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Auditing, Maintenance of Account, Direct Tax Advisory & Compliance,
Indirect Tax Advisory & Compliance, Management Consultancy, Setup & Administrative.
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We are a leading small business accountant in London providing an exceptional service across a broad range of complex and routine accounting, bookkeeping and taxation services. We provide robust and efficient support to sole traders, self-employed, limited companies, contractors and landlords.
Acquaint yourself with company formation process. Let our experts do the registration of your business on your behalf with HMRC without inconvenience.
Bookkeeping and accounting is the heart of your business. Know the substantial performance of your business and make it profitable with us.
Familiarize yourself with current tax landscape and how it affects your business. Our experts recommend you ways to reduce your tax liability.
Our payroll experts take care of your whole payroll operation of all employees so you can make significant savings under U.K laws and get standard process.
Started in 2007, Nexa Accountants is the foremost professional accounting service firm which offers accounting and taxation services to start ups, sole traders, small businesses, IT Contractors and Landlords. We help the clients to achieve growth and profitability and stay abreast of current tax legislation. We provide Accounting and Bookkeeping Services in London. We extend our support in such a way that creates value for your business.
Since inception, Nexa Accountants has been providing online accounting support through Xero, QuickBooks, ClearBooks and FreeAgents to the clients working remotely in providing solutions to them for their accounting and taxation issues. We have simplified bookkeeping accounting processes for individuals that can make it easier for them to gauge the performance of their business. At Nexa, we provide a variety of solutions to help you meet individual and business needs while you channelize your energies in growing your business.
We understand the needs of start-ups, sole traders, IT Contractors, landlords and small businesses to support them in every possible way. We offer guidance and support which helps them achieve growth and maximize on tax saving opportunities.
Hear from the words of our Valuable most Clients.
I have changed 5 to 6 accountants in the past and it was so difficult for me to depend on another accountant for my extensive accounting and taxation needs. It was Nexa Accountants, who convinced me through repeated discussions and I decided to give them a try. I am happy with the way that they took care of my accounts and have helped me with tax saving and rescued me from HMRC’s penalties and fines.
Sahil Jain has been a fantastic help to me. He has great patience and is always quick and efficient. Through Numerous meetings and dedicated work he helped me with the CIS. I would recommend Nexa Accountants and the great customer service they provide, with their expanding suite of services, they are truly a one-stop financial resource. Keep up the great work. You have got yourself a permanent Client.
Hey! I’m into contracting business since 2 years. Setting up a new company was worrisome for me but it was Nexa who made me aware of the process with so much clarity that I hardly find any difference. Every month they provide me my dividend figures and processed my salary. I did not have to be bothered about rather than my job, which is why my contract daily rate has also been increased.
Read our blogs to know the detailed insight for your business.
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The HMRC’s Making Tax Digital (MTD) for VAT programme will be introduced soon in April 2019,...
Bookkeeping is a procedure of recording the transactions related to financial nature and other matters pertaining to your daily business activities.
The most relevant aspect of bookkeeping is maintenance of an accurate accounting record and keeping them updated. Accuracy is the most relevant part of the bookkeeping process.
Bookkeeping is maintained to provide you the initial information required to produce accounting statements. The recording of all transactions, any changes are made in books and required to get updated on a consistent basis.
It is the accountants’ job who will be responsible in processing all your receipts and invoices that generates a profit and loss statement for you and your stakeholders. If required, the accountants also work with you in making profit and loss account, helping you to make informed decisions relating to your business moving forward.
It will then balance the bank account and all assets and liabilities presents you with a throughout completed balance sheet. This can be worked on monthly, quarterly, or on a basis of your own selection.
Bookkeeping provides various features. Some of them are listed as below:
Accountability is provided to clients via bookkeeping since you’re able to verify past transactions to direct prices and payments. In addition, it approves accountability between business partners when inspecting books to evaluate revenues and expenditures. Therefore, business ensures transparency and any fraud is easily recognized. To get reliable and efficient bookkeeping services, you are required to contact the best accountants in London.
