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Bookkeeping & Accounts Preparation

Professional bookkeeping services and year-end accounts preparation under FRS 102/105, Companies Act compliance, and cloud accounting solutions.

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Written by Asrah Abbas, ACA / ACCA — Principal at Westfin Accountants Ltd
Chartered accountant with 12+ years of UK practice experience. Member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA).
Last updated:

In plain English

Bookkeeping is the day-to-day record of every transaction; year-end accounts compile that record into statutory financial statements filed at Companies House and HMRC. Westfin maintains real-time cloud ledgers and prepares year-end accounts under FRS 102 (Section 1A) for small companies and FRS 105 for micro-entities, all reviewed by ACA/ACCA-qualified accountants.

Key thresholds & rates (2026/27)

Specific numbers matter when planning. These are the figures we work with day-to-day, sourced from current HMRC and Companies House guidance.

  • Small company exemption: turnover ≤ £15m, balance sheet ≤ £7.5m, ≤ 50 employees (Companies Act 2006, s.382 — updated April 2025)
  • Micro-entity threshold: turnover ≤ £1m, balance sheet ≤ £500k, ≤ 10 employees (s.384A)
  • Filing deadline: 9 months after year-end for private companies (s.442)
  • MTD for VAT mandatory for all VAT-registered businesses regardless of turnover

Statutory references

We work to the published HMRC, Companies House and FRC guidance. The primary sources we cite when advising clients:

Worked example

Worked example — Shopify brand turning over £420,000

A London Shopify brand with £420k turnover and 6 employees qualifies as a small company under FRS 102 Section 1A. Westfin runs weekly Xero reconciliation across Shopify, Stripe, Klarna and PayPal feeds, prepares quarterly management accounts, and files year-end accounts within 4 months of year-end — well inside the 9-month deadline. Total Westfin fee: ~£280/month vs an estimated £950/month for an in-house bookkeeper.

What's Included

Day-to-day bookkeeping and transaction recording

Month-end management accounts

Year-end statutory accounts (FRS 102/105)

Companies House filing

Bank and credit card reconciliation

Cloud accounting setup (Xero, QuickBooks, Sage)

Why Choose Our Bookkeeping & Accounts Preparation

Real-time financial visibility

Reduced accounting costs

Faster month-end close

Improved cash flow management

Statutory compliance assurance

Audit-ready records

Frequently Asked Questions

What is the difference between bookkeeping and accounts preparation?

Bookkeeping is the day-to-day recording of transactions, while accounts preparation involves compiling year-end financial statements that comply with accounting standards (FRS 102/105) and Companies Act requirements for filing with Companies House and HMRC.

Which cloud accounting software do you recommend?

We work with Xero, QuickBooks, Sage, and FreeAgent. The best choice depends on your business size, industry, and specific needs. We can help you select and set up the right platform.

How often should I do my bookkeeping?

We recommend weekly or monthly bookkeeping. More frequent bookkeeping provides better financial visibility, easier tax compliance, and helps with Making Tax Digital (MTD) requirements.

Ready to Get Started?

Speak to our specialists about Bookkeeping & Accounts Preparation