Transaction Coding
Bank and card lines are coded in Xero, FreeAgent or QuickBooks Online using the client contract, supplier evidence and prior month pattern. Unknown lines are not guessed into expenses.
Services
Monthly records work for contractors who want a clean ledger before year end.
7FigNIG sells monthly bookkeeping, VAT return preparation, CIS reconciliation and accountant handover support. The service sits before statutory accounts and tax advice, making the records reliable enough for those later jobs.
Email hello@7fignig.comMonthly Bookkeeping Specification
What Is Done Each Month
Bank Reconciliation
Business current accounts, savings accounts used for tax and business cards are reconciled to the statement position. Missing feeds or partial exports pause the close until the gap is resolved.
Receipt Matching
Receipts and invoices are matched to bank lines. A screenshot of a banking app is not enough where supplier evidence should exist.
Director Loan Checks
For limited companies, personal spending, repayments, mileage reimbursements and drawings are reviewed monthly so the director loan account is visible before year end.
Profit Note
Each monthly close includes a plain profit note and a quarterly tax reserve estimate for the contractor to use when setting money aside.
VAT Return Preparation
The Quarter Is Prepared From Evidence, Not Memory
VAT preparation includes checking the quarter ledger, reviewing VAT codes, reconciling the VAT control account, listing queries and preparing the return figures for approval. Submission is handled only where software authority and engagement terms allow it.
Records Required
Sales invoices, purchase invoices, expense receipts, bank access, mileage where relevant and any reverse charge or import paperwork.
Quarter Timetable
Records should arrive by the 5th working day after quarter end so the books can be closed and checked before the filing pressure starts.
Flat Rate Scheme
Flat rate treatment is checked against the records supplied, but scheme suitability advice remains with the accountant or tax adviser.
CIS Reconciliation
Site Deductions Are Matched Line By Line
CIS work covers deduction statements, subcontractor lines, remittance advice and monthly summaries. The standard add-on covers up to 20 contractor deductions per month, with extra deduction lines charged at £2.80 each.
- Deduction statements are matched to income and receipts in the month they relate to.
- Missing statements are listed in a query schedule so the contractor can chase the contractor or site office.
- Labour-only checks are noted where a line appears to include materials or recharges.
- The monthly summary separates CIS suffered from normal customer receipts.
Year End Handover Pack
Prepared For The Accountant, Not In Place Of One
The handover pack includes reconciled ledgers, bank summaries, VAT support, CIS summaries, mileage totals, fixed asset notes, director loan review points and a list of unresolved judgement items. Statutory accounts, corporation tax computations and formal tax advice remain outside the bookkeeping service unless the accountant separately agrees them.
Service Boundary
Work Not Taken On
- No statutory audit, insolvency work or regulated financial advice.
- No payroll bureau work for teams larger than five employees.
- No rescue filings where an HMRC, Companies House or lender deadline is less than 7 calendar days away.
- No stock control for high-stock businesses, cash-heavy retail, restaurants, pubs or gambling accounts.
- No aggressive tax planning, loan schemes, disguised remuneration or backdated dividend paperwork.
- No crypto trading ledgers or clients unwilling to provide bank-feed access.
Comparison Table
Where Each Recurring Service Sits
| Service | Best Fit | Core Output | Boundary |
|---|---|---|---|
| Monthly bookkeeping | Sole traders and small limited company contractors | Closed books, profit note, reserve estimate | Not statutory accounts |
| VAT preparation | VAT registered contractors | Checked quarter figures and support | Not tax scheme advice |
| CIS reconciliation | Construction and site contractors | Matched deduction statements | Not chasing every contractor directly |
| Year end handover | Clients with an external accountant | Accountant-ready records pack | Not audit or assurance |