Bookkeepers Skelmersdale Lancashire (WN8): Whether you run a small business, operate an online store or are a sole trader in Skelmersdale, you're entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of six years to comply with the Companies Act (2006). You could be disqualified as a Company Director and face thousands of pounds in fines, if you're unable to produce such records. You can accomplish these financial recordings on your own, but when you think about the fact that according to the magazine Accounting Today over 40% of small businesses spend at least eighty hours annually doing their bookkeeping activities, it's often more cost-effective to use a professional accountant or bookkeeper.
If the idea of tracking liabilities and assets, creating profit, loss and financial statements, writing ledgers or producing balance sheets fills you with dread, then it is high time to get in touch with a bookkeeper in Skelmersdale for help and advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most people ask is "Exactly what is the difference between a bookkeeper and an accountant?" The fact is, because of significant software improvements over the past decade many accountants in Skelmersdale will consider taking on bookkeeping, which at one time was deemed beneath their qualifications, skill-sets and experience. To keep their bookkeeping services consistent with an independent bookkeeper's fee, it's now common practice for many accounting firms to charge a flat rate for these services. This means that the cost of bookkeeping is far more affordable than it once was, and is good news for small business owners in Skelmersdale since it gives a greater variety of competition within this sector.
It is basically the amount of training and qualification that's necessary for each discipline, that reflects the big difference between a bookkeeper and an accountant in Skelmersdale. At least a degree in accounting with further training in the field of taxation and other financial and business management, will normally be held by an accountant. Whilst having a decent understanding of such procedures, a bookkeeper in Skelmersdale might not have these qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN SKELMERSDALE
In simple terms, the bookkeeping process is to record the daily monetary transactions of any enterprise or business in Skelmersdale. This can include, but isn't limited to;
- Documenting of all financial incomings; including card, cash and electronic payments.
- Recording invoices received and making sure that payment is completed promptly.
- Monthly reports and reconciliation.
- The billing of clients for work completed or goods.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- VAT recording and submissions.
Contingent upon service level you're looking for, e.g. you are in a position to carry out the larger part of bookkeeping work; a bookkeeper may just be needed to double check your records on a fixed schedule. To allow for any mistakes or problems to be discovered and rectified speedily, this needs to be from month to month at the bare minimum. So long as you're able to stay on top of your financial transactions without impacting on your day to day business operations, this option can be the most economical solution.
It is fairly likely that if you're considering hiring a bookkeeping company, you're currently having problems with the financial recording side of your small business in Skelmersdale. Offering guidance and advice on everything from stocktaking, invoicing and producing expense reports, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the latest software program to facilitate the seamless processing of all your business's transaction information.
The ability to reconcile accounts payable with cash flow, is an especially important aspect of good bookkeeping. This means that by arranging bill payments to times when your finances are in good shape, your bookkeeper will avoid the thing that many small businesses are guilty of i.e. paying off a bill right away, or waiting on a final notice. This does not just keep you in favour with suppliers and those who supply services to you, but also makes certain that your enterprise or business is financially stable. This is a balancing act that you may find tough to perform on your own when you're inevitably focussed on running your business.
Employing a certified bookkeeper in Skelmersdale, if you are a sole trader, or for your small business also gives them the opportunity to cast an independent eye over your business. It's entirely possible that an objective evaluation like this will highlight business patterns and trends that you haven't previously noticed. A bookkeeper identifying a brand new opportunity or flagging an area of the business where profits are dropping, is by no means uncommon. It is important for enabling growth in any business enterprise in Skelmersdale, to spot such key performance indicators.
It can often be quite embarrassing to pursue late payments if your business sends out invoices. By having an independent person outside your business bubble visit your customers or make that phone call, some of that embarrassment can be removed. There are legal options that a professional bookkeeper can use, if you're troubled with a repeating late or non-payer, and these can help to resolve the situation before the issue winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are quite uncomplicated and easily understood. It is required that sole traders must track income and expenditure on a monthly basis and save all invoices and receipts. Now, this does not seem that hard does it? However, it is still a wise move to hire the expertise of a bookkeeper to ensure that it's all done properly. So that you'll be able to claim back valid business expenses from HMRC, a dedicated sole trader bookkeeper in Skelmersdale can give you advice on what needs to be done. This may include bills and rent if working from home, consumables, items such as computers, stationery goods and advertising expenses. Chat to a trusted bookkeeper for more in-depth advice and discover how they may be able to help your business grow.
ONLINE TRADERS
Specialist bookkeepers are required from time to time for certain bookkeeping niches. For instance, if you run a store online, you will want to employ a bookkeeper in Skelmersdale who understands international and cross-border taxes, exchange rate transfers, online payment procedures and multi-currency processing. Managing your stock on a 24 hours a day basis is also an important concern, if that same outlet distributes goods that you produce or hold, as I'm sure you will realise the internet does not sleep, so neither should your bookkeeping software or services.
In conjunction with your bookkeeping service, a virtual office can also be provided. This allows a sole trader or online only business to provide a physical connection to their customers, via a phone service and postal address. Although this solution might not be provided by all bookkeeping businesses in Skelmersdale, it is certainly worth a discussion if this service is something that's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Diploma and Certificate level, and it's not necessary for a professional Skelmersdale bookkeeper to hold a degree in accounting. Although there is an ever-increasing number of bookkeeping courses available online, qualifications can still be gained through further education colleges and universities, if that is the preferred route.
