It is common for business owners to have a long list of questions when hiring outsourced accounting or bookkeeping services. If you are bringing in outside help to manage your business books, then it makes sense that you should hire someone you can trust. Ask questions before you hand over financial details so that you can learn more about the experience and services offered by the accounting team.
Parish Accounts Ltd is here for both small and large businesses. We are always available to answer your questions. You are welcome to call anytime if you want to learn more about improving the financial future for your small business
How Will My Business Benefit from Outsourced Accounting Services?
Our job is to make sure that you have all your ducks in a row. We will evaluate your financial plan, keep up with ongoing tracking and reconciliation, and ensure that you are ready for tax payments and filing. These services will help you stay up-to-date regarding the financial health of your company. You won’t have any financial surprises at the end of the year when you are working with an experienced accounting team.
This information improves the likelihood that you can manage your cash flow and keep up with future expenses. Plus, you can refer to these reports when making big financial decisions for your company. Having a clear picture of the financial health of your business helps you to make educated decisions about future expenses, business development, and growth.
Why Outsourced Services instead of Hiring an Employee?
You have the option to hire an employee to help with bookkeeping and accounting. But, make sure that you understand the financial burden of bringing in another employee. Not only do you need to pay the full-time salary, but other associated costs include benefits, office equipment, office space, employment taxes, payroll, and more. These costs can add up!
Learn about the benefits of outsourcing, and you will see that you want access to the financial skills without taking on the burden of another employee. You can have your cake and eat it too… top-notch accounting expertise without bringing another full-time employee onto your team.
How Can You Manage the Books if You Aren’t in My Office?
Technology has opened up a world of possibilities for remote services. We don’t need to be in your office to look over your books. Instead, the work is performed remotely using a cloud-based software. We can view real-time information about your financial transactions, and work on financial reports and reconciliation from any location.
You can also tap into these online resources from anywhere. Even if you are gone on a business trip or out of the country for vacation, you will have ongoing access to the most current numbers for your company. This information can be accessed on your computer from anywhere in the world!
Don’t worry about security, because we always use secure methods when accessing your financial records. The cloud-based software is protected, offering a safe place to store your information.
Why is Cloud-Based Software Better than In-Office Accounting?
Manual accounting increases the risk of errors in the transactions. If you need to type in each transaction, then there is a possibility of missing keystrokes or typos. Instead, we have found that it is more effective to integrate a software program that imports transactions. Then, our team will review every transaction to detect potential problems.
Keep in mind that cloud-based accounting reduces the risk of losing all the financial information for your business. If your files are kept on the hard drive of your computer, then you could lose everything if the computer crashes. Or, paper copies of the records could potentially be ruined if a flood, fire, or natural disaster damages your building.
Why Shouldn’t a Small Business Owner Use a DIY Approach with Bookkeeping?
As a small business owner, don’t be fooled into thinking that you can handle the bookkeeping without the expertise from a financial professional. Most business owners are pulled by multiple responsibilities that include employee management, inventory, business development, networking, and more. You shouldn’t be wasting your time on busy work like bookkeeping and transaction auditing.
Hiring an outsourced accounting team will free up your time so that you can focus on more important tasks. You can turn your efforts to grow your business while the experts handle the financial details. As a result, you will find it easier to boost future success because you aren’t getting cause up in the busy work.
What are the Dangers of On-Site Staff Handling the Accounting and Bookkeeping?
You have the option to hand some of these responsibilities to your current staff. But, you need to evaluate the skills that the person has to offer, as well as the potential risk that could affect your company. For example, an inexperienced secretary handling the bookkeeping could result in missed transactions, mistakes, skipped reconciliations, and more. If the numbers are off, then it will have a domino effect to impact your financial reports and cash flow.
Another issue that you might face is potential fraud within the company. If you only have one employee managing the financial details, then transactions can be adjusted, and you won’t know the difference. Avoid theft and other problems by hiring a third-party outsourced team who can offer multiple checks and balances to reduce the risk of theft and fraud.
Can You Help with Taxes and Payroll?
We offer more than just basic bookkeeping and transaction management. You can expect full-service accounting solutions from our team. The monthly bookkeeping services are built around your annual tax plan. We will look at the numbers and help you put together an effective strategy to maximize write-offs and help you prepare for future tax filings.
At the same time, we can also offer ongoing support with payroll and other services that are needed through a third-party subcontractor. Our goal is to customize your services to match your preferences. So, we will help you identify the right monthly package to match your requirements. If you have questions along the way, then you are always invited to reach out to our team to learn more about how we can help.
What is the Difference Between Tax Accounting Services and Outsourced Accounting?
Most small business owners will talk to their accountant once a year: at tax time. Instead of waiting until tax season to work with our clients, we focus on the ongoing efforts that will maximize your overall financial success. We offer the tax preparation and filing services to companies house that you need, but these services are just a portion of your overall package.
In addition to annual tax filings, we keep up with the ongoing transactions that will impact your tax burden. This annual strategy is an important way for you to measure the financial health of your company and prepare for the future.
Will I Give Up Control of the Books if I Hire an Accounting Team?
