What is life like as a Rosemary Bookkeeping franchisee?

, ,

Nirmal Thakkar, owner of Rosemary Bookkeeping Garden City, shares her experience as a Rosemary Bookkeeping Franchisee.

Rosemary Bookkeeping is one of the UK’s only bookkeeping franchises.

Our business owners work for themselves but not by themselves to deliver personalised and expert bookkeeping services to commercial clients and small business owners nationwide.

Nirmal Thakkar opened her Rosemary Bookkeeping franchise, Rosemary Bookkeeping Garden City, in July 2022 after the brand was recommended by a friend who is a CIMA-qualified accountant.

Upon having a brand intro call with ServiceMaster Brands UK Franchise Sales Manager Emma Chappell, Nirmal was sure she and Rosemary were a perfect match.

“When I met people at Rosemary, I felt that I could be a part of the family, and I will never feel left out.”

“I feel proud to be a part of the Rosemary Franchise,” she says.

Who is Nirmal Thakkar?

With a Master’s in Business Administration and having worked in the financial industry for about 15 years, and as part of a family of accountants, Nirmal supports her clients with years of knowledge and experience.

“My husband is a Financial Director of his property-based company in the UK. He is an accountant. All the men in my family are accountants.”

“Bookkeeping runs in my blood,” she says.

As a mum in a family of four, Nirmal balances her responsibilities as a Rosemary Bookkeeping franchise owner, mother, and committee member of her local Indian Cultural Association, which includes planning events and cultural activities throughout the year like Holi, Diwali and Navratri.

Why Rosemary Bookkeeping?

As a busy, family-oriented businesswoman who is entrenched in her local community, Nirmal chose Rosemary Bookkeeping to “work for [herself] and have control of [her] work-life balance.”

Franchisees like Nirmal also benefit from being part of a trusted brand, a nationwide network of bookkeepers, and a centralised and dedicated franchisor support team that helps with queries, best practices, sales, marketing, and operations.

The tried and tested Rosemary Bookkeeping model ensures they are on track to succeed in all they do – with the unique opportunity to achieve a turnover of £135,000 in just five years, based on an average commercial job value of £2,100 pa.

The Rosemary Bookkeeping Experience

Nirmal says the fundamentals of running a successful Rosemary Bookkeeping franchise have been to take small steps and work to her strengths.

“My people skills have [seen] me achieve success,” she says. Having also received esteem for her interpersonal skills, Nirmal knows that she can use this to her advantage when faced with the things she finds harder – like aspects of marketing.

“Face-to-face marketing helps a lot, as it shows your confidence and commitment in what you do, and the business owners can feel the same,” she says.

Words of advice

She says this commitment is what will enable your success as a franchisee.

“No matter who you are and what you have done, your commitment will make you successful.”

“If you are ready to work for yourselves and are passionate about your business, you will always succeed.”

Need a bookkeeper? 

To contact Nirmal and receive her expert help with your bookkeeping, call 01462 41944.

For those elsewhere in the UK, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

/by

Don’t let your accounts frighten you with Rosemary Bookkeeping UK

,

How Rosemary Bookkeeping takes the fright out of your bookkeeping

At Rosemary Bookkeeping, we know that your bookkeeping can be scary.

There’s the pressure to avoid mistakes, coupled with anxiety around your technical know-how, plus frequently changing or appearing legislation that feels like it’s out to trick you.

As experts in bookkeeping for over 20 years, we provide expert bookkeeping services to small businesses across the UK so they can focus on what matters to them and not their books.

This Halloween, we’re here with one piece of guidance: your bookkeeping doesn’t have to be frightening.

How a bookkeeper can help you

Bookkeepers like Rosemary Bookkeeping can help with all aspects of your bookkeeping and finances.

This includes:
  • Taking the hassle out of sorting all your invoices, receipts and bank statements
  • Having your VAT return prepared for you in good time
  • Liaising directly with your accountant
  • Having reports and figures every month that help you make decisions on your business growth
  • 121 bookkeeping support

Maximising your time by outsourcing

Most business owners don’t maximise the impact of their time.

Consider what activities you do that generate the most revenue.

It’s probably not the bookkeeping.

Although it is vital to keep track of cash flow and understand where the most profitable parts (or not) of your business are.

Outsourcing your bookkeeping to us means it is in safe hands.

We focus on your books while you focus on your business.

The benefits of the Rosemary System

There are many benefits to choosing to work with your local Rosemary Bookkeeper.

Transparency

Our charging system is transparent, so you always know exactly what you are paying for.

Standardised Paperwork

We standardise the paperwork, ensuring you and your accountant receive the paperwork in the same way.

Safeguarding

Safeguard your business using our Rosemary System®, which delivers systemised efficient processing – this means ANY of our bookkeepers can complete your bookkeeping should your usual bookkeeper be ill or on holiday.

Local knowledge, national brand

At Rosemary Bookkeeping, we operate as part of a nationwide franchise network, with our business owners working locally.

This means you benefit from a winning formula of local knowledge combined with the expertise and experience of a national brand and nationwide systems and processes for success.

Contact us

Take the hassle out of your business and give yourself the time to focus on what matters by finding your nearest Rosemary Bookkeeping business or calling 0345 862 0072 to see how we can help you today.

/by

How bookkeepers create great value for accountants

,

The great value a bookkeeper can bring to an accountant.

While there is overlap in their work, meaning the two often get confused, bookkeepers and accountants have distinct roles and responsibilities.

They often work well together, as the work of a bookkeeper plays a part in supporting the work of an accountant.

At Rosemary Bookkeeping, we are experts in bookkeeping, supporting clients across the UK, from small businesses to accountants with bookkeeping and finances.

But what can a bookkeeper do for an accountant?

How bookkeepers help accountants

Bespoke client support

The work of a bookkeeper is to understand the needs of their clients.

Our work is personal and bespoke as we tailor our services to work around what you need.

The relationships we build with our clients can also help us to be the bridge between the small businesses we serve and accountants.

Support with existing clients and workload

It’s not just new clients that a bookkeeper can support accountants with.

A bookkeeper can also help accountants with their existing clients.

If accountants recommend their ‘troubled’ or tricky customers to a bookkeeper like Rosemary Bookkeeping, we can support them with their accounts.

Furthermore, during busy periods like the new tax year, we can support accountants and help with capacity.

Streamlined and easy processes

Bookkeepers also work to tight deadlines and work with accuracy, minimising the back and forth to get things done correctly ahead of deadlines.

Rosemary bookkeepers can do all the monthly and quarterly chasing to ensure the experience is stress-free and smooth for everyone involved.

All Rosemary reports and documents are uniformly formatted, making life a breeze for accountants.

See how a Rosemary Bookkeeper can help you

These are just some ways a bookkeeper can help an accountant derive a higher value from their time and services.

Whether you’re an accountant or a small business, a bookkeeper can help streamline your financial processes.

By contacting the professionals at Rosemary Bookkeeping, you receive personal and expert support on all aspects of bookkeeping.

Find your nearest Rosemary Bookkeeping business to see how we can support you today.

/by

Rosemary Bookkeeping Tips and Tricks: A beginner’s guide for easy bookkeeping

,

Our 10 tips to bookkeeping like a pro.

Bookkeeping can be confusing.

At Rosemary Bookkeeping, we know that better than anyone.

So, sometimes you might need a helping hand.

Here are some top bookkeeping tips from our experts that’ll make your bookkeeping a breeze.

  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.

As a small business, it is imperative that you keep to financial deadlines like Making Tax Digital (MTD).

If you don’t have time to do your bookkeeping while running your business, it might be time to outsource to help your capacity.

  1. Avoid bad filing systems

You must keep your old receipts and file them correctly alongside relevant 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. Trust us!

Here’s a good habit to get yourself into:

When you get in the office every morning, pop your receipts in a folder.

Even if this is being filed correctly later that day, at least you’ve 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 much easier when dealing with deadlines, audits etc.

  1. Don’t mix business and personal expenses

If you’re bookkeeping for yourself while mixing your business and personal expenses, 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.

Keeping these expenses separate will spare you this headache and give you time to do other things.

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

  1. Be consistent

Set a monthly date to sit down for a few hours to get your bookkeeping and accounts for the last calendar month.

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

  1. Pay electronically

An easier way to keep an eye on and make your bookkeeping easier is to ensure 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.

  1. Have distinct employee classifications

Many businesses have different classifications of employees.

Be they full-time employees, part-time employees and independent contractors.

Keeping these separate and correctly classified is vital to avoid overpaying taxes or misfiling.

  1. Backup, backup, backup!

We all know what technology is like.

It can turn off or have an inconvenient error at any time.

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

You must ensure this is a secure platform that complies with GDPR to guarantee the safety of your data.

  1. Concentrate on a bit of light reading

You would be surprised how many business owners don’t read financial statements and 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:

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

  1. Choose the right bookkeeping software

It’s vital to choose the right bookkeeping software for your business.

There are many different types, from cashbook-only software to that that covers everything from ledgers to foreign currency transactions.

Here is our recent comparison of some of the different bookkeeping software.

  1. Outsource your bookkeeping

If you, the business owner, are also doubling as the office administrator/bookkeeper, you won’t have time to do the most crucial thing, grow your business.

That’s why outsourcing your bookkeeping can benefit you and your business.

Outsourcing is also cost-effective and more accurate.

You’ll only need to pay for the hours worked on your accounts rather than paying a monthly wage for an in-house bookkeeper.

You will also get the necessary work done on your accounts professionally, so you can be confident they are consistently correct.

If you are confused by the bookkeeping side of your business or don’t have time to dedicate to bookkeeping, find your nearest Rosemary Bookkeeping expert to see how we can help you today.

