NBOSS - Norfolk Bookkeeping & Office Support Solutions
A Norfolk business supporting Norfolk businesses.
NBOSS - Norfolk Bookkeeping & Office Support Solutions believes in supporting our clients by providing first class Bookkeeping & Office Support. We are here to help and give you peace of mind, regardless if you are a new or an established business, whether you have systems in place or carrier bags full of receipts and invoices.
From consultation on your bookkeeping requirements and administrative issues to payroll and automatic enrolment for workplace pensions, NBOSS - Norfolk Bookkeeping & Office Support Solutions covers the entire spectrum and beyond.
We are here to support you and your business.
A Norfolk business supporting Norfolk Businesses
All About Us
NBOSS - Norfolk Bookkeeping & Office Support Solutions provides unparalleled, personalised bookkeeping and administrative services to a broad range of clients across North Norfolk and beyond.
Our goal is to offer you help and assistance, to cut your accounting costs, by presenting your Accountant with accurate, fully prepared records (to your accountants preferred format).
Unlike many other companies we do not insist on a minimum number of hours, days, or weeks a month, that we support you. We offer a flexible service, tailor made to suit you and in turn help your business grow.
Whatever you need, we have the knowledge and the experience to help you take care of your business.
A Norfolk business supporting Norfolk businesses
A Wide Range of Services
Everyone knows the challenge in finding a reliable bookkeeper and that’s why we started NBOSS - Norfolk Bookkeeping & Office Support Solution. NBOSS offers you all the resources you need to keep your business finances on track. Contact us to learn more about how we can help.
Staff and Monetary Management
Whether you need help with your scheduled payroll (in accordance with RTI), staff management or your workplace pensions obligations, we are ready to take on all of your preparation and demands. Contact us to learn more about how we can help.
Estate and Farm Secretarial Services
A Wide Range of Services
Offering assistance in all Estate & Farm Secretarial matters including Gatekeeper, CTS (British Cattle Movement) and property management.
News and Events
A Norfolk Business supporting Norfolk businesses
Are you doing what's best for your business?
According to the press, half of Britain's start-ups fail within the first five years. Running a successful business relies on so many facets, knowing your product or service, finance, administration and time to name but a few.
Just because you set up a business, doesn't automatically mean you're brilliant at every single aspect of running it.
It makes business sense to acknowledge where your talents lie but also to recognise your shortfalls, then find someone to plug the gaps between where your acumen lies and it doesn’t. That's the biggest reason why companies need the right support, whether you're running a start-up or an established business.
Here are a few good reasons why you may need business support:
Vision – If you do everything yourself and you're constantly fire-fighting, you can soon develop tunnel vision. The right support means seeing the wider sphere, using fresh eyes to identifying simpler ways of doing things, finding missed and unexpected opportunities and more.
Freeing time – Apart from you and your staff, time is your most valuable business asset. Using a support service frees up lots of prized time to think, plan, sell more, enter new markets... in other words, do business better.
A work-life balance – Your business is important. But your personal life deserves just as much attention, especially when there's a family to be part of, there is no point earning it if you don’t have the time to enjoy it.
The next stage – Running a business is one thing, growing it is another. It can be enormously time consuming and resource heavy.
Finance heaven – Poorly managed finances are a business-killer. There's no need for things to get out of control when an outside expert takes on basic cash flow and credit control duties, sending gentle reminders about late payments and noting what has been paid in and what is outstanding, keeping all your financial records up to date and meaningful. Leave it too long to sort your cash flow out and you'll be sunk. By keeping up to date and knowing your financial status you're a lot more likely to make a success of things in the long term.
Achieve perfection, be organised – Is your admin letting you down? Are you constantly moving important things off your 'to do' list from one day to the next, or the next week? When a business runs efficiently, when everything that needs to be done is carried out on time and to the right standard, the business will thrive, and you will have the time and peace of mind to project the business to its full potential.
Why Bookkeeping Is Crucial In Business
A spreadsheet sets out a large amount of data and information but do you understand it? At a glance, you may be able to see information such as income and expenditure, as well as being able to identify pinch points in your budget.
