FAQs

What is the difference between an accountant and a bookkeeper?

Bookkeepers have a closer relationship with the business and the owner throughout the year.  We can put the numbers in the right place by getting to know the business properly.  Accountants are experts in tax, they file the year end accounts/tax returns each year and can help with tax planning. Bookkeeping is more of a support role.

How much should I put aside for my tax?

It is a great idea to put part of the money you get in from customers into a savings account to cover any taxes that become due. How much will depend on your level of income and whether you are VAT registered.  Talk this through with us so that you can start putting money aside as it makes paying the tax a lot less stressful.

Why do you need to hold ID documents?

As a professional services firm working in the finance sector, we are required by law to identify our clients for the purposes of the UK anti money laundering legislation.  We request and retain information and documentation as we are required to do so.  The information is password protected and not stored online.

As a small business, would I need a bookkeeper?

It is often tempting to use a family member or even try and do the work yourself to reduce costs, however this can sometimes cause issues.  People often come to us when they have asked their partner to do the invoicing one too many times or they are finding the monthly invoices are going out later and later, causing cashflow issues.

It is important to remember that every business needs to keep accounting records - the benefit to having a bookkeeper is that we will help you understand what they mean for your business.

Why use a bookkeeping firm rather than an individual bookkeeper?

The benefit to using the team at BW is that we can offer a year round service.  When one member of staff is on holiday/off sick, there are other members of the team to step in to provide cover. 

Having built a business of our own, we also understand the challenges faced by small business owners.  We too have learnt about marketing, taking on staff and growing in difficult economic times so we can share tips and tricks.