Bookkeepers provide crucial data that can be useful for the decision making purposes by the management that is associated with cost reduction, expansion, recruitment and rising credit lines. Generalized and subjective opinions associated with a performance can be subject to real examples and accurate facts. Bookkeeping data is helpful when confirming additional staff employment, expansion of business or closure of the store.
Bookkeeping is a legal requirement that must be accomplished by an organization. The bookkeeper has to maintain up to date financial reports. It is mandatory to track and document revenue and make expenditure for appropriate payment of taxes annually. On being audited you may have to bear penalty by the government if you fail to provide evidence of your transactions.
In organizations, there are common cases of fraud through procedures like embezzlement, checking forgeries and identification of theft. However, bookkeeping practices help to recognize the fraud and punish criminals. Hence, the cases of company frauds are regulated and reduced.
A high credit score will build up your reputation and is necessary while getting credit facilities or finances. Bookkeepers track bank balances, due dates of bill and money dues for ensuring bill payments are made rapidly and situations of bouncing checks are avoided.
Bookkeeping system often ranges from being easier to very complex. The easier or complexity thing of your bookkeeping system should be dependent on how people manage the company funds and the accountability level of your business requirements that includes stakeholders such as lenders, investors, and shareholders.
Single-entry bookkeeping is a process that tracks income and expenditures as when transactions occur. Double-entry bookkeeping goes way beyond and shows the cash transaction effect on the company’s overall finances, showing where the funds have come from and the purchase outcome or sale that creates an impact on your bottom line.
With a series of calculations and notations already there in single-entry bookkeeping makes it much simpler as compared to a double-entry system. It becomes easier for sole traders to manage the cash that goes through their companies, avoiding the necessity for a bookkeeping system in order to keep a track of your every single penny going towards it.
Double-entry bookkeeping is far much suitable for a more difficult businesses with multiple partners and operators who manage the company money as against tracking all significant transactions using petty cash ledgers and inspecting account registers.
A double-entry bookkeeping system brings about the highest degree of accountability into your business records. You can determine how you’ve spent your business resources and the likely consequence it will have on the stakeholders’ equity, your company can disclose that it has employed funds responsibly and can identify the red flags that indicate fraud. This encourages the accountability level which becomes especially important when on a look-out for capital funding or enthralling investors.
A single-entry bookkeeping system is readily understandable for a sole trader or simple partnership initiated on a common trust, where the primary focus is to complete basic tax forms and become familiar with profit and loss activity. A double-entry bookkeeping provides complete clarity for a more difficult business with multiple accounts because all of the company’s financial transactions occur at a single place and is categorized by a single, unified system.
A double-entry bookkeeping system is more comprehensive because of its wider reach which includes cash management and owner equity rather than short-term profit or loss. This inclusiveness is beneficial to businesses seeking for capital infusions because it provides relevant investors with an explicit idea of how expenditures have been made. It is likely to be insignificant for a sole trader that finances most business functions with frequent cash flow.
Financial Statements are reports that provide you a brief overview of the latest financial reputation of the business. These statements reveal the impact of income and expenses on the company. There are several forms of financial reports but the three basic essential financial statements are:
Most businesses do not have sufficient work to keep a full-time in-house bookkeeper occupied every day. A part time qualified bookkeeper is usually the best alternative but can cost anything between £15 and £30 per hour. The actual challenge, however, is searching a bookkeeper who is happy working only a few hours a week.
The staff turnaround of bookkeepers is comparatively high unless they hire a full-time bookkeeper. There is also an extra addition of cost of employer’s taxes, public holidays, annual leave and sick pay. It may also be difficult to search for a bookkeeper who has the knowledge of your industry as well, so, you have to factor in the time you devote training them.
It is therefore to use the services of a Bookkeeping firm that has years of experience in working for a wide range of businesses. At Nexa Accountants, we work with over 200 clients in several different industries. As we are a specialist in specific sectors, we only work with specific businesses. We also abreast ourselves with the latest tax laws and have a clarity on which items may be tax deductible and at which rates.
