Invi FAQ's
Questions? You’re probably not the first to ask
There’s a bit more to starting with a bookkeeper than simply handing over your bank statements and hoping for the best.
There are checks to complete, access to arrange and a few bits of information I’ll need from you before I can get properly stuck in.
Here are some of the questions that tend to come up before (and just after) getting started with Invi.
Frequently Asked Questions
What do you need from me when I sign up?
It depends a little on your business, but I’ll usually need some basic information about you and how the business operates, along with access to the records I’ll be working with.
That might include:
- your business details
- details of the business owners or directors
- photo ID and proof of address
- your UTR and, if applicable, company and VAT details
- access to your Xero organisation
- access to relevant bank feeds or financial platforms
- information about how you get paid and the systems you use
- details of your accountant, if you have one
- any existing bookkeeping records I need to take over from
You don’t need to have everything perfectly organised before you get in touch. Part of the onboarding process is working out what’s already in place and what we need to sort.
What is AML?
AML stands for Anti-Money Laundering.
Bookkeepers, accountants and a number of other professions are legally required to take steps to prevent their services being used for money laundering or other financial crime.
That means I need to carry out identity checks, understand the nature of your business and, where necessary, ask a few questions about transactions or where money has come from.
Invi uses Xama to help complete these checks securely.
Why do you need to check my ID?
Because bookkeepers are covered by the UK’s anti-money laundering regulations.
Before I can start providing bookkeeping services, I’m required to carry out checks to confirm who I’m working with and understand the business.
It’s a legal and professional requirement rather than me being unnecessarily suspicious of you!
Why are you asking what my business does?
Good bookkeeping needs context.
A payment leaving the bank doesn’t always tell me what it was for, whether it relates to the business or how it should be recorded.
Understanding what you sell, how customers pay you, what your usual expenses look like, and how money moves through the business makes it much easier for me to answer the important question:
What happened?
That’s what allows me to record things properly rather than simply guessing from the bank description.
Do I need to use Xero?
Invi is a Xero-only bookkeeping practice.
Keeping everyone on the same software means I can build consistent processes around it, know the system properly and make the most of the tools available rather than trying to support several different bookkeeping platforms.
If you don’t already use Xero, I can help you get set up or transfer your data from another accounting package.
Do I need to give you my online banking password?
No.
I will never ask for your online banking login details, and I will not log in to or directly access your bank account.
Where your bank is connected to Xero, I’ll work from the bank feed within Xero instead. This gives me the information I need for the bookkeeping without giving me access to your actual online banking.
How do I send you receipts and invoices?
Invi uses Apron for receipt capture.
You can send your receipts and purchase invoices into Apron digitally, where they can be processed and matched with the transactions in Xero.
It means no saving everything up until the end of the month, and far fewer receipts disappearing into bags, gloveboxes or the mysterious depths of a desk drawer.
I’ll show you how to use it when you come on board, so you know exactly what to send and where.
Do I still need to keep receipts if the payment appears on my bank statement?
Usually, yes.
A bank transaction tells us that money changed hands. It doesn’t necessarily tell us everything we need to know about the purchase.
The invoice or receipt can provide details such as what was bought, the supplier, the VAT treatment and whether the expense is genuinely related to the business.
So please keep the paperwork too.
What happens if I’ve lost a receipt?
Tell me.
One missing receipt isn’t the end of the world, but I don’t want to invent information that we don’t have.
Depending on the transaction, there may be another way to evidence it, or we may simply need to record it based on the information available and treat the VAT appropriately.
Can I still go into Xero myself?
Absolutely – they’re your books.
I want you to be able to look at your figures and understand what’s happening.
What I’d rather you didn’t do is start moving, deleting or recoding transactions once I’m looking after the bookkeeping. If something doesn’t look right, send me a message and I can check it.
It’s much easier to answer a question than work out what changed after the event.
How often will you update my bookkeeping?
Invi bookkeeping is generally carried out weekly.
That means queries can be dealt with while transactions are still relatively fresh in your mind, rather than trying to remember three months later what an unexplained £47.82 payment was for.
It also means the figures in Xero stay useful throughout the year.
What happens when you don’t know what a transaction is?
I’ll ask you.
There are plenty of transactions where the bank description alone simply isn’t enough to make a sensible decision.
Rather than guessing, I’ll send you a query so we can establish what happened and record it correctly.
The quicker those queries are answered, the easier it is to keep everything current.
Will I still need an accountant?
Possibly.
A bookkeeper and an accountant often do different parts of the job.
Invi looks after the ongoing bookkeeping and can prepare the records so they’re in good shape when your accountant needs them.
I don’t currently provide year-end accounts, Corporation Tax returns or annual Self Assessment returns, so where those are required you’ll still need an accountant or appropriate tax adviser.
I’m very happy to work alongside them.
Can you speak directly to my accountant?
Yes.
With your permission, I’m happy to liaise with your accountant about the bookkeeping and provide the information they need.
Good communication between everyone involved usually makes year end considerably easier.
Do you submit VAT returns?
Yes, where VAT is included as part of your bookkeeping service.
I currently provide VAT return services for ongoing bookkeeping clients rather than as a standalone service.
Can you help with Making Tax Digital for Income Tax?
Absolutely!
For clients who need to use Making Tax Digital for Income Tax, I can keep the bookkeeping records current in Xero and prepare and submit the required quarterly updates.
The annual Self Assessment return is separate and isn’t included in that service.
Will you tell me how much tax I owe?
I can help you understand the figures in your bookkeeping, but Invi isn’t providing tax advice or year-end tax calculations as part of the standard bookkeeping service.
Where something needs tax advice or a decision outside my scope, I’ll flag it rather than pretending to know something I shouldn’t.
What if my bookkeeping is a bit of a mess at the moment?
That’s okay.
Taking on existing records often means there are things to investigate, tidy up or correct before we can settle into the normal weekly routine.
I’ll have a look at what’s there first and let you know if I think some additional catch-up or clean-up work is needed.
How long does onboarding take?
It depends on what’s already in place.
Before I can begin the ongoing bookkeeping, we need to complete the AML checks, get the paperwork agreed, arrange access to the relevant systems and make sure Xero is ready to use.
If there’s existing bookkeeping to hand over or tidy up, that can add another step.
I’ll let you know what I need from you as we go rather than sending you off with an enormous mystery checklist.
What happens after I say yes?
I’ll guide you through the setup.
Broadly, we’ll:
- complete the required identity and AML checks
- agree exactly what Invi will be looking after
- sign the engagement paperwork
- arrange access to Xero and the systems I need
- review your existing bookkeeping and setup
- sort out any initial queries or tidy-up work
- move into the regular bookkeeping routine
Then the aim is pretty simple: keep it current, deal with questions as they arise and make sure the numbers in Xero reflect what’s happening in the business.
Here if you need me
Still wondering about something?
If there’s something you’d like to know before getting started, just ask.
There’s no expectation that you already understand Xero, bookkeeping terminology or exactly what I need from you – working all of that out is part of the process.
