The government has recently announced a new package that is aimed at helping all workers affected by the Coronavirus pandemic, which includes the new Job Support Scheme which is there to contribute towards employees’ wages, and a limited extension of the already in place Self-Employment Income Support Scheme.

New Package Dates & Details

The Job Support Scheme – This will replace the current furlough scheme on 1st November 2020 and last for six months.

 To qualify, employees must work for at least a third of their normal working hours, for which they will be paid in full by their employer. For the hours that are not worked, the cost will be split three ways – the state pays a third, the employer pays a third and the employee loses a third. Find more information about this scheme here – Job Support Scheme

The Self-Employment Income Support Scheme – This has been extended for another six months, a third and fourth grant are to be made available.

The third grant will be available for November 2020 – January 2021, although is at a much lower level than any previous grants – those eligible will get 20% of their average trading profits, which will be capped at £1,875. The details for the fourth grant have not been released yet, see the full information for this scheme here – Self Employment Support Income Scheme

Self-Assessment taxpayers can delay payments further than normal – Tax due by the 31st January 2021 can now be paid over the following 12 months – Tax Payment Deferral

Businesses can now have longer to pay off bounce back loans – New and any existing loans may now be paid over a 10-year period, with payment holidays and interest-only repayment periods are also available for businesses – Bounce back loan extension

If you want any more help with anything in this blog then contact your local bookkeeper – Find your nearest.

As a tradesperson, your business has probably seen ups and downs over the last few months but with more people working from home, there has been a noticeable increase in demand across the industry.

Like many other tradespeople, you may have been doing your bookkeeping and accounts on your own and possibly spending evenings and weekends trying to balance your books. Maybe you have roped a member of your family in to help?

This is where hiring a bookkeeper can help you. You know yourself, you provide your service to your client/customer because you do a better job of it than they could, it’s your trade/you skill/your expertise. Utilising a professional bookkeeper means your books are being looked after by someone with the trade/skill/expertise they need.

So, what are the benefits?

1. Fix problems

One of the most common reasons our clients come to us in the first place is because they have been trying to do the bookkeeping themselves, and struggle, can’t keep up or get in a mess.

They may struggle from the start or they may be ok from the start but get busier and busier with their business and not be able to keep up. As a new business owner, it is common to work as cost-effectively as possible so outsourcing might be considered an additional expense but; as your business grows, it’s important to focus your efforts on what brings growth to your business. Let the professional take care of your bookkeeping so you can take care of what you do best.

2. Save time

Saving time is one of the key reasons’ businesses look to hiring a bookkeeper to look after their books; giving you more time to run your business will help in achieving business goals.

At Rosemary Bookkeeping, we’ve seen it all, businesses producing accounts on pieces of paper, on a disorganised spreadsheet and in some circumstances… in their head. These are not reliable methods of keeping track of the incomings and outgoings of your business.

3. Cost-effectiveness

At Rosemary Bookkeeping you know what you are paying for, our pricing is clear, affordable and value for money. Using a professional bookkeeper, you aren’t paying for them to check and research and work out what bill goes in what category or has what VAT, they know the ins and outs meaning they can do your bookkeeping more efficiently.

4. Compliance

Depending on your business there may be more than one requirement for you to keep legitimate, from Making Tax Digital to CIS submission, using a professional and experienced bookkeeper can help keep you compliant.

5. Answers

Rosemary Bookkeeping understands that your trade is different from that of a bookkeeper and you may have questions about your bookkeeping. We’re always available on the phone or email and we’ll get back to you with an answer as soon as we can. You don’t have to go it alone with Rosemary.

6. Keep track of where your money goes

You may be working hard day and night as well as over the weekend, but if you don’t properly account for incomings & outgoings regularly, it makes it much harder to keep on track of where the businesses money is going.

Using a reputable bookkeeper means you get regular reports and access to your well-kept books and you will be able to see where your money is and where it isn’t. So, you can make informed business decisions.

7. Keeping it simple

If you are a small business with 1-5 staff, you likely have simple needs, at Rosemary, we work with you from the outset to assess your bookkeeping needs and make sure you get the most suitable service to help you manage your books. For larger organisations, we have plenty of scopes to meet your requirements too.

Whatever the size of your business we can liaise directly with your accountant, send you regular reports and help you make the most of your business.

 

Find your nearest bookkeeping professional here.

 

Often bookkeeping and accounting are considered to be the same profession. Although a bookkeeper and accountant seem to have very similar roles and often do similar work there are some major differences between the two. The real value of any business is achieved when both work closely together.

What is the difference between Accounting and Bookkeeping?

Bookkeeping is the day-to-day process of accumulating, categorizing, and recording financial transactions.

Bookkeeping is a foundation of your finances, providing vital information for reports, financial statements and tax returns. The main objective of bookkeeping is to keep all financial transactions record up to date in a proper and systematic manner.

Bookkeepers are responsible for data entry, balancing bank ledgers, preparing bank reconciliations, tracking income and expenses, VAT returns, maintaining the general ledger, and on some occasions completing payroll. Nowadays, often bookkeepers can also produce monthly Profit & Loss reports and some other financial statements and reports. In general, bookkeepers produce the data, and accountants review and interpret reports providing insights into the business although an experienced bookkeeper can assist with this too.

Accounting is the high-level process of recording, measuring, classifying, verifying, summarising, analysing, interpreting and communicating financial information compiled during the bookkeeping process. Accounting is producing conclusions, reports, forecasts, financial statements, tax returns, strategies and models that can be used by business managers to make key business decisions. As a result, it provides a picture of the actual profitability, trends, cash flow and other key financial indicators.

Similarities

  • Bookkeepers and accountants both work with financial data.
  • Working with small businesses bookkeepers’ and accountants’ roles sometimes overlap, as bookkeepers can generate financial reports through bookkeeping software.
  • Both are tax compliant.
  • Both share a goal of improving your businesses financial health.

Differences

Bookkeeper:

  • Records and classifies all financial transactions
  • Processes receipts, payments and other financial transactions
  • Processes sales and purchase invoices
  • Maintains and balances subsidiaries, general ledger and historical accounts
  • Reconciles bank statements
  • Track income and expenses for the tax periods
  • Prepares initial financial statements
  • Manages accounts receivable and accounts payable
  • Prepares and files VAT returns
  • Can also facilitate payroll

Accountant:

  • Analyses, interpret and provide subjective advice based on data from the bookkeeper
  • Adjusts entries
  • Generates financial statements and reports
  • Files income tax returns
  • Submits annual accounts
  • Advises on tax strategy and tax planning
  • Prepares financial forecasts
  • Analyses business performance
  • Prepares budgets, business plans and cash flow forecasts
  • Provides financial management advice
  • Audits

A Bookkeepers’ and Accountant’s work can overlap but in general, a bookkeepers priority is to record transactions and keep them organised organise whilst accountants provide consultation, analysis and often are more qualified to advise on tax matters.

When deciding if you need a bookkeeper you’ll need to review the benefits, as it might be more beneficial for you to concentrate on your business and hire a bookkeeper to professionally look after your day-to-day financial tasks. A bookkeeper can also liaise with the accountant for you to allow you to focus even more on your business.

 

In summary, bookkeeping is the completing of day-to-day financial tasks and accounting is the analysing and summarising of information produced by a bookkeeper. Both have a big role to play in the business and together bookkeepers and accountants can help you better understand your business and take it to the next level.

 

Find your nearest Rosemary Bookkeeper here – Find Your Nearest

Top tips if you are thinking about becoming self-employed

Top tips if you are thinking about becoming self-employed

Top tips if you are thinking about becoming self-employed.

During the course of the Coronavirus pandemic we have seen many businesses struggle and the inevitable loss of jobs, as the job market becomes tougher and because people have had more time on their hands being furloughed and have had time to reflect on their work life balance, it is inevitable that many are thinking about working for them-selves and setting up their own business.

As of the end of December 2019, there were five million self-employed people in the UK which represents 15.3% of employment in the UK. And according to the office of national statistics the most common type of self-employment is ‘working for yourself’

Top tips if you are thinking about becoming self-employed

Data from ons.gov.uk

Setting up a business yourself can be very daunting but once you get going it can be very rewarding, here are a few tips to help get you started.

