Monthly Bookkeeping Service

First Year Monthly Bookkeeping Service

Our First Year Monthly Bookkeeping Service is a bespoke service and is only available by contacting us at customerservices@primeformation.co.uk or calling us on 0333 533 0264.

Limited Companies, LLPs, Charities and Charitable Companies and Community Interest Companies [CICs] must keep accounting records. Accounting records among other things must contain:

• Entries detailing all money received and expended by the company. Records of income and expenditure of the company must be adequately kept. The records kept form the basis of preparing the profit and loss account
• A Record of the Assets and Liabilities of the company forming the components of the balance sheet
• Statements of Stock held by the company at the end of each financial period
• Statements of Stock takings upon which the statements of stock were prepared
• Other than retail trade any other goods sold and purchased with the attendant list of the goods, and the buyers and sellers.

Accounts prepared must be based on the sufficiency and adequacy of records kept. The accounts and returns made must disclose the financial position and performance of the company and comply with the requirements of the Companies Act 2006 and the UK issued Financial Reporting Standards [FRS] or International Accounting Standards [IAS]

If you are a director of a limited company or a member of an LLP you must prepare accounts for each financial year.

At Prime Formations, we have designed a 1st Year Accounting service to help you fulfil your responsibilities of delivering accounts to Companies, HMRC and other regulatory bodies such as the Charity Commission.

The Bookkeeping function ensures that financial transactions are recorded as part of the accounting process in any organisation. Limited Companies, LLPs, Charities, and Community Interest Companies must keep primary books of records on which basis the financial accounts are prepared. In any organisation, the bookkeeper is responsible to make daily entries into the daybooks such as Sales Book, Purchases Book, and the updating of receipts and payments alike. The Bookkeeper must also document financial transactions both cash or credit into the Petty Cash Book, Customers Ledger, Suppliers Ledger and General Ledger. The Accountant building upon the initial work of the bookkeeper would now produce the Financial reports inclusive of the Balance Sheet and the Profit and Loss Account.

A business or organisation keeps sufficient records in line with the nature and size of its operations. Most modern organisations use electronic accounting systems such as Quickbooks, Sage, Zero, Free Agent, and Kashflow amongst others.

1st Year Monthly Bookkeeping Service

Once you place an order for this service, we would send by email a Bookkeeping Schedule of Requests detailing what we require to prepare your monthly bookkeeping records. During the process of recording your financial transactions and inputting such into our digital accounting software, we would liaise with you by email to ensure all bookkeeping queries are fully answered.

Any missing document would be notified to you with any unclear transactions appropriately dealt with. Once all transactions for the month is inputted and allocated we would produce a monthly bookkeeping report.

We would arrange an appropriate time to chat online about your transactions and the monthly bookkeeping reports.

Please note that the fee charged is strictly for the 1st Year Monthly Bookkeeping Service and the annual preparation of Financial Reports only.

Regular Service £210 Plus VAT Per Month

If we receive all answers to our requests, we aim to produce your monthly bookkeeping report having inputted and allocated all transactions within 30 days of receiving your order. Our charge for this service is £14 Per Hour Plus VAT at 15 Hours of Bookkeeping per month. To avoid the ambiguity involved in quoting by the hour we have set a blanket fee of £210 Plus VAT per month for organisations with a maximum annual turnover of £150,000.

Our fees are inclusive of the monthly software fee which vary from £20-£40 per month.

Please note that this service is for organisations with a turnover not exceeding £150,000. For businesses and charities with turnovers exceeding this limit, a separate additional charge of £140 per £100,000 in annual turnover would apply. For example, if your organisation’s turnover is £300,000, you would be required to pay an additional £210 in bookkeeping fees making a total of £420 plus VAT per month.

Please note that our fees are charged per month and relate to the monthly and not annual charge.

To ensure we deliver your monthly bookkeeping reports on time please deliver your bookkeeping paperwork to us at most 2 weeks after the month-end.

Fast Track Service £340 Plus VAT Per Month

If we receive all answers to our requests, we aim to produce your monthly bookkeeping report having inputted and allocated all transactions within 10 days of receiving your order. Our charge for this service is £24 Per Hour Plus VAT at 15 Hours of Bookkeeping per month. To avoid the ambiguity involved in quoting by the hour we have set a blanket fee of £360 Plus VAT per month for organisations with a maximum turnover of £150,000.

Our fees are inclusive of the monthly software fee which vary from £20-£40 per month.

Please note that this service is for organisations with a turnover not exceeding £150,000. For businesses and charities with turnovers exceeding this limit, a separate additional charge of £240 per £100,000 in turnover would apply. For example, if your company turnover is £300,000, you would be required to pay an additional £360 in bookkeeping fees making a total of £720 plus VAT per month.

Please note that our fees are charged per month and relate to the monthly and not annual charge.

To ensure we deliver your monthly bookkeeping reports on time please deliver your bookkeeping paperwork to us at most 2 weeks after the month-end.