Bookkeepers Andover Hampshire (SP10): Whether you operate a small business, are a sole trader or run an online store in Andover, you are responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 yrs according to the Companies Act. You may face a hefty fine, and possibly disqualification as a Company Director, if you're unable to produce such information. You can complete these financial records yourself, however when you think about the fact that according to Accounting Today magazine over 40% of small businesses spend 80 plus hours per year on their bookkeeping duties, it's often more cost-effective to use a professional bookkeeper or accountant.
If you are filled with a sense of terror just thinking about compiling balance sheets, tracking liabilities and assets, preparing profit, loss and financial statements or filling out ledgers, then the time to get in touch with a bookkeeper in Andover for guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Andover, the first question that springs to mind when facing this dilemma is "Precisely what is the difference between a bookkeeper and an accountant?" The truth is that whilst in the past the process of bookkeeping, was looked at as beneath the qualifications, skill set and experience of an accountant, due to massive improvements in software over the past 10 yrs, a lot of accountancy firms in the Andover area will now consider taking on bookkeeping. Most accountancy firms now charge a set fee for bookkeeping services, to keep them in line with what an independent bookkeeper in Andover would normally charge. This makes the cost of bookkeeping cheaper than it was previously, and is great news for small business owners in Andover as it provides a greater variety of competition within the marketplace.
When thinking about the big difference between a bookkeeper and an accountant, it's the level of training that's necessary for each discipline. At least an accounting degree with additional training in the field of taxation and other business and financial management, will usually be held by an accountant. Whilst having a really good understanding of such procedures, a bookkeeper in Andover may not necessarily have these qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
Essentially, the act of bookkeeping is to record the day by day financial transactions of any business or enterprise in Andover. This can include;
- Recording the receipt of invoices and ensuring payment is completed on time.
- Monthly reports and reconciliation.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
- Logging of all financial incomings; card, electronic and cash payments included.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT submissions and recording.
- Billing of customers for goods or work completed.
If you're prepared to undertake the larger part of bookkeeping work yourself; a bookkeeper may just be necessary for double-checking your figures every once in a while. As a bare minimum this ought to be monthly, to facilitate the quick detection and rectifying of any problems or mistakes. As long as you're confident of remaining up-to-date with your monetary transactions without affecting your daily trading operations, this option can be an extremely economical trade-off.
Whatever your current situation is, if you're thinking of hiring a bookkeeper in Andover, there's a fair chance that you may be struggling with the financial recording aspects of your small business. Offering guidance and advice on everything from invoicing, stocktaking and creating expense reports, a good bookkeeping company will also be able to guide you through the process of linking your accounts with the most up-to-date software program to enable the seamless processing of all your business's data.
An extremely important aspect of a good bookkeeper is being able to reconcile cash flow with accounts payable. This means that by scheduling the payment of bills to times when your accounts are in good shape, your bookkeeper will avoid the mistake that most small businesses in Andover are guilty of at some time or other i.e. paying off a bill straight away, or waiting for a final notice. As well as keeping your business financially secure, this also maintains your good standing with your suppliers and service providers. This is a balancing act that can be difficult to accomplish on your own when you're mostly focussed on the smooth running of your company.
Using a professional bookkeeper in Andover, if you're a sole trader, or for your small business also gives them the chance to cast a fresh eye over your business. It is quite possible that an unbiased assessment like this will pinpoint business trends and patterns that have previously been missed. It is not at all uncommon for a smart bookkeeper to flag up an area where profits are dropping, or spot a brand new opportunity that could be lucrative. For the growth and success of any enterprise in Andover, it is important that such key performance indicators (KPI's) are spotted as early as possible.
