Bookkeepers Addlestone Surrey (KT15): For any individual in Addlestone who operates a small business, runs an online store or acts as a sole trader, it is their sole responsibility to keep accurate, "true and fair" financial and accounting records for at least 6 yrs. This is outlined by the 2006 Companies Act. You might be disqualified as a Company Director and receive thousands of pounds in fines, if you cannot produce such records. The trade magazine Accounting Today says that over 40% of small businesses spend at least eighty hours each year doing their bookkeeping, so whilst you can complete these financial recordings yourself, it can pay you to employ a professional bookkeeper or accountant to do them instead.
If you are filled with terror merely thinking about writing out ledgers, preparing profit, loss and fiscal reports, compiling balance sheets or tracking liabilities and assets, then the time to contact a bookkeeper in Addlestone for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
The first question that many people ask is "Just what is the difference between a bookkeeper and an accountant?" The truth is that while in the past the bookkeeping process, was regarded as beneath the experience, qualifications and skill set of an accountant, because of tremendous software improvements over the past 10 years, most accountancy companies in the Addlestone area will now undertake bookkeeping. Many accountancy companies now have a flat rate for bookkeeping services, to keep them in line with what an independent bookkeeper in Addlestone would routinely charge. This is excellent news for business owners in Addlestone because it gives a wider variety of competition within the industry and can make your bookkeeping costs cheaper than initially thought.
The big difference between an accountant and a bookkeeper is the standard of training and qualification required. An accountant will, at the minimum, hold an accounting degree, and should have also had additional training in financial and business management, and taxes. A bookkeeper in Addlestone might not have the same levels of training and experience, or hold these qualifications, but will still have a fair grasp of these procedures.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, the bookkeeping process involves the recording of day by day financial transactions of any business enterprise in Addlestone. This may include;
- Documenting the receipt of invoices and ensuring payment is completed on time.
- Documenting of all financial incomings; including card, electronic and cash payments.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- VAT submissions and recording.
- The billing of clients for work completed or goods.
- Monthly reporting and reconciliation.
Contingent upon service level you need, e.g. whether you're able to do the bulk of your bookkeeping work; a professional bookkeeper may just be necessary for double-checking your figures every once in a while. As a bare minimum this ought to be each month, to enable the swift identification and correction of any problems or mistakes. This could be the most cost-effective trade-off, providing you are confident of remaining up-to-date with your financial transactions without affecting your everyday business activities.
If you are currently looking to hire a bookkeeping firm in Addlestone, whatever your situation is, there is a fair chance that you might be having problems with your financial and tax procedures. To enable the seamless arrangement of financial data, a professional bookkeeping service will help you link the most up-to-date software to your business accounts, and will give advice on such things as stocktaking, invoicing and preparing expense reports.
The reconciliation of cash flow with accounts payable is one of the most crucial elements of good bookkeeping. This means that instead of waiting for a final notice, which many small businesses in Addlestone are guilty of at some time or other, or paying a bill straight away, your bookkeeper will schedule bill payments to times when your finances are buoyant and in good shape. This does not just keep your business or enterprise on a secure financial footing, but keeps you in good stead with suppliers and those people who provide you with services. When, as an individual, you're purely focussed on running your day to day business activities, this is a juggling act that can be tough to accomplish.
Using a competent bookkeeper in Addlestone, if you're a sole trader, or for your small business also gives them the opportunity to cast an expert eye over your business. It is quite possible that an unprejudiced appraisal like this will highlight business trends and patterns that have been missed previously. It isn't uncommon for a bookkeeper to recognise a new opportunity or flag up an area of the business which is dropping in profits. Such key performance indicators (KPI's) are crucial in the success and growth of any small business in Addlestone.
