RR Accountants LTD A trusted partner for all your financial needs

RR Accountants LTD offers the entire range of financial and consulting services for individuals as well as businesses of all sizes. You can rely on us to manage all aspects of your financial life. We will take care of all the details and allow you to focus on managing your business. Our customers prefer to deal with us because we provide hassle-free services at affordable prices. They trust us and know that we will help them to grow their wealth.

Please give us a call now at 0121 766 5477 or send us an e-mail to schedule a consultation. We are committed to your success. Our experienced managing partners and financial consultants will help you to take your business to the next level. Competent financial advisers will listen to you carefully to understand your unique circumstances. We will suggest cost-effective solutions that are custom-designed for you. 

We will be forthright and act in good faith 

You will get no-nonsense advice, which will help you to make the right decisions. We will disclose all costs and risks upfront and maintain strict confidentiality. We will inform you about any conflict of interest that may affect you.
What we can do for you

We serve customers in Birmingham, West Midlands, and across the United Kingdom. Our services encompass almost all aspects of individual and business finances. We are experienced in all matters relating to accounting and taxation, IRS problem resolution, estates and trusts, business formation, financial planning and investments, real estate, business sales, bank financing and payroll services. We incorporate companies across all 50 states and provide SAP FICO consulting services.

We are ready to fulfill all your finance-related needs. If you have been unable to secure competitive financing from your bank or other funding source, we probably can help. RR Accounting services is the foremost commercial loan broker in the country. We represent several hundred non-bank commercial lenders who provide funding ranging from $100,000 into the tens-of-millions. We will be happy to prepare the documents necessary and send you a preliminary loan proposal based on completion of one of our two-page submission forms. Please contact us if you have need for competitive commercial financing.

Please give us a call now at 0121 766 5477 or send us an e-mail to schedule a consultation.

How to Start a Small Business in Birmingham?

Millions of people think and dream about starting a small business, but few actually put the plan into motion. People want to start a small business for several very valid reasons. At the top of the list is the freedom to perform the type of work they’ve dreamed about. Next, is the freedom to work the hours and the schedule they like? Another reason is to make more money and live the type of lifestyle they’ve dreamed about.

Here is how to start a small business?

First it is important to think about your personal goals and aspirations. Some people would rather start the small business in a spare room at home while others would prefer a separate business location. Next, of course you should already have a good business idea. For example, if you were a computer teacher, perhaps tutoring computer students or starting a consulting business would be a perfect small business. Next, contact an accountant. You can get in touch with the accountants at RR Accountants Business Accounting.


                  


Don’t rely on your high school math skills to set up a financial record keeping system. The accountant will show you how to set up a bookkeeping system for your small business. Lawyers are required to legalize the business name that you select. Seek out a financial adviser. Many are skilled at helping a small business owner find loans and other services the small business owner might require to operate the business smoothly. Keep researching and checking out the competition in your community. Ask them for advice. Many are confident business owners who enjoy sharing their business know how with new entrepreneurs.

Finally, learn to be optimistic. Don’t let any minor setbacks slow you down permanently. Starting a small business takes time, high motivation, and good organizational skills. And you will probably find out down the line that operating a small business has many more advantages than disadvantages.

Reduce the Risk of Fraud – Bookkeeping & Accounting Services

Reduce Possibility of Fraud

Business fraud is a real problem. Its affects can be devastating to a small business and for this reason it’s referred to as a silent killer. Fraud can mask itself in different forms, some of which is complex to detect.

Some of the more common forms include: theft by employees of company checks or charges on company accounts, theft of inventory or office supplies, billing schemes, check tampering which can be done by paying non-existing suppliers, recording unapproved extra or overtime, claiming reimbursement for non-existing expenses, or outright theft of cash from the register, to name a few.

The Association of Certified Fraud Examiners (ACFE) has estimated that a business will lose about 7% of profit due to fraud annually. Although both large and small companies experience loss due to fraud, it’s the small companies who are most vulnerable. The reason is mainly because small companies don’t have the time or the resources to monitor for fraud activity.