So, you are thinking about going self-employed what are some of the benefits? Well primarily, you get to be your own boss. You get to choose what work you do and when you do it, giving you much more flexibility and greater control over your work life balance.

Many people choose to go self-employed because they can earn more by providing the service or products directly.

But, be assured, many self-employed people find themselves very busy and you will have commitments that you may not have accounted for. You will be responsible for meeting your customers’ expectations by yourself, growing your business to make it financially viable and running everything behind the scenes.

When you are working out if being self-employed is right for you, it is important to prepare ahead of time, plan well and be prepared to adapt, some of the things you should consider are:

  • Do you have the financial investment to get set up in the first place?
  • Where will you carry out the work? Do you need an office or workshop space? What equipment will you need? How much will it all cost?
  • How will you go about getting new clients?
  • Can you manage financially if you have spells of little or no income?
  • Will you be working on your own? If so, how will you find it having no work colleagues to work with?
  • If you will need people to work with, how will you go about getting them and paying them?
  • Have you considered how you will deal with losing employee benefits such as holiday pay and pension contributions?
  • Are you happy that you can properly look after the admin side of the business such as bookkeeping, cash flow and tax returns?

You will need to consider if you want to be a sole trader or set up a limited business and the structure of your business. If you want to set up a ltd business, you will need to register your company with Companies House. You will need to pay corporation tax and there are other implications.

There are pro’s and con’s to setting up as a limited business or as a sole trader. If you are ready to take the step into self-employment, there are some things that you are required to do.

Whether you set up a limited business or trade as a sole trader, you should:

  • Tell HMRC that you’re self-employed, so that they know you need to pay tax through Self Assessment and pay Class 2 and 4 National Insurance contributions, you can find more information here https://www.gov.uk/self-employed-national-insurance-rates
  • Make sure you set up suitable insurance for the type of work you will be doing.
  • Set up a separate business bank account to keep your business and personal expenses separate.
  • Consider finding a suitable chartered accountant to help prepare your annual accounts and tax returns although this is not a legal requirement to have one.
  • Consider how you will keep track of your business finances, will you use software, have you considered a bookkeeper?
  • If you are going to be working from home, check your tenancy agreement or mortgage agreement to make sure you’re not contravening any terms. You may need to notify your landlord or mortgage lender.
  • If you are not sure about all of these things, you could consider a franchise, the benefit of a franchise is you get support from a franchisor that can help you get everything in place and there will be a network of like-minded people running a very similar business to talk to and ask questions of without the worry about competition.

If you decide that becoming self-employed is right for you, plan well, do you research and enjoy.

If you need help with your bookkeeping, talk to your local Rosemary Bookkeeper today and ask how we can help.

Make the most of Rosemary’s FREE Bookkeeping health Check, just get in touch with your local bookkeeper.

 

help for small businesses

free stuff for small businesses

Many small businesses have faced their hardest year ever and business owners have had to come up with inventive solutions to get through this period. Some businesses though have found it easier than other, especially with different industries being affected harder than others but, on the positive side there is Help for Small business through COVID-19 and some small businesses have used their ingenuity to adapt their business and do well out of the current situation.

Here is a round-up of some of the help available to businesses at the moment.

As a small business owner, your first port of call should be https://www.gov.uk/coronavirus/business-support This is where you will find all of the official help and guidance from the UK Government.

You can find information on Loans, tax relief and cash grants that are available, Keep up to date with furlough arrangements and grants for the Self-employed, for the first round of self-employed grants, you could receive up to £2,500 per month in for at least 3 months. If you were eligible for the first self-employed grant, a second phase of the self-employed grant will be open for applications from 17th August.

You can also find information on how to re-open your business safely and what financial support schemes and other grants you might be eligible for. Some of these schemes have passed their deadline but keep on top of information and additions to the schemes.

VAT has also been cut from 20% to 5% for all hospitality spend until 31st January 2021, some are choosing to pass some or all of the discount on to help bring customers back in through the door, others are bolstering their income… which option works out best for your business?

Businesses in England in the retail, leisure and hospitality industry have been made exempt from paying any business rates in the coming year, check to see if you are eligible for the ‘tax holiday’.

Don’t forget to check out your local council websites for local help.

But; it doesn’t just stop there.

Many of the banks have provided some help to their customers with Business and mortgage customers being given 3 month capital repayment holidays and providing extensions to overdraft facilities. Business loans have become more available during the pandemic to help bolster businesses through this difficult period

A variety of businesses have also started providing their own help, for example:

Reed are currently providing a variety of free training courses, why not use any down time to hone your skills, further your knowledge or learn something new that could benefit you or your business now or in the future. Courses are online and you can find details of the courses here: https://www.reed.co.uk/courses/free

You can also find free courses at free course England, not new but beneficial https://freecoursesinengland.co.uk/

You can get access to some free meditation from Headspace https://www.headspace.com/covid-19 to relieve some of the stress that many are under.

Even Google are sharing some free courses that may be of benefit to a small business owner, see here: https://smallbusiness.withgoogle.com/intl/en_uk/news/resources-for-smbs-impacted-by-coronavirus/#!/

Enterprise software giant SAP has opened up access to a series of massive open online courses (MOOCs). All classes are accessible through the openSAP   platform, and span topics including RPA, data science, machine learning, ethical AI and the IoT.

In fact, software companies are providing a range of software solutions to help business for example:

Google Meet, Googles Video conferencing services is available for free until 30th September 2020.

Microsoft Teams, are offering a 6 month free trial to business users.

Cisco Webex, will give a 90 days free business license.

VyprVPN is offering VyprVPN Business cloud free for three months for businesses with up to 15 employees.

Hide Me VPN has increased the data transfer limit attached to its free accounts from 2GB to 10GB. The free plan includes 5 worldwide locations and support for all major operating systems.

BreachTrak™ from DQM GRC is offering a free 3-month subscription to its data monitoring platform BreachTrak™, so businesses can monitor for data leaks or misuse during this uncertain period, where employees may be accessing and processing information outside of the normal security perimeter.

HP Inc. – HP Sure Click Pro are helping those with potential cybersecurity risks whilst working or learning from home, HP is offering HP Sure Click Pro for free. The service uses isolation technology to guard against embedded malware, ransomware, and viruses, and this Pro version also allows users to edit Microsoft Word and Excel documents, read PDFs, and access .zip files within an isolated container.

If your staff are out and about, keeping passwords safe is important, here are a couple of free options:

1Password Business has extended the 30-day trial on its enterprise password manager 1Password Business to six months, allowing newly remote employees to work in a secure and efficient fashion.

SecureAuth is offering its Intelligent Identity Cloud package for free through December 15. The package includes risk-based multi-factor authentication, single sign-on, biometric authentication and fraud prevention.

Want something more?

Apple has extended the free trial of its professional video editing software Final Cut Pro X from 30 to 90 days for all users. The company has also made its audio editing software Logic Pro X available for free for the first time, also for 90 days.

Foxit Software has made its cloud-based PDF editor, PhantomPDF Online, available for free through September 30. The tools allow users to create, edit, save and compress PDF files, among other features.

Remote contact center solution CXone@home from NICE is available to all businesses for a period of 45 days. The offering is designed to help contact centers transition to a remote working model in 48 hours or less. Key functionality includes 99.99% availability, e-learning for agent onboarding and no seat limits.

Email client Superhuman is available free of charge for life to all those directly involved in the coronavirus relief effort. It bills itself as the fastest email experience ever made. This is only available to healthcare, charities, non-profit organisations, so if you are in one of these categories, is it useful to you?

Apomatix is offering up its active audit management software free for 12 months. The platform is designed to help businesses ensure they remain compliant with international standards relating to information security, occupational health and more.

Document productivity platform Nitro has launched its new e-signature and digital collaboration tool, Nitro Sign, which will remain free throughout 2020 to support businesses during the pandemic.

This is by no means an exhaustive list but will hopefully give you some good ideas for things that will help you and your business over the coming months.

And don’t forget, if you need any bookkeeping help, Rosemary Bookkeeping are always here. We can help you keep on top of your books, provide reporting, monitor your incomings & outgoings. Well-kept books will mean you can see early where you are doing well in your business and where you may need to watch costs, it’s not always where you think.