We offer custom-made packages that accommodate various individuals and their companies at a very low cost. You just need to send us all the relevant information on time; our trained experts will take care of the rest.
If you are working as a sole trader, selecting the accurate bookkeeping service could be one of the most crucial decisions for you to make. You have an unlimited financial liability as a sole trader. For these reasons, it is essential for you to select a bookkeeping service provider who is experienced in handling the core challenges sole traders face.
At Nexa Accountants we have established a bookkeeping service concentrating specifically at meeting the needs of our sole trader clients. Our bookkeeping service ensure you are correctly registered with HMRC as self-employed.
We will also ensure you take advantage of any benefits and reliefs granted to you. We will work with you in forming a simple system to efficiently collect your receipts and invoices. We ensure to maintain your records for all tax deductible expenditure wherein you can reduce your tax liability for the year.
Our services include:
If you’re a self-employed hairdresser, perhaps you might be someone who visits their clients, or doesn’t own a studio. You must also be taking care of your own tax reporting once a year, and are personally accountable for any debts so far. As a hairdresser, you shall also be renting a chair in your salon or travelling to do hair for special occasions.
If these instances narrates your circumstance, it means you are most likely using your own tools, not having any employees nor require a difficult structure. The reason being as a self-employed or a sole trader, your position is good and you don’t have large overheads. If you’re renting a chair in a salon, there shouldn’t be a requirement for you to form a limited company.
All you need to do at the end of the tax year, you have to make a simple deduction of your expenses against your revenue and pay tax on that. Another advantage you can get is to claim certain expenses on your tax return such as travel, equipment and other expenses, thus minimizing the overall size of your tax bill.
Also by getting professional assistance from a reliable bookkeeping service provider, you can easily take care of your bookkeeping functions. Nexa Accountants is one of them whose bookkeeping functions for hair salon includes:
Get legal assistance for all your legal bookkeeping functions. If you are a law firm or a sole practitioner, you must be wanting to focus your time and energy in handling the lawsuits which you get from the clients and you’re hardly left with doing bookkeeping on your own. Hire a team of legal bookkeeping specialist who can assist you in maintaining your legal accounts.
Nexa Accountants is one of them whose client base differs from private client firms to legal aid firms. The company houses a team of experienced legal cashiers and accountants who look into your legal affairs in detail.
Most of their legal aid clients hold franchises in Family, Crime, Housing, Welfare Benefits and Debt. Clients are allocated a dedicated member of experienced legal cashier team; each cashier is supervised by a Chartered Certified Accountant in order to assure an accurate and efficient handling of your legal bookkeeping and reporting requirements. The legal cashiers of Nexa Accountants can work on-site and off-site.
They confirm that your accounts adhere to Solicitors Accounts Rules, LSC & HMRC guidelines. The legal cashiers of Nexa Accountants are well-trained and experts in handling a variety of the legal accounting softwares in the market.
The continuous professional development is on board seriously for them. All the legal cashiers remain updated with new legislations and software developments in the market. All the staff is trained to provide you the highest standards for meeting the quality standardized service in legal suits.
Nexa legal team make efforts in bringing you the best internal control procedures which saves you time, cost and effort. The team also prepare your VAT reports, provide you the realistic figures for your VAT online submission. The team also assist you in sending a standardized set of reports at the end of each month to satisfy The Solicitors’ Account Rules including reconciliations, default report & list of client balances for you to sign.
The reports also consist of the P&L, fee earning and other performance analysis. A detailed set of year end reports is also sent to you by the Nexa team which shows your firm’s performance and other reports that can be passed onto to your reporting accountant for audit and accounts.