To provide training and certification for bookkeepers, there are basically two principal organisations of interest:
The ICB or Institute of Certified Bookkeepers: The largest organisation of its kind anywhere in the world is the the Institute of Certified Bookkeepers or ICB, and it provides accreditation to qualified bookkeepers, along with training and reference material to ensure their members are up-to-speed with the latest trends and developments.
The AAT (Association of Accounting Technicians): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians (AAT), entitles fully certified bookkeepers to use the letters AATQB after their name. They are then allowed to become licensed AAT bookkeepers, which guarantees their clients a standard of service which is backed by the organisation. To preserve the integrity of the AAT, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of practice they may be liable to disciplinary and tribunal procedures.
You're able to check the accreditations of any professional Skelmersdale bookkeeper on the register of AAT or ICB members on their websites. Prior to retaining any bookkeeping service in Skelmersdale, it is always a good idea to undertake these necessary checks.
VAT Returns by a Bookkeeper in Skelmersdale
If you're a small business owner in Skelmersdale looking to ensure tax compliance and reduce the burden of VAT return preparation, hiring a bookkeeper could be an excellent option. With the help of a bookkeeper, you can delegate all the responsibilities of your VAT return, such as determining the amount of VAT you owe or are due, submitting your return to HMRC, and maintaining precise records of your transactions. On top of that, a local bookkeeper can supply you with insightful suggestions on how to decrease your VAT responsibility and make sure that you are obtaining all the admissible VAT reimbursements. With the help of a bookkeeper, you can have peace of mind knowing that your VAT returns are being handled accurately and efficiently, giving you more time to focus on growing your business in Skelmersdale. A bookkeeper can provide you with a cost-effective solution as it can help you evade any HMRC penalties or fines arising from incorrect vat returns or late submissions, which may help you save money over time. To summarise, hiring a bookkeeper in Skelmersdale can provide small business owners with a cost-effective, efficient, and reliable solution for managing their VAT returns, which can help them stay compliant with tax regulations, minimize their tax liability, and free up their time to concentrate on business growth.
Cash Flow Analysis
Any business must use cash flow analysis as a vital tool to assess its financial wellbeing. The responsibility of undertaking cash flow analysis for businesses lies with bookkeepers. One must track the cash inflows and outflows of the business during a specific time frame, generally monthly or quarterly. Helping the businessperson to comprehend their present financial status, identify cash flow issues, and plan for the future is among the bookkeeper's duties.
The analysis involves reconciling and categorizing all cash transactions, such as expenses, sales and investments, to create a clear picture of the company's financial health. Estimating the business's cash flow for the next few months or years is a vital component of the analysis and helps the business make informed decisions whilst avoiding potential cash flow issues.
Also, the bookkeeper can advise on ways to improve cash flow, such as refining payment processes or reevaluating pricing strategies. Any business that wants to manage their finances effectively must have a precise and comprehensive cash flow analysis.
Tax Returns
You may be required to file a self-assessment tax return if you're self-employed or have a small business in Skelmersdale. This task can be daunting, especially if you're not acquainted with the process. A trained bookkeeper can help you with keeping your records in order and preparing your tax return accurately and on time.
For your tax returns, employing a bookkeeper can be beneficial in several ways. They have the experience and expertise to make sure that your return is completed correctly. This should help you avoid any problems with HMRC, such as interest charges or penalties. Secondly, the use of a bookkeeper can save you a lot of hassle, stress and time. They will look after all of the calculations and paperwork, so you can focus your attention on the running of your business. Third, a bookkeeper in Skelmersdale can provide you with invaluable advice on tax planning. This enables you to minimise your tax bill and maximise your earnings. (70193)
Skelmersdale Bookkeeper Tasks
Most bookkeepers in Skelmersdale will be willing to offer you the following services: payroll bookkeeping, bookkeeping for sole traders, maintaining fixed asset registers in Skelmersdale, letting agent bookkeeping, tax returns Skelmersdale, bookkeeping for freelancers, corporation tax returns Skelmersdale, bookkeeping services for shops, bookkeeping for home-based businesses, bookkeeping for charities, invoice processing, payment services, bookkeeping for clubs, Quickbook bookkeeping services in Skelmersdale, management accounts Skelmersdale, bookkeeping services in Skelmersdale, accountancy packages Skelmersdale, bank reconciliation in Skelmersdale, cheap bookkeeping services Skelmersdale, bookkeeping estimates, professional bookkeeping services in Skelmersdale, financial statement preparation, franchise bookkeeping, small business bookkeeping Skelmersdale, bookkeeping for restaurants in Skelmersdale, bookkeeping for tradesmen, accounting and bookkeeping Skelmersdale, independent bookkeeping services, personal tax returns in Skelmersdale, bookkeeping for retail outlets, and more. Listed are just a small portion of the tasks that are performed by local bookkeepers. Skelmersdale professionals will be happy to tell you about their whole range of services. If there happen to be other Skelmersdale bookkeeper requirements that you want but cannot see here, you should mention them on the QUOTE FORM provided. We'll get back to you with information as soon as we can.
Bookkeepers Near Skelmersdale
Also find: Old Town bookkeepers, Lathom bookkeepers, Roby Mill bookkeepers, Digmoor bookkeepers, Newburgh bookkeepers, Dalton bookkeepers, Birch Green bookkeepers, Westhead bookkeepers, Bickerstaffe bookkeepers, Barrow Nook bookkeepers, Elmers Green bookkeepers, Holland Moor bookkeepers and more. Practically all of these towns and villages are served by local bookkeepers. By way of this accessibility, the financial support essential for effective account management is readily available to both individuals and businesses. By clicking here, residents and businesses in the area can obtain quotes for bookkeeping.
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