BondEsq | Your Frequently Asked Accounting & Bookkeeping Questions Answered

Your Frequently Asked Questions Answered

Essential Information for Our Serving Industries


 

What you need to know

    At BondEsq Accounting and Bookkeeping Services, we redefine the standard of accounting and advisory by prioritising the unique needs and aspirations of each client. Specialising in SMEs mainly within the UK food and beverage industry, we offer tailored services encompassing accounting, bookkeeping, payroll, and strategic advisory. Our approach is characterised by personalised attention, proactive support, and a commitment to educational empowerment, ensuring clients are equipped to make informed decisions. With UK and US experience, we foster long-lasting relationships built on trust and mutual success, distinguishing ourselves through warm professionalism and expert care. Choose us for comprehensive solutions and a partnership centered on your business's prosperity.

It is important to understand that both accountants and bookkeepers are important parts of your business. While their tasks can sometimes overlap, there are definitely certain aspects of your business that you would specifically entrust to an accountant, and others that you would give to your bookkeeper. That said, both work to assist you with your company finances, but there are some important distinctions between the tasks of a bookkeeper and an accountant. 👉 learn more ⮞

    Our SmartPlanning Advisory program equips you with the tools and knowledge to identify growth opportunities, develop targeted marketing strategies, and maximise customer engagement for increased revenue and market share. 👉 Learn More

 

Top BondEsq Bookkeeping FAQs

    We offer comprehensive bookkeeping services tailored to meet the unique needs of your business. Our goal is to provide accurate and reliable financial records, allowing you to make informed business decisions and focus on the growth of your company. Some of the key bookkeeping services we provide include:
    ➤ Transaction Recording
    ➤ Bank Reconciliation
    ➤ Accounts Payable and Receivable
    ➤ Financial Reporting
    ➤ VAT Compliance
    ➤ General Ledger Maintenance
    ➤ Financial Analysis and Consultation
    These are just some of the bookkeeping services we offer. We understand that every business is unique, and we will work closely with you to customize our services to fit your specific needs and requirements.

    It depends on the type of business and expenditure you have, that you are able to deduct certain expenses and reduce your tax amount. Some business expenses could include:
    ➤ Business Travel
    ➤ Employee Expenses
    ➤ Charitable Donations
    ➤ If you work from home (home office)
    We can help you with what deductible business expenses you are eligible for.

    While it's important to record all relevant transactions in your restaurant's accounting records, there are a few exceptions. Personal expenses of the restaurant owner, such as grocery purchases for personal use, should not be included in the business's accounting records. Likewise, any transactions unrelated to the restaurant's operations, like personal investments or unrelated business ventures, should be kept separate. It's crucial to maintain the integrity of your restaurant's financial records by only including transactions directly related to its operations.

While having a bookkeeper is a valuable asset for your business, hiring an accounting firm like ours can provide additional benefits and support. By hiring us, you gain access to a team of experienced professionals who can provide more comprehensive financial services beyond basic bookkeeping.
We can offer;
➤ Financial Analysis
➤ Strategic Planning
➤ Tax Planning and compliance
➤ Payroll Processing
➤ Business advisory services
Our firm can help you gain a deeper understanding of your financial data, identify opportunities for growth, optimize your tax strategy, and provide valuable insights into improving your overall financial health.

    Restaurant bookkeeping is a valuable tool for cost control. By accurately recording and categorizing your expenses, you gain visibility into where your money is going and can identify areas of overspending or inefficiencies. Through regular financial analysis and reports, we can help you track key cost drivers, such as food and beverage costs, labor expenses, and overheads. Armed with this information, you can make informed decisions to streamline operations, negotiate better deals with suppliers, and improve your bottom line.

Outsourcing restaurant accounting and bookkeeping offers several advantages. Firstly, it allows you to focus on your core business activities, such as providing exceptional food and service, while leaving the financial tasks to experts. Additionally, outsourcing provides access to specialized knowledge and industry best practices, ensuring accurate financial reporting and compliance. It can also be a cost-effective solution, as you avoid the expenses associated with hiring and training in-house accounting staff. By partnering with us, a reputable accounting firm, you gain peace of mind knowing that your financial matters are handled efficiently and professionally.