With all the much needed assistance of Nexa Accountants team, you can easily clear your backlogs of postings, get software solution advice, implement modern accounting procedures, payroll, detailed management reports, professional indemnity renewal, bookkeeping review, submit returns to LSC, rectifying historical postings, pre & post SRA Investigation assistance, Management Accounts, budgeting & Cash flow forecasts. The team also provide consultancy service for LSC Speciality Quality Mark and Lexcel accreditation.
Nexa Accountants legal bookkeeping services include:
Whether you’re looking to increase your back office financial functions such as accounts payable and receivable, reporting, budgeting, payroll, forecasting and QuickBooks—take the help of a specialist accountant. Nexa Accountant is a specialist in bookkeeping functions and has helped many business owners in establishing their business and run their financial operations smoothly.
With Nexa Accountants, you can:
Running a pub as a sole trader or in a partnership form is not easy as you have to maintain various financial records like an evidence to be produced for any tax paid, accounts and records pertaining to your income and expenses.
You’ll require these to complete your several tax returns or answer any questions from HMRC about the returns you complete and submit to HMRC. You are also required to keep your business records different from your personal records and maintain a business bank account for your business.
The basic records of your business must include:
A profit and loss account is created from the information obtained from these basic business records which discloses all income you have obtained, less any expenses you have paid to disclose what profit or loss you have made. Since all pub businesses are separate there are various types of detailed records you may also need to maintain, some examples are:
Both Individuals and companies are permitted by tax laws for claiming “allowable expenses” with in respect of their business and personal affairs. Some examples are:
The above list is by no means comprehensive as the accurate nature of your pub business will decide the type of expenses and records etc. you record and claim. It is the duty of your accountant for guiding you on the same.
Bookkeeping for Limited Companies have been developed to face the challenges of bookkeeping day-to-day obligations. These obligations vary to those applying to sole traders and partnership in many ways. A limited company as per law is considered a separate legal entity to its owners and thus revenues and expenses must be treated separately too.
Limited Companies are required to file their accounts with Companies House each year and companies are required to pay Corporation Tax. Due to these reasons it becomes essential for limited companies to put in place a meticulous bookkeeping system from day one. You really need to engage the services of a specialist limited company bookkeeping provider in such scenarios.
The bookkeeping service offered by the Nexa Accountants will put everything in place a tailored system for bookkeeping. This will ensure books are suitably balanced each and every month and will go some way to ensuring all the expenses are written off your tax bill.
Our services include:
Who doesn’t love working independently? It is the contractor who has the chance of selecting the projects at its own discretion and that too meeting out their professional requirements. A contractor is an independent professional who has to bear all the self-employment taxes, finance their own retirement plan, pay for their office supplies and manage other responsibilities as well.
Contractors can be IT Contractor, freelancer etc. The contractors would like to work through their own limited companies, partly due to changes in corporate working practices but also the flexibility, freedom and control they enjoy and that comes from being their own boss.
The fact that contractors, consultants and freelancers can command much higher daily rates of pay may also be an influencing factor, but managing back-office operations can also be tedious. It is therefore, requires the support of Contractor Accountants, from there Nexa Accountants come to your help. Nexa Accountants provide complete support to Contractors with essential bookkeeping services which include receivables and payable management, financial planning, reporting, and business consulting at low cost.
Our services include:
If you are running a pub as a limited company you need to maintain your records for six years; after the latest date your tax return falls due.
At Companies House, if your pub is registered with, you need to maintain and retain specific accounting records which shows the transactions and the financial position of your company. You still have to do this even if your company is not trading currently or no longer trading.
These records include:
The business records kept by your pub for Corporation Tax purposes must:
An example of the business records that you may consider it useful to maintain includes the following:
Some unavoidable business happenings demand for doing bookkeeping in businesses, both small and large scale corporations. However, some sole proprietors devalue this point and never prefer accountancy for their companies. The following signs will exist at your doorstep and notification of accounting requirements, and when they exist, count on your best accounting service provider for taking actionable accounting and responsible services.
Your business will unquestionably grow. The inference of this is rising responsibilities of your employees along with your business owner. There will be no exception when work will overwhelm you and errors will target most of your accounting and operations. So, as the business grows, the more responsibilities and subsequently, the more the accounting errors.