Make the most of Rosemary’s FREE Bookkeeping health Check, just get in touch with your local bookkeeper.

 

cloud accounting software

cloud based accounting software

As a business owner, one of the most important things to take care of is your company finances; bookkeeping and accounts. Keeping track of your income and expenditure is not only vital for managing your business successfully but also to ensure that you comply with legal obligations.

The way in which you manage your bookkeeping and accounts ultimately comes down to you and there are a lot of choices out there, from using a simple spreadsheet to a full blown bespoke accounting system.

Here, I discuss the benefits of using one of the cloud based accounting software options, to help you narrow down your choice.

Cloud based computing is becoming ever more popular for businesses large or small; and for good reason.

First of all, for those of you who don’t know – Cloud based computing is the delivery of computing services – including servers, storage, databases, networking, software, analytics and intelligence – over the Internet (“the cloud”) to offer faster innovation, flexible resources and economies of scale. Typically, you only pay for cloud services you use, helping you lower your operating costs, run your infrastructure more efficiently and scale as your business needs change.

Accounting software is just part of what is available on the cloud and here are some top reasons why you should be looking at cloud based software:

Work from any device from anywhere

One of the biggest benefits of cloud based accounting software is that it enables you to access and work on your bookkeeping and accounts from almost anywhere.

You can use any device and log on to your account wherever and whenever you like, without being tied to a particular piece of hardware. Should the worst happen and your desktop PC is not functioning, you don’t have to worry about getting access to your files. All data will be safely and securely stored in the cloud.

Direct links for your accountants & bookkeepers

Because the software and data is stored on the cloud, you can enable remote access to authorised users such as your accountant or bookkeeper. This shared access function means that those permitted can carry on vital tasks for your business without the need to transport paperwork in person or email information backwards and forwards.

You will have live access to all your financial information

One major advantage of cloud accounting software is its ability to link directly to your company’s bank feeds.

By linking up with your bank, your transactions can be pulled directly from your bank account and straight into your accounting software. You will be able to see in real time what is coming in and what is going out of your account, giving you a greater level of control.

Access to reports and analytics

All good cloud accounting software providers have a wide range of reporting features available. You are able to set up reports to give you figures and analytics on live data, no more waiting for figures to be emailed over or someone to work it out for you.

Many cloud accounting software providers will also feature a dashboard overview, where you can see a snapshot of your accounts at a glance.

Taking the hassle away

Utilising good cloud based accounting software makes things much easier for any business owner if set up well.

With the benefit of the direct links to your bank, easy access to reports, plus digital document uploads, using cloud based accounting can free up much of a business owners time and takes a lot of the hassle away.

Keeping up to date

Using any kind of cloud computing, companies don’t necessarily have to buy or maintain their own computing infrastructure. For some, this may eliminate the need to buy servers, update applications or operating systems. Decommissioning and disposing of hardware or software when it is out of date may become one less thing to worry about!

Storing data on the cloud is safe

With cloud computing a good provider will ensure you have end to end encryption so your data security is taken care of. How secure you consider cloud computing to be will largely depend on how secure your existing systems are. In-house systems managed by a team with many other things to worry about and physical risks to information – like a computer crashing, being stolen or having coffee spilt over it – are eliminated. Your in-house systems are more likely to be ‘leaky’ than systems monitored by a cloud provider’s engineers, dedicated to protecting that infrastructure.

Something else to consider is that data stored on the cloud does not corrupt like it can in off-line versions of desktop software.

Easy to work with an outsourced bookkeeper

Last but not least, using cloud based accounting software makes it easier for you to work with you chosen outsourced bookkeeper. Your bookkeeper can have full access to update your bookkeeping at a schedule agreed with you, saving you valuable time and leaving the bookkeeping to them. All you have to do is view your reports when you are ready. You also get the added benefit of needing less office space the more you can reduce officeless you need people in the office. Less office space means less office costs.

At Rosemary Bookkeeping, we work with several different types of cloud accounting software. If you don’t have anything in place yet, we can recommend something suitable or if you do, we can work on your chosen software.

If you would like to find out about how Rosemary Bookkeeping can help you choose the right cloud based accounting software and assess your business finances during these difficult times, contact your local Rosemary Bookkeeper today.

Bookkeeper or bookkeeping services in Portsmouth and Isle of Wight

bookkeeping Portsmouth and Isle of Wight

Ina Cooke gained most of her business experience in the graphic design/print industry and has run several very successful graphic design & print businesses. During her successful career Ina has both lived and worked in her fair share of places, which has without a doubt contributed to her experience and enthusiasm for her new venture.

Originally from Ireland, Ina grew up in England before moving longer term and spending the next 37 years in The Netherlands. Ina made the decision to move back to England to an area she knows and loves ready to start the next chapter.

Having owned several businesses, Ina understands the ups and downs that come with owning a business. She wanted her next business venture to be something that was a change of industry but would benefit from the knowledge she had already gained and so after looking at options, Ina invested in Rosemary Bookkeeping.

Bookkeeping is something Ina understands from a business owners’ point of view and knows that bookkeeping often falls to the business owner but that is not usually the best place for it to be.

As an outsourced bookkeeping provider Ina is passionate about helping other business owners free up their valuable time to focus on their business while she can focus on their books.

Good bookkeeping can make a valuable contribution to any business, with monthly reports and regular bookkeeping, it makes it much easier for any business owner to see where their business is profitable or not and make changes quickly as well as keep track of cash flow and on top of Making Tax Digital VAT submissions.

Rosemary Bookkeeping is supported by a national network of bookkeepers with its head office based in Leicester, so all Rosemary Bookkeeping clients can be assured of backing and ongoing support. With her experience and the Rosemary Bookkeeping network behind her, Ina believes she is in a good position to become one of, if not the leading bookkeeper in the Portsmouth and Isle of Wight area.

“I wanted a business that I could grow and make successful and help other business owners, as well as enjoy my time with family and friends more, and Rosemary Bookkeeping gave me that opportunity”, said Ina Cooke, owner of Rosemary Bookkeeping Portsmouth and Isle of Wight.

Over the next 5 years Ina wants to build a successful business by building relationships with local businesses in Portsmouth and the Isle of Wight, as the business grows, Ina’s aim is to bring in more locally based staff and expand in to other areas to provide bookkeeping to more business owners; for now, her enthusiasm is focused on Portsmouth & Isle of Wight.

bookkeeping services

bookkeeping

As a small business owner, you will probably take on a lot of additional tasks, especially in the infancy of your business. Bookkeeping is usually one of the tasks you may take on yourself.

If you are not a bookkeeper by nature or by trade, it is easy to pick up bad habits as you find your way through the ins and outs of bookkeeping. If you pick up bad bookkeeping habits it can cause problems, you will do bookkeeping poorly and this could have financial implications for you or your business.

So; what should you be doing to avoid some common bookkeeping bad habits?

Updating your books on a regular basis

It sounds simple but many business owners do not update their books as regularly as they should. It can be a time consuming task but not doing this regularly can be the start of where things go wrong in a business.

If you don’t update your books regularly, it is much harder to keep track

If your books aren’t up to date, you won’t be able to see what is happening financially in your business. This could lead to missing up or downs in the business and that could cost you.

It is really important to set aside time regularly to keep on top of your books.

Keeping track of dates

As a business owner, it is vitally important to keep good track of dates, it is easy to get side tracked with ‘happenings’ within the business and miss a deadline. With your bookkeeping there are a lot of dates you should keep track of that includes: Invoicing dates, VAT submissions (especially with Making Tax Digital), chasing payments, when bills are due.

Write all dates down on a calendar or better yet set a digital calendar reminder and give yourself plenty of time to sort any additional paperwork etc

Always record small transactions

Small transactions can often be overlooked or maybe they don’t seem important enough to worry about but over a year those small transactions can add up. You should record every transaction you make, no matter how small it is.

If you don’t account for small transactions here and there, when it comes to the end of your accounting period your books will not balance and you won’t know where a portion of your income has gone. To fully understand how your business is doing financially, you need a record of every incoming and outgoing.

Keep track of every invoice or bill you send

You may be fantastic at the work you do and have an abundance of customers but any of your customers don’t pay you on time, it will affect your cash flow. If too many customers don’t pay you on time, it will affect you cash flow more than your company will cope with.

