Bookkeeping Services in Sittingbourne
Expert Accountants in Sittingbourne, Kent
Looking for expert Bookkeeping in Sittingbourne or Kent? Then King and Taylor is the perfect partner for you. With over 25 years of experience serving customers with all their bookkeeping needs, we help businesses of every size, from sole traders and freelancers to small businesses and larger companies.
We have a professional team of accountants that can deal with high levels of financial processing. Offering reporting on a basis you want, weekly, monthly, yearly. It’s important to stay on top of your finances, we can do all of this for you.
Our highly skilled bookkeepers and accountants help you keep on top of your finances.
We all use of the latest software and applications to help you maintain your accounting records.
Looking for another service?
Payroll & CIS Returns
We can operate your PAYE scheme and ensure the necessary data is reported to HMRC on a timely basis.
Year-End Accounts
We prepare Year-End Accounts for Limited Companies, Sole Traders, Partnerships and LLP’s to the relevant reporting standard.
Tax Returns
We undertake the completion of Tax Returns for Individuals, Limited Companies, Partnerships and Trusts.
Why choose King and Taylor as your Bookkeeper?
We have been helping customers all round Kent for over 25 years. All of our accountants are professional and qualified. Helping businesses record, process and report all of the financial information that your business needs.
We have fixed fees, which are affordable and flexible to each client’s needs. You are not charged by the minute so our services are always affordable. We offer all of our services with a quick turn around so you won’t be waiting around for a simple report.
Our staff are highly approachable. We welcome clients to call with any queries they have or to arrange meetings as and when required.
We work with leading software providers such as Xero and Quickbooks Online to assist with your record-keeping and provide support.
We understand that customer service is as key to clients as the numbers and therefore customer satisfaction is a focal point of our success.
Top bookkeeping tasks a business should do every week
There are a number of bookkeeping tasks that a business needs to keep on top of so that its finances are in check and up to date. If you let these build up you could be in serious trouble when it comes to submitting your task return. It could also affect your inventory and overall, affect your profits!
We have put together a list of essential bookkeeping tasks that you should perform every week.
Categorise all spending and income
When it comes to keeping track of your income and expenses, the best way to do this is to categorise everything. From Payroll (being a business expense, this could be put into staff costs) to equipment like pens and paper, these are both expenses that should be sorted and categorised.
Any sales you make or invoices that have come in from clients should be added to income. Keeping on top of this will ensure you know exactly how much money you are spending and making each week. Make sure this doesn’t build up or you might loose track of something and then you’ll have to figure out what you’re missing later down the line.
Categorising everything will help keep the tax man happy and save you money in the long run.
Sending Invoices
If you are a business that is sending invoices to others then make sure you do this early in the week as you want to get these paid as soon as possible. On-time payments fell to 41.5% in the UK (source) compared to 2020, late invoices can seriously affect a business’s cash flow. 82% of all businesses fail due to bad cash flow. So it’s extremely important to get those invoices out and paid as soon as possible King and Taylor can help you with this!
Review employee timesheets
For most businesses times sheets are done bi-weekly or monthly, but it’s important to review these at least once a week so you know how much you will need to pay your employees. If you have a busy week then your employees may have worked overtime meaning that you will need to pay them extra. It’s important to make sure your business is able to pay them on time so you don’t get into any kind of debt.
Recording documents, invoices and receipts
Keep any expenditure and payment recipes so you can report them on a weekly basis. Use an accounting software like Quickbooks or Xero to transfer these into digital receipts. This is all part of categorising spending and invoices but it’s easy to forget a client coffee but it all adds up very quickly.
Keep on top of invoices you have paid to clients or customers and record them weekly as it’s very easy to become unorganised. This all affects your cash flow, you need to stay on top of this at all times.
Review your inventory
If you sell physical inventory then you need to make sure you do regular stock counts. Online stores with warehouses also must do this for a number of reasons.
- Selling a product to a customer that you don’t have in stock. This is an issue we see too often and it happens because a business hasn’t properly kept track of its stock. This causes the business to have to offer a refund or they lose the sale, often costing the business money.
- Not reordering stock when it’s low. If you don’t keep track of your stock then how are you meant to know when you should reorder? You need a way of knowing when you should reorder a product. Keeping note of the time it takes for a delivery to come so that you don’t have a period of time when a product is out of stock.
- Loss of stock. Inventory often goes missing, this could be down to a stock miscount, theft or damaged goods. It’s important to know what happens to stock in order to reduce profit loss.
Make sure you don’t go over budget
For each week have a budget set and make sure you don’t go over it. It’s easy to go over your budget if you don’t keep track of it. If you go over budget for the week, then you might do for the month and then the year! Keeping track of all your expenses is the best way to make sure you don’t go over the budget. Having a weekly budget is key to keeping spending down and profits up!
