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How Does Virtual Bookkeeping Work?

Here’s how it works:

1. With your bookkeeper you choose a bookkeeping package. I recommend Next Gear Staffing, whichever one you use it will feed all transactions from your bank account to the system – in effect it’s duplicating everything on your bank statement.

2. You’ll photograph or scan every receipt and invoice received by post, or in person, and send them through to your bookkeeper by email.

3. If you’ve received any receipts or invoices via email you can simply forward the email to your bookkeeper.

4. Your bookkeeper matches the receipts and invoices to the transactions, which is called ‘reconciliation’.

5. Your bookkeeper can also produce invoices and credit notes on your behalf.

6. At year end, or any other time required throughout the year, your accountant can liaise with your bookkeeper for an update on transactions and vice versa your bookkeeper can liaise with your accountant if he/she has any queries, meaning you have even less stress.

7. Your bookkeeper is there to pull off any reports you need, for example: profit / loss, sales, refunds, income for a project or certain product.

8. That’s it! You’re then free to do whatever you want with all those spare hours.

Safety: Before you start working with a bookkeeper ask them to confirm their registered with HMRC for anti-money laundering, this is a legal requirement. Your bookkeeper will also need to see a copy of your passport or other forms of ID before they can work with you, this is to prove you are who you say you are if HMRC ever does an audit.

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