Keeping track of your invoices and the payment dates and chasing any late payers promptly will help keep money coming in when it should and help keep your cashflow constant.

Don’t be afraid to chase people that owe you money, if you have provided the service or goods ordered at the agreed price they need to pay you at the agreed time. Remember its business not personal.

Reconcile your accounts

You should reconcile your books on a regular basis, this means cross check your books with your other financial records so you can make sure everything matches. Compare your books to your bank statements, receipts, invoices, PayPal transactions etc.

If you do this regularly, any error or missing transaction is easier to find and resolve than if left you a long period of time.

Get in the habit of Looking at your financial reports regularly

Whatever kind of bookkeeping or accounting software you use, reporting functions are available. You can even run basic report from books kept on spread sheets or there are your bank statements etc. but there is no point in having these functions and availability if you don’t look at them regularly.

Set time aside on a regular basis to spend time looking at your reports. There are a variety of reports available for your books and each has different information that will be useful to you to help you make decisions about your business.

You should examine the same reports over a period of time, this will help you evaluate how your business is growing or not or how profitability is improving or not for example.

Learn about key bookkeeping concepts

Bookkeeping is likely not your trade or your passion but if you are managing the bookkeeping yourself, it is vital to have a basic understanding of common terms, formulas, and reports. If you don’t understand these things, you are likely to make errors that could be costly.

It would be a good idea to get to know some accounting basics and learn common accounting terms at the very least. If you understand the parts of your accounting, you will be able to manage your books much more effectively.

Get someone else to do your bookkeeping – Like a bookkeeper!

If this just isn’t for you or you just don’t have time, it really is time to consider hiring a bookkeeper. Outsourcing your bookkeeping can be cost effective and very beneficial to even the smallest business. That way, you can focus on your business while your bookkeeper can focus on your books.

bookkeeping

Why should I outsource my bookkeeping

Do you remember why you ventured into the world of running your own business? It could be a multitude of reasons; wanting a better work life balance, realising you could earn more money working for yourself than someone else, a desire to spend your working day doing what you love/choose, rather than what others asked you to do? Whatever the reason, you took that big step and decided to make a go of it yourself.

Most people who choose to set up a business for themselves opt for an industry where their skills and passions lie and that’s a big part of what makes a business succeed. Well, that together with a lot of hard work and some good customer service, sales & marketing.

How often do you sit and reflect on your choice to go in to business yourself? Despite the hard work, are you happier where you are now? Is your work life balance better? Are you spending more time doing what you choose?

As a new business owner, it is common to find yourself undertaking many tasks that you factor in, such as; sales, marketing and probably bookkeeping because well; taking on another member of staff just might not be feasible. Do you find yourself regularly spending your evenings doing your bookkeeping? Or do you allocate some of your working week to do it?

Have you thought about why you are spending your time doing the bookkeeping? If you are allocating time every week to get on top of your receipts and invoices, how much time does it take you? Have to calculated that for the year? If you added it all together and calculated the cost based on your hourly rate, it will probably work out at more than you think… Why not give it a try?

Obviously the amount of bookkeeping required in each business will differ depending on the industry and size. A consultant providing professional services is likely to have much fewer transactions than a restaurant owner, but whatever your industry you should be keeping on top of your income and outgoings on a regular basis to help manage your business finances and cash flow.

Many new business owners will do the bookkeeping themselves to save money and keep staff costs down, but doing it yourself can be a false economy, for every hour you spend on your bookkeeping, could you be achieving something more valuable with your time?

The benefit of outsourcing your bookkeeping is that, you get the bookkeeping done by someone who’s priority and talent is bookkeeping, leaving you to focus your efforts on your own priority and talent. Allocating work to the best person for the job is better all round for every business.

When you outsource, you only pay for what you get, you do not have to worry about an employee and filling their time to make it cost effective and with a bookkeeper you pay bookkeeping rates not accounting rates.

So maybe the question isn’t ‘Why should I outsource my bookkeeping’, maybe it’s why am I doing the bookkeeping myself?

If you would like to chat about how Rosemary Bookkeeping can help you sort out your books and assess your business finances during these difficult times, contact your local Rosemary Bookkeeper today.

bookkeeping

bookkeeping

How Rosemary Bookkeeping Coventry have managed the bookkeeping for our clients over the COVID 19 crisis….

The COVID-19 lockdown has been a challenging few months so far for most, for Rosemary Bookkeeping Coventry, it was no exception. Although fortunate enough to not have to close like many businesses, a lot of changes needed to be implemented to be able to continue to provide bookkeeping services where required and operate safely.

Caroline O’Brien from Rosemary Bookkeeping Coventry explains how they managed changes within their business, operations & services to enable them to continue to operate and provide bookkeeping for their clients.

Continuity of service

When lockdown was first announced, we sent a Business Contingency statement out to all of our clients to inform them of our short term action plan.

Caroline then spent a considerable amount of time studying all of the various government support packages available, so that she was in a good position to give accurate and valuable advice to her clients.

It was important for us to keep in regular contact with our clients and be proactive, we sent various emails to each of our clients to direct them to the most useful and user-friendly sites with links to support packages most appropriate to them. We also suggested that any VAT registered clients could defer their VAT liability submitted during lockdown to the new deadline of 31.3.21.

About 20% of our clients were forced to close due to lockdown measures, one has already reopened, we are hopeful that others will be able to reopen soon, as more lockdown measures get eased and we will be here for them when they need us.

Meeting expectations

It is important to us that we continue to meet the needs of our existing clients. We are able to provide bookkeeping services remotely most of the time but do have some clients that for various reasons require us to be on site. For the clients that need someone on site, we confirmed that, if we did need to go to site, we could remain socially distanced at all times. We provided cleaning wipes for our staff so that they could keep their work station clean and hygienic. Adhering to social distancing guidelines meant we were able to ensure that the work for this client was not adversely affected.

Obviously, some businesses have been adversely affected by the lockdown measures. I have been undertaking detailed cash flow forecasts where clients have been concerned about cash flow problems and/or to help them decide if they wanted to apply for any of the government loans or grants available.

Because we use cloud based industry approved software, in most cases we are able to work remotely, this has made it easy for us to continue to provide our bookkeeping services with very little or no interruption.

Keeping things going

On the whole, we were able to continue to provide our bookkeeping services through the last few months of lockdown, we had one client that we were not able to work for, for a period of time as they closed mid-March. However, in the second half of May, they re-opened and utilising their required security and VPN access we were then able to resume work for them remotely.

Customer service

When we could see that a lockdown was likely, we asked one of our on-site clients to set up VPN access so that we could continue to cover all aspects of the job remotely. For those clients with whom we have regular monthly meetings in person, we have been able to hold remote telephone meetings instead.

It is also important to provide our clients with useful and helpful information. So we utilised social media as a method of maintaining contact and used it to post about the government support available.

Moving on

As lockdown measures ease, we will work remotely as much as possible whilst the government advises and to help keep everyone safe. However, if there is a pressing need to go on-site for a particular reason, we will ensure that we do this in a socially distanced and hygienic way.

If a client does request that we start to work in their office again, we will ask them to confirm that they are COVID-19 secure and share their COVID-19 method statement to ensure everyone remains safe.

Due to the flexibility of Rosemary Bookkeeping, our ability to increase capacity and our good relationship with local accountants, a new client was passed to us in May from one of our local accountants. This new client had a large backlog of bookkeeping which we processed, cleared and passed to the accountant to complete the accounts and we look forward to the ongoing relationship we have started.

Our priority here at Rosemary bookkeeping is to focus on the bookkeeping so that our business owner clients can focus on what they do best and grow their business. Now more than ever it is important for business owners to spend time in their business looking at ways they can move out of lockdown in a strong and positive way. We are here to keep their books in good order whilst they do just that.

If you would like to chat about how Rosemary Bookkeeping can help you sort out your books and assess your business finances during these difficult times, contact your local Rosemary Bookkeeper today.

We’ve found a maths activity that will keep you occupied for a bit, Vedic Maths. Make sure you read the instructions carefully, good luck.

