Bookkeeping and Accounts 

Bookkeeping and Accounts 

TJ Whiffen have provided expert bookkeeping and accountancy services for over 20 years. 

We provide support to large and small companies either completely outsourced or working and supporting in-house accounts departments.  

Bookkeeping is critical to any business new or established. Our team make sure you can always see your current and future financial position, helping you plan for you business. Our services are flexible and can grow to your needs, some smaller clients just need a few hours or our services a month, up to clients that have weekly demands, we can tailor to meet your needs.

What is a balance sheet?

The balance sheet is a list of the entities assets and liabilities. The balance sheet provides a financial snapshot of the entity. It provides readers with an idea of what the business owes and owns.

What is an asset?

An asset is an item owned. These would be considered when valuing a business. Examples are: 

  • Cash
  • Inventory items 
  • Computer or office equipment
  • Tools and machinery
  • Offices and buildings
  • Vehicles

What is a liability?

A liability is something owed. This would also be considered when valuing a company, examples are: 

  • Bank debt
  • Wages owed
  • Tax owed
  • Money owed to suppliers

Do I need Bookkeeping software? 

Usually most companies have software for keeping track of things. We can use your system with you, often if it’s cloud based you can give us access remotely. Some smaller customers are happy to not have any software themselves and let us manage the whole thing for them on our platform and just provide regular reports. We work however is best for you.

How to create a sales invoice?

Sales invoices are issued to customers; they can either be generated manually or using accounting software.

What is a trial balance?

Accountants and bookkeepers use a trial balance to see a complete picture of the accounts.

What is bookkeeping? 

Bookkeeping is keeping track of your income and expenses. This could be as simple as keeping receipts and invoices. But rarely that is enough, and over time you’ll outgrow it. The ability to see in an instant how your business is looking financially is crucial. Good bookkeeping provides that. Usually software is used to keep track of when, where and why purchases were made, and where that purchase eventually lead to increased revenue. This can become a timely and complicated process, which is why is usually best left to the experts who do it day in day out. We can take that job of keeping track of everything that’s taking you 3 evenings a week, and do it for you in a few hours. 

What is credit control?

The process to collect money owing from a customer

What is double entry bookkeeping?

Most organisations use double-entry bookkeeping for their accounts. For each transaction, two entries are made.