/by

Understanding Cash Flow: A Guide to Managing Your Business’s Finances

,

Rosemary Bookkeeping’s guide to understanding cash flow and how it relates to your business.

Cash flow is a crucial aspect of managing a successful business.

It refers to the amount of money coming in and going out of a business over a specific period.

It can be positive or negative.

A positive flow means a business generates more money than it spends.

A negative flow means it spends more than it earns.

In this blog post, we discuss the importance of cash flow, how to manage it effectively, and provide tips for forecasting and improving it.

Importance

Cash flow is vital.

It impacts your ability to pay bills, invest in new projects, and meet financial obligations.

A positive flow is good.

It allows a business to expand, invest in new ventures, and pay its creditors.

On the other hand, a negative flow can spell trouble.

It can lead to missed payments, bad credit scores, and even bankruptcy.

Therefore, understanding and managing it is essential for every business owner.

And to understand cash flow, you should know how to forecast it.

Forecasting

Forecasting cash flow involves estimating the amount of cash coming in and going out of a business over a specific period.

This can help businesses plan for future expenses, investments, and cash shortages.

So, how do you do it?

To forecast, create a cash flow statement.

A good statement should outline your expected cash inflows and outflows.

This should include:

  • Projected sales
  • Expenses
  • Any outstanding debts or receivables.

Monitoring

Monitoring involves regularly reviewing business inflows and outflows to ensure they stay positive.

This can be done using specialist software or a simple spreadsheet.

By monitoring the flow of cash in your business, you can identify potential shortages and take appropriate action to address them.

Regular monitoring can also help identify areas where a business can improve its cash flow.

How?

Improvements

This involves increasing the amount of cash coming into a business while reducing the amount going out.

There are several ways to improve cash flow, including:

  1. Reducing expenses: This can be done by negotiating better rates with suppliers, lowering overhead costs, and cutting unnecessary expenses.
  2. Improving payment terms: Offering incentives for early payments, setting up automatic payments, and sending out regular reminders can help businesses receive payments faster.
  3. Increasing sales: This can be achieved by expanding the customer base, increasing marketing efforts, and introducing new products or services.
  4. Managing inventory: Controlling inventory levels and reducing excess inventory can help businesses save money and improve cash flow.

By forecasting, monitoring, and improving cash flow, business owners can ensure that their business remains financially healthy and can meet its financial obligations.

As a business owner, it’s vital to understand its importance and take steps to manage it effectively.

Need help with your finances?

At Rosemary Bookkeeping, our local experts are expertly placed to provide professional bookkeeping services, from support and guidance on legislation to outsourcing.

Our experts will liaise with you at your discretion to ensure you feel in control of your finances without worrying about doing the work yourself.

They can help you at every step, from creating statements to monitoring your inflows and outflows.

Whatever you need: we do the books, you do the business.

To see how we can help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

/by

The importance of accurate record-keeping for small businesses in the UK

, , ,

Why keeping accurate financial records is essential for your small business, and how to do it.

As a small business owner in the UK, you know that managing your finances carefully is crucial for the success of your business.

However, many small business owners overlook the importance of accurate record-keeping.

In this blog post, we’ll discuss why accurate record-keeping is essential for small businesses in the UK and offer tips on how you can improve your record-keeping practices.

Accurate record-keeping means keeping detailed and organised records of your business’s financial transactions.

This includes things like sales, expenses, invoices, and receipts. But why is this so important for small businesses in the UK?

Legal Compliance

Accurate record-keeping is essential for complying with UK tax laws.

As a small business owner, you must keep accurate records of your financial transactions for at least six years.

HM Revenue & Customs (HMRC) may ask to see these records if they audit your business or review your tax returns.

Tax Benefits

Accurate record-keeping can also help you claim all the tax deductions and reliefs you’re entitled to.

By keeping detailed records of your expenses, you can claim tax deductions that can reduce your taxable income and save you money.

However, if you don’t keep accurate records, you may miss out on some deductions or reliefs.

Informed business decisions

Accurate record-keeping can help you make informed business decisions.

By regularly recording your income and expenses, you can accurately track how your business performs over time.

This information can help inform decisions about pricing, marketing, and other essential aspects of business.

How can you improve your record-keeping practices?

  • Use accounting software: Many affordable accounting software options are specifically designed for small businesses in the UK. These software options can help you manage your finances and keep accurate records.
  • Keep receipts organised: Categorise your expenses. (E.g. by office supplies, travel expenses), And keep them in a secure location.
  • Record transactions promptly: Ensure you record your income and expenses as soon as possible to avoid errors and ensure accuracy.
  • Reconcile accounts regularly: Reconciling your bank and credit card statements regularly can help you catch errors and ensure accuracy.

So, what’s the best way to keep accurate records?

Accurate record-keeping is essential for small businesses in the UK.

By keeping detailed and organised records of your financial transactions, you can comply with UK tax laws, claim all the tax deductions and reliefs you’re entitled to, and make informed business decisions.

By following these tips, you can improve your record-keeping practices and ensure the accuracy of your financial records.

However, the best way to ensure you keep up-to-date and accurate records of your accounts and transactions is by enlisting the help of a qualified expert.

At Rosemary Bookkeeping, our local experts are expertly placed to provide professional booking services informed by your local market and community, backed by a national brand.

Whether you need regular support or to outsource your books to the expert, you can liaise with our experts at your discretion to ensure you feel in control of your finances without worrying about doing the work yourself.

To see how we can help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

/by

The benefits of outsourcing your bookkeeping as a small business owner

, , ,

Six ways outsourcing your bookkeeping can help your small business to flourish.

Small business owners wear many hats and take on multiple responsibilities.

This often includes doing your own bookkeeping above and beyond any sales, marketing and operational activities you do daily.

This can be time-consuming and complicated, taking away time and resources better spent on growing your business.

Outsourcing your bookkeeping means hiring an external bookkeeper or accounting firm to handle your financial records and transactions.

At Rosemary Bookkeeping, we deliver local bookkeeping services backed by the expertise of a national brand.

You benefit from the support of someone who knows your area and community, bolstered by a UK-wide network of bookkeeping experts.

In this blog post, we’re discussing the benefits of outsourcing bookkeeping for your small business.

  1. Saving you time

Outsourcing bookkeeping frees up your time so you can focus on running your business.

You needn’t worry about managing financial records or performing time-consuming tasks like data entry, reconciling bank statements or generating reports.

  1. Access to expertise

Professional bookkeepers have know-how and experience that are uncommon for the average person.

They are familiar with financial statements, tax laws and regulations like MTD and can offer valuable financial advice from a place of understanding and expertise.

  1. Cost saving

Outsourcing bookkeeping can be more cost-effective than hiring an in-house bookkeeper or accounting team.

You can save money on salaries, benefits, and training costs.

As such, outsourcing generally saves between 30% and 75% of your current costs.

  1. Scalability

Outsourced bookkeeping services can scale to meet the needs of your growing business.

You can adjust the level of service you need as your business expands.

  1. Accuracy

Professional bookkeepers are less likely to make errors compared to non-professional bookkeepers.

This can help you avoid costly mistakes and penalties.

  1. Security

Outsourced bookkeeping services can offer greater security for your financial data.

They use secure online portals to share financial information and have security measures to prevent data breaches.

Outsource your books with Rosemary Bookkeeping

Outsourcing bookkeeping is an excellent option for small business owners who want to save time and money while ensuring accurate financial records.

By hiring an external bookkeeper or accounting firm, you can benefit from their expertise, reduce costs, and scale services as needed.

When outsourcing bookkeeping for your small business, choose a reputable provider with a proven track record of success, like Rosemary Bookkeeping.

Your nearest Rosemary Bookkeeping expert can eliminate the stress and hassle of managing your books.

Through meetings scheduled at your discretion, receive 1-to-1 advice from a qualified professional who understands you, your business, and your community.

Take the hassle out of your business and give yourself the time to focus on what matters with Rosemary Bookkeeping.

Call 0345 862 0072 to see how we can help you today.

/by

Easily-made bookkeeping mistakes and how to avoid them

, , ,

How to sidestep common bookkeeping pitfalls.

Bookkeeping is an essential part of running a small business.

It involves keeping accurate records of financial transactions and ensuring that all financial reports are up-to-date.

However, many small business owners make common bookkeeping mistakes that can lead to financial and legal problems.

Bookkeeping may not come naturally for many small business owners. At Rosemary Bookkeeping, it’s what we do.

Our network of experienced industry professionals provides localised and professional bookkeeping services across the UK, backed by the knowledge and support of a nationally recognised brand.

In this blog post, we will discuss some of the most common bookkeeping mistakes small businesses often make and provide tips for avoiding them.

1.   Poor Data Entry

One of the most common bookkeeping mistakes is inaccurate data entry.

This can lead to incorrect financial statements, which can have grave consequences for a business.

To avoid this mistake, take your time entering financial data and double-check all entries for accuracy.

It’s also a good idea to use bookkeeping software that can help with data entry and automatically check for errors.

2.   Failure to Reconcile Accounts

Another common mistake is failing to reconcile accounts regularly.

Reconciliation involves comparing financial records to bank statements to ensure all transactions are recorded correctly.

Failing to reconcile accounts can lead to errors in financial reporting, missed transactions, and fraud.

To avoid this mistake, business owners should reconcile accounts at least once a month and ensure that all transactions are recorded accurately.

3.   Mixing Personal and Business Finances

Many small business owners make the mistake of mixing their personal and business finances.

This can lead to confusion when it comes to record-keeping and tax reporting.

To avoid this mistake, open a new bank account to ensure all business and personal transactions are separated.