Information and data
Financial figures and projections may not be your forte. After spending many hours conducting your day to day business, frankly, bringing in the money, you probably just want to sit and relax, but no doubt you have ‘paperwork and accounts’ to do, it can’t be ignored.
Sending out invoices and checking for payments are important, but it is more important to have a clear and accurate over view of how well your business is doing financially.
One of the main reasons why businesses fail, no matter what their size, is from problems around cash flow. If the cash isn’t flowing in, but it is still flowing out, it leaves your bank account not only empty – but in the red, incurring further financial strain.
In the short term financial records can be, an as and when task. But, longer term, it can spell disaster if not managed correctly. In many instances, indifference to financial awareness can lead to long-term cash flow issues and accrued debts leading to the end of your business.
Bookkeeping is your means of defence; it is the way to check what is happening, as well as help you look to the future.
The 5 top reasons for accurate bookkeeping
1 Improved financial analysis and management
Knowing what your income is only one piece of the financial jigsaw. You will be able to see if it is increasing (or not!). You may have a full order book, but when are the invoices due and do you have sufficient capital to tide your over?
Knowing your current status is key to identifying potential issues as well as recognising improving business trends.
Know your clientele, who pays on time, who needs to be chased and who still hasn’t paid, these are all essential elements to running a successful business.
2 Fulfil tax obligations
Annual tax returns; although you know when you have to submit your returns by, they always seem to crop up and surprise you. With excellent bookkeeping, you can submit your return early and also have truly accurate figures.
If you also have an accountant, accurate bookkeeping also means that they have less to sort through, saving you money.
3 Reporting back to investors is easier
If you are hoping to attract financial investment, then people want to know how much of a risk they would be taking. With no real accounts, the risk can be too high.
When potential investors can see you take care and due diligence with your finances, they can get a much better idea of how well your business is doing.
4 Business planning is easier
Both profit and loss are two important columns in your bookkeeping ledger. It is these two sets of figures that will inform you of whether your business is growing (and how fast) or sinking (and how fast).
Forecasting growth is sometimes needed, especially if you are asking the bank for a business loan. A Bookkeeper will be able to compile the data and detail needed on which you can project future growth.
Keeping accurate financial records is the law. You have to do it. Even the most basic of financial records are enough to suffice legal obligations, but most companies find that accurate, detailed bookkeeping is the foundation stone of building a thriving business.
Why Have Administrative Support
As the 'eyes and ears of a company', administrative professionals handle the day to day administration for an individual, network or team. With their unique overview of the company, administrative assistants are regularly called upon to make business critical decisions – it's no exaggeration to say that a business is only as good as its administration.
Administrative Staff Are Valued for Their:
Personable phone manner
Honesty and discretion
Ability to cope with pressure
You could say that the most valuable asset a successful administrative assistant can have is the ability to think on their feet!
Can you keep your financial records up to date, carry out all your administrative tasks and still successfully run your business whilst having a healthy work life balance. If you can, congratulations and may your cape forever fly true.
If you cannot you should consider what assistance you need to put in place and take the appropriate advice as soon as possible.
GDPR - What is it?
General Data Protection Regulations
The EU's General Data Protection Regulation (GDPR) is the result of four years of work by the EU to bring data protection legislation into line with new, previously unforeseen ways that data is now used.
Currently, the UK relies on the Data Protection Act 1998, which was enacted following the 1995 EU Data Protection Directive, but this will be superseded by the new legislation.
It introduces tougher fines for non-compliance and breaches, and gives people more say over what companies can do with their data. It also makes data protection rules more or less identical throughout the EU.
When will the GDPR apply?
The GDPR will apply in all EU member states from 25 May 2018. Because GDPR is a regulation, not a directive, the UK does not need to draw up new legislation - instead, it will apply automatically.
So who does the GDPR apply to?
'Controllers' and 'processors' of data need to abide by the GDPR. A data controller states how and why personal data is processed, while a processor is the party doing the actual processing of the data. So the controller could be any organisation, from a profit-seeking company to a charity or government. A processor could be an IT firm doing the actual data processing.
