M and K Bookkeeping

FAQs

What is Bookkeeping?

“The activity or occupation of keeping records of the financial affairs of a business”

Bookkeeping is not only a legal requirement but also essential to maintain accurate financial records. It requires skilled knowledge for the necessary tasks that are performed by a bookkeeper.

What is the difference between a Bookkeeper and an Accountant?

A Bookkeeper works to set up and oversee the day to day recording of all financial transactions performed through the business. Whereas, an Accountant is responsible for interpreting, classifying, analysing and summarising financial data.

Why do you need a Bookkeeper?

There are numerous reasons why every business needs a Bookkeeper. To start with a Bookkeeper will free up your time not only to focus on building your business but to allow a balance between your work and home life. Not to mention the peace of mind that having a skilled professional handle the financial aspects of your business and therefore massively reducing the risks of mistakes. A Bookkeeper will work to your needs, maintain cash flow, make sure your bills are paid on time etc. A professional Bookkeeper can actually save you money in the long run.

What is GDPR?

“General Data Protection Regulation”

GDPR creates the data protection law framework across the EU. Its aim is to give back to data subjects control of their personal data, while imposing strict rules on those hosting and processing this data anywhere in the world.

What is MTD?

“Making Tax Digital”

Making tax digital is an initiative put in place by HMRC that will revolutionise the UK tax system, and ultimately bring an end to self-assessment by 2020.

Do I need to change my Accountant?

No. We are happy to work with any/all Accountants where possible. However, if you do not have an Accountant we will be happy to help you find one.

How often will I meet my Bookkeeper?

That will ultimately depend on you and the level of financial record keeping your business requires. This can be fully discussed at your initial consultation.