When you hand your time-consuming bookkeeping and administration tasks over to one of our highly trained administrators, you immediately eliminate the need for an accounts department or software. Ensure data entry and monthly reports are always produced accurately and on time and delivered in a format to suit you.
Free yourself from admin and focus on growing your business
By taking this simple step you have more time for growing your business, backed up by regular and reliable management information to support your business decisions. It is easy to become overwhelmed by invoicing and paying bills. Our fully or partial outsourcing solutions can really help. Areas we can assist with:
- Data entry
- Monthly reports
- Cheque preparation
- Preparation of VAT returns
- Management accounts production
Different because you are
We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.
For an even more dynamic relationship with us we can offer a complete package which gives you connectivity to your financials via an innovative online dashboard and smartphone app. This lets you take control of your financials whilst letting us pick up the administration. We design our packages around you so add year end accounts, payroll outsourcing and audit services as required.
How easy is it to change accountants?
It is generally very straightforward to move to Lovewell Blake from another accountant. We will write to your previous adviser for professional clearance and also obtain copies of selected historic information such as last years accounts and tax references. We will then issue a letter of engagement and register as your tax agent direct with HMRC.
What is Cloud Accounting and how does it work?
Cloud Accounting put simply means that your bookkeeping software is accessed online via website or app. This means that the data is automatically backed up and can be accessed from a variety of devices in any location with an internet connection. So rather than purchasing software to load onto your PC or laptop, you pay a monthly subscription for access to the software.
Functionality is much improved with automatic bank feeds commonplace and documentation scanned and archived electronically. You can issue electronic invoices with immediate online payment options which can help improve cashflow. Receipts can be scanned and posted automatically by the software which can save huge amounts of time data imputing.
If you're considering Cloud Accounting get in touch and one of our experts would be happy to guide you through the process.
Should I set up my business as a limited company?
When setting up in business, the structure you adopt is important. Limited companies are common but add a level of compliance to affairs which many small business owners can do without at the start of their business journey. In basic terms there are three things to consider and discuss with your accountant or adviser:
1. Cost - A limited company is a separate legal entity which has to prepare accounts and file a corporation tax return each year. As a sole trader your only compliance obligation is to prepare and file a personal tax return each year. As such, administering a limited company is likely to add cost to your overheads.
2. Tax - Limited companies pay tax on profits at 19%, extraction of profit can be done by salary, dividend or a mix. With the correct strategy there can be savings compared to a sole trader structure where tax and national insurance are payable on profits.
3. Risk - Limited companies provide a layer of protection as they are a separate legal entity. Whilst there are provisions to target Directors who behave recklessly, generally speaking the 'veil of incorporation' can offer legal protection to Director / Shareholders compared to unincorporated business structures.
Whether to incorporate will be a decision based on a balance of these three factors. Speak to one of our experts to discuss the best solution for you.
What is the difference between outsourced bookkeeping and cloud accounting?
Cloud Accounting is the use of integrated, online software solutions to administer your bookkeeping and finances. At Lovewell Blake we have a team of Cloud Accounting specialists across our offices who can recommend the right software for you, help you get set up and provide training so that you can take advantage of the technology to administer your own systems in a modern and efficient way.
Taking the support one step further, we have a team of bookkeeping administrators who can undertake all the weekly, monthly and quarterly work needed. From scanning and posting your invoices and receipts to reconciling your bank accounts and providing trading summaries and KPI's so you can track your business performance. Our fully tailored outsourcing packages provide true peace of mind.
Whichever option you select, or even a hybrid of the two, we will ensure cutting edge technology merges with great service to provide you with the best solution to your business need.