Even if controllers and processors are based outside the EU, the GDPR will still apply to them so long as they're dealing with data belonging to EU residents.
It's the controller's responsibility to ensure their processor abides by data protection law and processors must themselves abide by rules to maintain records of their processing activities. If processors are involved in a data breach, they are far more liable under GDPR than they were under the Data Protection Act.
When can I process data under the GDPR?
Once the legislation comes into effect, controllers must ensure personal data is processed lawfully, transparently, and for a specific purpose. Once that purpose is fulfilled and the data is no longer required, it should be deleted.
What is meant by 'lawful'?
'Lawfully' has a range of alternative meanings, not all of which need apply. Firstly, it could be lawful if the subject has consented to their data being processed. Alternatively, lawful can mean to comply with a contract or legal obligation; to protect an interest that is "essential for the life of" the subject; if processing the data is in the public interest; or if doing so is in the controller's legitimate interest - such as preventing fraud.
At least one of these justifications must apply in order to process data.
How do I get consent under the GDPR?
Consent must be an active, affirmative action by the data subject, rather than the passive acceptance under some current models that allow for pre-ticked boxes or opt-outs.
Controllers must keep a record of how and when an individual gave consent, and that individual may withdraw their consent whenever they want.
What is personal data under the GDPR?
The EU has substantially expanded the definition of personal data under the GDPR. To reflect the types of data organisations now collect about people, online identifiers such as IP addresses now qualify as personal data. Other data, like economic, cultural or mental health information, are also considered personally identifiable information.
Pseudonymised personal data may also be subject to GDPR rules, depending on how easy or hard it is to identify whose data it is.
Anything that counted as personal data under the Data Protection Act also qualifies as personal data under the GDPR.
When can people access the data we store on them?
People can ask for access at "reasonable intervals", and controllers must generally respond within one month. The GDPR requires that controllers and processors must be transparent about how they collect data, what they do with it, and how they process it and must be clear (using plain language) in explaining these things to people.
People have the right to access any information a company holds on them, and the right to know why that data is being processed, how long it's stored for, and who gets to see it. Where possible, data controllers should provide secure, direct access for people to review what information a controller stores about them.
They can also ask for that data, if incorrect or incomplete, to be rectified whenever they want.
What's the 'right to be forgotten'?
Individuals also have the right to demand that their data is deleted if it's no longer necessary to the purpose for which it was collected. This is known as the 'right to be forgotten'. Under this rule, they can also demand that their data is erased if they've withdrawn their consent for their data to be collected, or object to the way it is being processed.
The controller is responsible for telling other organisations (for instance, Google) to delete any links to copies of that data, as well as the copies themselves.
What if they want to move their data elsewhere?
Controllers must now store people's information in commonly used formats (like CSV files), so that they can move a person's data to another organisation (free of charge) if the person requests it. Controllers must do this within one month.
What if we suffer a data breach?
It's your responsibility to inform your data protection authority of any data breach that risks people's rights and freedoms within 72 hours of your organisation becoming aware of it. The UK authority is the Information Commissioner's Office (ICO).
That deadline is tight enough to mean that you probably won't know every detail of a breach after discovering it.
However, your initial contact with your data protection authority should outline the nature of the data that's affected, roughly how many people are impacted, what the consequences could mean for them, and what measures you've already actioned or plan to action in response.
But even before you call the data protection authority, you should tell the people affected by the data breach. Those who fail to meet the 72-hour deadline could face a penalty of up to 2% of their annual worldwide revenue, or €10 million, whichever is higher.
If you don't follow the basic principles for processing data, such as having a legal basis for doing so, ignore individuals' rights over their data, or transfer data to another country, the fines are even worse. Your data protection authority could issue a penalty of up to €20 million or 4% of your global annual turnover, whichever is greater.
But what about Brexit?
Yes, the UK is leaving the EU - but because the UK government only triggered Article 50 in March, which sets in motion the act of leaving the EU within a two-year timeframe (though it could take longer), means the GDPR will take effect before the legal consequences of the Brexit vote, meaning the UK must still comply for the time being.
