Bookkeepers Stretford Greater Manchester (M32): For anybody in Stretford who runs an online store, owns a small business or acts as a sole trader, it's their sole responsibility to maintain accurate, "true and fair" accounting and financial records for at least six years. This is according to the 2006 Companies Act. Failing to produce these detailed records could leave you facing a fine of thousands of pounds and possible disqualification as a Company Director. It can be more cost-effective to employ a professional bookkeeper or accountant to undertake this for you, as according to the magazine Accounting Today over forty percent of small business owners spend at least eighty hours annually on their accounts, which is a substantial investment of time, and could be better spent on your primary business activities.
If just the thought of tracking assets and liabilities, filling out ledgers, creating profit, loss and fiscal reports or producing balance sheets brings you feelings of panic, then it's time to get in touch with a bookkeeper in Stretford for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by a lot of people in Stretford is "Precisely what is the distinction between a bookkeeper and an accountant?" At one time it was frequently looked at as to be beneath the qualifications, skill-sets and experience of an accountant to do bookkeeping, but due to software improvements over the past decade or so, many bookkeeping procedures will now be carried out by accountancy companies in Stretford. To ensure their bookkeeping services are consistent with a typical bookkeeper's fee, it is now fairly common for accounting companies to have a flat rate for such services. Business owners in Stretford are now benefiting from this, as it offers a wider range of competition within the marketplace and can mean that the cost of bookkeeping is way more manageable than it would have been in the past.
It is essentially the standard of training that is necessary for each of these disciplines, that illustrates the big difference between a bookkeeper and an accountant in Stretford. An accountant will usually a least hold a degree in accounting with additional training in the field of taxes and other fiscal and business management. A bookkeeper in Stretford will have a decent understanding of these fiscal procedures, but may not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Essentially, the act of bookkeeping is to record the day by day transactions (financial) of any business in Stretford. This may include, but isn't limited to;
- The billing of customers for work completed or goods.
- Payroll services.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reconciliation and reporting.
- Documenting the receipt of invoices and making sure that payment is completed punctually.
- VAT recording and submissions.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Recording of all financial incomings; cash, card and electronic payments included.
Subject to service level you need, e.g. whether you are able to carry out the vast majority of your bookkeeping work; a professional bookkeeper may just be necessary for double-checking your records every once in a while. To ensure that any problems or mistakes can be uncovered and amended promptly, at the bare minimum, this really needs to be done from month to month. This might be the most cost-effective trade-off, provided that you are confident of remaining up-to-date with your financial transactions without affecting your day by day business activities.
It's a good bet that if you're thinking of hiring a bookkeeping company, you're currently getting stressed about the financial recording aspects of your business in Stretford. To facilitate the seamless processing of transactional data, a professional bookkeeper will help you to link the most up-to-date software to your business accounts, and will give assistance with things like preparing expense reports, invoicing and stocktaking.
The reconciliation of accounts payable with cash flow is one of the most important aspects of good bookkeeping. Which means that instead of waiting on a final notice, which many small businesses are guilty of, or paying off a bill straight away, your bookkeeper will prioritise the payment of bills to times when your finances are in good order. This isn't merely to make certain that your business or enterprise is financially secure at all times, but also to keep you in favour with those who supply your services or materials. When you're completely focussed on the operation of your business, this is a juggling act that can be hard to perform on your own.
Having a person who's unconnected to the business cast an expert eye over your financial dealings, is another added advantage of using a professional bookkeeper in Stretford for your small business or if you're a sole trader. It could be that business patterns and trends that you have overlooked will therefore be brought to the fore. It is not unheard of for a bookkeeper to recognise a new opportunity or flag up an area where profits are dropping. Spotting such KPI's (key performance indicators) is vital for ensuring the growth of any business in Stretford.
It can sometimes be rather humiliating to chase up a late payment if your company gives out invoices. Some of that embarrassment can be removed by having an individual outside your normal business bubble make that phone call or visit to your client. If you have problems with a consistent late or non-payer there are legal methods a professional bookkeeper can use to help resolve the situation before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are relatively uncomplicated and easily understood. Sole traders are required to keep a record of income and expenditure from month to month and save all receipts and invoices. Now, this doesn't seem too tough does it? But, it's still a good idea to hire the expertise of a bookkeeping company to make sure that it's all done accurately. So that you'll be able to claim back legitimate business expenses from HMRC, a specialised sole trader bookkeeper in Stretford will be able to give you advice on what you should do. This could include stationery, items such as computing equipment, printer ink, promotional advertising and rent and bills if you work from home. For more comprehensive advice, speak to your bookkeeper, and see how they can help your business to thrive and grow moving forward.