At the point of time, you will have no preference but to obtain accounting services from your one of the best accounting service providers for SME’s. However, accountability is essential for the expansion and growth of small businesses. It is a fact that small businesses that operate under crude accounting undergo from unnecessary account pilferages and this puts them on an inactive single position—no significant growth courtesy of coercion from people.
The meaning of expanding your business means collecting more revenue through debts paid and cash payments. It thus converts into various records to reconcile, make, maintain and match in one manner or another. Leaving such discerning duties at the disposal of a layman will elucidate catastrophe to you.
They will either extract from you or make you unwarranted losses. At the point of time, you see the increasing list of records to take care of, get a professional for tireless bookkeeping. You will also understand that bookkeeping will avoid losses that arises from double spending whereby you end up paying one supplier or individual altogether.
This point may presumably make you wonder, but it’s a possibility that it could occur or could happen without your information. There could be a game going on either in the sales and marketing team or accounting department. They could be generating high rates of stock turnover but delivering peanuts as profits for you.
There’s no contest over such happening and it’s high time you hire a bookkeeping firm for streamlining the accounts for you. In this instance, bookkeeping will protect you from keeping incomprehensible personnel in your business while ensuring proficiency and honesty among them.
The time will come when your business partners strongly demand professional records of transactions for authenticity and transparency. There will be no manner of getting off the hook rather than embracing bookkeeping.
They may need professionally handled documents as a way of stimulating you to up the game because they know that you will not, indeed fulfill the threshold on your own. Additionally, you also require to give your business credit it suits by putting in place a professional bookkeepers and accountants.
It will mean more advantage than harm to you if you produce the methodically done accounts to financial institutions whenever you require a loan. To them, pursuing the financial flow will be a huge task, and this be a joy ride for you in the pursuance of funds.
You don’t have to overwork with the idea of keeping your piles of books updated on your own. You will undergo some penalties for no legitimate reasons due to a delay in one or two in activities depending on bookkeeping.
For example, tax penalties will be at your place due to your delay in submission of funds. Instead, delayed invoices will keep you at loggerheads with your employees along with your clients. While time is spent by the clients for paying you for goods and services, your employees will complain about delay in payments for the services they deliver to you.
Maintaining an accurate bookkeeping is essential if you have your own business. It may appear to be something of a task but it’s essentially significant that you keep track of your revenues and expenditures. Many businesses have found their own worth by keeping up to date bookkeeping records, failing to do so results in failure to obtain maximizing revenues. Whether you manage it on your own or hire someone else to manage it, bookkeeping is a necessity.
You need to submit the information to HMRC frequently about your businesses profits or losses so that they can evaluate the tax amount you owe. This information has to be right and presented in a professional conduct. Failing to keep up to date with your tax conduct can cause serious repercussions, as HMRC can levy heavy fines and penalties which could cause death of your business.
Gauging cash flow is crucially essential for any business and it becomes possible if you have authentic financial records. Many apparently profitable and emerging businesses have failure due to unexpected hit by cash-flow crises.
There are specific expenses which can be claimed by sole traders that have been exclusively rendered as part of their business. Expenses need to be paid directly from your business bank account and should suitably be submitted on a quarterly or monthly basis. This means that the bookkeeping personnel has an appropriate understanding of expenditures and can check them for the purposes of tax and accounting.
Authentic bookkeeping permits you to check whether or not your business is actually generating a profit. It is quite astonishing how usually the business owners escape or fail to keep track of this but it is evidently significant.
Bookkeeping shows the evidence of the growth and performance of a business over a period of time. However, a person keeping a track of bookkeeping can look back and check patterns and draw comparison with previous business years.
This can give you a broader understanding of the business areas on where to make a profit and where costs might be curtailed. This form of financial analysis can help you in avoiding problems in the future.
