September edition of Designated Digest

September edition of Designated Digest

Stay Connected July

Welcome to September’s edition of Designated Digest. With Summer coming to an end it has been great to enjoy some amazing weather before the final quarter of the year begins.

This month we are looking at the importance of understanding your customer journey and how it is essential for ensuring your business thrives.

We have also delved into the world of strategic business reviews, looking at how to build on your strengths, get all your team onboard and pinpoint weaknesses so you can adjust all aspects of your company to reach your business goals.

Finally, we have looked to distinguish the difference between accounting and bookkeeping to make it easier for you to decide what elements your business needs.

Best wishes,

The Designated Team

Accountancy vs Bookkeeping

Accountancy vs Bookkeeping

Accountancy vs Bookkeeping

 

For somebody who doesn’t work in finance, it can be difficult to distinguish the difference between accounting and bookkeeping, as there are some administrative areas that can overlap depending on the structure of a business and how many employees it has working in its finance department.

However, while bookkeepers and accountants share common goals, they do support your business in different stages of the financial cycle.

Bookkeeping is more administrative, recording financial transactions. Accounting is more subjective, giving you insights into your business’s financial health based on the information provided by bookkeepers.

If you’ve ever wanted a clear definition between accountancy and bookkeeping, keep reading.

What is a Bookkeeper?

Bookkeeping is a legal requirement for all businesses of any size to carry out, and it refers to the recording of the financial transactions of a business, whether a sole trader, a partnership, or a limited company.

A bookkeeper will record all transactions either manually or within an ERP system like XERO and keep copies of all invoices, receipts and evidence of these incomings and outgoings.

The role of a bookkeeper will include:

  • Recording financial transactions
  • Posting debits and credits
  • Producing invoices
  • Preparation of financial statements (balance sheet, cash flow statement, and income statement)
  • Maintaining and balancing subsidiaries, general ledgers, and historical accounts
  • Completing payroll

What is an Accountant?

An accountant has expert knowledge surrounding taxes and accountancy. A business needs to consider more than just the in’s and out’s calculated by a bookkeeper, the right accountant will guide and act as financial business partner, ensuring all allowable expenses are claimed and all decisions are tax efficient to not only the business but the owners, directors, and partners.

The role of an Accountant will include:

  • Preparing adjusting entries (recording expenses that have occurred but aren’t yet recorded in the bookkeeping process)
  • Reviewing company financial statements
  • Analyzing costs of operations
  • Completing income tax returns
  • Aiding the business owner in understanding the impact of financial decisions

Designated Accountancy Services

All business owners want to have complete control of their business finances and have an up-to-date view of their financial performance. Our team of Designated accountants are experts who work with you on a flexible basis, whether you need support one day a month, one day each week or more.

Designated is a Xero Bronze Partner and our finance team are Xero certified advisors, trained by Xero to deliver you the best financial support.

Do you wish you had answers to questions like these?

  • How much tax will I need to pay next year?
  • How much profit did we make last month?
  • What do you mean by Tax Digital?
  • Am I managing payroll in the most effective way?

If so, then our Accountancy services may be your solution, please get in touch:

Vicky Garbett, Head Of Accountancy vicky@designatedgroup.com 020 7952 1460 

July edition of Designated Digest

July edition of Designated Digest

Stay Connected July

Hello! and welcome to our July edition!

In this months edition of Designated Digest, the sun is shining and everyone’s getting ready for the first Summer of restriction free travel, more importantly business seems to be booming for many of you, which is great to see!

This month we are looking at Neurodiverstiy and what that means in terms of the workplace. Embracing neurodiversity and understanding the needs of your employees can ensure all your staff can excel and work more effectively.

We also hear from one of our senior marketing managers on the skills to look for when hiring a marketing manager and they are more varied than you would usually think.

Finally we would like to introduce you to our management team here at Designated.

Best Wishes, 

Designated Team 

March edition of Designated Digest

March edition of Designated Digest

March Designated Digest

Hello! and welcome to our March edition!

In this month’s newsletter we kick off with diversity and inclusion and recruitment, looking at resources tools and techniques. Now more than ever, HR professionals need to demonstrate the ability to develop D&I strategies to attract, recruit and retain a diverse workforce.

We also take advice from our friends at Xero, on how to manage small business cash flow. Xero’s small business trends report shows that 60% of small business owners are worried about their household finances running low.

Then finally we look at the top social media trends for 2022, there may be some surprises in there!

A quick admin note – our newsletter is now going to be moving to a quarterly issue, ensuring we bring you the most valuable content and resources to your inbox.

Best Wishes, 

Designated Team 

February edition of Designated Digest

February edition of Designated Digest

Designated Digest February

Hello! and welcome to our December edition!

In this month’s newsletter, we talk about recruitment. Hiring a PA or Personal Assistant might be your very first hire as a business owner. It can both be an exciting and scary step as an employer.

You will have new HR and Accountancy responsibilities but it is important to get it right from the beginning so that both you and your employee start off in the best possible way.

We also look at inductions in the role of the recruitment process as well as post-pandemic Accountancy support.

Best Wishes, 

Designated Team 

April newsletter

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