This will make tracking business expenses and income easier and ensure accurate tax reporting.

4.   Poor Financial Reporting

Another common mistake is poor financial reporting.

This can include failing to produce financial reports regularly or inaccurate or incomplete fee reports.

Poor financial reporting can make it difficult for business owners to make informed financial decisions.

To avoid this mistake, business owners should ensure that financial reports are produced regularly and are accurate and complete.

Working with a professional bookkeeper or accountant is also a good idea to ensure that financial reporting is done correctly.

5.   Doing it alone

Bookkeeping mistakes can have severe consequences for small businesses, including financial problems and legal issues.

By avoiding these common mistakes, business owners can ensure that their financial records are accurate and up-to-date, making it easier to manage their finances and make informed decisions about their business.

By getting bookkeeping right, small business owners can set themselves up for success and avoid costly mistakes.

Ensure your business is in safe hands by leaving your bookkeeping to your nearest Rosemary Bookkeeping expert.

Whether you want a helping hand and advice or to outsource your books, your local professional can help.

To learn more about how we can help you manage your finances and avoid bookkeeping woes, call 0345 862 0072 today.

/by

How do I budget effectively as a small business?

, , ,

Budgeting 101: A simple guide for small businesses.

There are many tools that small businesses need in their arsenal if they’re going to be a success.

One of the most vital is effective budgeting.

But it can also be one of the hardest to get right. At least, without help, that is

In this blog post, the bookkeeping experts at Rosemary Bookkeeping have compiled an essential guide for budgeting as a small business to help you budget like a pro.

Covered in this guide:

  • What is a budget?
  • How to set your budget
  • How to track your expenses
  • Adjusting your budget
  • Helpful budgeting tools

What is a budget?

A budget is a financial plan that helps businesses track expenses and revenue, set goals, and make informed financial decisions.

Having a budget:

  • Helps you set-long term financial goals – allowing for a clearer picture of your business’s future.
  • Keeps your spending in check and stop overspending
  • Stop you from getting into bad spending habits
  • Gives you an overview of your spending

How to set your budget

The first step in effective budgeting is setting a budget.

To do this, you should determine your expected revenue and expenses for the upcoming period, typically a month or a year.

You should then create a budget that allocates their expected revenue to cover your expected expenses.

It’s essential to be realistic when setting a budget and to consider unexpected expenses that may arise.

How to track your expenses

Once a budget is set, ensure you track expenses to stay within it.

As a business owner, you should keep detailed records of all expenses and regularly review them to ensure they stay on track.

This can be done through bookkeeping software or manually, but it’s vital to ensure that all expenses are recorded accurately.

Adjusting your budget

As a business grows and changes, its budget must adjust accordingly.

It’s imperative to review your budget regularly and adjust it as needed.

For example, if expenses are consistently higher than expected, your budget may need to be adjusted to allocate more funds to cover them.

Similarly, if revenue is higher than expected, the budget may need to be changed to allocate more funds to growth initiatives.

Helpful budgeting tools

There are many tools available to small businesses to help with budgeting.

These can include bookkeeping software, spreadsheets, and budgeting apps.

When deciding what to use to help your business, choose a tool that works best for your business.

And, importantly, ensure that all data is backed up regularly.

Need help making informed financial decisions?

By budgeting, you set your small business up for financial success.

Effective budgeting is essential for small businesses to track expenses, revenue, set goals, and make informed financial decisions.

By setting a budget, tracking expenses, and adjusting the budget as needed, business owners can ensure they are on track to achieve their financial goals.

With many budgeting tools available, choose what works for your business.

To set your business up for financial success, contact your local expert.

Whether you need advice from a trusted expert on setting your budget or someone to handle your bookkeeping, your local Rosemary bookkeeper is here to help.

We’ll do the books so you can do business.

For a free, no-obligation quotation on budgeting, software, and more, find your nearest Rosemary Bookkeeper today.

/by

Rising tax payment interest

What is tax payment interest and how has it changed?

With March in full swing, two changes are in effect surrounding the interest of tax repayment.

Tax interest rates, enforced by HMRC, are set in legislation and linked to the Bank of England base rates.

There are two rates:
  1. Late payment interest
  2. Repayment interest

Why are late payments and repayments different?

These two rates are separate to remain in line with the policy of other tax authorities worldwide.

According to HMRC, it compares favourably with the commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

What are the changes to tax payment interest?

In early February, the Bank of England’s Monetary Policy Committee met and voted to raise interest rates to 4%.

A move which they hope will tackle rising inflation pressures.

This is the tenth vote following which the committee has increased interest rates.

The changes, enacted on 13th February for quarterly instalment payments and 21st February for non-quarterly instalments payments, make rates their highest since November 2008.

This means the late payment interest rate applied to the taxes HMRC charges interest on increases to 6.50%. An increase of 0.5%.

Meanwhile, the repayment interest rates increased by 0.5% to 3%.

This repayment rate is set at the Bank Rate minus 1%, with a 0.5% lower limit.

What is the lower limit?

According to HMRC, the lower limit for repayment interest ensures taxpayers still get 0.5%, even when the base rate fell to 0.1%.

Repayment interest will be paid at 0.5% until the Bank of England raises the base rate above 1.5%. It will then increase with the base rate.

Late payment has been set at base rate plus 2.5%

Need help managing the numbers?

With rates changing all the time, it can be hard to keep track.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in ensuring you know which way is up regarding your business financials.

By contacting your local expert, you benefit from regular advice on the latest tax changes.

As well as bespoke and professional management of your bookkeeping needs.

Know what tax rates are and how to avoid them, trust your local expert.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

/by

New Advisory Fuel Rates – March 2023

All you need to know about the new advisory fuel rates for company car users.

For any business, keeping track of your financials is vital.

So, keeping track of relevant legislation that will affect them is imperative.

Starting March 1st 2023, HMRC has introduced new Advisory Fuel Rates (AFR) for company car drivers claiming back fuel expenses from their employer.

But who is affected? What’s changing? And when?

Rosemary Bookkeeping is here to help. Our experts have compiled a guide on everything you need to know about Advisory Fuel Rates and recent changes to them.

Who is affected by changing Advisory Fuel Rates?

Mileage rates and any changes apply in certain circumstances for employees who use company cars.

These rates only apply when:

Reimbursing employees for company car business travel:

According to guidance from HMRC, if the mileage rate you pay is lower than the AFR for the engine size and fuel type of the car, there will be no taxable profit and no Class 1A National Insurance to pay.

If your cars are more fuel efficient or if the cost of business travel is higher than the AFR, you can use personalised rates to reflect your situation.

However, if your mileage payments are only for business travel, you pay rates higher than the advisory rates, but cannot show that your fuel cost per mile is higher, there will be no fuel benefit charge.

Instead, you’ll have to treat any excess as taxable profit and earnings for Class 1 National Insurance purposes.

Employees repay the cost of the fuel for private travel:

If you correctly record all private travel mileage and use the correct rate (or higher) to calculate how much your employees repay you for fuel used for personal travel, there will be no fuel benefit charge.

You will also not need to use the advisory rates where you can show that employees cover the total cost of private fuel by repaying at a lower mileage rate.

When are Advisory Fuel Rates changed?

Advisory Fuel Rates are subject to regular change. HMRC reviews rates quarterly.

The most recent review took place at the beginning of this month: 1st March.

They are reviewed again on:

  • 1st June
  • 1st September
  • 1st December

What’s changing with Advisory Fuel Rates?

The changes that have come into force this month affect both the rates themselves and how they are calculated by HMRC.

To understand the new rates, we need therefore to look at how they are being calculated.

Changes to how Advisory Fuel Rates are calculated

The changes made to calculations by HMRC are designed better reflect fuel and energy prices.

Previously, when reimbursing electric company car drivers, the rate used by many companies was based solely upon annual figures from the Department for Business, Energy & Industrial Strategy (BEIS) and the electrical energy consumption values from the Department for Transport (DfT).

Moving forward, HMRC is continuing to use the BEIS and DfT data but is also incorporating figures published by the Office for National Statistics (ONS) to inform electricity rates.

How are the new Advisory Fuel Rates calculated?

To calculate Advisory Fuel Rates, the mean miles per gallon (MPG) is taken from manufacturers’ information.

This considers annual sales to businesses (Fleet Audits average from 2019 to 2021).

For liquefied petroleum gas (LPG), the MPG used is 20% lower than for petrol due to lower volumetric energy density.

As per the HMRC website, the ‘rates per mile’ are shown rounded to one decimal place, but the final advisory fuel rates are rounded to the nearest whole penny.

Rates per mile which end in 0.5 are rounded down to the nearest whole penny for the advisory fuel rate when the underlying unrounded figure ends in a number less than 0.5.

When the underlying unrounded figure ends in a number greater than 0.5 it is rounded up to the nearest whole penny.

The value of the Annual Equivalent Rate is calculated by taking the cost of electricity per mile for each model provided by the DfT and electricity price data from BEIS and ONS.

Based on company car sales data across the last 3 years, a weighted average value of the electrical costs per mile for a fully electric car is then calculated.

Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates.

How have Advisory Fuel Rates Changed?

The headline changes revolve around changes in the measurement of the Advisory Electricity Rate (AER).

In terms of AFR, the headline is that petrol, diesel and LPG have all seen a reduction to reflect falling fuel prices.

Petrol:

Rates for petrol cars have reduced, with rates for petrol vehicles up to 1,400cc down 1ppm to 13.

Petrol vehicles with an engine of 1,401-2,000cc have also decreased to 15ppm.

Vehicles with an engine over 2,000cc have seen the largest cut from 26ppm to 23ppm.

