3 essential reasons for good bookkeeping and management accounting

Bookkeeping is a must for any business. You have to submit a tax return by law. It is the record of all your financial transactions for the year and it is important that the numbers you submit to HMRC are both accurate and coherent. The last thing you want is to be subjected to a formal tax investigation. This can be expensive as well as stressful.

Theoretically, you can do your own bookkeeping.  And technology has made it easier. The problem here, however, is that there are a bewildering number of different cloud-based software systems. Learning through trial and error which of these is best for your specific needs can be costly. Though we are Xero Gold Partners, depending on the nature and the size of your business we may suggest you use Sage or Quickbooks, or, indeed, any of another dozen other programs.

As part of our bookkeeping service, we also manage payroll for many of our clients. When you get us to do the back-office admin., you free yourself up to concentrate on the important aspects of growing your business.

Most of our clients ask us to do their books and submit their annual tax or quarterly VAT returns. Inevitably, they discover that we can do a lot more for them.  As proactive accountants we go beyond the numbers to provide analysis and advice.

Yes, we will prepare a financial report for you but where your annual returns look back, management accounts look forwards. We can help you interpret the data to understand precisely where the business has done well and where it hasn’t. Invariably the analysis reveals ways you can save money and increase profitability.

For instance, it may be that unpaid invoices are your particular problem. Management accounts could make it clear that you need an automated email system to remind customers when their bills are due, when their bills are late and, finally, if all else fails when they can expect a debt collection agency to be involved.

Budgeting, staffing, applying for loans, we can help with all this. The advice we can provide is as much about managing change as about anything. But it all starts with listening.

Give us a no-cost, no-obligation call and tell us about your situation. There are very few instances where we can’t make life a lot easier for you.

Anyone can set themselves up as a bookkeeper or management accountant. But they may not have the qualifications or knowledge to do the job properly. 

At Sobell Rhodes, however, we are professionally qualified Chartered and Certified Accountants.  Being ‘Chartered’ and `Chartered Certified` means we are bound by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) to a strict ethical and professional code of conduct.

All our partners have additional specialist qualifications. We aren’t merely permitted to give best advice, we are fully trained and staffed to do so.