As accountants and Business Advisers 

RR Accountants LTD entrusted with educating our clients on ways to safeguard themselves against loss of income due to fraud. Here is a list of key internal control practices we recommend for our clients:

Make a written policy outlining your internal control procedures and make them well known to management and employees. Before hiring a manager or an employee, review those procedures together and get his/her written commitment to those procedures. Oftentimes in a small business, the manager is the business owner or partner who takes hands-off approach due to his/her busy schedule. We’ll hear from our clients about the bookkeeper who is given the task of handling all the paperwork because the owner is just too busy. In addition, convey to the employees your culture of internal controls and let them know that they will be checked up on. This is important because studies show that employees who have an opportunity to commit fraud without being caught will exercise this opportunity. How often have you heard that it was the trusted employee or a family member who committed the fraud? Encourage employees to report fraud and have those sign agreement against anti-fraud behavior. As an owner, never let your employees see you break your own rules. This will set up a bad precedent which will only weaken your ability to enforce your own policies in the future. Setup a well functional accounting system through a program like QuickBooks and learn how to properly use it. I can’t stress enough how important this is. Knowing how to enter data or access reports will give you independent ability to review financial data. Additionally, you should setup user passwords which will limit employees’ access to sensitive information. 

Employees can easily exploit this by hiding or changing information. When setting up an employee on QuickBooks do not give them Admin rights. This should be reserved for the owner or an external accountant. Get to know your books – Regularly run and review financial reports and watch for fluctuations that don’t have reasonable explanations. Turn on the audit trail if you are using QuickBooks software. This function keeps track of all the activity by a user. You can uncover inappropriate employee accounting manipulations just by reviewing the Audit Trail Report. Use petty cash account sparingly and reconcile often – many businesses need cash on hand for various small or unexpected purchases. Unfortunately, we often see this being one of the most exploited areas of a small business such as a restaurant or a bar. If you maintain a petty cash account, use a ledger to record receipts and reconcile the account regularly. 

In QuickBooks we setup a petty cash account as a bank and record all cash purchases against that account. This makes reconciling much easier. Back up your data and keep multiple copies of the file. Also keep copies of the last 2 or 3 backups. If you give an employee a business credit or a debit card, make sure to review all their receipts. Designate cardholders per employee so no two people can disclaim charges from the same account. Reconcile bank accounts and credit cards monthly. If there is any inappropriate activity you can catch it quickly. Regularly review payroll records for unapproved employee loans, pay raises, overtime, extra hours or payments to phantom employees.

Install a time clock system to prevent time theft which is one of the biggest forms of employee theft. Inventory theft is also a huge problem, and it costs businesses billions of dollars annually. Companies should conduct a physical count for goods available for sale as well as for damaged and obsolete inventory. Those labeled unsellable must be written off in the accounting records. A comparison between the physical count and book balances will determine missing inventory.

Practice segregation of duties – do not allow the same employee handle functions where they have control or an ability to cover up fraud. Here are some common examples:

• Allowing the employee who requests purchase of goods to also approve the purchases 
• Letting the person who did the purchasing of goods reconcile monthly financial reports 
• Having any employee who is authorized to make purchases issue checks 
• Having the person who reconciles the check book also able to issue checks 
• Letting the employee who opens mail make deposits or maintain the A/R or A/P records 

Conduct Random Checks – get into the habit of checking in on employees and your financial data without any advance notice. Employees, who commit fraud, rely on predictable patterns of behavior or workflow and then exploit it. Review your financial statements with an outside accountant who will have an unbiased opinion about your financial activity.

Bookkeeping Services for Small and Medium Size Business

Bookkeeper services won't necessarily include income tax preparation. This is because not all financial outsourcing is handled by CPAs. Only CPAs are certified and qualified to handle and prepare your company's taxes.