Having to chase up late payments can be an awkward scenario for you, if you give out invoices in your business operations. Some of that awkwardness can be removed by having somebody outside your normal business situation visit your customer or make that telephone call. If you have a persistent late or non-payer there are legal strategies that a bookkeeper can use to help to clear up the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are comparatively straightforward and basic. Essentially, sole traders should keep all receipts and invoices, and track income and expenditure on a month by month basis. Although this may initially sound fairly easy, hiring the services of a bookkeeping company is still a wise move. A professional sole trader bookkeeper in Andover will be happy to advise you on what you can claim back from HMRC as business expenses. This might include stationery, advertising, consumables, items such as laptops and rent and bills if working from home. For more in-depth advice, talk to your bookkeeper, and see how they can help your small business to flourish and grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS IN ANDOVER
There are several niche businesses where a specialist bookkeeper may be needed. For example, if you run an online store, you will need to employ a bookkeeper in Andover who understands cross-border and international taxes, online payment procedures, multi-currency processing and exchange rate transfers. If that same shop sells goods you produce or hold, then controlling stock on a 24 hours a day basis is a crucial concern, after all the internet does not sleep, therefore neither should your bookkeeping software or services.
A remote virtual office can also be provided together with your bookkeeping service. This allows an online only business or sole trader to provide a physical link with their customers, via a postal address and phone service. It's worth talking about this possibility if it is something that could be of benefit, although not all Andover bookkeeping companies will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping industry qualifications are at Certificate or Diploma level, and it is not necessary for a professional Andover bookkeeper to hold an accounting degree. Although there are an ever-increasing choice of online bookkeeping courses available, qualifications can still be obtained through further education colleges and universities, if that's the chosen route.
There are basically 2 main organisations that offer training and certification to bookkeepers:
The Institute of Certified Bookkeepers (ICB): Keeping their members current with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians or AAT will have undergone a training schedule and advanced qualifications in bookkeeping practice. This then allows them to become a accredited AAT bookkeeper and guarantees a certain level of service which is backed by the association. If an AAT bookkeeper has a complaint filed against them or is found to have broken the code of conduct they may be subject to disciplinary and tribunal processes to preserve the trustworthiness of AAT membership.
By going to their respective websites, you can check out the register of AAT or ICB members, to confirm the accreditations of any professional Andover bookkeeper. Implementing this check is widely recommended before you employ any local bookkeeper in Andover.
Bookkeeping services are available in Andover and also in: Kingsway Gardens, Weyhill, Upper Clatford, East Anton, Abbotts Ann, Anna Valley, Andover Down, Knights Enham, Goodworth Clatford, Picket Piece, Enham Alamein, Charlton, Hatherdean, as well as in these postcodes SP10 1JQ, SP10 1AE, SP10 1EB, SP10 1QU, SP10 1HB, SP10 2BD, SP10 2AA, SP10 1AJ, SP10 2AE, SP10 1BE. Local Andover Bookkeepers will probably have the telephone code 01264 and the postcode SP10. Checking this should make certain that you access local bookkeepers. Andover sole traders and business owners can utilise these and lots of other similar services.
Bookkeeping Andover - Outsourcing Options
All businesses in Andover should understand the significance of bookkeeping. It helps business people monitor their payables/receivables, the total value of their assets and liabilities, the money left in their bank account, and so on. With the owner of the business having to deal with the issues and concerns of running a business, the task of carrying out the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Andover.
If a company in Andover hires a bookkeeper in order to join their ranks, the company will need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay for long in the company. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of professional bookkeepers and bookkeeping companies in Andover.
The business owner in Andover can look for the following options with the bookkeeping company that offer outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very much important to get quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Andover should have a well protected system that can be relied on and trusted.