You will need:

1 9 x 9 grid (below)

A relatively sharp pencil (too sharp and it will tear the tracing paper!!) OR coloured pencils

Sheet(s) of tracing paper (or alternative)

A couple of paper clips (to keep the tracing paper from moving)

This is all about patterns in maths – both numbers and lines/shapes. The pattern comes from the timetables.

Part 1: To complete the grid

The rule is that each box contains only a single digit

The first row is the pattern of 1s

The second row is the pattern of 2s BUT when there is a double-digit number add the two digits together for the single digit that goes in the box

The third row is the pattern of 3s

The fourth row is the pattern of 4s and so on.

As you complete each row look at emerging patterns, What do you notice about each row? Each column? How soon can you predict what will happen next?

Predict the numbers and prove that you are right.

What are the patterns in the numbers? (Look at rows, columns and diagonals; also 2 x 2, 3 x 3 squares etc)

When the grid is complete look at all the patterns and describe them. Is there a special number?

What would happen if you added an extra row and column?

What would the pattern of 12s be? How do you know? Is it similar to any other pattern on the grid?

How? Can you explain this?

Part 2: For the line patterns

1. Clip the tracing paper over the grid

2. Choose a number

3. Mark every square that contains that number with a dot on top of the tracing paper

with a pencil (or a coloured pencil)

4. Remove the tracing paper (tip – it is vital – you will see why – that you draw on the side

of the paper with the dots on; write the number at the top of the paper so you

always get it the right side up!)

5. Join every dot to every other dot by drawing lines with a ruler please note there

should be several lines coming from EACH dot

6. Repeat for each number so that you end up with 9 patterns

When your 9 patterns are complete lay them side by side

What do you notice in the patterns? What do you think the special number is now? Why?

On the grid, you could also try colouring all the 1s in one colour, all the 2s in a different colour etc to see if that makes a pattern too.

Good luck and have fun, let us know how you get on with this Vedic Maths problem

Do I really need a Bookkeeper

Do I need a bookkeeper? Well, for me at this moment in time, I personally do not, why? Because as I am employed full time and have no other income that I need to account for. But; once upon a time my situation was different. Before I worked where I work now, I like about 5.7 million other people every year made the decision that starting my own business was my next step.

Do I really need a Bookkeeper

I know from experience that starting a business from scratch is not easy, from the practicalities of where do I run my business from? What business bank account should I get or do I even need a business bank account? To, should I be a Limited business? How do I register as a Limited business? And where is my registered address going to be? There is so much to work out, it can be overwhelming for some and possibly ignored by others.

Like many other new business owners I found my feet, made a list and worked my way through all of the things I thought I needed to get my business up and running. I decided I wanted to have a limited business to make sure I kept business and private lives separate. I found three local accountants, did some research and had appointments with them all before deciding which one was best for me, this is important, it is likely that you are going to have a very long relationship with them. I used the accountants address as my registered address because I wanted to keep my business and private life separate, then registered with Companies House… everything was coming together well.

My business got off the ground, we gained clients (the most important part) and the business grew nicely but let’s face it, running a business is a learning curve, we all know (or think we know) what we are good at, taking that to running a business doing it is quite different. There are so many things you find out that you need to be doing, and because you are a micro, small or start-up business we all try to keep costs down to a minimum. Like many other start-up’s and small business owners, I did most if the admin and back office stuff (I am going to call it stuff because well, I am great at what I am great at, it doesn’t make me great at ‘stuff’) myself because that is what I thought was the most cost effective option. – We all like to save money right?

Anyway; my business was growing well and we had our happy clients but after a number of years, I made the decision that I didn’t want to work for myself any longer and one of the main reasons was that I had found myself spending most of my time doing jobs that I didn’t actually want to do, jobs that were not part of what I wanted to do as ‘my’ business. I am pleased to say that my company is still growing nicely and in safe hands with a family member as Managing Director but, I am pleased I stepped away to spend more of my time focussed on doing the jobs that I love.

As part of my current ‘Job’, I work with lots of small and medium sized businesses and have also worked with Rosemary Bookkeeping; as someone that has had a small business, I realise how valuable their services would have been to me as a business owner. I knew I needed an accountant, as was a priority but I did not understand how beneficial it would have been to have someone doing my bookkeeping for me. It never occurred to me that outsourcing some of the admin and day to day ‘stuff’ would have been such a huge benefit to me as a business owner, I just thought I was doing the most cost effective things. If I had known, I would have spent less time doing my bookkeeping and more time on what I love and maybe, just maybe I would have chosen to stay in my business?

The Bookkeeping isn’t the only service that as small business owners we find ourselves tied up doing, there are lots of other things too. Is it time to evaluate how effective and efficient your time is? Would your time be better spent doing something else, like talking to customers, selling your services, creating a bit of artwork or doing whatever it is that you are great. Why not consider outsourcing the rest of it to someone great at it?

So; Do I really need a Bookkeeper? No, I am still employed full time and have no other income that I need to account for, what about you?

What to see how a Rosemary Bookkeeper can help? Have a look here

Tax Excuses

There is no excuse for missing any tax deadlines and unfortunately, HMRC does not accept excuses! However, some of them are quite funny, here is our list of favourite excuses:

Tax Excuses

“I failed to submit my tax return because…”

    1. “My bad back means I can’t go upstairs and that’s where my tax return is!”🚶
    2. “I had a run-in with a cow!”🐮
    3. “I’ve been cruising around the world in my yacht and only picking up post when I’m on dry land!”🛥️
    4. “My tax papers were left in my shed and a rat ate them!”🐀
    5. “My boiler had broken and my fingers were too cold to type!”❄️
    6. “After seeing a volcanic eruption on the news, I couldn’t concentrate on anything else!”🌋
    7. “A pirate stole all of my accounts!”🏴‍☠️
    8. “I was up a mountain in Wales, and I couldn’t find a postbox or get any signal!”🌄
    9. “My dog ate all of the tax returns and all of the reminders!”🐶
    10. “I had an argument with my wife and went to Italy for five years!”🇮🇹

Now for a bonus one, this has got to be our favourite excuse of all time…

“I couldn’t file on time as my partner’s being seeing aliens and won’t allow me to enter the house!”👽

If you find yourselves making up excuses contact us today to help with any tax returns you may have outstanding. Remember excuses like this the HMRC will not take to them kindly at all!

Important Tax Dates

31 January

This is the final deadline for online tax returns unless the notice to make an online tax return was issued by HMRC after 31 October 2019, in which case you have three months from the date of issue. This is also the deadline to pay any tax due for paper and online filers.

1 February

It’s important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you face extra penalty fees and interest charges, starting from the very next day!

5 April

This is the end of the tax year and shortly after this date, anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.

6 April

This is the start of the tax year. Why? Well, that’s a story dating back to 1582, read all about it here!

31 July

This is the deadline for additional payments if you make advanced payments on your account (known as ‘payments on account’) but you don’t want to miss this one – there are penalties if you do!

31 October

This is the deadline for filing a paper tax return, whether you choose to work out how much tax your owe yourself or want HMRC to do it. However, if you receive notice that you must file a tax return after 31 July 2017, you’ll need to send back the completed form within three months of the notice’s date of issue.

 

For all of your bookkeeping needs find your nearest Rosemary Bookkeeper and contact them today.

Business Management Tips

SMEs (Small and medium-sized enterprises with 0-249 employees) make up 99.9% of UK businesses, meaning they’re the heart of the UK economy, so we’ve put together some small business management tips to help all succeed.

1. Invest in Marketing

The world we live in is a competitive one, with the internet making it easier to build a business.

As a rule of thumb, you should keep 10% of your revenue aside for marketing if you’re a startup SME and want to push your way into the crowded market place. If you’re an established SME then 5% of your revenue is sufficient enough.

Don’t ever think that because you’re established in the market you don’t need to spend any money on marketing, your market share will reduce dramatically.

Always have a marketing plan.

Here are a few marketing channels your company can invest in:

  • Facebook/Instagram Ads
  • PPC ads using Google
  • Online content marketing
  • Renting a stand at an exhibition
  • Network marketing and referrals

Use these channels from day one to build brand attention. loyalty and anticipation.

2. Invest in Employee Training

New employees are going to need to learn the ins and outs of the business quickly yet efficiently and investing in employee training will assist with this.