We utilize modern and industry-leading accounting software to efficiently manage and process your financial data. We primarily work with QuickBooks and Xero, a trusted and widely recognized accounting platforms known for their robust features and user-friendly interface.
QuickBooks and Xero offers a range of powerful tools that enable us to streamline your accounting processes, automate tasks, and generate accurate financial reports. These platforms allows us to efficiently record transactions, reconcile bank accounts, track expenses, manage accounts payable and accounts receivable, and generate comprehensive financial statements.

Absolutely! We understand that managing accounting books can be challenging, and falling behind can create stress and uncertainty. Our accounting firm specializes in helping businesses get back on track with their accounting records.
We can assist by;
➤ Reviewing your current financial situation
➤ Identifying any gaps or discrepancies and
➤ Work with you to organize and update your books.
Our experienced professionals will ensure that your records are accurate, up-to-date, and compliant with accounting standards. By engaging our services, you can regain control of your financial records and focus on running your business more effectively.

The cost of our bookkeeping services can vary depending on several factors, including the size and complexity of your business, the volume of transactions, and the specific services you require. Each business has unique needs, so we offer personalized pricing tailored to your circumstances.
During an initial consultation, we can discuss your specific needs and provide you with a transparent and customized quote that aligns with your budget. Our goal is to offer valuable and affordable bookkeeping services that meet the financial needs of your business while providing a high level of expertise and attention to detail.

We provide accounting services to a wide range of industries, with a specific focus on businesses in the food and beverage industry. Our expertise covers restaurants, cafes, bars, pubs, and other establishments within the hospitality sector. However, we are not limited to these industries and are equipped to support small and medium-sized businesses across various sectors.
Our comprehensive accounting and bookkeeping services are adaptable to meet the unique needs of businesses in different industries. Whether you run a retail store, service-based business, or any other type of small or medium-sized enterprise, we can provide the accounting support you require.
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At our accounting firm, we take data privacy and security seriously. We utilize secure cloud-based accounting software that employs advanced encryption and robust security measures to protect your company information. Access to your company data is limited to authorized individuals within our firm who require it for providing accounting services to your business. We adhere to strict confidentiality protocols and comply with data protection regulations. Rest assured that your company information is handled with the utmost care and confidentiality.

Getting bookkeeping support from our firm is a straightforward process. Simply reach out to us to discuss your bookkeeping needs and provide us with relevant details about your business. We will assess the scope of work required and provide you with a tailored solution and pricing structure. Our team of qualified professionals will work closely with you to understand your business processes, set up systems, and implement efficient bookkeeping practices. We can assist with tasks such as transaction recording, account reconciliation, financial reporting, and more. By engaging our bookkeeping services, you can ensure accurate and timely financial records while freeing up your time to focus on other important aspects of your business.

 

 

Top BondEsq Accounting FAQs

    Preparing for the tax year-end is crucial to ensure a smooth and efficient tax filing process.
    ➤ Start by organizing and maintaining accurate financial records throughout the year, including income, expenses, and relevant supporting documents.
    ➤ Review your transactions to identify any missing or incomplete records and reconcile your bank accounts.
    ➤ It's also important to consider tax planning strategies, such as maximizing allowable deductions and tax credits.
    Consulting with our professional accountants well in advance can help you navigate specific tax requirements and ensure compliance with deadlines.

    We offer a comprehensive range of accounting services to support the financial success of your business. Our team of experienced professionals is dedicated to providing accurate, reliable, and insightful financial information. Some of the key accounting services we provide include:
    ➤ General Accounting Services
    ➤ Month-End and Year-End Closing
    ➤ Budgeting and Forecasting
    ➤ Financial Statement Preparation
    ➤ Tax Planning and Compliance
    ➤ Business Advisory & Strategy
    ➤ Financial Analysis & Reporting
    ➤ Audit Preparation Services, and
    Our Value Added Services to Empower Your Business
    ➤ SmartPlanning Accounting Program - 👉click here to learn more
    ➤ Small Business Services
    ➤ Strategic Business Operations
    These are just some of the accounting services we offer. We understand that every business is unique, and we will work closely with you to customize our services to fit your specific needs and requirements.