Access to in-depth information for any businesses from accountancy website. This provides you a knowledge repository that has crucial resources for sole traders and limited companies. The subjects enclosed include Tax Planning, Personal Tax, VAT, Company Tax, Insurance and Specialist Services.
It is, therefore, to buy a software which you can use to conduct any of these bookkeeping tasks which would give you the required data for submitting a return to HMRC. However, you as a business owner by employing the services of a professional accounting firm or a bookkeeper for managing the financial affairs of your company could achieve profitability for your business in the longer run.
By not only helping you out to reduce your tax liabilities but they can also offer you valuable advice on other matters of operating a profitable and successful business.
When you try to grow your business, bookkeeping at times may be a burden but it is necessary if you are not only surviving but also prospering in today’s difficult economic climate.
As a small business owner, you must be juggling with dozens of responsibilities. Bookkeeping may be one of the last things running in your mind. So, if you ever astonished why there are various firms offering bookkeeping services in London. The simple answer is that the wide variety of small and medium sized businesses accepted the fact of hiring a qualified bookkeeper to assist them not only to survive those difficult two or three years but also to prosper and grow beyond those primitive stages.
Let’s see five advantages of hiring a bookkeeper and why you should hire:
Doing bookkeeping yourself can be a distraction for your businesses. Allow yourself to take your burden away which can help you to focus on growing your business. Outsource your small business bookkeeping to an affordable accounting service provider which can manage your bookkeeping affairs and put you at ease.
Contact Nexa Accountants, a reliable and effective accounting service provider which can provide you with bookkeeping services to help you streamline your processes, saving you time and money.
Our services include:
The retail industry has always been one of the most competitive business environments to work in and more than ever retailers require sound financial advice and the support of a team of professionals who can help them sustain their market share.
Nexa Accountants is one of the retail bookkeeping accountants who have years of experience in providing significant advice for the retail sector. It also understands the special requirements of the retail industry in detail---especially the need for real-time and proactive advice on how to improve and maintain their position.
The Nexa team can help retail industries maximize their profitability through stock control improvements, purchase re-ordering and reconciliation procedures and offer appropriate advise on the installation of systems.
One of the biggest challenge retailers confront is the demand of the VAT regime. The team can relieve you from spending a lot of unnecessary time and expense by advising you on the most suitable scheme and handling your VAT planning and administration.
Our retail bookkeeping services include:
The construction industry is one of the most volatile sector in the UK economy and diligent planning and advice are essential to maintain the competitiveness and efficiency. Across years of experience in this sector, as an accounting service provider in London, we know the specific problems faced by builders, engineering contractors and civil engineering consultants.
We provide them effective solutions and help them optimize their performance through cost reductions, increasing profit margins, project planning, obtaining suitable funding, cash flow planning and assistance. We provide you through the maze of regulations imposed on the industry, assist in reducing your compliance costs and help you to build a successful future.
Our bookkeeping service for construction industry includes:
Whether you’re the owner of a restaurant or wish to open the next restaurant chain or want to expand regionally or nationwide, you definitely look out for ways to save cost and reduce your margin bills. In such case, you need a professional guidance from restaurant bookkeepers who can be the best fit for you.
At Nexa Accountants, our team of restaurant bookkeepers understand your requirements in detail and offer you all kinds of bookkeeping services at a very low cost. Also, they would be advising you ways for cost reduction, improve profit margins and provide you tax relief.
Our Restaurant bookkeeping services include:
Managing your business’ finances can be very time consuming task and very confusing. It is necessary for you to understand your profit margins and what drives your profits in addition to recognizing things that are causing losses. You need to focus on the key areas of your business to promote growth.
Everyone is looking to minimize their outgoings and increase sales. Having poor financial systems that are not structured accurately for providing the specific information you need to run your business can make locating the pitfalls and opportunities difficult.