The new AFR for petrol company cars as shown on the HMRC website are as follows:

Diesel:

HMRC has also reduced reimbursement rates for diesel vehicles across the board.

For engines up to 1,600cc, AFR has fallen to 13ppm and from 1,601-2,000cc has been reduced to 15ppm.

AFR rates for diesel cars with an engine size of more than 2,000cc have also been reduced to 20ppm.

The new AFR for diesel company cars as shown on the HMRC website are as follows:

 

LPG:

The changes to LPG are not as universal.

The rate for LPG vehicles up to 1,400cc remains the same (10ppm).

However, the AFR has been cut to 11ppm 1,401-2,000cc vehicles and LPG vehicles greater than 2,000cc has also been reduced from 18 to 17ppm.

The new AFR for LPG company cars as shown on the HMRC website are as follows:

Electric:

Taking effect 1st March, fully electric cars increased from 8-9p per mile (ppm).

Please be advised that following any changes to AER or AFR, you can use the previous rates for up to 1 month from the date any new rates apply.

All a bit much?

With legislation changing all the time, it can be difficult to keep track of expenses as a small business.

And with fuel rates changing 3 times a year, it can feel impossible to get a handle on what to do and when.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in making sure you know which way is up when it comes to your business financials.

By contacting your local expert, you benefit from regular advice and support on all the latest changes to AFR and much more, as well as bespoke and professional management of your bookkeeping needs.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

/by

The New Owner of Rosemary Bookkeeping North Dorset and Salisbury tells all

,

Tom Page from ServiceMaster Brands UK sits down with ‘paperwork queen’ Karen Mann, the accountancy professional bringing Rosemary Bookkeeping services to North Dorset and Salisbury.

Like many things in recent years, the shadow of the pandemic hangs over my chat with Karen Mann from Rosemary Bookkeeping North Dorset and Salisbury.

Some of these things are merely semiotic: our conversation is conducted virtually, with Karen in her home in Dorset and I, in mine, miles away in Leicester.

And yet, there is still a palpable sense of excitement in the air. Karen, who is backed by a shelving unit filled with family photo frames and dressed smartly in a blazer and orange blouse as a subtle compliment to the branding of her new business, is quietly content.

As we start our discussion of her life and her brand-new fresh start, it becomes abundantly clear as to why.

From a young age, Karen loved figures, paperwork and numbers. She says when she was at school she always thought about being an accountant. But life took her on a different path.

On her work background:

“I’ve been working for a waste management company for the last 17 years.

I started in their customer service department and, within nine months, I was promoted to running their accounts office.

I was what they used to call an Office Manager overseeing everything. Nearly eight years ago now, our financial director retired and I was offered the opportunity to become a company director.

So, for the last seven and a half years, I’ve been the Administrative Director for the company, running the accounts side of the business.”

What did that involve?

“All administration, liaising with the accountant, doing the management accounts and sending it all off to him for him to validate and everything like that.”

On her personal life:

“I like playing golf. But I’m not necessarily very good [laughs].

And I’ve got a boxer dog that I’m absolutely mad about.” Her face softens, “She’s my lil’ baby.”

You’ve got a lot of really valuable professional experience. How do you think that has prepared you to start your own business?

“I’ve got the technical knowledge, which is going to help with the actual day-to-day in the business. But what I’ve also gained over the years is managing my time properly.

I had a team just before COVID, there were 25 people in my team reporting to me, so I’m used to the trials and tribulations of organising other people’s work and making sure that they’re performing to expectations and spotting when people aren’t.

I was able to pick up with them whether they’ve lost confidence in something they’re doing, whether they need further training and all that kind of thing.

I also worked very closely with the chairman and managing director of the company and was involved in conversations about marketing and different avenues to go down to sales.

So, even though I might not have done it myself, I have been around it so by osmosis, it’s gone in.”

What made you decide to make the change and start your own business?

“I had been working for the same company for 17 years and it just felt that now it was my time to do something for myself.

Rather than go and get another job I thought, why not run my bookkeeping company?

I came across the Rosemary franchise and reading through the BFA member profile about yourselves and speaking to Emma [ServiceMaster Brands Franchise Sales Manager], it just instantly felt like it was going to be a really good fit.

It suited my personality and my experience, and having a support network behind you gives you that reassurance that if there is something you haven’t come across before, there’ll always be somebody you can ask what to do in a situation.”

So, you weren’t looking into franchising specifically at that time then?

“No, I had no idea that there was any such thing as a bookkeeping franchise!”

“I’d worked with customers who are owners of franchises: fast food and things like that. But it didn’t even enter my head that there could potentially be a bookkeeping franchise out there!

And when I was thinking about [starting my own business], that was the one thing that had held me back from actually setting up myself, the question of what do I do if I’ve got a client and I’ve never come across that situation before?

Upon finding the Rosemary Bookkeeping franchise I realised that the support of a network behind you covers that worry.

You’re never going to be on your own. There’s never going to be something that you can’t find the answer to, somebody will always be able to either let you know or direct you to where to find it.”

That’s lovely to hear. And now you’re here! How have you found the academy and the sale process?

“I really enjoyed the whole thing.

Hitting the academy and starting to see how everything will work in practice is really good because it is marrying up with everything that and every conversation I’ve had with Emma up to now and Nina [Rosemary Bookkeeping Brand Manager] and I can see everything now slotting into place and how it’s all going to work.”

Now you’ve gotten into the operations side of the business, is there a service in particular that you’re looking forward to providing?

“Just the whole thing. I am a bit of a paperwork queen.

I love paperwork, I love excel, and figures are what I’m about.

When I was at school, I was thinking about being an accountant and life took a step in a different direction. The whole of bookkeeping, I love it.

So, I’m looking forward to getting really stuck into things with customers, solving their issues and getting it all nice and straight for them.”

What do you think sets Rosemary Bookkeeping apart from other franchise opportunities? 

“I think Rosemary was great for me as someone with not much experience in many sectors.

Bookkeeping covers so many different businesses so there will always be a situation, I think, that you won’t have come across before.

If you’re on your own, it could take you hours of Googling so you could end up costing yourself more money in time.

Whereas having the franchisor behind you who can direct you to the right place will save you hours of that trudging.

You still might need to do a bit of research yourself. But you’ll have been guided to the right point or the right person to ask the question of.”

Need a bookkeeper?

Bookkeeping can be complex and time-consuming, but with the right support, it doesn’t have to be.

If you’d benefit from expert bookkeeping support from your local expert, find your nearest Rosemary Bookkeeping business to see how we can help.

Or, if you’re in the North Dorset or Salisbury area, get in touch with Karen today on 01202 094387 / 07590 554797.

/by

Meet the new owner of Rosemary Bookkeeping North Dorset and Salisbury

,

We sat down with ‘paperwork queen’ Karen Mann, the accountancy professional bringing Rosemary Bookkeeping services to North Dorset and Salisbury.

From a young age, Karen Mann has loved figures, paperwork, and numbers. She says when she was at school she always thought about being an accountant.

But, as she tells me, during our sit-down following her completed induction academy to Rosemary Bookkeeping, life took a different path.

Prior Career

Karen has worked for a waste management company for the last 17 years. She began in their customer service department, but within nine months, had been promoted to running their accounts office.

As an office manager, Karen oversaw the operation of accounts and managed a team of 25 other people. So, when the Financial Director retired, she was well-prepared to take up the position of Company Director.

This entailed running all the accounts side of the business, handling all administration, and doing the management accounts to be sent to the company accountant.

This work has given Karen expert technical knowledge and a wealth of experience in management, as well as the ability to work alongside others and help them with things they have found difficult. A skill which she knows stands her in great stead as a bookkeeper.

During her time in this role, Karen also worked very closely with the Chairman and Managing Director of the company and has observed in detail every aspect of running a successful business.

Finding Rosemary Bookkeeping

Following the COVID-19 pandemic, Karen decided that after 17 years in the same place, she wanted to do something on her own and start her own business.

“I had been working for the same company for 17 years and it felt like it was time to go and do something for myself.”

With her experience and love of figures, the path was clear to Karen:

“I thought, why not run my own bookkeeping company?”

It was then she found Rosemary Bookkeeping. Karen says that she was drawn to the support we offer and how this impacts our clients.

Our Bookkeeping Support

“It’s not a case that we’re going to charge you by the hour because it could take someone a long time to do something,” Karen says.

“You can pick the elements of it that you like the sound of, or there are certain bits that you want to keep doing yourself and have control over, you can. There is a logical system for you to be able to follow without it costing any time out of your day, compared to sitting down and having to try and process everything.”

All this made Karen feel that Rosemary Bookkeeping was the right choice for her, as she felt our values and services aligned with the bookkeeper she wants to be.

“It just instantly felt like it was going to be a really good fit,” she says.

Karen’s new business

With the support of a renowned nationwide franchisor behind her, Karen has finally been able to realise her dream of working for herself as a bookkeeper as the owner of Rosemary Bookkeeping North Dorset and Salisbury. Now, she says that she is raring to get started helping customers and putting her love of bookkeeping to good use.

“I am a bit of a paperwork queen,” she says.

“I love paperwork, I love Excel, and figures are what I’m about. The whole of bookkeeping, I just love it.”

“I’m really looking forward to doing all of that and getting into the nitty gritty with customers and solving their issues and getting it all nice and straight for them.”

Need a bookkeeper?

Bookkeeping can be complex and time-consuming, but with the right support, it doesn’t have to be.

With a Rosemary Bookkeeper, you receive a transparent and expert service from your local expert, backed by a network of other experienced accountancy professionals.