A new Data Protection Bill, put forward by the UK government in August 2017, essentially replicates the requirements under GDPR. Once the bill is passed, it will help to clarify the regulations for protecting data once the UK leaves the European Union, by creating a British version of GDPR in all but name.
Much like the stipulations of GDPR, the bill sets out sanctions for non-compliant organisations, permitting the Information Commissioner's Office to issue fines of up to £17 million, or 4% of global turnover, whichever is highest (compared to €20 million and 4% of turnover under GDPR).
It also provides provisions for the right to be forgotten, adding the ability for data subjects to demand social media companies erase any posts they made during childhood, which will most likely be used in those cases where individuals are ashamed of historical comments.
The bill also acts to modernise current data protection regulations by expanding the definition of personal data to include IP addresses, internet cookies, and DNA.
While GDPR does allow for organisations to collect and process data to comply with a legal obligation, national security laws are also a factor the EU will consider when deciding if the UK provides adequate (equivalent) protection for people's data when it exits the EU.
The UK's new Data Protection Bill aligns with GDPR, and hopes to build an enhanced data protection mechanism that goes beyond the adequacy model the EU imposes on 'third' countries.
“A good bookkeeper is not a credit to your business, it's a debit”.
Ask yourself, is the statement above true or false. If the answer is you don’t know, or you are not sure, then it may be time you take a look at how you keep track of your business finances.
Not all businesses are large enough to warrant or can afford a full time dedicated bookkeeper to keep the accounts up to date. Keeping accurate and up to date records of the state of your business finances can be painful and time consuming. Many small business owners are trying to figure this out on their own without the necessary background, taking away valuable time running their business.
Going it alone may seem cost effective at first, but if you are not qualified to do the work, you could be making more trouble for yourself in the long term. Routine tasks such as posting payroll properly in accordance with RTI, tracking credit card usage and reconciling accounts can be tricky. Just knowing which account to post a particular transaction to, is not always clear. As in the statement above, is it a credit or debit.
Ask any bookkeeper and they will tell you that they have seen vast numbers of poorly maintained and inaccurate books. Even with today’s computerised society, just entering figures into a programme without knowing the key elements of the bookkeeping process, can create some disastrous results.
Employing a bookkeeper may not be as expensive as you think, and it could even pay for itself at the end of the tax year, when your accountant has to spend much less time filing your return, saving the you money. Today there are many small businesses and independent bookkeepers that can work around your needs, from one or two days a week to just a few hours a month. The important thing is, that it meets your needs, and you have the advantage that your books are looked after by a qualified bookkeeper, leaving you time to run your business.
Outsourcing your bookkeeping does not mean you should leave it entirely to someone else, you will want to see the books, understand what is happening with your finances, and be able to ask the right questions (when you do not know). This is where choosing the right bookkeeper is vital. A good bookkeeper should take the time to understand you and your business, building a successful relationship to ensure that you are getting the best possible service and assistance in running your business.
Muhammed Ali, one of my husband’s all time sporting heroes once said “It’s just a job. Grass grows, birds fly, waves pound the sand. I beat people up”, knowing your strengths, is the key to success. Ali did not do it all on his own and neither should you.
Whether it is pound for pound in the ring, or £ for £ in business, doing what you do best and getting someone else to help with the other aspects, is what is best for your business.
As Ali said, "A man who views the world the same at fifty as he did at twenty has wasted thirty years of his life", you do not want to say that of your business.
Contact us to see how our bookkeeping and administration expertise, coupled with our personalised services can save you time, money and frustration running your business.
How We Use Your Data
At NBOSS we take your privacy seriously and will only use your personal information to provide the advice and services that you have requested from us.
By completing and sending this online Contact Us form you are agreeing to NBOSS using your personal data for the pupose of communication.
Your personal data will only be retained whilst communication is ongoing and will be deleted when no longer required for the purpose under which it was obtained.
Any further data that may be required will be obtained under seperate agreement.
At NBOSS we do not share any personal data with third parties.