You may need assistance to examine your control systems and establishing new ones. Your cash flow may be tight and a hand to take care of your working capital could be free from additional funds. You may wish to grow your business but you need help to make a good case to money lenders. From there Nexa Accountants come into picture which provide all kinds of assistance to your hospitality sector in bookkeeping services. We provide support to many businesses in the hospitality sector which includes:
Our Restaurant bookkeeping services include:
Our bookkeeping service consists of:
Tourism industry is the second vigorously prosperous industry. Travel agencies are clearly witnessing an upshift in travelling trends due to digitalization. Hotel reservations and distant ticketing have further expedited the travel agency business. Since they outstretch their online service round the clock, accurate bookkeeping for travel agency becomes technical. A professional hand is very much essential to appropriately perform accounting for a travel agency.
Work on advancing travelling and tourism experience by improving every stage of hospitality. Be goal oriented and concentrate on digital and comfort-savvy clients. Nexa Accountants is here to do bookkeeping for your travel agency. We assure you:
Bookkeeping services are one of the core processes while handling a real estate business, as it permits the companies to track their income and expenses in order to know about the overall financial performance. Carrying out real estate bookkeeping in-house will only add to overhead costs and usually leads to inaccuracy.
Therefore, outsourcing this to an experienced service provider will not only help companies save huge on overhead costs, but also allows the real estate companies get expertise of skilled resources.
Nexa Accountants is a real estate bookkeeping services company, which has served many clients across U.K. With its state-of-the-art infrastructure, Nexa is able to cater to the needs of the real estate clients with skilled resources and successfully assist them in meeting their bookkeeping needs to the fullest.
Outsourcing your real-estate bookkeeping services will help your businesses get prompt and efficient services and quickly examine the performance financially.
Our financial services are primarily aimed towards bookkeeping, accounting, and tax preparation and processing assisting real estate companies, brokers, investors, agents, etc. We have multi-domain industry experience and can effectively take care of any kind of bookkeeping requests. We offer some of the key services which include -
Bank and Credit Card Reconciliation
Virtual Bookkeeping Services
Real Estate Financial Write-up Services
Maintaining the bookkeeping for a yoga studio may be a tedious task for a studio owner. An owner needs to have a good running studio and getting new business, but there lies a struggle with handling the bookkeeping.
Broadly speaking, the bookkeeping is something that the studio owner doesn’t wish to engage with or simply doesn’t have the time to handle. Running a yoga studio has many crucial tasks that outsourcing the bookkeeping is often the best solution. Here is a list of bookkeeping activities you want to be done for your yoga studio.
Similar to any other point of sale system your first concern lies in how accurately daily sales will be recorded. You will wish to create a daily sales journal entry in your accounting system. The first thing you wish to understand is your daily sales entry requires mirroring the way that funds flow into your bank.
If your deposits of credit card has been made on a daily basis then your sales summary should reflect in that. In most instances, it is essential recording every individual day’s sales as a separate journal entry.
For extracting the daily sales from your accounting software, you need to run the daily closeout report. This report is available online on the client portal by selecting: reports/sales/daily closeout. After selecting the date you wish to have an overview of the closed data.
The first thing you will see is a summary of your payments and those would be debits to your daily sales journal entry. Sales and gift card redemptions should hit a gift card liability account as the sale should be identified when the gift card is redeemed. Your summarized view of the sales category appears at the bottom of the report and you would credit all those items into different income heads.
Divide it into as much detail as you like or just keep it simple. The last part of the journal entry would be the sales tax which should credit the sales tax liability account. Here is a simple summary of your journal entry:
Debit - Undeposited Funds (for cash and check payments)
Debit - Checking Account (for American express payments)
Debit- Checking Account (for Visa, Mastercard and Discover payments)
Debit - Gift Card Liability (for gift card redemptions)
Credit - Sales (for your sales, you can break into as many categories as you like)
Credit - Merchandise Sales (for merchandise sales)
Credit - Sales Tax Liability (for sales taxes collected)
Credit - Gift Card Liability (for gift card sales)
It is important to note that to put American express card separated from the other credit cards as that is how most of the merchant processors will deposit them, but ensure to keep a check with your merchant processor. Also, cash and checks hit undeposited funds because they have not been deposited in the bank but only collected at your business place.
