Frequently Asked Questions
Which accounting software does JRMA use?
We mainly work with Sage, Xero, QuickBooks and Payroll Manager. However, we are happy to work with other packages and we work customers who have other packages as well.
Will JRMA work on-site at our premises?
If you are based within the Midlands, then yes, we are able to work at your premises. With our local customers, we are keen to pop in and see you regularly, as it helps us to gain a more indepth understanding of your business and how it works. At times, it is more efficient or logical for us to do all the work in your offices. Preparing accounts is about much more than just the numbers. To gain an indepth understanding of the numbers, it is helpful to understand your context.
What geographical arreas does JRMA cover?
JRMA is based in Droitwich, Worcestershire, and we are predominantly a local firm serving Droitwich, Bromsgrove, Redditch, Worcester and Kidderminster. However, we also have a variety of customers from across the UK, ranging from the New Forest to Oldham. Utilising online software platforms, and video conferencing, we are able to provide a good service to those customers further afield.
Do we need to prepare a VAT return?
All businesses with a turnover above the VAT threshold need to register for VAT with HMRC and submit VAT returns on a regular basis (normally quarterly). As of April 2024, the VAT threshold is £90,000. This is the same for sole traders, partnerships and limited companies.
For more information, see our blog on what happens if you go over your VAT threshold
here.
Which accounting software should we use for our business?
There is a wide choice of excellent software available with a variety of features and price points. Our advice is to pick a simple product but with “growing room” so that your business can grow and develop without needing to change software.
If you would like a more detailed comparison, check out our blog analysing Xero & Sage
here. For more information on the pros and cons of online accounting
click here.
How do we pay an employee for the first time?
Firstly, you need to register with HMRC for a PAYE scheme. Your new employee needs to complete a Starter Checklist and give you their P45 from their last employer, if applicable. You will need to use software to calculate the PAYE and NIC deductions, and to submit this information to HMRC. This can be done one of two ways, either by using an online commercial software package such as Sage, Xero or QuickBooks, or by using HMRC’s free software.
Don’t forget to provide your new employee with a contract of employment, and to organise a pension scheme to comply with auto-enrolment requirements.
Please see our blog
does a bookkeeper also do payroll for more information and to see what help is available for your business.
JRMA is based in Droitwich, Worcestershire. We occupy offices on the 2nd floor at OCM House, St Peter’s Road, Droitwich giving us views overlooking the Droitwich Lido Park. Although, we have spacious offices, we are also keen to promote the work-life balance of our staff. With team members from Redditch, Kidderminster and Birmingham, we aim to reduce their weekly commuting time, by offering a day per week working from home.
How much does JRMA charge?
At JRMA, our fees vary according to multiple factors, such as time taken, what services you require and complexity of the work. To give a guide, below are some examples of typical fees:
Bookkeeping, VAT & payroll for small professional service firm - £150 / month
Bookkeeping, VAT & payroll for manufacturing firm with 5 employees - £400 / month
Outsource FD’s for industrial business with £6m turnover & 20 employees - £2.5K / month
For more information you can
book a free, no obligation, consultation with us to get a quote tailored to your business needs.
Why do we need a cashflow forecast?
The main cause of business failure is running out of cash. An accurate and up to date cashflow forecast is the best way to ensure that the business has visibility of the peaks and troughs of the bank balance ahead. This information will give you some time to take corrective action if the troughs are too low. The cashflow is such an important document that your bank will almost always ask to see your forecast when you apply for any lending.
For a more detailed understanding, please read our blog on the importance of cashflow
here.