08/02/2017

Bookkeeping Services

Bookkeeping Services

Bookkeeping Services

Direct Peak offers a wide range of bookkeeping services to suit any business’ needs. Many assume that bookkeeping is the process of keeping on top of the sales and purchase invoices, but we like to go a bit further than that. Below are the different services we offer.

Posting all financial transactions

  • Business bank transactions including any PayPal or direct debit accounts.
  • Purchase invoices and expenses to the correct expense codes. This ensures accurate management accounts and keeping compliant with HM Revenue and Customs.
  • Cash transactions for the petty cash account where proper cash receipts are provided.
  • Credit card transactions.
  • Completion of payroll journals.
  • Making adjustments for any foreign currency transactions.

Bank Reconciliation

Reconciling your bank account on a regular basis is critical. When you get to the year-end, if this doesn’t reconcile, your accounts will be wrong. You could end up paying too much tax because you’ve missed allowable expenses or you risk fines and penalties from HM Revenue and Customs because you’ve missed taxable income.

Account Reconciliation

As well as the bank reconciliation we also reconcile the following:

  • Purchase ledger, so you know how much you owe your suppliers.
  • Sales ledger, so you know how much your customers owe you.
  • VAT, to make sure your VAT records are compliant.

Prepayments and Accruals

Prepayments and accruals are an advanced bookkeeping service. These ensure accurate management accounts and keep your accounts compliant when using the accruals basis of accounting. The accruals basis requires that income and expenses must be recognised in the correct accounting period.