    Accounting plays a crucial role in the success of a restaurant. It involves managing financial records, tracking income and expenses, handling payroll, analyzing profitability, and ensuring compliance with tax regulations. By maintaining accurate and up-to-date accounting records, you can gain valuable insights into your business's financial health, make informed decisions, and identify areas for improvement.

    The best accounting method for a restaurant often depends on its size, complexity, and specific needs. However, many restaurants find the accrual accounting method to be effective.

    Improving business cash flow is vital for financial stability and growth.
    ➤ Start by implementing effective cash flow management practices, such as closely monitoring and projecting your cash inflows and outflows.
    ➤ Consider negotiating favorable payment terms with suppliers and optimizing your inventory levels to avoid overstocking.
    ➤ Streamlining your invoicing and collection processes, offering incentives for early payment, and actively managing your accounts receivable can also enhance cash flow.
    🌟 Working with an experienced accountant can provide valuable insights and strategies to improve cash flow management tailored to your business.

    When you collaborate with us, you will develop good financial habits that will save you time and money. It is a good practice to keep your records handy in case you get audited and need to provide backup.
    We recommend you keep your:
    ➤ Bank Statements
    ➤ Contracts
    ➤ Payroll Records
    ➤ Insurance Documents and
    ➤ Receipts
    We will advise you how long you need to keep each record and how you can save them - either electronically or hard copy.

    While you may already have an accountant, hiring a specialized accounting firm like ours can offer additional benefits. We focus specifically on the food and beverage industry, which means we have in-depth knowledge and experience in handling the unique financial challenges faced by restaurants, cafes, and bars. We can provide industry-specific insights, benchmarks, and best practices to help you optimize your financial performance.
    Our tailored services are designed to meet the specific needs of businesses in the food and beverage industry, providing you with a competitive advantage and specialized expertise.

    We offer several secure and convenient methods for you to send us your company paperwork. Here are a few options:
    Digital Document Submission: You can scan your documents or take clear photos using a smartphone and send them to us via email. Our preferred email address for document submission is info@bondesq.com
    Secure File Transfer: For larger files or sensitive documents, we provide a secure file transfer service. We can provide you with a unique link or access to our secure portal where you can securely upload your files.
    Postal Mail or Courier: If you prefer to send physical copies of your paperwork, you can mail them to our office address. We recommend using registered or trackable mail services to ensure the safe delivery of your documents.
    * Before sending any paperwork, we recommend reaching out to us to discuss the specific documents required and any formatting preferences we may have. This will ensure a smooth and efficient submission process.

Yes.

➤ We chat, collaborate and work remotely with our clients where ever they are.

 

To ensure a smooth and productive working relationship, it's important to avoid certain common mistakes when working with an accounting firm.
➤ One common mistake is failing to provide complete and accurate financial information in a timely manner. It's essential to provide all necessary documentation and respond promptly to requests from our accounting experts.
➤ Another mistake is not actively communicating your business goals, challenges, and concerns. Effective communication allows us to better understand your needs and provide tailored solutions.
➤ Finally, it's crucial to review and understand the services and fees outlined in your engagement agreement to avoid misunderstandings and ensure clarity.

Yes.

➤ We work with clients to file their personal taxes.

We offer multiple convenient ways to get in touch with us. To contact us, you can:
➤ Send us an email at info@bondesq.com. We strive to respond to emails promptly.
➤ Give us a call at our office during business hours.
➤ Fill out the contact form on our website. Simply visit www.bondesq.com and navigate to the "Contact Us" page to find the form.
➤ Connect with us through our social media channels. You can find us on platforms such as LinkedIn, Instagram, and send us a direct message.
➤ We also use online tools such as; Microsoft Teams, and Skype.
We understand the importance of timely communication, and we aim to respond to all inquiries promptly and efficiently. Choose the method that is most convenient for you, and we'll be happy to assist you.