Restaurant Accounting & Bookkeeping Services in Birmingham

To stay competitive and profitable restaurants, bars, cafes and other hospitality businesses must balance operating expenses along with inventory management, employee turnover, and changes in the industry and customer taste trends. All this has to be done without sacrificing quality or customer service.

As a UK accounting firm serving small businesses

We are uniquely qualified to help clients become more efficient, reduce costs, and ensure growth. Our responsive professionals have acquired industry insight to be better equipped in helping restaurants and other hospitality businesses manage their online All accounting activities and bookkeeping. 

Our bookkeeping professionals are trained to handle your business needs on your schedule. Our bookkeeping service can reduce your accounting costs up to 50%, all while delivering the kind of up to date financial information that you or your management needs. Our bookkeeping services will help your business attain financial transparency which will enable you to better adapt to changing financial or industry trends so you can continue to grow and succeed. 

At RR Accountants LTD we treat each business as a unique entity. We begin by assessing your operations and goals and then design bookkeeping and accounting service that is custom tailored to your specific needs. Monthly we will provide you updated business reports so you can identify strengths or weaknesses and clearly see where your business stands financially.

Interested in learning how our accounting and online bookkeeping services in Birmingham can help you attain your financial goals? Call our office Monday through Friday 9.30am to 5.30pm or use the Request Information Form on this page. Our accountant or bookkeeping professional will respond to your inquiry within 1 business day.

Starting Your Own Business – RR Accountants

Who We Are:

We are several entrepreneurs that have started, run, fixed, expanded, and enhanced businesses. We have been through the ups and downs of the entrepreneurial lifestyle and understand it well. Once it gets into your blood, its always there, you will either love it or hate it but either way it stays with you.

We have had successes and failures throughout our careers and have helped many entrepreneurs like you get started in business. We have learned from past mistakes and were thankful for our successes, which we learned from as well. We understand the amount of work it takes to start a business and make it successful regardless the size of the business. For this reason, we have developed this unique, sequential, time sensitive, step by step process with different packages to serve each level of entrepreneur. 

Each step is designed to enhance the chance of success in your new venture in addition to avoiding very costly mistakes. We are here for you each step of the way. We wish you the best of luck while you fulfill your dreams and make your new venture a success! 

Focus: R R Accountants LTD Professional Business Startup focus is on the serious minded entrepreneur who is starting a small to medium size business; the entrepreneur who dreams of having their own business, financial freedom and the independence to direct their lives and businesses as they choose.

RR Accountants LTD will give you the tools and support to make your dreams come true. Let us give you "Your Road Map to Success"!

Mission Statement: It is the mission of RR Accountants LTD to support, assist, and provide the tools to every serious minded entrepreneur to maximize the chance of success in your new venture!

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.   

The Accounting Activity your business should be performing

I am not going to keep you waiting. The #1 accounting activity your company must perform is cash flow management. This activity is so overlooked by businesses that it is scary. The fact is lack or or improper cash flow management can lead to death of your business. It may sound dramatic but numbers don’t lie. 68% of small businesses perform no cash flow analysis at all. This results in many successful, growing and profitable businesses failing because they do not have adequate cash to meet the needs of their growing business. 

Research from stasticsbrain.com shows that 46% of businesses failure is largely due to financial reasons.Simplycashflow.com stated that 28% percent of small businesses states “cash flow as their biggest challenge.”Businesses who have cash management actives have a 80% greater chance of surviving, compared to 36% chance if you manage your cash yearly. So know that you have the numbers, let’s learn more about what cash flow management entails. Cash flow is the movement of money in and out of the business. Therefore, cash flow management is tracking, analyzing, and monitoring this movement on a continuous basis. This can be daily, weekly, or monthly. 

Cash flow management can be very detailed and involved. The purpose of this post is not to teach you cash management (because to do it correctly it will take way more than a blog post) but to get your wheels turning. I want you to assess your current cash management activities and come up with a plan to improve it. 

Payroll accountants is one of the most important part of your business. Contact us for payroll services in Birmingham and much more.

Ask yourself

Do I completely understand how to manage cash? What cash flow management activities am I currently doing? How often do I take time to effectively monitor and manage cash? What is the difference between profit and cash flow? I recommend reading the book Never Run out of Cash. It is a great book on how to manage your cash flow especially if you are not an accountant.

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...

What is an Input Tax Credit?

If you’re a business owner in Birmingham around UK, then you’re collecting GST from your customers and remitting it to the HMRC. However, you’re also paying GST to your vendors on legitimate business expenses. The amount your remit to the HMRC can be offset by the amount you pay to vendors. This offset is the input tax credit (ITC).Without input tax credits, many products that we buy every day would be taxed over and over.

                             


Think, for example, of a sandwich you buy at our local Calgary corner store – the shop that sells it charges GST, as does the catering company that made the sandwich, the bakery that baked the bread, the cheese maker who made the cheese, the dairy farm that produced the milk to make the cheese… and so on and so on.

What input tax credits mean for businesses is that while you may collect a large amount of GST, you only actually have to give the government the difference between what you collected and what you paid out. For this reason, solid bookkeeping is very important. This is why our bookkeepers work closely with our clients to keep meticulous records of both the GST that is collected and the GST that is pay out.

Your bookkeeping records have to be extremely clear and detailed because when you make an input tax credit claim to the HMRC, you will be required to provide proof that these expenses were incurred legitimately and paid out as reported. The clearer this is, the easier time you’ll have working with HMRC in the event you have to undertake a GST audit. While these audits are never any fun, they are also nothing to fear if your records are in good order and you have kept track of receipts.

Here’s a tip:

• When you receive a receipt from a supplier or service provider, make sure that the amount of GST is itemized on the receipt and that the vendor’s GST number is recorded on the receipt. 

• You can save time and money by breaking out the GST and making a note of it on your cheque stubs so your bookkeeper doesn’t have to rifle through receipts or back it out.

• Nobody likes paying tax, so it’s really important to keep on top of those receipts and see your bookkeeper regularly to be sure that you are claiming as many input tax credits as you can and offsetting your GST remittance. 

R R Accountants LTD bookkeeper service in Birmingham help you to keep on top of your GST remittance schedule, whether it be monthly, quarterly or annual. If you are thinking about using the services of a professional bookkeeper, give us a call at 0121 766 5477 or email info@rraccountants.co.uk for a free consultation.