Bookkeeping Services

Lincoln: 01522 244310

Grimsby: 01472 286400

At Spence Accounting, we understand that bookkeeping is the foundation of any well-managed business. Accurate and up-to-date financial records provide the clarity you need to make informed decisions and ensure compliance with tax regulations. Our collaborative approach to bookkeeping gives you the flexibility to choose a solution that works best for you – whether that’s taking charge of your records with our guidance or leaving the day-to-day tasks to our expert team.

Collaborative Bookkeeping Solutions

We believe in teamwork. Our bookkeeping services are designed to help you save time, money, and stress:

With Spence Accounting, you’ll benefit from fixed monthly fees based on the number of transactions we process. No surprises, no hidden costs – just clear, predictable pricing that helps you plan your finances with confidence.

What Does Our Bookkeeping Service Include?

Our professional bookkeeping services are tailored to meet your business’s unique needs. Here’s what we offer:

Transaction Recording
We ensure every financial transaction is accurately recorded, from sales and purchases to bank deposits and withdrawals. This meticulous process keeps your accounts up to date and fully compliant with regulatory requirements.
Bank Reconciliation
Our team reconciles your bank statements with your financial records, ensuring there are no discrepancies and that your cash flow is accurately reflected.
VAT Records
For VAT-registered businesses, we maintain accurate VAT records and ensure compliance with HMRC requirements, helping you avoid penalties and simplifying the submission process.
Expense Tracking
We categorise and monitor your expenses, providing valuable insights into your spending patterns and helping you identify cost-saving opportunities.
Cloud-Based Bookkeeping Tools
As partners with Xero, QuickBooks, and other leading platforms, we set up and manage cloud-based solutions that simplify your bookkeeping. These tools allow you to access your financial information anytime, anywhere.

Why Choose Spence Accounting for Bookkeeping?

Tailored to Your Needs: Whether you need full-service support or guidance to manage your own records, we’ll create a solution that fits your business.
Fixed Monthly Fees: Enjoy transparency with pricing based on your transaction volume, so you always know where you stand.
Time-Saving Expertise: Free up your time to focus on what you do best while we handle the details.
Compliance Guaranteed: With our accurate record-keeping and compliance expertise, you’ll never need to worry about HMRC penalties.
Technology-Focused: Our cloud-based systems reduce paperwork and provide real-time financial insights, helping you make informed decisions.

The Benefits of Professional Bookkeeping

Working with Spence Accounting for your bookkeeping services offers tangible advantages:

Making Tax Digital for Income Tax

From 2026 Sole traders will be required to report there records quarterly to HMRC. In order to do this quickly and accurately we need have a system in place where your records are kept up to date. No longer will we be able to process 12 months of records in one go for certain businesses.

The first businesses going through will be sole traders and property income with a turnover of £50,000 per year combined income.

Bookkeeping Services Made Simple

At Spence Accounting, we take the stress out of bookkeeping. With our support, you can focus on running and growing your business, knowing that your financial records are in safe hands. Contact us today to learn more about our bookkeeping services and how we can help you manage your finances effectively.

Get Started with Stress-Free Bookkeeping

What about VAT

No, your turnover needs to exceed, or you know your turnover will exceed £85,000. This is over a rolling 12-month basis so it is important to keep an eye on your income.
You need to register for VAT within 30 days of going over or knowing you are going to go over the VAT threshold.
Yes, you can. It will depend on your business whether or not this is the best decision for you, please speak to our advisors or will be able to advise on the pro’s and con’s of being VAT registered.
Most items are rated at 20% for VAT. There are some exemptions to the rule and we would suggest speaking to one of our advisors to make sure you are charging the correct amount for your business.
Your VAT return has to be submitted electronically to HMRC. If you have exceeded the VAT threshold you will need to do this using software such as Quick Books or Xero.
You can now keep your records electronically. There are some exemptions to this like finance agreements that you will need to keep a paper copy. We do recommend that you keep copies of all receipts for purchases whether electronic or paper.
No, you do not have to keep your accounts using software. There are advantages to using software and as your business grows, being in good habits from the beginning will help you progress faster as you will already be well organised. If you want to talk through our software solutions one of our advisors can help you make the best decision for your business.