The 7 problems resulting from poor bookkeeping

The 7 Problems Resulting From Poor Bookkeeping

December 11, 2023

Sakura Bookkeeping Services allows you as a business owner, or entrepreneur, involved in constantly trying to grow your business, who will already be familiar with the annual compliance requirements for HMRC and Companies House, to maintain your business compliant.

What are the 7 problems?

  1. Breach of the company law requirements
  2. Backlog of documentation and processing of transactions
  3. Higher rate of ‘bad debts’ – non-payment of customer invoices
  4. Late or inaccurate VAT returns each quarter – issues to submit by the deadline, errors in return or little purchase VAT reclaimed.
  5. Legal action or ‘breaks’ in supply from supplier due to late or non-payment invoices
  6. No certainty of available cash or any control over cashflow
  7. Higher accountancy fees due to late or error strewn bookkeeping affecting VAT returns, end of year accounts etc.

Are you experiencing these issues in your own bookkeeping?

Where you have decided to continue to manage the bookkeeping for your business, then it is important to avoid these problems by keeping your bookkeeping accurate and up to date!

Indications that you are suffering from one or more of these problems will include:

  1. Errors or duplications in the bookkeeping completed by you in QuickBooks or Xero
  2. Having ‘gaps’ or omissions in transactions in a current, savings, credit card or other bank accounts in Quickbooks or Xero
  3. Omission of a bank account, company credit card, bank/other loan, etc. from QuickBooks or Xero
  4. Chasing missing invoices or receipts – where payments have been made to Suppliers, but invoices not added to QuickBooks or Xero
  5. Calls from Suppliers chasing payment
  6. Letters or calls (or visits) from HMRC

What can the Sakura team do to support you with your bookkeeping?

The Sakura Team can absolutely deal with all your ‘day to day’ requirements where you want to outsource this work!

Alternatively, if you have decided to continue to manage the bookkeeping for your business, then we can offer a ‘troubleshooting’ review or QuickBooks or Xero to:

  1. Identify any errors or omissions in your bookkeeping
  2. Set out an ‘action list’ of what requires to be corrected or input in QuickBooks or Xero

There are other services that we can provide to support you with your bookkeeping needs and requirements including:

  1. Providing Training courses and ‘refresher’ training on both QuickBooks
  2. Offering a ‘System Review’ of QuickBooks or Xero and providing a plan to ensure the software works more effectively for you

Feel free to contact the Sakura Team who can discuss these in more details.