FAQs

Common Questions About Bookkeeping

What’s the difference between a bookkeeper and an accountant?

Imagine you were building a house – the bookkeeper lays the foundations and the accountant puts the roof on. There’s not much point paying for a roofer if your foundations are dodgy.

The bookkeeper builds up all the numbers in your accounts from the financial transactions and helps with day-to-day queries. The accountant takes these numbers at the end of the year and submits the tax returns.

Both roles are an important part of the accounting process and are tasks which require qualified technicians to be carried out correctly.

Should I do my own bookkeeping?

In our experience, accounts which have been compiled by a non-qualified person are NEVER fully accurate, compliant and to the high standard of a professional. Would you use an unqualified electrician to wire your house?

It is better to outsource this to a professional and spend time on the business.

Bookkeeping requires knowledge of –

Double entry accounting

Understanding of the balance sheet

VAT regulations

TAX regulations – PAYE, Corporation Tax, Self-assessment, Capital Allowances etc..etc..

These regulations change all the time and knowledge needs to be continuously updated.

How often should bookkeeping be done?

To have an up-to-date picture of how the business is performing, we believe bookkeeping should be carried out weekly and this is what we offer.

More informed decisions can be made if you are bang up-to-date with your business’s performance.

What would I have to do if I used Adder Bookkeeping?

We aim to make your life as easy as possible. Our clients –

Create their own Sales Invoices (we can train you to do this using software)
Send us copies of purchase invoices and receipts via an integrated APP. Just email or photograph with a mobile phone

That’s as burdensome as it gets! We take care of the rest.

Can a bookkeeper do tax returns?

YES! There are different levels of qualifications and at Adder Bookkeeping we are qualified to submit all types of returns. We do not offer tax returns as a stand-alone service. We only submit returns when we have carried out all the bookkeeping and can rely on the accuracy of the figures.