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Bookkeeping and payroll

Bookkeeping and payroll

Our Bookkeeping Department assists many medium and large businesses in gathering, recording and transmitting material to the tax authorities and with payroll processing. We record and classify transactions of the business to provide the client with their profit and loss picture which allows the client to assess their performance at the end of each month. The team consists of certified bookkeepers (Class 2-3), managed by Haya Weissfish, partner and bookkeeper with over 30 years’ experience handling a wide range of businesses of different sizes. We keep current with updates from the tax authorities and other regulative authorities.  Service is provided to clients as an external resource, but if the client’s business expands and the need arises, we provide support and organizational operating services to companies seeking to establish an internal bookkeeping in their business.

Services provided by this department

  • Handling and management of all bookkeeping, receiving and verifying invoices. Conducting regular bank reconciliations. Conducting regular supplier reconciliations. Receiving and recording payroll entries. Reconciliation and recording of funds received. Petty cash management.
  • Conducting regular reconciliation of provident funds.
  • Preparing the file for audit, including: Concluding the supplier reconciliation, reconciliation of all payroll-related accounts, including reconciliation for Form 126. Receiving fixed assets and producing the depreciation form. Managing account and balance sheet balances.
  • Handling payments to tax authorities (income tax, VAT, national insurance) and reconciliation.
  • Reconciliation of bank deposits (cash, checks and credit cards). Conduct vis-à-vis credit companies.
  • Preparing periodic profit & loss statements for clients.

 

Payroll

Payroll is one of the most significant expenses for the business, as well as the most dynamic one. This includes employment terms of different employees, their personal status and changes in legislation. All businesses are impacted by payroll questions/issues on an ongoing basis and can range from very elementry issues to more complex ones. The Department team assists our clients in facing any payroll issues that may arise, as well as mandatory reporting and payments to authorities and contributions towards retirement insurance and study funds.

Services provided by this department

  • Implementation of payroll agreements between employer and employee, in conformity with an individual / collective bargaining agreement and in conformity with statutory provisions.
  • Supervision of appropriate provisions by the employer for income tax, funds and insurance
  • Assistance and verification of correct payroll entries
  • Responsibility for severance pay, pension payments and extraordinary payroll payments
  • Updates to employment terms and payroll provisions based on new legislation enacted and on decisions by the CPA Board