The services we offer

What We Do

Please find below a list of the services available at Banks Sheridan Accountants.

 

BOOKKEEPING


Why is it so important?

The provision of timely and accurate financial information is essential to be legally compliant and a vital tool to assist management in making the right decisions for the business.

Looking at your bank balance can be deceptive, as it does not represent a true picture of your profitability, liabilities and taxes.  Cash flow is integral to your business, but without accurate records you cannot get an accurate financial position, which could lead to poor decision making.

 

Why will it have to become digital?

The digital revolution is upon us, millions of individuals and businesses benefit from digital interaction with the likes of HMRC, suppliers, customers and their bankers.

HMRC are introducing a series of steps towards a totally digitalised tax regime, known as Making Tax Digital (MTD).  Initially commencing in April 2019, all VAT registered businesses must submit VAT returns via the MTD system, through their own compliant software.

Whilst it is unclear exactly when all other taxes will begin to fall under the MTD quarterly reporting regime (HMRC have announced that it will not be before April 2020) this process is inevitable.

In light of the impending requirement, bookkeeping software will not only need to be MTD compliant, but will also need to have accurate financial information in ‘real-time’.

 

Evolution not Revolution

We believe that the impending changes should be addressed at the earliest opportunity.  A controlled move towards the introduction of new financial systems will usually be beneficial.

By embracing the move towards MTD, business owners will benefit from having accurate financial records and access to real-time management information.  Delaying compliance until the last minute could lead to inaccurate submissions to HMRC, which can incur penalties and loss of focus on the businesses activities.

 

How can Banks Sheridan assist?

Banks Sheridan can provide all of the support and resources required to look after your bookkeeping needs. We can prepare monthly or quarterly management accounts and ensure that you meet your MTD duties.

Contact one of our experts for a free initial consultation on 01270 530970 or email enquiries@banks-sheridan.co.uk.

 

Bespoke Bookkeeping Service

You can drop off all your invoices, expenses and bank statements for us to do all the processing or if you prefer, you can do the day to day processing and we can review your records regularly and produce your VAT Returns.  However you like to work, Banks Sheridan are here to help.

Banks Sheridan’s expert advisers can also help you choose the right bookkeeping system for your business and depending upon the system you choose, even provide specialist one-to-one training should you need it. 

We are Partners with Xero and Sage One, both of which enable us to see your financial information in real-time, allowing us to offer proactive advice and support.

 

Excel to Accounting Software – the benefits

  • Excel spreadsheets often contain errors - accounting software records all your transactions accurately
  • Balancing the books in Excel is harder and if you make a mistake it is time consuming to fix and change your records - accounting software sorts our all your double-entries
  • Setting up a robust Excel Spreadsheet takes time and expertise - accounting software is ready to use immediately
  • There is no audit trail in Excel, making it easier to carry out fraudulent activities that go unnoticed - accounting software records all transactions, even deleted ones
  • You can have multi-users in accounting software - more than one person can be working on live data at the same time
  • With accounting software, reporting is just a click away
  • Accounting software can link to other applications, helping you manage your business

 

Cloud Accounting

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.


Problems with traditional accounting software

  • The data in the system isn’t up to date and neither is the software
  • It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable
  • Only one person has user access. Key people can't access financial and customer details
  • It's costly and complicated to keep backups (if done at all)
  • It's expensive, difficult and time consuming to upgrade the software
  • Customer support is expensive and slow

Benefits of Cloud Accounting

  • Great access - anytime, anywhere and in real-time
  • Cost effective - no initial outlay, no server storage cost, updates included in subscription fee
  • Reliable - more reliable than in-house servers
  • Secure data – Service Provider should offer security to bank level encryption
  • Tailor made - add on apps can help you manage your business the way you want
  • No maintenance - no need to download and install latest versions