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It might be a small comfort to know that you are not the only business owner feeling like that. Many owners start of do it all themselves to minimise costs. Initially it feels like it is working because there is enough time available. As the number of clients increases and they (rightly) take more time away of your other business aspects you start to struggle with your time management. You start employing staff to make sure your clients get the customer service they deserve. Now you have to not only manage your staff's time, but also you own time. Not to mention all the paperwork and legal requirements that comes with being an employer. Your business is not of a size yet where you can justify a full-time manager to look after all this paperwork, compliance and financial stuff and that is where Figures Please can take a massive burden off your shoulders. Were a lot of business owners initially felt that they should be able to do everything themselves, we have proved to them that it is better business practice to delegate or outsource certain business tasks to dedicated and passionate professionals. Relieve yourself of those constant worrying thoughts. No need to feel guilty or ashamed to leave those jobs in experienced hands. Start enjoying what you went into business for in the first place. Utilise your own skills and build upon your own expertise whilst we look after those other "boring", draining, complicated, yet vital business aspects. Back to Top Do we have to register our business for VAT? There are three options with regards to registering for VAT. The main criterion is your annual turnover. If your turnover for the last twelve months is below the VAT turnover threshold, you are not required to register for VAT with HMRC. If your turnover for the last twelve months is over the VAT turnover threshold you are required to register for VAT with HMRC. The third option is to register for VAT with HMRC even if your turnover does not exceed the VAT turnover threshold. This is called voluntary VAT registration. Back to Top Why do your bookkeeping services differ from other bookkeepers? In general bookkeepers only enter business transactions in your books or accounting software. They make sure all transactions are recorded using the right ledger accounts and are coded correctly. Most of them will also make sure the accounts reconcile with the bank statements or even the credit card statements. When using accounting software bookkeepers can generate some reports to show you what has been entered, and as a result, what the situation is at a specific date. That is where the work of most bookkeepers or bookkeeping businesses stops. What you do with these figures is mostly up to you. We differ in that respect from other bookkeepers because we utilise our management experience and accounting qualifications to not just record and present the figures. We dig deeper and actively analyse them either with you or for you. That way we can identify areas that need further attention. This could be related to potential cash flow issues in the coming months, an unacceptable high level of debtors, incorrect cost price or mark up calculations, a change in trends compared to the projected budgets, to name a few possible issues. Once identified we can then tackle those issues head on to ensure a continuing smooth business operation. Back to Top What (financial) reports do I need? (Financial) reports will give you a much more accurate picture of how your business is performing. Accounting reports are based on the actual facts and figures that your business produces. Such reports are free of personal feelings or bias. As a business owner you might think you had a good month but reports might show that the bottom line doesn't agree with your feeling. Having reports and monitoring performance frequently will enable business owners and managers to identify trends and act on worrying or declining trends. Next to the accounting reports you might want to measure and monitor the performance of other business aspects. Think of the number of enquiries received each period and the actual sales that result from them. Coming back to the question of what reports you need for your business; it depends on how close you wish to monitor the performance of your business. As for financial reports a balance sheet (statement of financial position) and a profit and loss statement (statement of financial performance) will help to monitor how the business is doing financially. To monitor your business operations in more detail you might want to create a so-called performance dashboard. A performance dashboard brings pre-defined performance measurement results together for a convenient overview. At Figures Please we can develop a performance dashboard that meets your specific business conditions and requirements. Give us a call on 0845 519 8144 or contact us here to organise an initial obligation free meeting to discuss your unique requirements. Back to Top At this stage we only need a bookkeeping service. Can you still help us? We understand that not all small business owners require a comprehensive package of management services and we certainly are able to look after just your bookkeeping requirements. Even the bookkeeping module comes with a complimentary annual review and analysis of your business operations. In fact many business owner started initially with only engaging us to look after their books and have overtime expanded their business operations, which meant they wanted us to look after more aspects to free up their own time to build the business even further. Back to Top What are the charges for your services? The services at Figures Please are flexible, professional, cost effective and smart management solutions. Each business owner has a different combination of skills, experience, time, desire and enthusiasm to be looking after certain aspects of running a business. As such we have developed a number of modules that range from taking on the complete financial management of your business to looking after only anything staff related or solely your bookkeeping. We believe each business owner needs to be focused working on their business and not working in their business. Give us a call on 01634 515 520 or contact us here to organise an initial obligation free meeting to discuss your situation. We have the experience and passion to build your business into a more profitable, satisfying and rewarding place for your staff and yourself to work as well as a more professional, competitive and dedicated supplier to your valued clients. Back to Top |
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