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‘I don’t need a bookkeeper – the software will do it all for me….’

Image showing intuit QuickBooks Gold ProAdvisor logo/certificate

Seen those fancy TV ads for Quickbooks and Xero – all you have to do is buy this software and all your accounts are done for you, right? Wrong!

We are spending a great deal of time helping new clients who have bought software and think it’ll all be easy and got themselves into a mess! Why are the adverts misleading?

Software is a great tool to use to compile your accounts – although some very basic tasks can be learnt, there is still a lot of accounting knowledge needed. The software works on a double entry bookkeeping system – so how do you manage this, if you’re not trained in double entry bookkeeping?

Here are some examples of what we OFTEN find:

  • VAT paid, unnecessarily – saved a client £1,300 recently paying VAT on furlough income

  • VAT reclaimed, incorrectly – ignorance is no excuse if you get a tax inspection

  • Payroll journals all over the place, making a nonsense of the profit and loss

  • Meaningless profit and loss with expenses included which shouldn’t be there eg loans, tax payments, fixed assets, supplier invoices categorised as sales

  • Bank accounts and credit cards not reconciled with missing or duplicated transactions, because the bank feed dropped out

  • Supplier and customers ledgers with many old errors in them

  • Etc, etc…

If your numbers aren’t up-to-date and accurate, you cannot get a grip on:

  • Cashflow

  • Profitability

  • Who owes you money?

  • Who do you owe money to?

  • Can you take dividends?

  • How much tax are you likely to owe this year?

Apart from not being able to manage your business effectively, because you haven’t got a grip on the numbers, it will cost you more to sort out the mess you’ve made, than it would have done to get it done properly in the first place.

A good bookkeeper is worth their weight in gold – ask any of our clients!


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