Bookkeeping is a legally regulated profession.
Bookkeepers need to be registered with an Institute or directly with HMRC for Money Laundering Regulations – if they’re not, they are practising illegally.
In my 11 years’ experience of looking after the books of SMEs, I have met many businesses, whose books have been ‘managed’ by family members, friends or staff members with a little bit of knowledge (a dangerous thing!).
I have yet to come across a set of books which haven’t had errors in them – either items being claimed for incorrectly, or items not being claimed for (missing out on tax savings!!).
I have compiled a list of ‘Alfonso’s Biggest Bookkeeping Blunders’ – all these are true stories. Identities have not been disclosed, to protect the innocent.
These are only a few examples. Can you be sure you are doing everything correctly, if you don't use a qualified bookkeeper? Are you sure your business would stand up to a tax inspection and not incur penalties?