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Bookkeeping

Outsourced Bookkeeping Service

Small Business Owners spend on average 10 hours / month doing their own bookkeeping.  That’s a large amount of time wasted each month when you could be doing something you enjoy instead.

We can help you free up that precious time !  

Admit it, trying to keep your own bookkeeping in check 24/7 whilst trying to run a successful small business is a hassle you could do without.

Stress Free Accountancy Service

Here at Mazuma we understand the stresses involved in running a small business. Our monthly accounting services subscription can take one of those stresses off of your hands. We help start-ups, sole traders, small businesses, freelancers and Limited companies with their monthly accounts.

Our bookkeeping service is just one of the many features that make up our monthly accounting services subscription.

One monthly cost, no hidden extras, exceptional customer support delivered by an expert team of qualified accountants

We will do your monthly bookeeping as well as

  • Monthly management accounts
  • VAT returns
  • Monthly payroll
  • Statutory end of year accounts
  • Corporation or partnership tax return
  • Self assessment tax return

Prices start from £28/month + VAT

 

If I subscribe to your Bookkeeping Service exactly what can I send you?

Pretty much everything apart from the kitchen sink.

  • Sales invoices and income records
  • Purchase invoices and receipts for expenses
  • Bank and loan statements
  • Details of payments made to employees
  • Details of debtors and creditors
  • Other adhoc cash details

What is Bookkeeping?

Bookkeeping is the process of a business recording all of their financial transactions in a set format. Back in the old days, this used to be done using something called a ledger book, but nowadays it is more typically done using spreadsheets or software.

Bookkeeping is not as simple as just listing out all of the income and expenses in your business throughout the year.

The skill in bookkeeping as a small business is to know what expense or income category each transaction belongs to, how to account for the other side of the transaction (something called double entry bookkeeping), and correctly accounting for things like VAT and payroll liabilities.

If that isn’t something that you have experience or expertise in, then you should get an expert to do it for you to avoid costly mistakes.

Reconciling your Bank Account

Bookkeeping should also include the process of reconciling your business bank account. This is especially important for Ltd Companies who have a legal obligation to have a business bank account in the company’s name.

A bank reconciliation matches up each entry you have made in the bookkeeping ledger, against their relevant entry as they come into or go out of the bank account.

Items that have not yet been through the bank account are classified as Debtors and Creditors.

Our expert Accountants reconcile bank accounts every day so know exactly what to look for and how to deal with it. But for a small business this task can be time consuming and overwhelming.

Bookkeeping Software

Many small businesses use Bookkeeping Software to try and help them perform their Bookkeeping. Software is fantastic if you know the rules of double entry bookkeeping. But if you don’t (which most small business owners do not!), then it can leave your bookkeeping in a mess.

Much of the fee paid by clients to a traditional Accountant is for the time they spend unpicking the entries in their client’s Bookkeeping software. That’s why at Mazuma we do all of the bookkeeping for our clients. Firstly it allows them more time to do what they love, and secondly it saves them fees in the long run.

Sending Invoices

The one part of Bookkeeping that we do recommend business owners do themselves is to raise their sales invoices and chase their customers for payment. No one knows your business like you do, so it’s time well spent to make sure that you send out your invoices and collect payment on time.

With the Mazuma App you can raise invoices, send reminders and mark invoices as paid, all from your desktop, tablet or smart phone. Or you can use a system of your choosing and let us have a copy.

We want to see you get paid on time, not spend your time on your Bookkeeping!

Looking to Switch Accountants?

As a small business owner, freelancer or contractor, spare time is precious. Switching your accountant may not be a priority and often get pushed to the bottom of the “to-do” list.

Bookkeeping FAQs

The number of transactions is the approximate number of receipts and invoices you have over the year, or in other words, the number of bookkeeping entries we will have to make.  Our average client has between 1000 and 2000 transactions a year (or under 166 per month).
One of our financial experts will be assigned to manage your bookkeeping. They all have extensive experience with bookkeeping, payroll, financial statements, and bank reconciliations.
Definitely not! You’ll maintain complete control of everything, we simply do the fussy stuff for you. You’ll still make all decisions and approve all payments.

Want to switch to hassle free accounting?