Bookkeepers are involved in the day-to-day administration of a business. They are responsible for keeping accurate records of business transactions. They also look after functions like accounts payable and accounts receivable.

A bookkeeper records the details of business transactions whereas an accountant prepares annual financial statements and provides advice on things like business strategy and tax. Bookkeeping specialists like GroForth also explain how to use accounting software and can either manage your entire bookkeeping process for you or provide support for your staff if you manage your bookkeeping in-house.

You must keep accurate bookkeeping records to comply with your tax and regulatory obligations so it is important that you have confidence in your bookkeeper’s ability to maintain reliable records. For tips on questions to ask when engaging a bookkeeper, see our article on Hiring a Bookkeeper.

 Examples of the records you need include:

• Sales figures
• VAT
• Invoices
• Purchase receipts
• Bank Statements
• Loan Statements
• Credit card statements
• Hire Purchase or Finance Lease agreements
• Insurance
• Correspondence to/from Revenue

Depending on what stage your business is at, there can be different reasons to outsource your bookkeeping. For owner-managers, outsourcing takes away the headache of administration and allows you to focus on building your business. Growing businesses often realise that they need an accounts function but don’t have sufficient resources to hire a finance director or team. Outsourcing can be a good interim solution for these businesses. Many GroForth clients find that outsourcing their bookkeeping helps increase profitability as it is more cost-effective than having an in-house bookkeeper or team. 

GroForth provides tailored bookkeeping support depending on your individual requirements. Examples of services that we provide for our bookkeeping clients include:

• Cross checking balance sheet entries against the supporting documentation (e.g. bank statements)
• Tracking down and resolving errors,
• Checking that profit and loss accounts are correctly calculated,
• Ensuring fixed assets are correctly recorded,
• Bank reconciliations including processing payments and ensuring that cash allocations are deposited in bank accounts
• Payroll administration and support,
• Issuing RCT reminders,
• Generating management reports.

When you outsource your bookkeeping to GroForth, the  benefits include:

• Compliance: We give you confidence that your bookkeeping process complies with relevant regulations and legislation.
• Timeliness: We work proactively with you to ensure your accounts are completed on time for the tax compliance deadlines, every time. No more stress about remembering deadlines!
• Expertise: Our ACCA accredited staff members and bookkeeping team can provide accurate advice and assistance to you.
• Convenience: We can schedule your bookkeeping to be completed weekly or monthly, whichever suits your business. We provide online access to your accounts 24/7 and support by email or by phone.
• Consistency: When you outsource your bookkeeping to GroForth, you eliminate the risk of relying on a single in-house bookkeeper. We provide a qualified and experienced team to ensure your bookkeeping requirements are on time, regardless of staff sickness/holidays.

GroForth can help you choose the most appropriate bookkeeping solution for your business. We use a wide variety of bookkeeping platforms and can recommend a solution suitable for your type of business/industry and your business needs.

Having your bookkeeping completed on a weekly/monthly bases allows you to keep on top of your business and see where you are spending money and how it affects your cashflow if the coming period.