Bookkeeper Services and Taxes

If you want to work with a company that will handle both your bookkeeping and your taxes, you'll need to shop around. In my opinion, you don't necessarily need an outsourcing Accounting firm that can handle both. It's relatively easy to find a CPA to help you with taxes. It's harder to find a great firm to handle your outsource financial services needs. If you need someone to help you with an audit, you will need to contact a CPA, rather than a bookkeeper. A good bookkeeper outsourcing firm, however, will probably be able to give you excellent CPA recommendations. Plus, if you do have the misfortune of facing an audit, you can be confident in the state of your books when they've been prepared by a professional outsourced bookkeeper.

Additionally, most bookkeeper services outsourcing firms do not exist on the Internet alone. The best are extensions of more traditional accounting firms, firms that often employ CPAs. If this is the case with your outsourcing firm, the parent company will likely be an excellent place for you to turn come tax time, when you need CPA services.   

Advantages of Outsourcing Bookkeeping For Small Business

Simply bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping is generally performed by a bookkeeper. Bookkeeping should not be confused with accounting. Every business necessitates bookkeeping method.





If you have a small business, you will require a reliable, sequential and perfect small business bookkeeping services so that information is always available and reliable whenever it is required. Various companies today are making a go to outsource works to offshore destinations for the reason that it provides a more reliable and perfect method of handling small business bookkeeping.

Outsourcing companies who are dedicated to handle such professions for bookkeeping services use the best available technology solutions and accounting packages to distribute reliable results. There are various advantages of outsourcing your small business bookkeeping services. Outsourcing assures you that special concentration is given to your background operations and you can focus more on your core business.

Advantages of outsourcing bookkeeping services:

• Reduction in operating expenditure 
• High data correctness 
• Professionals with chartered accounting certifications 
• Practical and flexible approach 
• High Confidentiality and security 
• Improves customer service 

Provide most proficient and successful small business Bookkeeping and Accounting solutions

R R Accountants LTD outsourcing your small business bookkeeping method comforts you that you have a qualified bookkeeper who is proficient to manage your books in the most resourceful and productive way. They can simply find errors and recommend corrective actions right away. Also if you prefer to outsource your small business bookkeeping method, you are secured that your books are constantly reconciled monthly with the bank statement.

Responsible small business owners recognize that outsourcing their small business bookkeeping method will assist maintain their business on top of its competition and they can easily watch how the business is succeeding.

Budgeting techniques for small business owners

Budgets are an important and useful tool for organizations. Enterprise level organizations invest heavily in financial planning and analysis departments. The small business owner may not require a full time budgeting team, however it is important for small business owners to invest some time and invest in their accountant’s time on the budgeting process. Many business owners guide their employees and check current performance of their organization by just using their instincts (gut feeling). At times though, the gut feeling can be fogged by unrealistic expectations; so it is really important for business owners to have an objective tool / map to back up their instincts and protect their investment.

The budgets and ongoing Actual vs Budget analysis can act as such a guide and check that aids business owners in both directing their employees and reviewing their employees performance towards the organisation’s goals. Below are examples of techniques that business owners and their accountants can use to build budgets:

Incremental Budgeting:

Using Profit and loss (Income Statement) reports generated from their accounting software, broken down by month; business owners can mark up their budgeted revenue and costs for the next accounting year. Advantages of this technique are that it is quick and time-wise, cost effective method. A disadvantages of using this technique is that if the organisation is looking for growth, marking up will not take into consideration, the fixed costs and marginal costs associated with generating a revenue; so by just increasing costs by expected revenue growth may not give true reflection of the costs associated with growth, Zero based costing.

Zero based costing: 

Zero based costing is at the opposite end of the spectrum of Incremental Budgeting. Zero based costings assume the business is starting from scratch by using costs, generated from current market values. An advantage of this technique is that will be a more up to date map than one generated using Incremental Budgeting techniques. Though it is time consuming to collate the information; additional benefit to using this technique is that it encourages organisations purchasing department to collate market prices. This in turn encourages them to review their supplier contracts more regularly and assess if their supplier contracts are competitive.