If invoices are sent out by your business it can sometimes be uncomfortable having to chase up late payments. Some of that awkwardness can be taken away by having somebody outside your business situation visit your customer or make that telephone call. There are legal procedures a professional bookkeeper can use, if you have a persistent late payer, and they can help to clear up the situation before the issue ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are comparatively straightforward and basic. Essentially, sole traders should keep all invoices and receipts, and monitor expenditure and income on a monthly basis. It's still recommended to retain the services of a bookkeeper, even if this may sound simple enough. So that you'll be able to claim back all legitimate business expenses from HMRC, a dedicated sole trader bookkeeper in Addlestone can advise you on what needs to be done. This could include stationery, consumables, items such as computing equipment, advertising and bills and rent if working from home. To learn how they can help your small business grow, chat to your local bookkeeper for more comprehensive guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS
There are certain niche businesses where a specialist bookkeeping service could be necessary. If you manage an online store for example, you are going to need a bookkeeper in Addlestone who understands online payments, multi-currency processing, exchange rate transfers and cross-border and international taxes. Monitoring your inventory and stock on a 24 hours a day basis is also a major concern, if that same outlet sells goods that you hold or produce, as I'm sure you will realise the internet doesn't sleep, therefore neither should your bookkeeping services and software.
In combination with bookkeeping service, it is also possible to establish a virtual office. This enables a sole trader or online only business to provide a physical connection to their clients, via a postal address and phone service. Not all Addlestone bookkeepers will be able to provide this service, however it is worthwhile talking about if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Diploma and Certificate level, and a professional bookkeeper in Addlestone need not have a degree. If the chosen route to qualification is through further education colleges and universities, this alternative is still available, whereas there there is an ever-growing number of online bookkeeping courses.
There are 2 principal training and certification organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): The largest organisation of its kind on the planet is the the Institute of Certified Bookkeepers or ICB, and it offers accreditation to certified bookkeepers, along with training and reference material to ensure their members are up-to-speed with the latest trends.
The Association of Accounting Technicians (AAT): The AAT (Association of Accounting Technicians) provides advanced qualifications and training allowing a fully trained bookkeeper to use the letters AATQB. They're then permitted to become registered AAT bookkeepers, which assures their clients a minimum standard of service which is backed by the organisation. To safeguard the trustworthiness of the AAT, an AAT bookkeeper can be liable to disciplinary and tribunal procedures if a complaint is made against them or they are found to have breached the code of practice.
By visiting the register of AAT or ICB members on their websites, it is possible to determine the qualifications of any bookkeeper. Prior to hiring the services of any bookkeeping company in Addlestone, it's definitely wise to perform these checks.
Bookkeeping Addlestone - Outsourcing Options
All businesses in Addlestone should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the money left in their bank, the sum total of their liabilities and assets, and so forth. With the owner of the business having to deal with the issues and concerns of operating a business, the task of doing the bookkeeping is often outsourced to freelance bookkeepers or a bookkeeping company in Addlestone.
If a company in Addlestone employs a bookkeeper in order to become an employee, the company will need to fork out a substantial sum of money in training that individual for the purpose of doing the bookkeeping duties. In addition, there is no guarantee that the person will stay after the training is concluded. In that situation, the company will have thrown away a considerable sum of money for very little return. Besides that, companies will need to seek out ways and means to offer incentives and benefits to keep the trained employee in place. These are just some of the reasons why companies often choose to enlist the services of professional bookkeepers and bookkeeping companies in Addlestone.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You'll find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Addlestone. The majority of these companies promise and deliver good quality service. It assumes importance for a business to look into the reputation of these Addlestone bookkeeping companies when it comes to hiring a 3rd party company for bookkeeping purposes.
What Are the Main Advantages of Using a Bookkeeper in Addlestone Rather Than an Accountant?
There are a number of advantages to using a bookkeeper instead of an accountant, including:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in such tasks.
- Availability: Bookkeepers are generally more accessible and ready to answer questions and provide support in comparison to an accountant, who may sometimes be hard to reach.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's particular needs, whereby accountants whose approach may be more general.
- Time Management: By choosing to outsource bookkeeping, small business owners can save a bit of time and concentrate on other crucial areas of their business such as marketing and sales.
