Bookkeepers Andover Hampshire (SP10): In accordance with the Companies Act (2006), if you run a small business, operate an online store or are a sole trader in Andover, you're responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of six years. Failing to produce such records might leave you facing a hefty fine and perhaps Company Director disqualification. You could do these financial records yourself, however when you consider that according to the magazine Accounting Today over 40% of small businesses spend over 80 hours annually doing their bookkeeping, it can be more economical to use a professional bookkeeping service or accountant.
If the thought of tracking liabilities and assets, producing balance sheets, creating profit, loss and fiscal reports or writing ledgers fills you with a sense of dread, then the time has come to get in touch with a bookkeeper in Andover for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between a bookkeeper and an accountant?" Is a question that is asked by most small business owners in Andover. In truth, because of substantial software improvements over the past 10 years or so many accountants in Andover will take on bookkeeping, which was previously regarded as beneath their skill set, qualifications and experience. To keep their bookkeeping services consistent with an independent bookkeeper's fee, it's now common practice for many accounting firms to have a fixed rate for these services. Business owners in Andover are now cashing in on this, because it generates a greater variety of competition within this sector and can make bookkeeping more manageable than it would previously have been.
It is essentially the standard of qualification and training that is required for each discipline, that demonstrates the biggest difference between a bookkeeper and an accountant in Andover. At least a degree in accounting with specialist training in taxation and other business and fiscal management, will normally be held by an accountant. A bookkeeper in Andover will definitely have a fair grasp of these fiscal procedures, but may not hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms, the bookkeeping process involves the careful recording of day by day fiscal transactions of any business in Andover. This may include, but isn't limited to;
- VAT submissions and recording.
- Recording of all financial incomings; electronic, card and cash payments included.
- Documenting invoices received and ensuring payment is completed promptly.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reconciliations and reports.
- Billing of customers for work completed or goods.
- Payroll services.
If you're willing to do most of bookkeeping work yourself; a bookkeeper might only be necessary for double-checking your records every once in a while. To allow for any mistakes or problems to be detected and corrected swiftly, this really needs to be done from month to month at the bare minimum. This trade-off can often be the most affordable solution if it is possible to stay on top of your everyday trading and financial transactions.
If you're presently looking at hiring a bookkeeping service in Andover, whatever your scenario, it is a good bet that you may be struggling with your financial recording procedures. A professional bookkeeper will help you out with everything from generating expense reports, invoicing and stocktaking, to linking your accounts with the latest computer software to seamlessly process all of your data.
An especially crucial aspect of a good bookkeeper is being able to reconcile accounts payable with cash flow. This means that instead of paying off a bill straight away, or waiting on an overdue notice, which many small businesses in Andover are guilty of at some time or other, your bookkeeper will arrange bill payments to a time when your finances are in good shape and buoyant. This not only keeps you in favour with suppliers and those businesses who supply you with services, but also ensures that your enterprise or business is on a secure financial footing. When, as an individual, you're primarily focussed on the operation of your business, this is a juggling act that can be challenging to accomplish.
Having somebody who's unconnected to the business cast an independent eye over your financial transactions, is another good thing about employing a competent bookkeeper in Andover for your small business or if you're a sole trader. It may be that business trends and patterns that you have overlooked could thus be pinpointed. A bookkeeper spotting an opportunity or flagging an area where profits are dropping, is by no means unusual. These key performance indicators (KPI's) are vital in the long-term growth of any business enterprise in Andover.
If you send out invoices in your business operations, having to chase up a late payment can be fairly humiliating. Some of that apprehension can be taken away by having someone outside your normal business situation visit your customers or make that phone call. There are legal strategies a bookkeeper can employ, if you have problems with a persistent late or non-payer, and they can help to resolve the issue before the situation winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are comparatively uncomplicated and easily understood. In essence, sole traders should keep all invoices and receipts, and monitor income and expenditure on a month by month basis. Now, this doesn't sound that hard does it? However, it's still recommended that you hire the services of a bookkeeper to ensure that it is all done properly. A specialist sole trader bookkeeper in Andover can advise you on what you can claim back from HMRC as legitimate business expenses. This could include advertising expenses, printer ink, bills and rent if you work from home, stationery and items such as computers. To see how to help your business to prosper and grow, chat to your bookkeeper for more comprehensive guidance and advice.
