TOP 5 BUSINESS BOOK-KEEPING MISTAKES EXPLAINED

Рет қаралды 8,214

Күн бұрын

Doing your own book-keeping? In this video Dan shares the top 5 common business book-keeping mistakes we see when our bookkeeping team and accountants are assessing client records.
These mistakes can be costly, so with this knowledge we hope you can avoid making them!
Topics include:
Incorrect receipt entries
Duplicate receipts
Bank feed problems
How to enter wages in your book-keeping
How to deal with owners wages in your bookkeeping
How to enter equipment in your bookkeeping
Xero
QuickBooks
Fixing your accountants payable in your book-keeping
Fixing your accounts receivable in your book-keeping
How to enter wages in your bookkeeping
How to enter cash payments in your bookkeeping
Cloud accounting
..... and more!
You can see more about what we get up to on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Podcast: heelanhub.co.uk The HeelanHub Podcast, a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
Instagram (Company): / teamheelan
Facebook (Company): / heelanassociates
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk
#selfemployed #bookkeeping #limitedcompany

Пікірлер: 14

@emmaandlloydbreeze7469 3 жыл бұрын

Watched about 20 of these videos so far - so well explained, thank you :)

@HeelanAssociates 2 жыл бұрын

Glad you've enjoyed!

@pilatesyogataichifit 2 жыл бұрын

If you are self-employed and have elected to use cash basis, 1) can you switch to traditional accounting for a couple of years or do you have to stick with cash basis? 2) is there any way you can split capital cost across the years (amortization or other method)? My understanding of cash basis is that no, there isn't. I am due to replace my laptop and also my mobile phone (both keep crashing all the time), but not sure how to handle that... other than treating them as allowable expenses for the year. And let's face it... not sure how long the tech is going to last. Most likely a max of 3 years?

@HeelanAssociates Жыл бұрын

Yes you could switch, but there are adjustments to do. It's why we see such a little uptake on the cash basis (as accountants we almost always prefer accruals). Yes capital costs use capital allowance rules, which often have the option of claiming an amount per year, although many owners chose instant relief over this where available. As you mention cash basis though, normally no these don't get used (cars aside usually) on that basis.

@mirjanatrifkovic4984 2 жыл бұрын

Many thanks for the information - weel explained, do your Bank reconciliation regularly =MUST

@HeelanAssociates 2 жыл бұрын

100%!

@embeddedsauce2423 3 жыл бұрын

Amazing content

@HeelanAssociates 3 жыл бұрын

Glad it was useful!

@jacbisgood2221 2 жыл бұрын

Thanks for this info. Is it a legal requirement to attach photos to bank transactions on your accounting software? I'm a limited, vat registered company and have heard different things.

@HeelanAssociates 2 жыл бұрын

No! It's just very helpful for you, any accountant you work with, and possibly HMRC in an investigation.

@sophiethornton5082 Жыл бұрын

we as a contractor has received an invoice with vat registered do we pay him the vat or do we send it over to hmrc

@HeelanAssociates Жыл бұрын

Pay them, it's up to them to sort.

@hamza-rp7ft 3 жыл бұрын

Hi I've subscribed to your channel its been very helpful. I need some advice i own a LTD company since last 4 years and I'm the director of the company as well as the 100% shareholder. Im applying a new visa and need to prove I'm excersing treaty rights in the uk. Treaty rights mean I'm either employed or self employed. My company last year did a profit of 10k£ and I'm taking dividens of £200 every month. I'm confused if I've to take out the insurance since the dividends i receive are below the minimum threshold for the visa. Thanks please answer

@HeelanAssociates 3 жыл бұрын

Sorry not sure on the visa specifics, it's not an area we get involved with. On the dividends though, they don't have any national insurance attached to them. If you pay salary instead, the national insurance thresholds then matter.