- Cost-Effectiveness: Bookkeeping services are often more cost-efficient compared to accounting services, making them a smart choice for start-ups, sole traders and small businesses looking to save money.
That being said, it's vital to note that whilecan provide invaluable support, they might not have the same level of expertise or qualifications as an in certain areas such as financial planning or tax preparation. In these cases, it might be necessary to consult an accountant for more specialist services.
VAT Returns by a Bookkeeper
Getting your VAT returns done by a bookkeeper in Addlestone can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. With the assistance of, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. Additionally, a local bookkeeper can supply you with valuable insights on how to decrease your VAT responsibility and guarantee that you are claiming all the admissible VAT that you are entitled to. With the assistance of a bookkeeper, you can rest easy knowing that your VAT returns are being managed efficiently and precisely, providing you with the opportunity to focus on the growth of your business in Addlestone. All in all,by enlisting the services of a bookkeeper in Addlestone, small business owners can benefit from a cost-effective, efficient, and trustworthy way of managing their VAT returns, ensuring compliance with tax rules, reducing their tax liability, and freeing up time to focus on business development. In conclusion, in Addlestone, hiring a bookkeeper can provide small business owners with an economical, dependable, and efficient solution for managing their VAT returns, allowing them to stay compliant with tax regulations, decrease their tax liability, and dedicate more time to growing their business.
You will probably need to file a self-assessment tax return if you're self-employed or have a small business in the UK. Especially if you aren't acquainted with the process, this task can be challenging. A qualified bookkeeper can help you with keeping your records organised and preparing your tax return accurately and on time.
Using a bookkeeper to do your tax returns has many benefits. They have the expertise and experience to ensure that your return is completed correctly. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, bookkeepers can save you a lot of time and effort. They will take care of all of the calculations and paperwork, so you can focus on the running of your business. Third, bookkeepers in Addlestone can provide you with valuable advice on tax planning. This can enable you to boost your profits and lower your tax liability. (70193)
Addlestone Bookkeeper Tasks
Most Addlestone bookkeepers will be prepared to provide you with the following accounting and bookkeeping services: independent bookkeeping services, maintaining fixed asset registers, bookkeeping for societies, bookkeeping for retail outlets, accounting and bookkeeping, VAT returns, accountancy packages, payroll bookkeeping in Addlestone, Self-Assessment tax returns, Quickbook bookkeeping, bank reconciliation Addlestone, charity bookkeeping Addlestone, bookkeeping services for organisations, bookkeeping services for pubs, bookkeeping price quotes in Addlestone, QUOTE FORM provided. We will get back to you with details as soon as we are able.in Addlestone, , bookkeeping for startups, bookkeeping services for self-employed, partnership tax returns, mobile bookkeeping services, bookkeeping services for restaurants in Addlestone, , invoice processing, bookkeeping for home-based businesses Addlestone, tax preparation Addlestone, Xero bookkeeping services, franchise bookkeeping, , accounting and bookkeeping services in Addlestone, and more. These are just a handful of the tasks that are performed by local bookkeepers. Addlestone providers will keep you informed about their full range of services. If there are some other Addlestone bookkeeper requirements that you want but cannot see here, you can list them on the
Bookkeepers Near Addlestone
Also: Thorpe Green bookkeepers, Meadowlands bookkeepers, Whiteley Village bookkeepers, Ottershaw bookkeepers, Lyne bookkeepers, New Haw bookkeepers, Pyrford bookkeepers, Wisley bookkeepers, Laleham bookkeepers, Row Town bookkeepers, Ockham bookkeepers, Woodham bookkeepers, Brooklands bookkeepers and more.
Cheap Bookkeeping Addlestone - VAT Returns Addlestone - Bookkeepers Addlestone - Bookkeepers Near Addlestone - Sole Trader Bookkeepers Addlestone - Small Business Bookkeepers Addlestone - Self-Assessment Tax Returns Addlestone - Bookkeeping Services Addlestone - Double-Entry Bookkeeping Addlestone