haggards Crowther Excel Bookkeeping Template

Over the years, we have developed an Excel template for internal use. In 2016, we refined it and we now offer it to clients that wish to do their own bookkeeping. If you use it effectively, it will reduce significantly the number of transactions left for us to process. 

We charge £100 for the template, covering the cost of tailoring it for you and training you on how to use it, and then a fee of £50 per year to reset the template for the following year and to cover any technical matters arising

The template will not suitable for all types and sizes of business, but it does work well, for example, for simple service industry businesses.

"Haggards Crowther provide more than just an accountancy service - they understand our business, keep us fully informed and also supply ideas about how we can improve".

MR D