Activity Based Budgeting
Activity Based Budgeting focuses on expected sales and calculates backwards the costs associated with doing activities that generate that sale. Costs are apportioned by product, service and indirect costs (such as headoffice costs) are put back in at product, service level. It is also a good method to identify loss making products, services streams and activities associated with these. Before attempting to implement a budget, business owners must gain buy in from department heads in the budgeting process at department level, by identifying costs that department heads can, or cannot control. Otherwise there is a potential of department heads becoming de-motivated because their performance is measured on costs they cannot control.

R R Accountants panel of accountants offers Services are; Taxation advice, VATAnnual returns, Payroll Services, Bookkeeping Services, Sage accounting, UK Film Tax Relief,Personal taxation, Business start ups, VAT Services - VAT registration, Return, Investigation,Self assessment and more...

60 Second Job Spec – R R Accountants LTD, Birmingham

A private equity firm in Birmingham City is seeking a seasoned accounting professional to take on a temporary Tax Accountant role. This well-paying position is perfect for candidates with CPA licensure and experience in a large CPA firm! If you are interested in this opportunity.
Every year many students passed out from the colleges and universities from all over the world with different college degrees. Some of them are come to the metro cities with some dreams in their eyes. Like some have completed their courses degree in accounting from top most colleges. Accounting involves the various tasks like income, assets, liabilities, and a lot more. I am sure you have learned about these tasks if you choose an accountancy course. Accountants and financial analysts are just two of the very well-paid careers. Both profiles are plays very significant role in any company. The responsibilities handle by an accountant include working on strategies for mergers and achievement, and doing quality management, among others. Financial analysts, on the other hand, provide direction to businesses and persons making investment decisions.

Presently, there is no deficiency of Finance and Account jobs but the vacancies are increasing and demanding the more employees for this profile. Numerous of international and new banks are opening up and requires the dedicated and sincere youth to work. One can easily the get the recruitments in the Finance sector. Some of the major openings available in these sectors are Chartered Financial Analysis Chartered Accountancy Cost and Works Accountancy Financial Planning and Insurance Management.

Many big companies like R R Accountants ltd in Birmingham, West Midlands are hiring the highly experienced people for their finance department with almost the double salaries. So it is not any more difficult to search Finance jobs and Account jobs in UK. There is well said in English ‘Where there is will, there is way’. To search the good Finance jobs and Account jobs in UK is not now a difficult task, you can find the jobs through free classified ads sites where you can get the perfect jobs and the companies in finance sector. Not only the newspaper s but also the internet will show you the right and quick path to reach the correct designation.

Numerous of good companies offer their vacancies over the internet only. It is the effortless and easy way to grab the jobs on your preferred location, qualification and experience. Individuals who are interested in Finance jobs and Account jobs can easily apply by sitting at their homes only. This is the new and innovative process to get the job of your required profile.

5 Simple Tax Tips for Individuals and Small Businesses

1.    Avoid Stress, Save Time and Money

Be Careful and Thorough. Avoid common problems like illegible hand writing, mathematical errors, transposition of numbers, and missing signature. These little oversights can end up costing you time and money if you are slapped with penalties.

2. Get Organized.

Allow enough time to get your stuff in order. For example, properly categorizing your expenditures now will save you a lot of time later. Come tax time, you will be glad you grouped your expenditures by category (match it with verbiage on Schedule C if self-employed) and not by month or name of vendor payee.

3. Be Flexible.

Timing your cash flow can save you money. In other words, always accelerate deductions in the year you are doing taxes for and always defer income, if you can, into the next year, thereby lowering your current year’s tax bite. If you fall into the Alternative Minimum Tax, you may want a professional to advise you.

4. Know When To Ask for Help.

Tax preparation tools like TurboTax and TaxCut are great, but people with anything more than a straight W-2 (including anyone with even the smallest business Schedule C) should be aware of the limitations of these software programs.

5. Don’t be Penny Wise and Pound Foolish.

Hiring an expert CPA or EA to prepare your return is a small annual investment that can pay off big! Don’t do your taxes yourself unless you are a straight W-2 wage earner that takes the Standard Deductions (in other words, someone who doesn’t itemize or have any unreimbursed employee business expenses).