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Andover Bookkeeper Tasks
Most bookkeepers in Andover will be able to offer you the following bookkeeping services: Self-Assessment tax returns, small business bookkeeping in Andover, bookkeeping services for organisations in Andover, bookkeeping services for startups, invoice processing in Andover, partnership tax returns Andover, bookkeeping services for small businesses, management reports Andover, general bookkeeping services, payment services, bookkeeping for payroll, charity bookkeeping Andover, bookkeeping services for societies, Quickbook bookkeeping, bookkeeping for the self-employed, management accounts, bookkeeping for retail outlets in Andover, credit control, off-site bookkeeping, bookkeeping for pubs, mobile bookkeeping services, independent bookkeeping services, QUOTE FORM provided. We will be in touch with information as soon as we are able.in Andover, bookkeeping services for tradesmen, bookkeeping estimates in Andover, bookkeeping services for restaurants, accountancy packages, bookkeeping services for clubs, wages & PAYE, bookkeeping and accounting services in Andover, and more. Listed are just a handful of the tasks that are accomplished by local bookkeepers. Andover professionals will inform you of their full range of bookkeeping services. If there are some other Andover bookkeeper requirements that you want but cannot see here, you should mention them on the
Andover Bookkeeper Questions
The other weekend I was going over the types of questions people in Andover ask about bookkeeping. Some of our visitors e-mailed in interesting queries which are relevant to this article. The most germane ones seemed to be, How is bookkeeping different from accounting? What are the advantages of a bookkeeper? Which is double entry bookkeeping? What do bookkeeping services offer? Who would a bookkeeper work with? Why hire a bookkeeper in Andover? What qualifactions are needed to become a bookkeeper? How much do bookkeepers charge per hour? Does a bookkeeper have to be registered? The majority of these questions have hopefully been answered in the preceding article, and if some are still to be answered we'll be putting in a bookkeeping "Questions and Answers" feature quite soon. My gratitude goes out to Barnaby Morgan, Diego Harper, Wilbur Coleman and Stephanie Butcher from Andover, for taking time out to put these questions. We also received offerings from Alaina Hooper in Upper Clatford, Carter Marriott in Andover Down and Lauren Guest in Hatherdean.
Bookkeepers Near Andover
Also here.: Andover Down bookkeepers, Picket Piece bookkeepers, Weyhill bookkeepers, Abbotts Ann bookkeepers, Charlton bookkeepers, East Anton bookkeepers, Enham Alamein bookkeepers, Goodworth Clatford bookkeepers, Hatherdean bookkeepers, Kingsway Gardens bookkeepers, Upper Clatford bookkeepers, Knights Enham bookkeepers, Anna Valley and more. Most of these locations are covered by local bookeepers. Andover businesses can get fees for bookkeeping services by going
- Andover Tax Returns
- Andover Double-Entry Bookkeeping
- Andover Self-Assessment Bookkeeping
- Andover Bookkeeping Quotes
- Andover Wages and PAYE
- Andover Payroll Services
- Andover Cheap Bookkeeping
- Andover Cash Flow Analysis
- Andover Bookkeeping Services
- Andover Credit Control
- Andover Tax Preparation
- Andover Profit and Loss Reports
- Andover Sole Trader Bookkeeping
- Andover VAT Returns
Bookkeepers Around Andover: People living in these local Andover roads have recently inquired about bookkeeping services - Cole Close, Crawlboys Farm, The Bungalows, Clover Gardens, Stourhead Close, The Square, Cottage Green, Balksbury Hill, Dauntsey Drove, The Pond, Duncans Close, Broad Road, Atholl Court, Artists Way, The Hexagon, Short Street, Stiles Drive, Bremen Gardens, Cowdown Lane, Criswick Close, Taskers Drive, Cow Lane, Amesbury Road, Back Lane, Cross Lane, The Dell, Stanbury Close, Chantry Street, Alexandra Road, as well as the following local Andover postcodes: SP10 1JQ, SP10 1AE, SP10 1EB, SP10 1QU, SP10 1HB, SP10 2BD, SP10 2AA, SP10 1AJ, SP10 2AE, SP10 1BE.
If you want local Andover info go here
More Hampshire Bookkeepers: More Portsmouth, Southampton, Waterlooville, Southsea, Horndean, Totton, Eastleigh, Basingstoke, Gosport, Yateley, Emsworth, Andover, Aldershot, New Milton, Alton, Winchester, Fleet, Hedge End, Farnborough, Havant, Stubbington, Fareham and Hythe.:
Bookkeepers in SP10 area, phone code 01264.
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