Bookkeeping refers mainly to the record-keeping aspects of financial accounting and involves preparing source documents for all transactions, operations, and other events of a business or property owner.
Whether you have one property in your portfolio or hundreds, you must keep accurate records of all in-comings and outgoings relating to your portfolio. These records are used to calculate how much tax you owe.
”What if I don’t keep my accounts up to date? How will this affect me?”
Here are some ways to make sure your bookkeeping is always up-to-date
Pay Close Attention to Receivables
Managing your receivables isn’t quite as much fun. When an invoice is issued, you record a receivable, meaning you log that a customer owes you money. By checking this listing you are able to easily see if a customer has an outstanding balance.
Keep a pulse on your cash flow
Cash flow statements can give you the knowledge you need to anticipate expenses and more appropriately allocate income. They are also useful when building financial trajectories.
Keep personal and business accounts separate
This helps you by not getting confused with both accounts. Accountants can help you separate both accounts in which they will keep you up-to-date on what’s going in and out.
Keeping your records up to date
By keeping your records up to date, you are always aware of the position of your property portfolio. Keeping accurate records allows you to see at a glance whether your portfolio is right at your needs. Bookkeeping for property owners is important. This keeps them up to date with their records and finances. Bookkeeping will also show them what comes in and out of the properties that they own.
Property owners are known for keeping financial details secure, which they may or may not control.
Want to separate your personal and business finances? Speak to one of our accountants today, we can offer you the service that is suitable for you and keep you up to date on your bookkeeping.
Services that we offer
- Maintaining financial records for the properties within your portfolio.
- Preparing management accounts.
- Preparing forecasts.
- VAT, tax planning and tax returns.
- Company compliance.
- Support and advice.
At Carrington Blake Accountancy we will answer your questions that are unanswerable. We are happy to help property owners keep their records up to date and keep our clients updated on other services.
We take the time to get to know you and your business at the initial consolation so that we can tailor for a service for you.
Contact us today on 0207 537 6628 and get your quote today.