Bookkeepers Abingdon Oxfordshire (OX14): For any individual in Abingdon who runs a small business, operates an online store or acts as a sole trader, it's their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of six years. This is according to the Companies Act (2006). If you are unable to produce such information, you may face disqualification as a Company Director and get a fine of thousands of pounds. There's a considerable time investment involved with preparing such financial records yourself, and it is often better to use a professional accountant or bookkeeping company, because according to Accounting Today over 40% of small businesses spend over 80 hours each year doing their bookkeeping activities.
The time has come to get in touch with a bookkeeper in Abingdon for help and advice, if you are filled with terror simply thinking about producing balance sheets, tracking assets and liabilities, writing ledgers or creating profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
The first question that many people ask is "Just what is the difference between an accountant and a bookkeeper?" In former days it was generally deemed to be beneath the skill-sets, qualifications and experience of an accountant to do the work of a bookkeper, but due to significant software improvements over the past ten years or so, many bookkeeping duties will now be taken on by accountancy companies in the Abingdon area. To keep their bookkeeping services consistent with a typical bookkeeper's fee, it is now quite common for many accounting companies to charge a set fee for these services. Business owners in Abingdon are now cashing in on this, because it generates a broader range of competition within the industry and can mean that the cost of bookkeeping is way more affordable than it would have been in the past.
The level of qualification and training that is needed is the big difference between an accountant and a bookkeeper. Generally holding an accounting degree, a professional accountant will also have had further training in tax matters and have qualifications in business and financial management. A bookkeeper in Abingdon will definitely have a decent understanding of these fiscal disciplines, but might not necessarily have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN ABINGDON
To explain in the simplest of forms, bookkeeping involves the careful recording of daily transactions of any business or enterprise in Abingdon. This may include, but isn't limited to;
- Recording of all financial incomings; including cash, card and electronic payments.
- Monthly reporting and reconciliation.
- Payroll services.
- Highlighting and rectifying any discrepancies in financial accounts.
- Billing of clients for goods or work completed.
- Logging the receipt of invoices and ensuring payment is completed by the due date.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- VAT recording and submissions.
If you're willing to undertake most of your bookkeeping work yourself; a professional bookkeeper may just be needed to double check your records on a fixed schedule. As a bare minimum this needs to be from month to month, to facilitate the quick detection and correcting of any problems or mistakes. This trade-off can often be the most affordable compromise if you're confident of staying in control of your day to day financial transactions and business operations.
Whatever your circumstances, if you are seriously thinking of hiring a bookkeeper there is a fair chance that you may be having problems with the financial recording aspects of your small business in Abingdon. A professional bookkeeper will be able to assist you in linking the most up-to-date software program with your accounts to enable the seamless pull-through of financial data, and will provide advice and guidance on things like invoicing, producing expense reports and stocktaking.
An especially important element of effective bookkeeping is being able to reconcile cash flow with accounts payable. Which means that rather than paying an outstanding bill straight away, or waiting on a final notice, which a lot of small businesses in Abingdon are guilty of, your bookkeeper will prioritise the payment of bills to times when your accounts are in good shape. This is not just to ensure that your business enterprise is financially secure all the time, but also to keep you in favour with those who provide your services or materials. When, as an individual, you're purely focussed on running your business, this is a balancing act that can be difficult to accomplish.
Employing a certified bookkeeper in Abingdon, if you're a sole trader, or for your small business also gives them the chance to cast an impartial eye over your financial situation. It is entirely possible that an unprejudiced appraisal like this will pinpoint business patterns and trends that have been missed previously. It's not unusual for a bookkeeper to recognise a new opportunity or flag up an area of the business which is decreasing in profits. It's vital for the future growth of any enterprise in Abingdon, to spot such key performance indicators (KPI's).
If invoices are sent out by your business it can often be awkward to chase up a late payment. Having an individual outside your normal business bubble, can take the embarrassment away from visiting your customer or making that phone call. A bookkeeper can make use of legal techniques to handle a repeating late payer, and without having to resort to court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are comparatively straightforward and basic. In essence, sole traders should keep all receipts and invoices, and keep records of expenditure and income from month to month. Although this may at first sound easy, hiring the expertise of a competent bookkeeper is still a wise move. When preparing your tax returns, a specialised sole trader bookkeeper in Abingdon can advise you on what your legitimate business expenses are, and ensure these are claimed back from HMRC. This may include rent and bills if you work from home, consumables, items such as laptops, advertising expenses and stationery goods. To discover how they can help your small business grow, speak to a trusted bookkeeper for more in-depth guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS IN ABINGDON
There are some business niches where a specialist bookkeeper may be necessary. If international and cross-border taxes, exchange rate transfers, online payment procedures and multi-currency processing are involved, for instance if you manage a store online, you'll want to hire a bookkeeper in Abingdon who's familiar with these practices. Given that the internet doesn't sleep, if the same store sells goods you hold or produce then controlling inventory on a 24 hours a day basis is a crucial priority which will have to be addressed.
Together with bookkeeping service, it is also possible to provide a remote virtual office. Offering a physical link with their clients, this allows a sole trader or online only business to have a phone service and postal address. If this sort of service could be helpful, it's definitely worth discussing the possibilities, although this solution will not be offered by all Abingdon bookkeeping businesses.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Abingdon bookkeeper need not hold a university degree and a good many qualifications in this field are at Certificate and Diploma level. Although there's an ever-increasing number of courses available online, bookkeeping qualifications can still be gained via further education colleges and universities, if that's the preferred route.
