Ultimately, business expenses will always cost you more than what’s stated on the receipt.
After all, it’s not just the coffee or petrol you’re having to pay for. The time you spend compiling your papers, updating your books and carrying out the bank reconciliation later down the line is costing you valuable resource too.
If you’re wasting time and money doing your bookkeeping in house - even if it’s just an hour or two a week - surely it would be better to spend that time elsewhere? You could be fee-earning. Networking. Building your business.
Let us take care of your bookkeeping, and you’ll win back those wasted hours straight away.
To carry out your bookkeeping, we need a regular feed of your expenditure - but in the spirit of saving you time, we provide the easiest possible way for you to record your expenses.
We’ll set you up with Receipt Bank, a fabulous mobile app that allows you to simply take a snap of a receipt with your smartphone, then automatically extracts the key data such as the VAT value, supplier and date.
It means you don’t have to hang onto receipts for weeks on end, and you don’t have to manually input the data into Xero either. Receipt Bank pushes the information from your receipts straight into your accounts, ready for us to come along and do the bookkeeping and bank rec in the most efficient way possible.
We can do it quarterly, monthly, weekly or daily to suit you, ensuring your books are beautifully up to date whenever you log in.
Submit expenses in seconds - Whether you’re out and about or in the office, Receipt Bank provides a whole range of simple ways to submit your receipts. You can snap a photo on the mobile app to submit automatically, attach a picture to an email, upload from your computer or use file-sharing software like Dropbox.
Ready for anything - Receipt Bank can handle double-sided receipts, multi-page invoices, pretty much anything you can throw at it. It even deals easily with foreign currency, instantly converting expenses from abroad to your base currency using up-to-date conversion rates from the European Central Bank.
Access for all - Your whole team will be able to run expenses through Receipt Bank, with the option to provide different levels of access and approvals for different members of the team. It means every expense in the business can be recorded via the app.
Keeping your books neat and tidy throughout the year makes life easier when it comes to your statutory end-of-year accounts and corporation tax return.
We can also provide these accounts for you and complete the return on your behalf - typically saving you more money on your tax bill than you’ll pay for the service.
Professional bookkeeping also sets the baseline for the production of effective and insightful management accounts - a series of quarterly or monthly statements which look behind the numbers to see how your business is really performing against its goals.
There are lots of ways to reduce your tax bill legally.
When you've paid out for expenses related to your job - be it to travel or buying a uniform,
you may be able to claim tax relief on the costs you've incurred.
The technical term for this is a 'tax-deductible expense'.