As well as new employees, make sure your existing ones have exactly the same training, even if they’ve been with you for a good few years.

Put together a training plan for all of your employees, you can find one specific for new employees on inc.com.

Sufficient staff training can benefit your business massively, here are a few benefits:

  • Improved employee performance
  • Improved employee satisfaction and morale
  • Being able to address weaknesses and accommodate these accordingly
  • Increase productivity
  • Reduce employee turnover
  • Gives you the ability to delegate certain tasks

There are many more reasons why employee training is vital to your business and you can find out more here.

3. Separate Personal and Business Finances

If you’re completing all of your bookkeeping yourself and mixing your personal and business expenses together then you’re making things a lot harder.

You would have to sit and sift through hundreds of receipts and separate them into business and personal, we can guarantee you haven’t got time for that.

If you initially keep them separate, then this is something you won’t need to do and will give you time to do other important tasks.

When the tax return deadline comes around, if you’re organised and have split your business and personal expenses, then you’re more likely to pay the right amount of tax for your business.

4. Schedule Meetings With Yourself

This may sound a bit crazy but you should schedule meetings with yourself to set time aside to make important business decisions and plan for future growth.

Remember, you’re the one responsible for the success or failure of your business, you’re the one your employees will come to for guidance, and if you don’t run a tight, well-organised ship, then your business will sink.

So every week book a meeting room for 30 minutes to an hour to take yourself away from your office. A different environment will take you out of your routine, help with creative thinking and productivity.

5. Get Professional Help

Don’t be scared to ask for help with certain tasks like your bookkeeping or maybe even marketing for your business there are always other SMEs out there willing to help.

One of the most time-consuming tasks in business is your bookkeeping and this can take you away from growing your business.

Remember, no one is an expert at everything, therefore, don’t try to be and ask for help with certain tasks.

 

Why do your bookkeeping yourself when you can pass this task on to a professional bookkeeping service like Rosemary Bookkeeping?

For more details on our bookkeeping services for your SMEs, find your nearest Rosemary Bookkeeping business and we’ll be able to assist with any queries.

 

 

 

 

Bookkeeping Checklist

We’ve put together a bookkeeping checklist for you to follow and make sure you’ve got your books together.

Have a read to learn what is involved for your bookkeeping 👇👇

Bookkeeping Checklist

Bookkeeping Checklist by Rosemary Bookkeeping

Do you want to download the checklist to print it out to stick on your wall? Click here – Download

  1. Enter sales invoices
  2. Enter purchase invoices
  3. Enter cheque payments
  4. Enter bank receipts
  5. Enter petty cash receipts
  6. Reconcile bank accounts
  7. Reconcile credit card accounts
  8. Enter prepayments and accruals journals
  9. Enter depreciation journals
  10. Enter payroll journals (if required)
  11. Enter stock journals (if required)
  12. Run VAT return (if required)
  13. Run aged debtor and aged creditor reports
  14. Run Profit & Loss statement
  15. Run Balance Sheet
  16. Check all reports for accuracy

Confused over this Checklist?

If you’re not confident in your bookkeeping ability then this checklist may just look like a lot of words and not make any sense.

There is no need to worry, that is what we do on a daily basis and we’re always here to help in any way we can.

 

Find your local bookkeeping expert here

business

Having your bookkeeping up to date is a vital part of your company’s long-term success in your business market.

With many new small businesses nowadays the owners feel like they have to do everything themselves, which includes bookkeeping.

Don’t ever feel like as a small business owner you are on your own, there are always companies willing to help with growing your business.

business

Organised Books Can Help With Business Growth

Being disorganised with your bookkeeping can make the job of maintaining positive cash flow and turning over a profit a lot more difficult.

Obviously, as a small business owner, you will want to make your life easier and not harder, so hiring a bookkeeper can sometimes be the best thing for your business.

One of the best things you can do in the current world is to start using digital tools, outsourcing to a professional, or both, which together can assist in managing tax deadlines and keeping up to date with any new government regulations, such as Making Tax Digital.

Accurate bookkeeping records lead to more in-depth and better informed financial projection and strategies, so this is definitely something that needs to be adopted for success.

Don’t Neglect Your Books

Your business’s bookkeeping is on your to-do list next month, great!

However, the majority of business owners will postpone their bookkeeping for a later date, this is a big no-no as you could miss important deadlines.

If you haven’t got long until a tax deadline and you rush your bookkeeping, mistakes will be made! This can result in incorrect tax submission, and potentially some kind of fine.

That is why hiring a bookkeeper like Rosemary Bookkeeping to keep your books on track will result in more time to grow your business.

Accurate Financial Information

An outsourced bookkeeper will always be able to provide you with efficient, accurate and up to date financial information when it’s needed for important times like quarterly board meetings or new investor meetings etc.

Another great reason for hiring an external bookkeeper is that you can save your company a bit of money!

Instead of hiring a full-time employee to complete your bookkeeping for you, an outsourced company like Rosemary Bookkeeping can be hired on a part-time basis when needed.

 

Rosemary Bookkeeping delivers an intelligent bookkeeping service to SME’s, Accountants and Franchisors ensuring a consistency of delivery and high-quality work.  Our practical, down to earth and friendly approach provides clients with information that enables them to understand and make decisions on their business, provides peace of mind that HMRC will be happy, with fair and reasonable charges.

Find your nearest Rosemary bookkeeper here.

bookkeeping

There is one thing that most small business owners loath to do and that is bookkeeping.

We understand, there are a lot more riveting things you could be doing with your day! However, it is a legal requirement, so it needs to be done.

Good bookkeeping and accurate records are important in keeping your company running and financially healthy.

Here are 8 top tips for small business on how to improve your bookkeeping:

1.  Procrastinating is a no-no

Are you a procrastinator who leaves everything until the last minute?

Well, with bookkeeping, you can’t be! It can quickly get out of hand and pile up on your desk.

It is important that you keep on top of financial deadlines, for example Making Tax Digital on 1st April 2019.

MTD is a requirement for VAT-registered businesses with a taxable turnover above the VAT threshold to use the MTD service to keep records digitally and use software to submit their VAT returns.

If you feel like you don’t have time to do your bookkeeping and run other parts of your business as well, you can give Rosemary Bookkeeping a call to help with all of your bookkeeping needs.

2.  Bad filing systems

You need to make sure, as a business owner that you are keeping all of your old receipts and filing them correctly with accompanying paperwork.

If you’re reading this and thinking, “oh dear I don’t keep my receipts”, don’t worry there are plenty of business owners like this around the UK.

Get into a habit of when you get in the office every morning to pop your receipts in a folder. Even if this is being filed correctly later that day, at least you have made a start.

Are all of your invoices and bills in sequential order? If they aren’t, then they should be! This will make life a lot easier when it comes to any deadlines, or audits etc.

A quick tip is to start using cloud-based software. This software is very useful and saves you a lot of time when it comes to filing. It can scan your receipts, input important information about your business cash flow and also generate invoices.

3.  Mixing business with personal expenses

If you’re doing all of your bookkeeping yourself, and mixing your business and personal expenses then you’re making your bookkeeping a lot harder.

You would have to sit and sift through hundreds of receipts and separate them into business and personal.

If you initially keep them separate, then this is something you will not need to do and will give you time to do other important tasks.

When the tax return deadline comes around, if you’re organised and have split your business and personal expenses, then you’re more likely to pay the right amount of tax for your business.

4.  Being consistent with your accounts

If you can, set the same date every month to sit down for a good few hours to do get your bookkeeping and accounts in order for the last calendar month.

If you feel like you’re bogged down with too many other tasks, then you can always contact Rosemary Bookkeeping to take over the bookkeeping side of your business.

5.  Pay electronically

An easier way to keep an eye on and make your bookkeeping easier is to make sure all business transactions are paid on your business card and not with cash.

This is obviously, because of the information your bank would provide on a statement; amount, date and the recipients/company name.

6.  Employee classification

Many businesses have different classifications of employees, be it full-time employees, part-time employees and independent contractors.

Keeping these separate and correctly classified is important to avoid such things like any overpayment of taxes or misfiling.

7.  Backup, Backup, Backup!

We all know what technology is like, it can decide to turn off or have some kind of error at any time.