If you think Rosemary Bookkeeping could be the right fit for you and your business, find your nearest Rosemary Bookkeeper today to take the headaches out of your bookkeeping.

And if you are in the North Dorset and Salisbury area, get in touch with Karen by calling 01202 094387 / 07590 554797 to book your free no-obligation consultation now.

/by

Meet Waqas Chughtai, the new owner of Rosemary Bookkeeping Reading

, ,

Say hello to experienced finance professional, Waqas Chughtai, who is taking the reins at Rosemary Bookkeeping Reading.

Waqas Chughtai has had an extensive career working in accountancy and finance and is now adding another string to his bow by taking over as the owner of Rosemary Bookkeeping Reading.

The business, which was previously run by Mike Wallace, has been placed in the capable hands of Waqas, following a sale earlier this year.

Prior Career

Waqas is no stranger to what it takes to run a small business. With many years of experience behind him in growing companies in the accountancy sector and undertaking multiple roles in his impressive career.

A senior and fellow member of the Chartered Institute of Management Accountants, Waqas started his career at KPMG and has since grown his position and career in many companies including GO-ERP and Avanade, before starting his practice – WAC & Co. in 2012.

These saw him taking on many roles, as he grew to Finance Manager, Financial Controller, CFO, and ultimately a Finance Director position.

Waqas says he “Left [his] permanent role in 2012 because [he] always wanted to be in practice and managing [his] own business.”

During the initial phase of growing his business, Waqas worked part-time, simultaneously working with Evernote, a sister company of Microsoft.

“I contracted with them for a few years,” Waqas says. “[Working on] system implementation on the financial module side of things and consistently growing my practice in the background.”

What’s next?

As such, Waqas is well-prepared to cover all processes required in supporting new and existing clients of Rosemary Bookkeeping Reading and to grow the business even further. It is providing this service to even more clients, particularly in an ever-changing financial landscape that Waqas says will be of high value to him.

“A lot is changing,” he says.

“In regards to, let’s say, MTD. MTD was a very recent phenomenon. Larger companies are prepared for this because they have the forms and the talent to guide them.

But smaller businesses in particular are confused as to how it affects them. So, [we want] to make sure that we are there to help them.”

Why Rosemary?

As a reputable booking franchise of successful bookkeeping businesses across the UK, Rosemary Bookkeeping and our franchise owners like Waqas are trusted and well-established accountancy professionals.

All of whom are here to help guide you through the shifting landscape that is financing as a small business.

Need help with your bookkeeping?

Are you a small business in Reading that would benefit from help in managing your books? Waqas and the team at Rosemary Bookkeeping Reading are here for you.

Whether it’s support and guidance, or someone to take care of your bookkeeping for you, your local Rosemary bookkeeper can give you your time back, so you can focus on your business, not just your books.

To get in touch with Rosemary Bookkeeping Reading, call 0118 324 0322 or find your nearest Rosemary Bookkeeping business today for a helping hand from your friendly, local bookkeeping service.

/by

Diwali celebrations in the Garden City

,

We sat down with Rosemary Bookkeeping business owner Nirmal Thakkar to chat about how she will be celebrating Diwali in her local community this year.  

Today is Dhanteras, marking the beginning of the festive season ahead of Diwali for 2022. Diwali, the festival of light and the new year, takes place on Monday 24th, signalling the end of the 5-day festivities for many in communities across the UK.

We sat down with Nirmal Thakkar of Rosemary Bookkeeping Garden City to talk about how she’s celebrating with her family and community.

Celebrating at home

Due to Diwali being the festival of light, Nirmal and many others hold religious celebrations with their families and decorate their homes and temples with hanging lights and candles.

Then, “on the actual Diwali day, we get together as a family with all my cousins and family and friends, and then we kind of cook lovely dinners. We, make a variety of foods, a sweet dessert and a full-fledged meal with delicacies included in it,” Nirmal says.

Community Diwali Celebrations

Within her local community in Stevenage, Nirmal also participates in an Indian cultural association within her area called ICA (Indian Cultural Association).

This includes a day celebration where the entire community within the Hertfordshire area get together to celebrate together. These normally consist of dinners among the 500 attendees and shows from the children where they act, dance, and show off their artwork.

“And then for the past couple of years we’ve had a DJ,” Nirmal says, “So we’ve had a Bollywood dancing night with everybody. We all dress up in our traditional clothes like either a Sari or something like salwar kameez, which is a traditional outfit as well.”

As someone who did a lot of stage shows when she lived in India, Nirmal is an experienced Bollywood dancer and has recently been enjoying sharing her love of dancing with her daughter.

After a few years in which celebrations like Diwali have been off the cards or hindered by COVID-19 for communities like Nirmal’s, she says she’s looking forward to being able to be with everybody again and celebrate together.

She tells me that her favourite part of Diwali by far is the night setting off fireworks and firecrackers with her family. (Not too late and having warned her neighbours, of course).

“I love it,” she says. “Getting ready, cooking all the different delicacies and doing the fireworks of the day. [Because] everybody takes part in it, and because it’s a festival of light when we light up a rocket or sparkler or something, it just makes you feel that your life is brightened up as well.”

Nirmal also says that it’s been interesting to watch over time how the local and ICA community has developed since she moved to the UK.

“When I came to this country in 2002, of course, I didn’t know about the [ICA], but it has been running for the last 40 years.

Every year more and more students come from India and neighbouring countries come and join us. [And their] English partners come through as well to see the dance and be a part of Diwali, learn how to kind of be a part of our community and learn the culture.”

Nirmal says that this is important to her particularly as it has helped her feel accepted where she lives and in her local area.

She is also excited to bring this openness to her new clients and expand her community to include them and is planning on treating some of them to some traditional sweets for Diwali in the years to come.

Need help with your bookkeeping?

If you would like to receive Nirmal’s help with your bookkeeping, get in touch with Rosemary Bookkeeping Garden City on 01462 419444 for bookkeeping services in the Stevenage area.

Or, nationwide, find your nearest Rosemary Bookkeeping business today to find out how we can help you take the stress out of your bookkeeping.

/by

New business owner brings Rosemary Bookkeeping services to Stevenage

,

Meet Nirmal Thakkar, the new business owner bringing Rosemary Bookkeeping services to Stevenage and surrounding areas.

Back in June, we sat down with Nirmal Thakkar, the brand-new owner of Rosemary Bookkeeping Garden City, at the end of her training academy to talk about her life and new business.

Nirmal tells me she loved taking part in her bookkeeping training and that she feels prepared to carry out the processes required to help her clients with their bookkeeping needs, and is looking forward to building even more skills that will come with practice.

Background

Nirmal came to the UK from India in 2002 and received an MBA from Hertfordshire University before working in sales banking.

She then took a break from the industry whilst on maternity leave and helped a friend build his business from the ground up.

More recently, Nirmal has been working within the NHS as a 111-call handler, which has seen her lead a team with 25 people and work as a trainer and auditor.

Nirmal balances her work life with home life as a Mum to her 10-month-old son and 11-year-old daughter.

When not working, Nirmal loves to travel and is a big fan of Bollywood dancing.

She tells me she has a keen interest in reading self-assessment books to access skills to improve in all areas of her life.

Looking ahead

She says if she had to pick one favourite quote from her reading to apply to her business and personal ethos, she would say: “We rise by lifting others.” from Robert Ingersoll.

It is this that Nirmal says she is most looking forward to about her new work as a Rosemary Bookkeeper.

She will be able to use her experience and expertise to uplift and help her clients to become more confident with their bookkeeping with their help.

The Rosemary Way

At Rosemary, all of our bookkeepers can be more interactive with clients by working through their books with them on a regular monthly business.

Small business owners like Nirmal can be in business for themselves, but not by themselves, as a Rosemary Bookkeeper can eliminate worry about managing their books by becoming a part of their support network.

As Nirmal knows from her own experience:

“It’s the small things that make a lot of difference.”

As part of an established franchise of experienced bookkeepers, Rosemary clients can receive regular and bespoke support from a brand trusted by small business owners across the UK.

Rosemary Bookkeeping Brand Leader Nina Skoczόłek says she is: “Really pleased to welcome Nirmal to the Rosemary Bookkeeping Network.”

“Nirmal is focused on helping local micro and small enterprises to thrive. She brings a great amount of knowledge, experience and ideas on how to coach and help others achieve their business financial goals. I’m looking forward to following and supporting her on her journey,” she adds.

Excited to help her clients and their businesses grow, Nirmal opens her doors to clients in Stevenage and its surrounding areas today.

Need a bookkeeper?

To contact Nirmal and receive her expert help with your bookkeeping, call 01462 419444 or visit her website.

For those elsewhere in the UK, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

/by

New business owner Nitin Patel brings Rosemary Bookkeeping services to Harrow

,

We sat down with the brand-new owner of Rosemary Bookkeeping Harrow – Nitin Patel – to talk about his career and training, being a scout volunteer, and his new bookkeeping business.

Allow us to introduce the newest member of the Rosemary Bookkeeping network, Nitin Patel, who is joining us as the owner of Rosemary Bookkeeping Harrow, bringing our signature friendly bookkeeping experience to the Harrow area. Having completed his training academy with us in June, allowing him to get acquainted with our brand and processes, Nitin is now poised and ready to begin helping clients in his local area. Joining the Rosemary Bookkeeping network as an ACCA graduate of almost 30 years, Nitin has an extensive career history working in finance for well-known companies like GSK (formerly GlaxoSmithKline), Sainsbury’s and the BBC.

When his previous role became redundant, Nitin knew that he wanted to use his financing experience to make a change. Still, it can be a daunting choice to make a drastic change or new start, but Nitin also knew that any fears that he had about starting afresh or about being on his own in business could be aided by franchising. Now fully trained in both our systems and online software like Xero and QuickBooks, Nitin can immediately go into business without apprehension of what’s to come and hit the ground running.

