Definitely not Boring!

An introduction to Seofon Business Services

At Seofon Business Services our core business is primarily Bookkeeping. But… Far from the stereotypical assumption that all accounts people are so very dull, it could not be further from the truth and most importantly our business services are full of (nice) surprises too!

Seofon are about to celebrate their 10th birthday and we provide professional support and admin services to small, medium and startup local businesses. Our core values of working efficiently, ethically and providing the very best for clients and staff, are always the main focus of everything we do.

The experience and strengths of our exceptional team; with their impressive qualifications and eclectic mix of downtime activities that range from being a motor sport marshal at Brands Hatch, through to creating fundraising activities for community causes; ensures that every client receives individually tailored business support for each of their personal, or company needs.

But what is bookkeeping exactly?

Many still think of it as just inputting numbers onto a spreadsheet or piece of software. However, the remit is far reaching and can also encompass guidance on claiming or changing items to get maximum benefit for the business; year-end checks to assist accountants with swift year-end processing, and the regular compilation of management reports, budget monitoring and planning documents.

Basic bookkeeping is the processing and recording of sales invoices, purchase bills, bank reconciliation and payroll. All hugely important and often very time-consuming for small and middle sized companies. Unsurprisingly, many of our clients have now discovered that their time can be better spent by concentrating on their work that provides an income; whilst leaving the day-to-day tasks such as bookkeeping and admin to us.

And, then there are the extras. With the ability to manage cash flow, prevent unexpected HMRC liabilities and ensure payments are on time – not early or late – these should be viewed as essential! So what should a well-managed business check and monitor throughout the year?

Firstly, do you have a robust and effective credit control procedure in place and how good is your cash flow management? Strong credit control measures ensure the essential flow of incoming funds.

Then, for cash flow forecasting, do you know when you need to plan to cover any additional expense, and how to securely cover outgoings should income levels drop unexpectedly? Do you have a journal that clearly defines accruals and prepayments?

If you are VAT registered, have you checked you are on the correct VAT basis; and have claimed for all allowances to minimise your VAT bills?

It is also vital to ensure you are notified of, and fully understand, any new legislation changes that may be relevant. HMRC are very clear that ‘not knowing or understanding’ does not mitigate the need to pay any penalties levied.

Next are those dreaded management reports! A pain to compile and not always easy to understand. Seofon Business Services can create your profit and loss accounts, provide cash flow projections and provide budget reporting. We comprehensively explain the figures in a language everyone understands and will attend management meetings to report and answer any questions posed. For internally generated reports, we can run internal checking and audit processes to verify accuracy before circulation.

And when did you last review your existing books? Would you spot any errors? Spotting anomalies, suggesting corrections and managing the backtracking and corrections for you is all part of our service provision.

For in-house bookkeepers, we provide support, training and guidance on how to correctly ‘Do IT Yourself,’ halting potential errors at source. This covers everything from the basic entry of bills and invoices, through to full bank reconciliation and which tax codes to use, to ensure VAT returns are correct.

In addition, we frequently provide informed and knowledgeable input for the development of bespoke in-house accounts systems. Working with accounts and management teams, we aide the seamlessly integration of accounting software and HMRC requirements.

And finally, at the end of another trading year, the year-end accounts. Do you ensure that specific reconciliation is actioned throughout the year; or do you have the mammoth task of backtracking as you pull everything together in a rush. Our bookkeeping service includes the preparation of files for accountants, ongoing management of the payroll account, VAT returns, filing, reconciliation, invoicing, Xero reconciliation and general accounting admin, to ensure you always stay in control of your company finances.

So… Bookkeeping is a long way from just adding figures to a spreadsheet! The financial control it provides not only improves cash flow efficiency, but can limit unnecessary expenditure, save money and most importantly provides a business with more free time to make money!

If you would like to learn more about Seofon’s business services, have a friendly chat over a coffee or Zoom, or just have a quick query; please give us a call on 01403 588639, email info@seofon.co.uk or visit our website www.seofon.co.uk.

We will be pleased to help.

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