Question 1

What is the difference between a bookkeeper and an accountant?

Accepted Answer

Bookkeepers handle the day-to-day recording of financial transactions. Accountants analyse that data, offer strategic financial advice, and handle complex tax preparation.

Question 2

Why is bookkeeping important for my business?

Accepted Answer

Accurate bookkeeping gives you a clear picture of your business's financial health. It helps you make informed decisions, stay organised for tax season, and identify opportunities for growth.

Question 3

What are the common mistakes small businesses make with their bookkeeping?

Accepted Answer

Common mistakes include mixing business and personal accounts, not tracking expenses carefully, falling behind on reconciliation, and trying to manage complex tax matters without professional help.

Question 4

How often should I reconcile my bank accounts?

Accepted Answer

Ideally, you should reconcile bank accounts monthly. This ensures your records are accurate, helps you catch errors quickly, and can prevent fraud.

Question 5

What is MTD (Making Tax Digital) and how can a bookkeeper help me stay compliant?

Accepted Answer

MTD (Making Tax Digital) is a government initiative to digitise the UK tax system. As part of this, VAT-registered businesses must now keep digital records and submit returns using MTD-compatible software. A bookkeeper can ensure you use the right software, manage your records correctly, and submit your returns on time to stay compliant.

Question 6

I'm worried about HMRC audits. How can bookkeeping protect my business?

Accepted Answer

Accurate, well-maintained bookkeeping records are your best defense against an HMRC audit. If an audit does occur, having detailed records demonstrates transparency and greatly reduces the risk of issues or penalties.

Question 7

Can bookkeeping help me plan for tax and avoid surprises?

Accepted Answer

Yes! With up-to-date bookkeeping, you won't be scrambling at tax time. You'll have a clear picture of your income and expenses throughout the year, allowing you to estimate your tax liability and plan your payments accordingly.

Question 8

How does accurate bookkeeping help me secure business loans or investments?

Accepted Answer

Potential lenders and investors want to see organised financial records before committing funds. Clear bookkeeping demonstrates that your business is well-managed, making it a more attractive prospect for loans or investments.

Question 9

What bookkeeping software do you work with?

Accepted Answer

We are proficient in Sage Line 50, Sage Cloud Accounts, Xero, and QuickBooks. This ensures we can integrate seamlessly with your existing systems.

Question 10

Do you offer payroll services?

Accepted Answer

Yes! We offer a full range of payroll services. You can find more details and our pricing structure on our Payroll Pricing page.

Question 11

Can you help with VAT returns?

Accepted Answer

Absolutely. We utilise MTD (Making Tax Digital) compliant software to manage your VAT returns accurately and efficiently.

Question 12

What are your fees and pricing structures?

Accepted Answer

Our standard rate for day-to-day bookkeeping services is £22 per hour. For payroll services, please refer to our Payroll Pricing page, for detailed pricing information.

Question 13

How do I get started with your bookkeeping services?

Accepted Answer

It's easy! You can reach out to us via email, phone, or by filling out the form on our Get In Touch page. We'll then discuss your needs and tailor a plan for you.

Question 14

How secure is my financial information with you?

Accepted Answer

We take data security very seriously. We protect your information through 2-stage authentication and by using Google Workspace, a platform with robust security features, for emails, file sharing, and storage.

Question 15

Do I need to be located in a specific area to work with you?

Accepted Answer

No, thanks to the power of digital accounting software, we can work with clients regardless of location.

Question 16

What kind of support do you offer your clients?

Accepted Answer

We pride ourselves on being responsive and supportive. You can expect timely communication, clear guidance, and assistance whenever you need it within our working hours.

FREQUENTLY ASKED QUESTIONS

NPW BOOKKEEPING SERVICES