He says what he is most looking forward to about being a Rosemary Bookkeeper is being able to build more of a relationship with his clients through seeing them regularly. Nitin says the biggest benefit to a bookkeeper is that unlike partnering with an accountant, you’re able to receive regular aid from an expert to help you manage your accounts – even handling them for you completely. Nitin tells us that it is carrying out this “timely managing of accounts for clients,” by seeing clients as regularly as once a month, that he is most looking forward to about being a Rosemary Bookkeeping business owner. Through our extensive network of finance professionals and experts like Nitin, there is no problem that a Rosemary Bookkeeper cannot solve, assuring you guaranteed quality whenever you contact one of our teams. As Nitin says, a bookkeeper can become “a part of [your] business and [they] have the finance experience to talk about the numbers” both as an equal and as someone who knows first-hand the experience of running a small business. With a bookkeeper, as with a franchise, you can be in business for yourself, but not by yourself. There are real people like Nitin, with whom you can grow to count on through monthly meetings and developing a strong working relationship by having them look after your books for you as both an expert and a partner.

When he’s not working, Nitin is a keen car enthusiast and is keen to go back to volunteering at his local Scout group. Due to his strong interest in long-term investing, he also chairs a small yet profitable investment club.

Nitin’s keen interest in personal finance means he is passionate about helping people understand some of the finer details of personal finance and enjoys being able to use his expertise to help friends and family, who are looking for advice in this area.  He says this is “very rewarding as you are not just helping someone manage their personal finances but … also making a difference to their well-being.”

Rosemary Bookkeeping brand leader, Nina Skoczόłek says she is “Excited to welcome Nitin as a Rosemary Bookkeeper. He brings to the network years of financial experience and a passion to help micro and small business owners get a better understanding of their business finances allowing them to make more informed decisions and grow their companies. I’m looking forward to supporting Nitin on his journey.”

If you are in the Harrow area and would like some extra help with your books, get in touch with Nitin today by calling 0208 265 0791.

Written by Tom Page, Digital Content Writer

/by

Rosemary Bookkeeping Reading wins the PEOPLE Award for Bookkeeper of the Year

, , , ,

Mike Wallace, owner of Rosemary Bookkeeping in Reading has won the coveted PEOPLE Award for Bookkeeper of the Year.

Rosemary Bookkeeping Reading’s Mike Wallace has been awarded the prestigious PEOPLE Award for Bookkeeper of the Year. A highly desirable achievement for a bookkeeper, this award is based upon the nomination of their colleagues and is given to a bookkeeper who goes out of their way to support not just their clients, but their staff and peers.

Rosemary Bookkeeping Brand Leader Nina Skoczόłek says that Mike was a model candidate for such a distinguished award due to the depth of his support and expertise, describing him as, “A truly invaluable member of the Rosemary network.”

“Mike makes himself available to guide fellow franchisees, sharing a wealth of expertise, showing patience and willingness in doing so,” she says. “A key foundation of Rosemary is of supporting each other and [Mike] goes above and beyond in doing so.”

Rosemary Bookkeeping Marketing Manager Victoria Tayler echoes this, adding, “I was delighted that Mike was nominated for this award by one of his peers, Mike has always been exceptionally helpful to others within the network as well as the wider ServiceMaster brand. Mike is an invaluable member of the Rosemary Bookkeeping Network.”

Mike told us that he was especially humbled to win his award surrounded by the peers that nominated him at ServiceMaster Live. He says “As this was an award voted on by my fellow Rosemary Franchise Partners, I was particularly honoured & grateful to have received it. It was great that we were able to be presented with the awards at ServiceMaster Live, given the events of the last couple of years. To see & meet a number of fellow franchisees from the other ServiceMaster brands as well helped make it a really enjoyable and beneficial event.

We would like to once again extend our congratulations to Mike on his award. People are at the heart of franchising, and to be recognised by your peers for your hard work in such an environment is truly a special thing indeed.

If, you are in Reading and the surrounding areas and would like to receive expert help from a bookkeeper who always goes above and beyond for his peers and clients, give Mike a call on 0118 324 0322.

Written by Tom Page, Digital Content Writer

/by

Rosemary Bookkeeping Wyre Forest wins INVEST Award for Commitment and Dedication

, , ,

Fiona Perks, the owner of Rosemary Bookkeeping in Wyre Forest has won the prestigious INVEST Award for Commitment and Dedication for her devotedness to providing bookkeeping services to those in need.

Fiona Perks from Rosemary Wyre Forest has been awarded the coveted Invest Award for Commitment and Dedication at ServiceMaster Live! A highly prestigious achievement, this award is given to a bookkeeper who is committed to giving back and raising awareness of the need for quality bookkeeping services. This year, Fiona won the award for her commitment and investment in the Rosemary Bookkeeping name through her continuing work on the development of her bookkeeping services. Since starting her business in 2019 Fiona has truly embodied the Rosemary ethos of creating a GREAT PLACE TO INVEST, and always goes above and beyond in the work that she does. To us, bookkeeping is all about people and community, and due to the nature of her work as a franchisee for Rosemary, Fiona can be engaged in more than just their own business. She can truly work at strengthening a whole community of businesses, helping both Rosemary clients and owners invest in a brighter future.

Rosemary Bookkeeping Marketing Manager Victoria Tayler describes Fiona as “A delight to have in the Rosemary Bookkeeping network. She works hard in her own business whilst also sharing contributions and ideas to develop and improve the whole Rosemary Network, it was wonderful for Fiona to recommend Rosemary as a great business opportunity and have a new business owner in our network.”

At ServiceMaster Live! Fiona was recognised for her work amongst the community of bookkeepers from our nationwide Rosemary network that she works so hard to strengthen. Fiona says that “It was amazing to win the award at the ServiceMaster Live, the other franchisees in the network are brilliant so it was a real honour to be chosen.”

She also describes her investment in Rosemary as the result of a lot of hard work and a labour of love. “I have been working hard for the 3 years I have been with Rosemary to build my client base whilst keeping the Rosemary Brand at the front of my mind,” she says. “I absolutely love being a part of the Rosemary and ServiceMaster family and will keep pushing myself to meet my goals!”

We would like to once again thoroughly congratulate Fiona on her award and thank her for all her hard work and investment into Rosemary over the years, and we look forward to working towards her goals with her.

If you are in the Wyre Forest area and would like help from a professional bookkeeper with the strength of an entire bookkeeping community behind her, get in touch with Fiona today by calling 01299 333134.

Written by Tom Page, Digital Content Writer

/by

Grant Dye of Rosemary Bookkeeping North Kent & Isle of Sheppey wins Franchisee of the Year Award

, , ,

The owner of Rosemary Bookkeeping in North Kent & Isle of Sheppey has won the North Star Award for Franchisee of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. franchise network, during which franchisees from each of our brand family members came together to learn from one another and celebrate each other’s successes over the past few years.

The awards ceremony, held at the close of the event saw many franchisees recognised for their excellent contributions to their respective franchise network, and the work they have done in the last 12 months. This included Rosemary Bookkeeping’s own Grant Dye from Rosemary North Kent & Isle of Sheppey, who was awarded the prestigious North Star Franchisee of the Year Award. The pinnacle of achievement for a franchise partner within the Rosemary network, this award is given to the franchisee that has truly embodied the ServiceMaster ethos of going above and beyond in all aspects of business ownership to deliver a truly first-class experience to both staff and customers.

This year the award goes to a Grant Dye, for his exceptional work in all areas of business management and development. Grant has fully embraced the Rosemary System, and been actively involved in the development of new solutions and services within the network, as well as new technologies. Chiefly, this has included working hard on automating their internal processes to constantly deliver a high level of customer service to their clients – as evidenced by the high volume of glowing reviews for his services.

Nina Skoczόłek, Brand Leader for Rosemary describes Grant as the perfect Rosemary franchisee “Grant is supportive and provides encouragement for growth towards other franchise partners in the network. He is a true Rosemary Bookkeeper – cut him in half – he’ll bleed orange,” she said, before presenting Grant with his award at ServiceMaster Live!

Rosemary Bookkeeping Marketing Manager Victoria Tayler added. “Grant thoroughly deserves this award. Grant truly embraces being part of the Rosemary Bookkeeping network and always is forthcoming with ideas, embraces the brand and the network as a whole and works hard to develop and grow his own business at the same time.”

Upon receiving his award, Grant says he was very particularly thankful to receive an award of such magnitude amongst his peers. “I was greatly humbled by receiving this prestigious award for Rosemary Bookkeeping franchisee of the year, as I was in the presence of great franchisee partners that I look up to,” he says.

He went on to thank his team and clients for all that they have done to aid him on his Rosemary journey. “I attribute my success to the great support and knowledge from the Rosemary franchise team and our family of franchisee partners; my fantastic clients who are a firm part of the current and future culture and a clear 3 years strategic and marketing plan that focuses my energies in the right direction, to achieving my objectives and goals.”

We would once again like to congratulate Grant on his award and look forward to seeing what he does next.

Grant covers the North Kent and Isle of Sheppey area, find out more about how Grant can help you here or give him a call on 07970 696391.

Written by Tom Page, Digital Content Writer

/by

Mohammad Hossain of Rosemary Bookkeeping Stratford wins Rookie of the Year Award

, , ,

The owner of Rosemary Bookkeeping in Stratford is celebrating after winning the award for Rookie of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. Franchise network that allowed franchisees to network and celebrate each other’s successes over the past few years.