ONLINE TRADERS
Some business enterprises that operate in niche areas, might need to employ a specialised bookkeeper. If multi-currency processing, international and cross-border taxes, exchange rate transfers and online payments are involved, for instance if you manage an online store, you will be wise to hire a bookkeeper in Stretford who's familiar with these practices. If that same outlet sells goods you hold or produce, then monitoring your stock on a 24 hours a day basis is an important priority, as I'm sure you are aware the internet does not sleep, therefore neither should your bookkeeping software or services.
Together with bookkeeping services, a virtual office can also be provided. This enables an online only business or sole trader to have a postal address and telephone service to offer a physical link with their buyers. Not all Stretford bookkeepers will provide this option, however it is worth discussing if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a qualified Stretford bookkeeper to hold a degree, and a lot of the bookkeeping sector qualifications are held at Certificate and Diploma level. Qualifications can be gained via further education universities and colleges but there is also an ever-increasing array of courses offered online.
To provide certification and training for bookkeepers, there are basically two main organisations of interest:
The Association of Accounting Technicians or AAT: Able to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians (AAT) will have undergone a training schedule and advanced qualifications in bookkeeping practice. They can then become authorised AAT bookkeepers, approved by this association, which guarantees a certain standard of service for their customers. To preserve the integrity and values of the AAT, if a bookkeeper who is a member of the AAT has a complaint filed against them or is found to have broken the code of practice they can be subject to disciplinary and tribunal procedures.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation on the planet and provides accreditation to certified bookkeepers, together with training and reference material to keep their associated members up-to-date.
You are able to check the qualifications of any bookkeeper on the register of ICB or ATT members on their websites. Prior to using the services of any bookkeeping company in Stretford, it's usually a wise idea to complete these necessary checks.
Cash Flow Analysis
To comprehend its financial health, any business must employ cash flow analysis. Bookkeepers play a critical role in performing cash flow analysis for businesses. One must track the cash inflows and outflows of the business during a specific period of time, normally monthly or quarterly. The bookkeeper can aid the businessperson in comprehending their current financial position, recognising any cash flow issues, and planning for the future by conducting a cash flow analysis.
Reconciling and categorizing all cash transactions, such as expenses, sales and investments, is part of the analysis that creates a clear picture of the company's financial health. Predicting cash flow for the upcoming months or years is a significant aspect of the process, and it assists companies in making well-informed decisions and avoiding future cash flow difficulties.
What's more, the cash flow analysis can help the business secure financing by providing lenders with a clear understanding of the company's financial health and ability to repay any loans. A comprehensive and accurate cash flow analysis is vital for any company that wants to effectively manage their finances.
Stretford Bookkeeper Tasks
Most Stretford bookkeepers will be ready to offer you the following services: Quickbook bookkeeping services, tax returns, bookkeeping services for pubs, personal tax returns, bookkeeping for small businesses in Stretford, Xero bookkeeping Stretford, professional bookkeeping services, accounting and bookkeeping, Self-Assessment tax returns, double-entry bookkeeping Stretford, small business tax returns, business bookkeeping, VAT returns Stretford, bookkeeping for home-based businesses, partnership returns, landlord bookkeeping, independent bookkeeping services, assistance with registering for self-employment in Stretford, bookkeeping services, corporation tax returns Stretford, Sage bookkeeping, management reports Stretford, tax return preparation, bookkeeping for societies, bookkeeping for organisations, bookkeeping services for self-employed, cheap bookkeeping services, bookkeeping for clubs, payment services Stretford, mobile bookkeeping services, and more. Listed are just a handful of the duties that are conducted by local bookkeepers. Stretford companies will inform you of their full range of services. If there are different Stretford bookkeeper requirements that you want but cannot see here, you can list them on the QUOTE FORM provided. We'll be in touch with specifics as soon as we are able.
Bookkeepers Near Stretford
Also find: Chorlton-cum-Hardy bookkeepers, Trafford Park bookkeepers, Barlow Moor bookkeepers, Firstwood bookkeepers, Davyhulme bookkeepers, Brooklands bookkeepers, Weaste bookkeepers, Flixton bookkeepers, Ashton upon Mersey bookkeepers, Old Trafford bookkeepers, Northern Moor bookkeepers, Gorse Hill bookkeepers and more. Individuals specialising in bookkeeping services are available across all these places. This accessibility ensures that businesses and individuals alike can easily find the financial support they need to effectively manage their accounts. Residents and businesses in the region can get price quotes for bookkeeping projects by going here.
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