For more detail please visit our website RRAccountants.co.uk

R R Accountant to Help Keep Your Books Straight - Tax Preparation in Birmingham

While it may not be hard to find R R accountant, finding one with the experience and the knowledge that we posses is not such an easy task. Our staff of CPAs and bookkeepers boasts some of the most impressive resumes in the industry. No matter what your bookkeeping needs are, we are the
R R accountant service you have been looking for. Because we have been around for many years, we have been able to successfully build up an impressive list of clientele from all walks of the business world including:
* Attorneys
* Doctors
* Clubs and Associations
* Contractors
* Sub-Contractors
* Consultants
* E-Commerce
* Franchises
* Retail Stores
* Many More 

We specialize in small to mid-sized businesses and we know that as a business owner, you have more important things to keep you occupied other than your bookkeeping. Each R R accountant on our staff understands the ins and outs of bookkeeping and tax preparation service, and everything else accounting in Birmingham. Some of the areas we cover include:

* Business Accounting
* Bookkeeping
* Outsourced Bookkeeping
* Bank Reconciliation
* Accounts Receivable
* Accounts Payable
* Bookkeeping Clean Up
* Income Statement
* Balance Sheet
* General Ledger
* Custom Reports
* Daily Money Management
* Tax Preparation
* Much more

When you know that your R R Accountant service is on the ball, you are then able to take a deep breath and focus on the task at hand; namely, growing your business. There is no need for you to drive yourself crazy trying to keep your books in order, you have enough to worry about with the day to day of your company. Let our R R Accountant LTD accountant experts do the bookkeeping and accounting for your business so you can rest assured that the job is being done properly.

Call Us Today 0121 766 5477 and Meet Your New R R Accountant in Birmingham, UK

Learn - A Better Bookkeeping Service Part - 2

Thus the concept of a 'trial balance' is born: If one lists and adds up all the debit(+) balances from the pages in the ledgers, the total should be the same as the sum of the list of all the credit(-) balances from those books.  This check is the primary purpose of a trial balance. In a single column, of course, the debits and credits will therefore sum to zero, and this is sometimes how a trial balance is presented, rather than the more traditional 2-column 'debit/credit' approach. So, the art of double-entry bookkeeping is to keep the debits and credits in balance; if you make a debit entry you must make an opposing credit entry of the same value. 

The (positive) debits in this system of accounting are the assets and the expenses, the (negative) credits are the liabilities and the income. At first, these pairings seem strange, but they work to keep the books in balance.  This is because the income less expenses makes up the 'Profit and Loss Account' section of the trial balance, and the assets less liabilities make up the 'Balance Sheet' section of the trial balance. For example, if you sell some goods to a customer for £100, that you purchased from a supplier for £80, the double-entry is as follows:   

 Debit : Purchases (in the nominal ledger) £80    

Credit : Supplier account (in the purchase ledger) £(80)    

Debit : Customer account (in the sales ledger) 100    

Credit : Income account (in the nominal ledger) £(100). The trial balance then extracted from this trader's ledger books is as follows:     Income - Sales £(100)    Expenses - Purchases of goods £80    Assets - Debtors in sales ledger : £100    Liabilities - Creditors in purchase ledger : £(80)Once the customer has paid for the goods, and the supplier has in turn been paid, the entries required are:    

Debit  : Bank account

£100    Credit : Customer account (in the sales ledger) £(100)    

Debit : Supplier account (in the purchase ledger) £80    

Credit : Bank account £(80)The trial balance then extracted from this trader's ledger books is as follows:    

Income - Sales £(100)    Expenses - Purchases of goods £80    

Assets - Bank account (in the nominal ledger) : £20    

Assets - Debtors in sales ledger : £nil    Liabilities - Creditors in purchase ledger : £nilAs can be seen, each entry 'balances' in its own right (and is called a 'journal entry' to the ledgers), and therefore a 'trial balance', of equal total of debits and total of credits, is always maintained (summing to zero).In this example, the profit of the business is £(20), measured as a (negative) net credit amount and this is represented by net assets of £20 held in the business.

For more detail about Bookkeeping, payroll and account management services Please visit R R Accountants Website