This is why backing up your data securely on a cloud-based platform is extremely important!

You need to make sure this is a secure platform that works in conjunction with GDPR to ensure the safety of your data.

8.  A light bit of reading

You would be surprised at how many business owners don’t read financial statements and just add them to their procrastination pile.

There are plenty of reasons why financial statements can help with your business and avoid a financial breakdown. Here are a few reasons:

  • See current/upcoming financial trends within your business sector
  • Gain insight into maximising your tax deductions for the year
  • Share with existing/potential investors as to how your business is performing
  • Stay in control of all of your cash flow

Those are but a few reasons why financial statements can help you run a business and keep your bookkeepers happy!

 

If you feel like you don’t understand the bookkeeping side of your business, or just don’t have time to do it, you can always contact your local Rosemary Bookkeeping office here.

bookkeeping tips

The thought of having to balance the books each month can have some small business owners panicking. Not to mention having to deal with the ever-growing pile of invoices and receipts. If this sounds familiar, try these ten bookkeeping tips …

  1. Keep personal and business separate

Separate bank accounts are a must when running your own business. Keeping personal and business finances separate will help to ensure there is no messy mix-ups.

  1. Don’t throw anything

Nothing goes to waste. Ensure your staff keep receipts or invoices for expenditure and attach them to expenses claims. You then to keep all records for at least six years, just to be safe.

  1. Filing your paperwork

Filing paperwork should be simple. Sales invoices should be raised and filed in order, whilst purchases should just follow a system that is logical to you.

  1. Stay on top

Working to a routine, a plan, a schedule can help you to stay on top of your finances. Diarising time to update records or reconcile your bank account will mean you stick to it and it doesn’t become a forgotten chore.

Raise sales invoices quickly and file paperwork on time, you’ll be able to remember what happened last week but not last month or the month before.

  1. Petty cash is pretty important

Reduce the risk of theft or missing cash with a keen eye on petty cash. Keep receipts and reconcile the account regularly to stay on top of things.

  1.   Getting’ paid

Cash and cheque payments might be old school but it’s important you stay on top of things and get them banked fast. You’ll reduce the chances of losing them, spending them and the quicker it’s in the bank, the better for your cash flow.

  1. Chasing debtors

Set a policy for chasing debtors, as slow payers can cause real harm to your business and cash flow. You aren’t loaning money so your clients need to pay.

  1. Plan ahead

Putting money aside, perhaps in another account will mean there are funds available should HMRC come knocking. There will always be future expenditure such as VAT so plan ahead.

  1. Learn the basics

You should always have a professional handle your finances for you but knowing the basics can help you day-to-day.

  1. Brings in the pros

To stay compliant and out of trouble, you should always look to hire a professional. Work with a local bookkeeper or speak to your accountant for support. You are good at what you do so leave the finances to those that are good at what they do.

 

self asseeement

There is no excuse for missing your self assessment tax deadlines and unfortunately HMRC do not accept excuses! Therefore we’ve produced a quick guide to the six most important self assessment tax dates…. download our guide and save it for future reference or you can always call our local teams for more help!

6 April

This is the start of the tax year. Why? Well that’s a long story

31 July

This is the deadline for additional payments if you make advanced payments on your account (known as ‘payments on account’) but you don’t want to miss this one – there are penalties if you do!

31 October

This is the deadline for filing a paper tax return, whether you choose to work out how much tax your owe yourself or want HMRC to do it. However, if you receive notice that you must file a tax return after 31 July 2017, you’ll need to send back the completed form within three months of the notice’s date of issue.

31 January

This is the final deadline for online tax returns, unless the notice to make an online tax return is issued by HMRC after 31 October 2017, in which case you have three months from the date of issue. This is also the deadline to pay any tax due for paper and online filers.

1 February

It’s important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you face extra penalty fees and interest charges, starting from the very next day!

5 April

This is the end of the tax year and shortly after this date anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.

 

For further help with these self assessment tax dates or bookkeeping advice, why not contact your local Rosemary Bookkeeper!

red binder

A recent  report for the business innovation charity Nesta  suggests that Small businesses’ growth could  be stifled because of the burden of financial administration and also warns  that a lack of transparency in the market for financial products can hamper  small firms. 

It found that 42% of entrepreneurs say dealing with finances is the most stressful aspect of running a company, while 17% add that the stress has made them unwell.  The vast majority of small business owners handle their banking and finance without professional help. One in five spend more than eight hours a week managing their banking.

If you can identify with these findings then outsourcing your bookkeeping is an easy way to ensure that a professional is dealing with your business finances giving you more time to spend developing your business and looking after your health!

Rosemary Bookkeeping delivers an intelligent bookkeeping service to SME’s, Accountants and Franchisors ensuring a consistency of delivery and high-quality work.  Our practical, down to earth and friendly approach provides clients with information that enables them to understand and make decisions on their business, provides peace of mind that HMRC will be happy, with fair and reasonable charges.

If you would like further information please get in contact with us 0345 862 0072 info@rosemarybooks.co.uk.

coloured binders

Rosemary Bookkeeping has a network of Franchise Partners  across the UK who all have bookkeeping clients.

The Worthing office is looking for a part time, experienced bookkeeper to provide support to one of the Franchise Partners. A small business with big ambitions, this exciting role will suit an experienced bookkeeper looking for a varied role with the flexibility and identity that a small company environment provides.

Role includes but is not limited to – Undertaking bookkeeping for various clients

Job Specification

  • Part time ad hoc hours to suit
  • Work from home (ideally based in the Worthing area)

Experience required

  • Previous proven bookkeeping experience essential and able to work to deadlines
  • Sage experience essential, Quick Books and Xero desirable
  • Must be IT literate and good MS Office knowledge

Needs to have

  • Space in own home to work – preferably a home office
  • Up to date computer and printer (must be protected by an approved anti-virus software and a minimum configuration of Windows 7, MS Office) we will provide the necessary bookkeeping software
  • Clean full driving licence

Personal Attributes

  • Friendly, personable
  • Excellent interpersonal/communications skills
  • Analytical/logical
  • Attention to detail
  • Ability to work on own initiative
  • Ability to work to a deadline
  • Not afraid to ask questions

If you would like to discuss this opportunity in more detail please call Sheila on 01903 680238 or email her sheilamartakies@rosemarybooks.co.uk.

yellow binder

Steve Brown of Rosemary Bookkeeping Newbury is a finalist in the Olderpreneur of the Year category of the BFA’s Franchisee of the Year Awards.

Steve started his bookkeeping business in 2010 with his daughter, TJ Sutherland, who operates  the Basingstoke territory.

He says: “I was working long hours in IT as a global business support manager in a pressurised environment and my daughter was looking to go back to work after having her daughter. We both wanted to achieve a better work/life balance.

Teamwork

“Since 2010 our business has grown extensively and we now have two full-time and three part-time members of staff. TJ and I work as a team, but each has key roles, with individual responsibility for our own territory and the clients within our territories. “Having grown the business, we now are able to take a back seat in relation to actually doing the processing and focus more on managing and growing the business. “One of my key aims at the start of the franchise was that I wanted to build a sustainable business to pass down to my children and grandchildren and support the local community. Rosemary Bookkeeping has helped me to fulfil this ambition and I hope that in our next term with Rosemary perhaps I can retire. “I am extremely proud to be a finalist in the British Franchise Association awards. It shows that even with age you can achieve great things.”

Affordable

The Rosemary Bookkeeping franchise responds to the increasing need in the UK for an affordable, professional bookkeeping service that supports both the client and the accountant. It’s based on a business concept that has been established and refined since 2002, providing a bookkeeping system within a fully supported franchise package. The franchise is run by two successful business women, Joanna Dennis and Lisa Curteis, who have over 50 years of business and bookkeeping experience between them. As an associate member of the bfa, Rosemary Bookkeeping has a proven ability to grow and sustain a franchise network.

red binder

Goska Dabrowski, as a child, moved around  the world with her family – from Poland to Germany and finally settling in  South Africa where she married and had her children.

In 2014 the family decided to relocate to the UK. Whilst on a business trip to the UK, Goska’s hsusband, Jan,  saw an article featuring Rosemary Bookkeeping in a franchise magazine. Being a bookkeeper, with 14 years of experience, after reading the article Goska knew that this was the perfect opportunity for her.