No, you won’t give up control. You will still maintain full control over the financial books for your company. In fact, many small business owners find that they have more control after hiring an accounting team. When the transactions are kept current, you can trust the numbers that you will find in the accounting system. Then, you will be able to plan and allocate the funds as needed. You always have the final say when it comes to approving payments and invoices.
How Can I Learn More?
If you are interested in learning more about how your business can benefit from accounting and bookkeeping services, then we invite you to talk to our team here at Parish Accounts Ltd. We are working hard to provide the best services in the accounting industry. Our services are specialized for small business owners, charities and entrepreneurs. So, you can rest assured to know that you are receiving services from a team with real-world experience in the industry.
Talk to us right away to see the benefits that are available for your company. We are here to help with anything that you need. Call today to see if our services are right for you.
What is bookkeeping?
Bookkeeping is the process of recording and categorising your business income and expenditure
Do I need a bookkeeper?
Maintaining your books whilst running your business can become a very time consuming task. A good bookkeeper can manage your accounting systems and produce for you vital decision making information. By hiring a bookkeeper, you can rely on their expertise of accounting and expect that accounting policies are adhered to.
Bookkeeping can be done by business owners themselves if they are confident enough to do so, however it would not be recommended without any training.
Should I outsource my accounts or hire a bookkeeper?
Hiring a bookkeeper gives you the added responsibility of being an employer, you need to produce payslips every month and need to find cover when the employee is away or sick. By outsourcing your accounts you rely on the firm’s team and expertise, reducing the chances of errors occurring.
Should I invest in accountancy software?
Investing in accountancy software such as Sage, QuickBooks or Kash flow can be useful if you have had the right training. However accounting software can be expensive but when employing a firm this will be a burden off of your shoulders as they will have the required software.
What do bookkeepers generally charge?
Experienced bookkeepers tend to range between £10 – £25 per hour. However when outsourcing your accounts, there are firms who charge fixed fees for the work carried out and can give you a quote before you employ them.
What is the difference between a limited company and self employment?
Being self employed means working for yourself. You invoice your clients and they pay you directly. You must account for your own national insurance and tax and submit a tax return every year.
A limited company is a separate legal entity which is run and controlled by the director(s). The director is given the responsibility of carrying out the day-to-day transactions of the company and accounting for what takes place.
When do I have to register as self employed?
When you are actively seeking work other than employment, you must register as self employed. By not doing so in time, HMRC can fine you for late registration.
What is the deadline for submitting my tax return?
When filing paper returns the deadline is the 31st October and when filing returns online the deadline is the 31 January.
What is corporation tax?
Corporation tax is a tax which is payable by limited companies on their profits. For businesses making a profit of £300,000 or less, the current rate of tax is 20%.
When do I have to pay corporation tax?
Companies generally need to pay their corporation tax nine months after the company’s year ends.
When do I need to register for VAT?
You will need to register for VAT if you are in business and in the last 12 months, you have taken in £77,000 worth of income or expect to reach that amount within the next 30 days
When do I register as an employer?
Generally you will need to register as an employer when someone starts working for you.
Is my business too small for a bookkeeper?
It doesn’t matter what size your business is a bookkeeper can be an asset to your business. You can release some more of your time to concentrate on your business and get your accounts completed for you. By getting your accounts complete on a regular basis you can ensure that you are making a profit and look at any problems that the business may have.
I already have an accountant do I need a bookkeeper?
If you already have an accountant that is great, but for general bookkeeping services they will charge more than the costs of a typical bookkeeper. If you want to take out the complete hassle of dealing with your accounts here at Parish Accounts Bookkeeping Services we can liase with your accountant.
Can a bookkeeper save money?
It is possible that a bookkeeper can save you money. We can ensure that you are reclaiming all the expenses that you are entitled to. You can also spend more time working on your business, without the worry of completing your accounts.
My accounts are a mess can you help?
Don’t worry, as long as you have bank statements and paperwork (all the invoices) we can set up your business accounts. We understand running your own business can be very time consuming and completing the accounts can be the last thing that you want to do.
Will Littlefoot Bookkeeping Services come to my home or office?
I can either work from home or if you prefer someone to come to you, this can also be arranged on a regular basis.
Which accounts software do you recommend?
We recommend a number of softwares as it is an easy to use cloud based system that can grow with your business. It also allows access to the accounts by people anywhere; this means that you can still keep track of your business.
If you run a small business we can set up a simple Excel spread sheet specifically designed for your business. I also have experience with QuickBooks and Sage.
How much do you charge?
We will always arrange a free initial consultation; this allows us to understand your business and what you require from a Bookkeeper. We will then provide a fixed fee this may be either hourly or monthly.
Is there a fixed term contract?
We prefer to work with clients on a regular basis, but only charge for the work which we complete. You can cancel our services at any time.
Do you offer any other services?
We only offer bookkeeping as our primary service, however, with years of experience of setting up and running my own business, I have a vast knowledge of business and can help set up a new business, payroll, self-assessment, websites, social media and advertising. If I can’t do something myself I can normally find a contact which can help. We can also assist in writing your business plan.
What areas do you cover?
As I am based in Great Barr, Birmingham, the area I work is anywhere as I can provide remote services using a number of cloud based bookkeeping softwares and invoice exchange sofwares and email.
For further information or to arrange an initial consultation please contact me.