Part of this was an awards ceremony, held at the close of the event which saw many franchisees recognised for their excellent work over the particularly difficult period since the start of the COVID-19 pandemic.

One of these franchisees was none other than Rosemary Bookkeeping’s own Mohammad Hossain, who began his Rosemary journey at the beginning of 2021 after the early lockdowns caused him to take a step back and reconsider his career. Up until this point, Mohammad had been amassing a plethora of skills and experience within the bookkeeping and accounts sector – but decided that it was finally time to put them to good use in running his own business.

When we interviewed Mohammad in early May he told us of his aspirations at this time to grow his business through franchising:

“I wanted to be independent and be out on my own as I was very confident in the skills, knowledge and expertise I had in accounting and services like payroll, VAT, and CIS. I was fully confident that I can run my own business. But I knew it would be difficult for me to do this on my own without any kind of support to help me strengthen and grow the business. So, I decided not to go alone and to go with a franchise that could give me all the support I needed to grow.”

And grow Mohammad has, as evidenced by his winning Rosemary Rookie of the Year at ServiceMaster Live! This award is given to a franchisee in a new business who has successfully implemented the Rosemary model to substantially grow their business, build their local reputation and constantly improve their skills.

As a shining star of our network and a newer franchisee, Mohammad was the perfect candidate for such an award. “It is no wonder Mohammad has won Rookie of the year,” says Rosemary Bookkeeping Marketing Manager Victoria Taylor. “He has so much energy and enthusiasm for growing his Rosemary Bookkeeping Business and providing a highly valuable service to his clients, I am sure this is just the start of what will be an outstanding journey.

His award has also galvanised Mohammad to keep growing and develop further. “It feels wonderful to win Rookie of the Year 2021,” he says. “I feel grateful and inspired. But I attribute this success to the whole Rosemary Team, who have worked work to help me achieve this honour. Having a great award like this award is now inspiring me to set a new ambitious target for the future, and a business plan to achieve it.”

We would once again like to congratulate Mohammad on his award and look forward to working towards what is sure to be a certain and bright future with him.

If, like Mohammad, you would like to begin a franchising journey with us to grow your very own successful bookkeeping business, give our friendly franchise sales team a call on 0116 275 9005, or fill out a contact form today.

Written by Tom Page, Digital Content Writer

/by

After a long and difficult 2020 Rosemary Bookkeeping Wolverhampton & Bridgnorth wins Resilience Award

,

The resilience award is a new award we introduced to acknowledge the exceptional circumstances that 2020 presented businesses with.

The winner being Mark Hamblett from Wolverhampton & Bridgnorth, whose had the business for 3 years and successfully grown it in this time. Mark has a dedicated team that helps him deliver quality work and support to his clients on their entrepreneurial journey.

Starting his franchise business Mark brought his previous expertise as a finance director to the Rosemary brand. This allowed him to look at his and his clients’ businesses holistically and support them by being able to see a bigger picture when looking at a set of accounts.

“Over the last eighteen months we have all lived through unprecedented times, which have made it vital that we adapt and find new ways of working. The support and flexibility shown by our clients has been instrumental in our respective businesses surviving the challenges we have all faced”. Said Mark Hamblett, Owner of Rosemary Bookkeeping Wolverhampton & Bridgnorth.

Nina, Rosemary Bookkeeping Brand Manager added “Mark Hamblett’s business demonstrated how to, not only survive the pandemic and numerous lockdowns but thrive during this difficult time. His business hired a new employee and grew his client portfolio, this shows that perseverance and hard work are the key to success”.

If you want help with your bookkeeping, get in touch with Mark today and ask for a call back or call on 01902 902680.

/by

New business owner brings bookkeeping services to Shrewsbury & Telford

,

Sarah Connop from Shrewsbury brings bookkeeping services for small and micro businesses to Shrewsbury & Telford.

Sarah is ACMA qualified and has over 20 years of experience working in a variety of financial roles, working for small businesses and both FTSE 100 and FTSE 250 companies to help them understand their finances.

After her long career in the corporate world and working for a number of large corporations, Sarah wanted to be able to put her knowledge to good use and help small businesses that don’t or can’t have their own finance team.

Sarah had considered setting up her own business for many years but making the leap from the corporate world to the unknown was daunting as any new business owner will understand so; after spending some time researching options, Sarah chose to join the Rosemary Bookkeeping franchise network. Working with Rosemary Bookkeeping allows Sarah to work independently and grown her own business locally, Sarah can grow her own client base and build her own business reputation but also benefit from national support and backing as well as the support from a larger network.

Utilising her own knowledge, industry experience and working with the Rosemary network, Sarah’s ambition is to work with local businesses to help them simplify their finances so that they are easier to understand, to give the business owners back valuable time so they can focus on growing and developing their business instead of using it to unravel a whole load of numbers. Sarah wants the business owners she works with to be able to focus on their goals and objectives rather than their finances so their businesses can really grow and thrive.

“I want to become a brand name that people (not just business owners) recognise. I would love for Rosemary Bookkeeping Shrewsbury & Telford to grow into a network where lots of local businesses work with and recommend Rosemary Bookkeeping Shrewsbury. That we become the bookkeeping businesses of choice for the area and associated with helping other local business owners and truly making a difference. There are so many businesses that have helped me, I would like to be able to give back”, said Sarah Connop, Owner or Rosemary Bookkeeping Shrewsbury & Telford. 

“I’m really excited to welcome Sarah to the Rosemary Bookkeeping Network. Sarah has a vast experience, great attitude and is striving to develop a business that serves local companies. I believe that Sarah is going to build a strong thriving business and will be a great asset to the Rosemary Bookkeeping network and her local community. I’m looking forward to following and supporting her on her journey”, said Nina Ostasz, Rosemary Bookkeeping Brand Manager.

If you want help with your bookkeeping, get in touch with Sarah today and ask for a call back or call on 01743 650687.

/by

Rosemary Bookkeeping Coventry win Rosemary Bookkeeping 2020 Franchisee of the Year

,

Caroline O’Brien,  owner and manager of Rosemary Bookkeeping Coventry, started the business just over 10 years ago, and within that time has built a successful and growing business. Caroline has over 30 years of experience in accountancy and bookkeeping services and provides a vital service to her SME clients across Coventry.

Because of the exemplary way Caroline runs her business, her exceptional customer service and her commitment to the Rosemary Bookkeeping Brand and Network, Caroline, Rosemary Bookkeeping Coventry have won the Prestigious Rosemary Bookkeeping 2020 Franchisee of the Year award.

This award is only given to a Franchise Partner who has displayed the highest achievement in the pursuit of excellence and professional management in their Rosemary business.

Caroline said, “I was really honoured and grateful to receive the Rosemary Bookkeeping 2020 Franchisee of the Year award at our recent online forum. A huge thank you to my colleague Jasleen Heer, without whom this wouldn’t have been possible. Also, big thanks to all the staff at Head Office for their ongoing support and finally to all the other Franchise Partners for all their help and encouragement over the years.”

Caroline is dedicated to providing exceptional customer service and this is evidenced by the high level of client referrals Caroline receives.

We were delighted to announce that the North Star Award for 2020 went to Caroline and her Rosemary Bookkeeping Coventry business.

“Caroline’s business is an example of excellence and professional management of the Rosemary Bookkeeping business.I admire Caroline’s ambition to streamline all processes and her pursuit of constant improvement for the employees and herself. Rosemary Bookkeeping Coventry has been steadily growing over recent years. Caroline has built a great infrastructure of employees and subcontractors to deliver quality work to the clients and accountants. Caroline’s business is managed in a lean and efficient way with the customer always in mind. She embraces the Rosemary System and supports other franchise partners in the network.” Nina Ostasz, Rosemary Bookkeeping Operations Brand Leader added.

If you want help with your bookkeeping, get in touch with Caroline today and ask for a call back or call on 02476 100192.

/by

Why doing the bookkeeping yourself is not the best thing for your business!

,

Like many business owners, you probably went into business for yourself because you either a) have a passion for what you do, b) wanted to make more money than if working for someone else or c) wanted a better work life balance. You have probably discovered that there is more to running a successful business than just doing the thing you love. Not every task is going to be what you want to or should be doing and unless you chose to be a bookkeeper or accountant, it’s also likely that numbers are not your thing.

However, keeping on top of your bookkeeping is one of the most important things you can do for your business. Tracking what comes in and what goes out of your business means you are in a much better position to work out what is working and what isn’t, plus very importantly, where you might need to make some changes.

An accountant is only as good as the information provided, if there are gaps in your numbers, how can they make accurate recommendations or give you complete advice?

Yes, there are lots of software providers to try and make things easier for business owners but good bookkeeping is much more than putting numbers in boxes. Do you know if or how much VAT to claim on your Jaffa Cakes for the staff meeting or your steel toe cap boots? Do you know what nominal code you should be using for meeting room hire?

Getting these things wrong can impact the finances of your business. As a successful business owner, you need to understand your business’ true cost of sales and the fixed costs so you can measure profitability of your business properly.

So, why should you use a bookkeeper?

Well, everyone has their own reason for going in to business for themselves but nobody goes into business to run it badly. You likely chose something you could do well and thought you were good at. Your business will do best while you focus your time and effort doing the things you are good at and passionate about, so allow yourself time for the actual business side of things.

Having a professional bookkeeper means you don’t have to spend your time working out what nominal code to use or what VAT amount should apply. It means you have someone who knows these things, doing all of the bookkeeping for you. Having the bookkeeping expertly done ensures your access to regular and accurate reports, so that you can meet tax deadlines, avoid penalties and eliminate stress. Sound bookkeeping makes it is easier for you to make informed decisions about your business with the provision of accurate and up- to-date information, allowing you to maximise the potential of your business.