Settling in Bournemouth Goska continued with her due diligence on Rosemary Bookkeeping and after speaking to some existing franchise partners and meeting the Head Office team decided to join the franchise.

She hopes that the wealth of experience she has built up with ensure that she effectively support and guide her clients by offering a efficient and professional bookkeeping experience.

Rosemary BookkeepingTM franchise responds to the increasing need in the UK for an affordable, professional bookkeeping service that supports both the client and the accountant. Goska will be working in harmony with her clients’ accountants, providing them with exactly what they need in the format they want saving his clients’ time and money.

The franchise is based on a business concept that has been established and refined since 2002, providing a unique bookkeeping system within a fully supported franchise package. Goska will be able to obtain great flexibility and the potential for a superb work-life balance, that will allow her to juggle her new business whilst looking after the family home with her husband and children.

The franchise is run by 2 successful entrepreneur business women, Joanna Dennis, Lisa Curteis who have over 50 years of business and bookkeeping experience between them. As an Associate Member of the bfa, Rosemary Bookkeeping has a proven ability to grow and sustain a franchise network.

Rosemary Bookkeeping has recently opened up more territory opportunities in the Midlands, North of England and South East. For more information please call 0345 8620072.

white binders

How do Rosemary  Bookkeeping support franchisees during times of technological change?

Just like any business in any sector, Rosemary Bookkeeping  have to keep innovating and changing the way they work in order to keep up with  changes in technology. While HMRC aim for a fully digital system by 2020 so it is essential that bookkeepers remain up-to-date with advancing technologies to avoid going out of business. With such a massive shift in the way that bookkeeping is conducted, how do Rosemary  Bookkeeping support their franchisees in this changing world?

Rosemary Bookkeeping support to deliver their bookkeeping services as well as marketing their business in a digital world. By keeping up to date with the latest technology and software, franchisees ensure that they stay ahead in a highly competitive market. They are trained in new ways of working to win and retain business – working smarter and faster whilst maintaining a high level of customer service.

The Rosemary Bookkeeping franchise has over 20 nationwide franchised offices with a potential market size of approximately 6 million individual businesses. The franchise is based on a business concept that has been established and refined since 2002 providing a unique bookkeeping system within a fully-supported franchise package. Franchisees obtain huge flexibility with superb work-life balance – they work the hours they want, around their own commitments.

With so many businesses now operating online and using third party software to integrate into their businesses to complete sales activity it is vital that bookkeepers understand how this impacts their clients’ business so that they don’t get left in the dark ages whilst everyone else flies into the digital world and this is where Rosemary Head Office can offer support to their franchisees.

“One of our key customers is an online retailer. The biggest difference between an online client and a regular client is the lack of paperwork. We exchange all of the documents we need online and then upload them into our own online software in order to generate an invoice for each transaction. It’s a very simplistic system. There can be VAT issues depending on where their customer is and foreign currency can be a bit more complex. Rosemary Head Office support us in the technical aspects of the work and if we ever have any queries they’re our first port of call. We structured our online system along the lines of the Rosemary system which gives us guidelines for our own business,” explain Tony and Rosie, Rosemary Bookkeeping franchisees in Cheshunt.

“At Rosemary Bookkeeping, we provide our franchisees with a knowledge bank called ‘Herbal Essences’. This helps our franchisees to differentiate between different types of client and a guide on how to provide the best service for each one. As the bookkeeping world evolves, at Rosemary Bookkeeping, we keep on top of changes and make sure that everything we do is in line with the changes. Technology changes what we do for clients and how we do it,” explains Lisa Curteis, Franchise Director at Rosemary Bookkeeping.

Rosemary Bookkeeping ensure that they stay ahead of the competition and keep their franchisees successful and thriving in the bookkeeping sector.

If you would like to find out if the Rosemary franchise would suit you please take a look at our website www.rosemaryfranchise.co.uk and contact our Franchise Team on 0345 862 0072 for an introductory chat.

red binder

When you speak to the  experts on this topic the replies are varied. Some say in January, some say after the school summer holidays. The truth is, it really depends on the industry, the potential clients and with the biggest differentiator being the new business owner themselves.

It’s been a successful Q1 for Rosemary Bookkeeping Franchisees with more satisfied new clients than ever! The number of small businesses operating in the UK has been steadily increasing. In the last 24 months alone there’s been 146,000 new businesses formed, taking the total number of SMEs to around 6 million. That’s a huge market! It’s no wonder Rosemary Bookkeeping are seeing even more small business clients coming to them to keep their books tidy and up-to-date.

The how, what and when to business!

With business ownership being such a fashionable and attractive route to earning a living, many people turn their thoughts towards how they will make good money and in what sector to start in. The beauty with franchising is the greatly reduced risk in using someone else’s tried, tested and proven business model. Let them make the mistakes, so you can avoid them and fast track your own success – it’s a no brainer really. That’s why franchising has an over 97% success rate (according to the bfa/NatWest annual survey). Plus, there’s already a market need established – vital if you want to get ahead.

So, we go back to timing – the when. If you are considering a service based business, then the first rule of thumb is to make sure you have a good, solid target market. We’ve already explained that business ownership is on the increase (check out recent stats on the FSB website too). Rosemary Bookkeeping is so successful because their franchisees help small firms to intelligently process and keep financial records. Yawn yawn ,boring boring some might say, but hang on a minute! Having clear and meaningful accounts isn’t just something the banks like to see when considering lending. If you’re serious about growing, you’ll need to look weekly and monthly at meaningful management accounts: profit levels and payment schedules alone help clients understand what is happening in their business so they can make decisions about how to grow, what support they need or when to get finance.

What a client says:

“I’ve always been interested in how businesses make decisions to grow and what information they use. Our Rosemary Bookkeeping franchisee provides super tailored reports before our board meetings so we can really see what is happening,” Sarah Carlile, Director at Coconut Creatives Ltd.

The Rosemary Bookkeeping franchise has over 20 nationwide franchised offices with a potential market size of approx. 6 million individual businesses. The franchise is based on a solid business concept established in 2002 with a unique charge-by-transaction bookkeeping service. It’s clear to clients exactly what they’re paying for which offers complete transparency for new sole traders or Ltd companies. Franchisees obtain huge flexibility with superb work-life balance – they work the hours they want, around their own commitments.

If you would like to find out if the Rosemary franchise would suit you please take a look at our website www.rosemaryfranchise.co.uk and contact our Franchise Team on 0845 862 0072 for an introductory chat.

green binder

We’re looking for more Franchise Partners  to join our growing network. Why not take the Rosemary Bookkeeping Franchise Partner quiz to see if you’ve got what it takes.

  • Do you want to choose the hours you work?
  • Are you ambitious?
  • Do you want to be your own boss?
  • Do you have drive and determination?
  • Can you delegate and manage people?
  • Can you follow a proven system?
  • Are you looking for a business with growth potential?

If you answered yes to 5 or more of the above, then Rosemary Bookkeeping could be the franchise opportunity you’ve been looking for.

Rosemary Bookkeeping delivers intelligent bookkeeping services to SMEs, accountants and franchisors ensuring consistency of delivery and high-quality work. We enable clients to make decisions on their businesses and give peace of mind that HMRC will be happy. With a market of over four million businesses in the UK, we know that our services are in demand and valued by business owners who are looking to spend time building their businesses. Our franchise is based on a unique business concept that has been established and refined since 2002 providing a bookkeeping system within a fully supported franchise package.

Shape your future

Not only will we support you in setting up and running your business, we offer three entry levels to reflect the added training and support we provide at the higher entry levels. We know that everyone has different goals and skillsets which is why our entry levels vary depending on your goals, aspirations and experience.

  • Associate Franchise Partner – £8,970
  • Franchise Partner – £16,970
  • Managing Franchise Partner – £21,970

In the progression from Franchise Partner to Managing Franchise Partner you will receive even more training and expert advice on growing your team to help you develop your business even further.

By offering these entry levels, we give you a process of managed progression to allow qualified professionals a lower entry level with vast opportunities to grow at your own pace and when the time is right within our extensive support structure.

Please contact us today if you’re ready to become a Rosemary Bookkeeping franchisee.