Answering the Main Bookkeeping Questions

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.

What our clients say…

A massive thank you to Diane at Pebbles Bookkeeping & HR. You took the huge stress away from where do I start, with employee policies etc. You have created us a great, informative employee handbook, covering all necessary policies and risk assessments in a matter of no time and from the other side of the world too. I will definitely be in touch for any future help our company needs.

Lisa Heggie, The Gunnery

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.

Wayne Dinning, Managing Director, SD Waste Paper Limited

“We have now been working alongside you with various clients. In some cases, we have introduced you to our clients and in other cases you have worked as part of our team. Every time we have brought you in you have done a great job. We now see you as an extended part of our team. You have proved to be professional, flexible and above all competent in getting the work done. We would not have any hesitation in recommending you again, and we look forward to working with you more in the future.”

Steve Price, BWP Inspire

Read our blog

Our awards