In this episode, Tim joins the podcast to share insights into bookkeeping and financial management specifically tailored for Managed Service Providers (MSPs). The discussion covers common challenges faced in the MSP market, tips for effective bookkeeping, and the importance of accurate VAT returns. Tim emphasises the role of timely bank reconciliations and cash flow management. She also offers advice on setting up a detailed chart of accounts, making use of automated tools in accounting software, and understanding prepayments and journal entries. The episode aims to provide practical tips to business owners for better financial management and decision-making in their businesses.

00:00 Introduction and Episode Overview

00:59 Tim's Background and Experience with MSPs

01:43 Common Bookkeeping Challenges and Quick Wins

02:52 VAT Returns and Common Mistakes

08:37 Importance of Timely Reconciliation and Reminders

11:31 Managing Supplier Bills and Cash Flow

15:32 Improving Management Accounts

22:34 Automating Financial Processes

25:17 The Role of Journals in Accounting

29:19 Conclusion and Contact Information

Connect with Tim Hoskins on LinkedIn by clicking here –https://www.linkedin.com/in/timea-hoskins-11b022a6/

Connect with Daniel Welling on LinkedIn by clicking here –https://www.linkedin.com/in/daniel-welling-54659715/

Connect with Adam Morris on LinkedIn by clicking here – https://www.linkedin.com/in/adamcmorris/

Visit The MSP Finance Team website, simply click here –https://www.mspfinanceteam.com/

We look forward to catching up with you on the next one. Stay tuned!