There are basically 2 main organisations that offer certification and training to bookkeepers:
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers or ICB is the largest organisation on the planet and supplies accreditation to bookkeepers, in addition to reference material and training to keep their members up-to-date.
The Association of Accounting Technicians (AAT): With fully trained members entitled to use the letters AATQB, the Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications. They then become authorised AAT bookkeepers, approved by this association, which promises a level of service for their customers. To protect the trustworthiness of AAT membership, an AAT bookkeeper can be subject to disciplinary and tribunal processes if a complaint is made against them or they are found to have breached the code of practice.
The qualifications of any bookkeeper can be verified on the register of ICB or ATT members on their websites. Performing these checks is generally advisable before you actually employ any bookkeeper in Abingdon.
Bookkeeping services are available for people living in in Abingdon and also in nearby places like: Northcourt, Radley, Culham, Nuneham Courtenay, Sutton Wick, Clifton Hampden, Sunningwell, Marcham, Harwell, Sutton Courtenay, Dry Sandford, Shippon, Caldecott, Steventon, together with these postcodes OX14 1JZ, OX14 1NE, OX13 5JB, OX14 1NX, OX14 1BB, OX14 1JB, OX14 1HR, OX13 6YH, OX14 1JE, OX14 1AN. Local Abingdon Bookkeepers will likely have the postcode OX14 and the phone code 01235. Checking this out will guarantee that you are accessing locally based bookkeepers. Abingdon sole traders and business owners can benefit from these and numerous other related services.
Outsourced Bookkeeping Abingdon
All businesses in Abingdon should understand the significance of bookkeeping. It helps business people monitor the total value of their liabilities and assets, their incomings and outgoings, the money left in their bank, and so forth. With the business owner having to deal with the issues and concerns of running a business, the task of performing the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Abingdon.
If a company in Abingdon hires a bookkeeper so as to join their ranks, the company will have to spend a substantial sum of money in training the person for the purpose of performing the bookkeeping duties. On top of that, there's no guarantee that he or she will stay for long in the company. In that situation, the company stands to lose a significant sum of money. Apart from that, companies will have to look for solutions to offer incentives and benefits to keep the trained employee in house. These are just some of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Abingdon.
Franchise bookkeeping Abingdon.
Abingdon Bookkeeper Tasks
Most Abingdon bookkeepers will be ready to provide you with the following bookkeeping and accounting services: charity bookkeeping Abingdon, QUOTE FORM provided. We will get back to you with specifics just as soon as we can., bookkeeping for limited companies, franchise bookkeeping Abingdon, cash flow analysis Abingdon, bank reconciliation, partnership tax returns, Kashflow bookkeeping services, bookkeeping for home-based businesses, management accounts, VAT returns in Abingdon, invoice processing, independent bookkeeping services, Abingdon, bookkeeping for pubs, wages & PAYE, profit & loss reports in Abingdon, bookkeeping services for charities, bookkeeping services for sole traders in Abingdon, in Abingdon, landlord bookkeeping Abingdon, bookkeeping for startups, tax return preparation, accounting and bookkeeping in Abingdon, Xero bookkeeping services Abingdon, bookkeeping services, accountancy packages in Abingdon, bookkeeping for freelancers, and more. Listed are just an example of the activities that are performed by local bookkeepers. Abingdon professionals will keep you informed about their entire range of services. If there happen to be additional Abingdon bookkeeper requirements that you need but don't see here, you can mention them on the
Oxfordshire Bookkeeping Enquiries
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Bookkeepers Near Abingdon
Also here.: Culham bookkeepers, Sutton Wick bookkeepers, Caldecott bookkeepers, Nuneham Courtenay bookkeepers, Clifton Hampden bookkeepers, Shippon bookkeepers, Sunningwell bookkeepers, Marcham bookkeepers, Dry Sandford bookkeepers, Sutton Courtenay bookkeepers, Northcourt bookkeepers, Radley bookkeepers, Harwell bookkeepers, Steventon and more. All of these locations are catered for by local bookeepers. Abingdon traders and businesses can get rates for bookkeeping services by going
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Bookkeepers Around Abingdon: People who live in the following roads have just recently requested bookkeeping services - Barn Ground, Covent Close, Bridges Close, Champs Close, Argentan Close, Caldecott Road, Church Street, Drysdale Close, Courtiers Green, Spinney Close, Trinity Close, Sutton Close, Baker Road, Sugworth Lane, Barnett Road, Andersey Way, Cullerne Close, Challenor Close, Sycamore Crescent, Curtis Avenue, Curtyn Close, Appleford Drive, Bucklers Bury Road, The Bridge, Cherry Tree Drive, Chancel Way, Coromandel, Duffield Place, The Glebe, as well as these Abingdon area postcodes: OX14 1JZ, OX14 1NE, OX13 5JB, OX14 1NX, OX14 1BB, OX14 1JB, OX14 1HR, OX13 6YH, OX14 1JE, OX14 1AN.
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Bookkeepers in OX14 area, telephone code 01235.
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