Can’t afford a bookkeeper?

As a small business owner, you may be thinking that you can’t afford to hire a bookkeeper, that taking someone on means holiday pay, sick pay and an hourly rate / salary.

Let’s put it another way, how long are you spending on your bookkeeping and what is that time worth to you?

How many hours are you spending in your working day/week/month sorting your books? How much do you charge an hour? What else could you be doing that can probably make money for your business?

Maybe you are doing the bookkeeping in the evening or at weekends? Are you getting the work/life balance that you planned on? Are you spending your free time doing things you wish you didn’t need to? What really is the value of that time to you? It’s probably worth more than what it would cost to outsource to a good bookkeeper.

Then we need to consider the benefit of using a professional; you are a professional at what you do and can work efficiently, well, it’s the same for bookkeeping. A professional bookkeeper will likely take a shorter amount of time to get through the same work, meaning their time is more cost effective. I know it would take me a lot longer than James to build the wall in my back garden next week, that’s why (well, one of the reasons why) I am paying him to do it.

The benefit of outsourcing

Anyway, back to bookkeeping. Having a professional bookkeeper doesn’t mean you need to hire someone on fixed hours for every week of the year. Outsourcing your bookkeeping is a very effective and efficient option. An outsourced bookkeeper will work closely with your accountant and liaise directly with them if you wish. They will also be able to work on the bookkeeping and accounting software either you or your accountant prefer to use, meaning less work and effort on your part.

An outsourced bookkeeper will usually work remotely so you don’t have to provide equipment or office/desk space, so no upfront overheads will be required and you just pay for the work you get.

At Rosemary bookkeeping we work with our clients and accountants to provide a service that best fits their needs. Rosemary Bookkeeping provide regular reports so our clients and their accountants can see what is going on financially within a business when they need to. Rosemary Bookkeeping focus on the bookkeeping, leaving the accounting to the accountants and running the business to the business owner. With clear and transparent pricing Rosemary Bookkeeping clients always know they are paying only for the work completed.

If you’ve realised that doing the bookkeeping yourself isn’t for you then get in touch with your local Rosemary bookkeeper today to ask how they can help.

/by

New business owner brings bookkeeping services to Stratford

, , ,

In light of what’s happening in the world, it’s always nice to hear some positive news, and we’ve got some to share for the local businesses of Stratford. A new bookkeeper is in town, Mohammad Hossain has started his own business in the Stratford area and he looks forward to helping businesses to get back on their feet in the coming months through help with their bookkeeping requirements.

“I decided on a Rosemary Bookkeeping business because I wanted to do my part in helping local businesses with their bookkeeping during and after the pandemic”, said Mohammad.

Mohammad has spent most of his professional working time as a Chartered Certified Accountant and also as a Bookkeeper for a number of Accounting and Audit Firms in London covering various small and medium corporations and in 2020 he decided it was time for a change. He decided to look into owning his own Bookkeeping business because this is the aspect of enthusiasm for his previous roles he most enjoyed. That’s why he came across the Rosemary Bookkeeping and thought it would be a great opportunity to join a national network of bookkeepers to have the help needed from the brand and other business owners.

All of the bookkeepers in the Rosemary Bookkeeping network thrive on helping businesses with their bookkeeping in order to give them more time to grow their business, and Mohammad is no different.

“I’m really pleased to welcome Mohammad to our Rosemary Bookkeeping Network. With all the experience, fantastic attitude and strive to develop his business Mohammad is a great addition to our network of bookkeepers and will be a great support and asset for local Stratford companies. I’m very excited to work with Mohammad and follow his journey to thrive.”, said Nina Ostasz, Rosemary Bookkeeping Brand Manager.

/by

Choosing the Right Accounting Software for your Business

,

For any small business owner, keeping track of your incomings & outgoings is one of the most important tasks. Recording payments, tracking expenses, invoicing customers and reconciling transactions means you can make informed and profitable decisions about your business.

Luckily, there are now a wide range of software options available to make it easier for you to keep on top of your finances. Some have been heavily advertising of late, you’ve probably seen more than one.

But, with so many options out there, picking the right accounting software for you and your business isn’t an easy task.

Below, we list important factors you should consider when selecting your accounting software.

Costs

The prices can vary considerably. There are packages at the lower end of the price range but these will often be a more basic package. Think about your business requirements now and in the future. Will a basic package be enough or will you need more features further down the line?

Usability

The size and structure of your business will affect how many users there will be accessing your accounting software. Do more users mean more cost? Is it scalable if needed later?

Do you want your accounting software to be installed on a particular desktop? This might limit the number of users so you may prefer a cloud-based system that you can access anywhere.

Features

Work out what you really need from the accounting software and what you need it to do. Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll?

Which to choose?

Of course, as bookkeepers ourselves, we have our preferences when it comes to software. We work with all sorts of platforms and packages but there are a few we see time and time again:

Xero: Widely acknowledged as one of the top pieces of cloud based accounting and bookkeeping software – especially if you’re working on a Mac. Xero is great if you’re just starting out or if you need your accounting to be simple and straightforward. Another tick for Xero, it is designed to grow as your business does. We like that it’s affordable, easy to use, offers a ton of add-on features and integrates with hundreds of third-party business solutions, many of which you probably already use. There is also a 24-hour email and live chat support function, meaning there’s always someone there to help you.

FreeAgent: Unlike a lot of bookkeeping and accounting software products which limit your transactions unless you purchase a more expensive package, FreeAgent supports unlimited users, clients, invoices and transactions for one monthly price. It’s a cloud-based piece of software and comes with a built-in project management feature. These features make it ideal for keeping track of billable hours and expenses. As a FreeAgent partner, we recommend it for freelancers, consultants and other project-based businesses.

QuickBooks: One of the most popular accounting software packages out there (and for good reason). QuickBooks works for all types of small businesses. With three different small business plans to choose from, plus a separate plan for the self-employed, freelancers and contractors, it’s got something for everyone. Both new start-up businesses and bigger, established businesses have benefitted from its’ range of features, which cover basic bookkeeping to advanced accounting and business analytics.

Sage: Sage is one of the bigger brands, and it’s been around a lot longer than most. Sage Business Cloud Accounting has two plans for small business owners, starting with invoicing, expense management and reporting, building up to the creation of quotes, estimates, tracking and inventory management. It’s most popular with retail based businesses due to its ability to integrate with POS systems. Sage also appeals to businesses with large finance departments thanks to its’ support for multiple users and payroll systems.

At Rosemary Bookkeeping, we work with small and medium sized businesses to take the pain out of your bookkeeping. From helping you choose the right software to use, software supply, training and data migration, to a complete outsourced bookkeeping service – we can help. If you’re just starting out or you’re looking to hire a bookkeeper to support you as you grow, we’d love to help. Contact your local Rosemary Bookkeeper for your free consultation.

/by

As a small business owner, what do I need to know?

, ,

It has been a tough year so far for business owners and the self-employed to say the least. Knowing how your business is going to be affected or what to do for the best to keep revenue coming in has meant that many business owners have needed to change their plans or maybe their whole operational structure. Keeping on top of the continuous changes with rules and regulations has made it that much harder, but it isn’t all doom and gloom.

A lot of businesses have actually prospered during the COVID-19 pandemic, despite national and local closures, some have used this opportunity to quickly adjust and adapt their business to trade in the ‘new normal’.

Businesses that have adapted have seen growth and are likely to have built a lasting relationship with the customer base, which will carry on after COVID-19 recedes.

One of the most important things to do when making sure your business is able to adapt is keeping on top of the constant changes throughout the UK.

You should be keeping on top of the regular changes to rules and regulations in your area of operation, if you don’t you could be missing out on vital information or worse, falling foul of regulations, risking fines.

A couple of months ago, we put together an article with useful links to help you to find reliable sources of information, you can find a copy here https://www.rosemarybooks.co.uk/where-to-find-useful-information-about-covid19.

Set aside time on a regular basis to catch up on changes and make sure that you are aware of any regulations that could affect you.

There has also been a lot of help out there for small businesses, we also put together an article with information on help available for small businesses, which you can find here: https://www.rosemarybooks.co.uk/help-for-small-business-through-covid-19 (some of these may have expired or changed since publication so please read them all thoroughly).

See what help is available to you and your business, apply for things in a timely manner, don’t leave it to that last minute, time might run out. Find out about the latest business support here https://www.gov.uk/coronavirus/business-support

You can also sign up for email notifications here https://www.gov.uk/email-signup?topic=/coronavirus-taxon/businesses-and-self-employed-people

If you don’t already, now is even more important to keep on top of your bookkeeping. Keeping on top of your bookkeeping on a regular basis means that you can make informed decisions for your business and will be less likely to have cashflow or financial issues. You can talk to one of the Rosemary bookkeepers and ask for a FREE no obligation bookkeeping health check and find out how Rosemary could help you and your business.

/by

New Job Support Scheme and Other Schemes

,

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.

/by

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.

 

/by

Help for Small business through COVID-19

,

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.

 

/by

Why you should be using cloud based 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.

/by

Successful businesswoman launches bookkeeping business in Portsmouth and the 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.

/by

How to avoid some of the common bad Bookkeeping habits.

,

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.

/by

Why should I outsource my 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.

/by

Managing the bookkeeping for our clients over the COVID 19 crisis

,

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.

/by

My strategy for surviving Coronavirus

,

Belinda Whitaker explains her strategy for surviving Coronavirus, read more in this fantastic article on Total Swindon click here (credit Fiona Scott Media Consultancy).

plan for surviving coronavirus

 

If you would like to find out 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.

/by