When you need to file your sales taxes you only require paying sales taxes on those goods or service on which sales tax is charged on. You need to have information extracted from the sales by category report. This report is readily accessible from your online client portal by selecting : reports/sales/sales by category. The report divides the sales into products and services and displays the items which are taxable and how much tax has been collected.
Now make a comparison with your sales summary report for the same period before filing. It is the sales tax check which would be coded to the sales tax liability account to offset the amounts recorded from your daily sales summary journal entries.
If you’re having any credit card processing issues like following the flow of your credit card deposits from your wallet to your bank, in such instance, consider your deposits swiped and keyed transactions separately into your bank account.
By scrolling to the bottom of your daily closeout report you will get to know about the merchant account processing section. The settled swiped and settled keyed transactions in most instances should get attached with the previous day’s sales. However, it is essential to make separate line items in your journal entry for both swiped and keyed transactions.
The proper recording of your daily sales journal entry should result in your ability to reconcile the bank account (at least the deposits, checks and payments is up to you). While it may appear difficult to record each day's sales separately it is actually the only way to accurately reconcile the bank account.
You certainly can make one journal entry for the sales of the entire month but then you are depending on your merchant processor and bank to properly deposit all of your money.
If you’re a sole trader, limited company or a small business, accounting software can make it much simpler for you to manage your finances. With Making Tax Digital, everyone has to file a Self-Assessment tax return which calls for the need to use a bookkeeping software that’s compatible with the HMRC and can integrate with your new digital tax account.
The following softwares make it easy for you to manage your business finances, helping you with things like bookkeeping, invoicing, inventory and payroll.
Whether you’ve been in business for years or starting a new business, one of the most significant things an organization need is a bookkeeper.
Having a reliable bookkeeper helps you save time and money too. Nexa Accountants have a team of Xero bookkeepers who are the specialists in handling day-to-day finances for your business. You can concentrate on getting what matters most: running your business.
Our Xero bookkeepers are based in London, but offer you the following services for businesses all across the U.K.
With Xero as main bookkeeping software------it offers the client award-winning, cloud-based software with the level of flexibility that they need as their business grows. Xero also provides them instant access to their real-time financial position 24/7 from their PC, tablet or mobile.
In short, the benefits of using Xero include:
Sage Bookkeeping is an online cloud-based bookkeeping and accounting software that helps keep track of your finances and keeps your business on move. This software is easily accessible from any device from any corner of the world.
At Nexa Accountants, we provide Sage Bookkeeping to various small businesses to help them save time and money and also keep posted to HMRC in time. Our Sage Bookkeeping functions include:
QuickBooks is a powerful online bookkeeping and accounting tool that helps your business to run smoothly in real-time, which means it is accessible to any mobile device at any place. Nexa Accountants team are specialist in providing you the right guidance whenever you need it and not just at your year end.
With Nexa Accountants guidance, you can perform the following functions on QuickBooks:
QuickBooks isn’t only a simple cloud accounting platform but offers you the services much more than that. QuickBooks links to a number of apps/add-ons which transforms it into something which is more powerful. You can easily extract Receipt Bank and upload information from receipts and invoices. Using Expensify you can classify your expense reporting, and you can even use Amazon app for syncing Amazon to QuickBooks online.
We don’t just install QuickBooks to our clients but provide the right guidance with the information they need in time.
Free Agent is an online bookkeeping and accounting tool for giving a real-time visibility about the performance of your business. Free Agents are concentrated on sole traders and very small businesses to keep the finances on right track through invoicing, time tracking, and expense management.
Our team of bookkeeping specialists have years of experience working with FreeAgent and supporting clients to get the most out of the software while they can devote their time on their business, instead on routine admin tasks.
By evaluating data produced in FreeAgent, our team can assist business owners create budgets and forecasts and plan for the future.
The benefits of using FreeAgent include