Bookkeeping and payroll record your business’s financial transactions and make sure employees are paid correctly and on time, but they can be time-consuming.
Dickson and Co Chartered Certified Accountants' professional team has in-depth knowledge of bookkeeping and payroll management, offering a range of services to keep your business finances and payroll running smoothly.
Our services include financial reporting, data entry and reconciliations. We also manage pensions, PAYE, National Insurance Contributions (NIC) and the Construction Industry Scheme (CIS).
Getting your bookkeeping or payroll wrong can cost you money. You could be fined by HMRC or even taken to court by an employee.
Talk to Dickson and Co Chartered Certified Accountants for professional support with your bookkeeping and payroll.
Here’s what we can do:
Bookkeeping
Your bookkeeping system tracks financial transactions, including income and expenses. It’s essential for keeping your business tax compliant and making appropriate financial decisions.
To know where your money is coming from and where it’s going, you must create regular financial reports. They give you an idea of your business finances and help with strategic decisions. They also track your business’s performance over time.
Accurate data entry leads to accurate bookkeeping. Sales, purchases, payments and receipts must be entered into your accounts to avoid errors and discrepancies.
Mistakes and discrepancies can be spotted and corrected through reconciliation. This is when your business’s financial records are compared with bank records to check that the transactions match. Continuous reconciliation can catch serious issues such as theft or fraud.
You can organise your bookkeeping using Software like QuickBooks and XERO, but getting expert support is a good idea because they don’t always capture all transactions.
Dickson and Co Chartered Certified Accountants/We can:
- Use QuickBooks and XERO for financial reporting, data entry and reconciliations.
Payroll:
From taxes and pensions to industry schemes, payroll is complicated because it’s not just about paying your employees on time. You need to handle deductions and contributions properly and apply them correctly.
Payrolls usually use PAYE, an HMRC system that collects income tax and NIC. You must report employees’ payments and deductions, file reports for eligible reductions, send Full Payment Submissions (FPS) and consider many other aspects, including tax codes and payslips. Calculating and paying statutory payments, such as sick pay, is also important.
By law, your business must offer a workplace pension scheme. The scheme pays a percentage of an employee’s salary into a pension each payday. There are a few pension schemes to choose from. NEST is a government scheme, and NOW involves a board of independent trustees. Choosing a suitable scheme can be confusing, so it’s best to speak to an expert.
If you’re in the construction business, you may encounter CIS, a scheme that makes advanced HMRC payments towards a subcontractor’s NIC and tax. You need to register for the scheme and understand what is and isn’t covered by CIS.
Dickson and Co Chartered Certified Accountants/We can:
- Handle PAYE, NIC and statutory payments.
- Manage NEST and NOW workplace pensions administration.
- Deal with CIS for the construction industry.
Contact Dickson and Co Chartered Certified Accountants to streamline your bookkeeping and payroll.
