Blog
Bookkeeping tips, business musings & general chatter
It’s a little thin on the ground right now but over time, this page should become a useful collection of practical bookkeeping guides, Xero tips and straightforward explanations to help you make a little more sense of your business numbers.
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Latest Post-Its
The newest thoughts, tips and useful bits from the Invi blog
Explainers
Straightforward answers to common bookkeeping questions.
Working with Invi
A closer look at how I work, what to expect and what’s included
Business Basics
Practical guidance for running your business safely, sensibly and with fewer nasty surprises.
A little bit of everything
Latest post-its
Don’t share your Government Gateway login (even with your accountant)
Your accountant may need authority to deal with HMRC on your behalf, but they should never need your Government Gateway user ID, password or security code. There is a proper authorisation process for that.
From capturing life’s biggest days to creating space for everyday life.
Invi isn’t just bookkeeping to me, it’s my way of helping people feel more supported, more informed and a little less alone in running a business while hopefully, providing a little more space for life outside it too!
Debtors and creditors: what’s the difference?
‘Debtors’ are people or businesses that owe money to you. ‘Creditors’ are people or businesses that you owe money to. In day-to-day terms, debtors are usually customers with unpaid invoices, while creditors are usually suppliers with bills you haven’t paid yet.
Why ‘taking a view’ isn’t the best option
Taking a view is fine when there’s enough information to make a reasonable judgement. It’s not the same as guessing when something important is missing – which is why I’ll sometimes come back and ask you instead.
Why I keep asking for receipts when the payment is right there in the bank
A bank transaction gives me the date, amount and who was paid. The receipt or invoice tells me what you bought and whether VAT was charged – information I often need to record it properly.
What makes a valid VAT invoice?
A full VAT invoice needs to include things like the supplier’s name, address and VAT number, a unique invoice number, the dates, what was supplied, the amounts and the VAT charged. Simplified invoices of £250 or less can contain fewer details.
What happens when you lose a receipt?
Usually, we’ll first see whether you can get a copy or find other evidence of the purchase. The cost may still be recordable, but reclaiming the VAT can be trickier without the proper evidence. HMRC can accept alternative evidence in some circumstances.
Why you shouldn’t “help” by reconciling things in Xero
Reconciliation isn’t just matching a payment to something that looks right. It’s also deciding what the transaction was, where it belongs and whether anything else needs checking. If I’m doing your bookkeeping, leave that bit with me.
Explainers
What do you want to know?
Debtors and creditors: what’s the difference?
‘Debtors’ are people or businesses that owe money to you. ‘Creditors’ are people or businesses that you owe money to. In day-to-day terms, debtors are usually customers with unpaid invoices, while creditors are usually suppliers with bills you haven’t paid yet.
What makes a valid VAT invoice?
A full VAT invoice needs to include things like the supplier’s name, address and VAT number, a unique invoice number, the dates, what was supplied, the amounts and the VAT charged. Simplified invoices of £250 or less can contain fewer details.
Accounting profit vs taxable profit: what’s the difference?
Accounting profit is the profit shown in your accounts. Taxable profit is the figure used to calculate tax after the relevant tax adjustments have been made. So the two can, and often do, differ.
Working with Invi
Handy tips to get the most from your relationship with Invi
From capturing life’s biggest days to creating space for everyday life.
Invi isn’t just bookkeeping to me, it’s my way of helping people feel more supported, more informed and a little less alone in running a business while hopefully, providing a little more space for life outside it too!
Why ‘taking a view’ isn’t the best option
Taking a view is fine when there’s enough information to make a reasonable judgement. It’s not the same as guessing when something important is missing – which is why I’ll sometimes come back and ask you instead.
Why I keep asking for receipts when the payment is right there in the bank
A bank transaction gives me the date, amount and who was paid. The receipt or invoice tells me what you bought and whether VAT was charged – information I often need to record it properly.
What makes a valid VAT invoice?
A full VAT invoice needs to include things like the supplier’s name, address and VAT number, a unique invoice number, the dates, what was supplied, the amounts and the VAT charged. Simplified invoices of £250 or less can contain fewer details.
What happens when you lose a receipt?
Usually, we’ll first see whether you can get a copy or find other evidence of the purchase. The cost may still be recordable, but reclaiming the VAT can be trickier without the proper evidence. HMRC can accept alternative evidence in some circumstances.
Why you shouldn’t “help” by reconciling things in Xero
Reconciliation isn’t just matching a payment to something that looks right. It’s also deciding what the transaction was, where it belongs and whether anything else needs checking. If I’m doing your bookkeeping, leave that bit with me.
Business Basics
The useful stuff nobody tells you
Don’t share your Government Gateway login (even with your accountant)
Your accountant may need authority to deal with HMRC on your behalf, but they should never need your Government Gateway user ID, password or security code. There is a proper authorisation process for that.
