Bookkeeping Questions

Answering the Main Bookkeeping Questions

Whenever we talk with small to medium-sized business owners, there is a common theme of bookkeeping questions – about what we do and how we deliver for clients. There are common misconceptions about bookkeepers – and even what bookkeeping comprises. Many business owners try to do it themselves and struggle to understand what goes where.

To help with a small introduction, your team at Pebbles Bookkeeping services in Manchester decided to break down the basics for you.

The What, the Why and the How

Bookkeeping is the process of recording and organizing your business’s financial transactions by maintaining accurate records of income, expenses and other financial activity.

Bookkeeping is essential for businesses of all sizes as it separates your income and expenses, manages your cash flow and keeps you compliant with tax regulations. When you have all of this in order, you can make more informed business decisions and accurate strategies for growth. Bookkeeping should be conducted regularly – from weekly to monthly – to ensure your records remain updated and accurate, allowing for sharper business operation and decision-making.

Avenues for Bookkeeping

There are several ways you can conduct bookkeeping within your business. Obviously, as with everything, there are many different software that you can use, such as Quickbooks, Xero or Sage. The ideal one for your business depends on your business needs and budget.

Whilst possible to conduct your bookkeeping practice, it can be time-consuming and complex when you lack accounting skills. Hiring outsourced bookkeeping services saves a lot of time and expense whilst accurately keeping all of your financial records in order – as well as having a professional service to hand that provides insight into excessive spending and ways to save money.

A bookkeeper is separate from your accountant, but they do have some areas that cross over. Whilst accounting involves analyzing and interpreting your financial data, bookkeeping involves the recording and organization of your financials so that accounting can make more informed decisions.

What Do I Need?

At a minimum, you keep records of all income and expenses, bank statements, invoices, receipts and tax documents for your business.

If your business is VAT registered, you keep accurate records of all VAT-related transactions for reporting to HMRC regularly. Bookkeeping services can help with this area, as well as keep all records reviewed periodically.

If you have any bookkeeping questions, or looking for more information about small business bookkeeping solutions, contact the friendly team at Pebbles Bookkeeping for outsourced bookkeeping and Xero training.

We help all clients understand that bookkeeping does not have to be intimidating and alleviate the stress of getting your financials structured correctly.

Don't just take our word for it...

Steve Tanswell, Manchester Facades

I changed book-keepers around a year ago because of a disagreement.  I employed Diane of Pebbles and having been with the same firm for 10 years, I was amazed by how easy working with Diane was.  Not only did the change save me money but also saved me time.  Utilising new technologies (to me) have massively improved the amount of money I can claim back in VAT and has made the whole process speedier and well as easier.  Even when Diane is chasing me for information she does in a friendly professional manner.  I’m thrilled to be working with her and would recommend her to anyone.

TecCre8 Ltd

“We began to relinquish our bookkeeping tasks to Pebbles Bookkeeping in September 2020, following our meeting with Diane Huxley to discuss our requirements. We signed up with Diane immediately. We have all built a quick rapport with Diane and it’s good to know that we have her support and expertise at the other end of the phone.

Pebbles Bookkeeping is a perfect fit for our company and liaises seamlessly with our accountant. It is our pleasure to work alongside them.”

Wayne Dinning, Managing Director, SD Waste Paper Limited

Diane has been providing her services to my company for approximately 6 months now and I can honestly say that due to her assistance, my company is running a lot more smoothly than it has at any time over the previous 30 years that it has existed.

I would just like to say that I would recommend her services to any business, whatever the size, as I can only see that her services would be beneficial to any company that may choose to employ her services.

Anne-Marie Armstrong, Amberry Marketing

I just wanted to thank you both for the help you’ve given me thus far in setting up my new cloud-based bookkeeping system ‘Clearbooks’.

Having used Microsoft Excel for more years than I care to admit, I had more than a few reservations when considering changing the way I managed my books, yet understood that I had to make the change sooner or later.

After an intense training session with Sean, (where I probably asked 101 questions), my fears quickly dissipated and I can honestly say that although it’s likely to take me a little while to really get to grips with the new interface, I’ve no doubt that this simple system will save me so much time and hassle in future.

And less time spent doing my books, almost certainly means more time with the family and an end to rushing around like a mad woman at quarter-end!

Thanks again and I’m looking forward to working with you again soon.

Mark Gray, Taylor Made Finance Ltd

“Pebbles Bookkeeping have been doing our bookkeeping for the past 2 years. Our Accountant recommended them to us and they are very professional, approachable and knowledgeble in the work they do. We send them our paperwork electronically and manually and they process it all efficiently in a timely manner.

I would not hesitate to recommend Sean and the team at Pebbles Bookkeeping – they do a fantastic job.”