There are several niche businesses where a specialist bookkeeping service could be necessary. If, for instance, you run an online store, you will need a bookkeeper in Andover who understands online payment procedures, exchange rate transfers, multi-currency processing and international and cross-border taxes. As the internet never sleeps, if that same store sells goods you produce or hold then overseeing your inventory and stock on a 24 hours a day basis is a vital priority which will have to be addressed.
It's also possible to establish a remote virtual office, that can be used in conjunction with your bookkeeping service and package. This allows an online only business or sole trader to provide a physical link with their clients, via a telephone service and postal address. If this sort of service could be helpful, it's definitely worth discussing, although this solution won't be offered by all bookkeepers in Andover.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a qualified bookkeeper in Andover to hold a degree, and a lot of the bookkeeping sector qualifications are held at Diploma and Certificate level. Qualifications can be obtained via further education universities and colleges but there is also an ever-growing selection of courses offered online.
Training and certification for bookkeepers is mostly provided by two organisations:
The Association of Accounting Technicians (AAT): Providing advanced qualifications and a training schedule, the AAT or Association of Accounting Technicians, allows fully trained members to use the letters AATQB after their name. They're then able to become licensed AAT bookkeepers, which promises their clients a certain level of service which is backed by the association. If a bookkeeper who is affiliated with the AAT is found to have contravened the code of practice or has a complaint filed against them, they will be liable to disciplinary and tribunal processes to safeguard the integrity and values of aat membership.
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation on the planet is the the Institute of Certified Bookkeepers or ICB, and it supplies accreditation to certified bookkeepers, together with reference material and training to keep their members up-to-date with the latest trends.
By visiting the register of AAT or ICB members on their respective websites, you're able to inspect the accreditations of any Andover bookkeeper. Before you employ any professional bookkeeper in Andover it's wise to implement this check.
VAT Returns in Andover
If you're a small business owner in Andover looking to ensure tax compliance and reduce the burden of VAT return preparation, hiring a bookkeeper could be an excellent option. With the assistance of a bookkeeper, 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 provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. Partnering with a bookkeeper can give you the confidence that your VAT returns are being handled with efficiency and precision, providing you with more time to focus on expanding your business in Andover. In summary, hiring a bookkeeper in Andover 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.
Outsourced Bookkeeping Andover
All businesses in Andover should understand the significance of bookkeeping. It helps business people monitor their payables/receivables, the sum total of their assets and liabilities, the money left in the bank, and more. With the business owner having to deal with the issues and concerns of operating a business, the task of doing the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Andover.
If a company in Andover hires a bookkeeper in order to become an employee, the company will have to fork out a substantial amount of money in training that individual for the purpose of carrying out the bookkeeping tasks. In addition to that, there's no guarantee that the individual will stay after the training is finished. In that case, the company will have thrown away a substantial amount of money. Aside from that, companies will have to look for ways and means to offer incentives and benefits to keep the employee within the business. These are just a taste of the reasons why business organisations choose to enlist the services of bookkeeping companies and professional bookkeepers in Andover.
The business owner in Andover can look for the following options with the bookkeeping company that provides outsourcing services. Find out and check how much savings can be enjoyed by outsourcing the bookkeeping work. As the expenses relating to hiring and training in-house staff is a great concern, it would be prudent on the part of business owner in Andover to look for an outsourcing company that can offer savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's extremely 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 timeframe. In short, the company that offers bookkeeping services in Andover should have a well protected system that can be trusted and relied on.
These specialist bookkeeping companies in Andover should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary back-up and support.
What Are the Main Advantages of Using a Bookkeeper in Andover Rather Than an Accountant?
There are a number of benefits to using a bookkeeper instead of an accountant, including:
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who might have a more standard approach.
- Specialisation: Bookkeepers have got a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in such tasks.
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save a bit of time and concentrate on other aspects of their business, like marketing and sales.
- Availability: Bookkeepers are generally more accessible and on hand to provide support and answer questions in comparison to an accountant, who may sometimes be difficult to reach.
- Affordability: Bookkeeping services are usually more budget-friendly in comparison to accounting services, meaning they are a cheaper option for small businesses, sole traders and start-ups.
It is important to note that even though bookkeepers offer valuable support, they may not have quite the same level of expertise or qualifications as an accountant in aspects such financial planning or tax preparation. In cases like this, seeking the services of an accountant may be essential.
Financial statement preparation - article 211.
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Andover Bookkeeper Tasks
Most bookkeepers in Andover will be prepared to provide you with the following accounting and bookkeeping services: independent bookkeeping services, accounting and bookkeeping, cash flow analysis, partnership returns in Andover, bookkeeping services for shops, bookkeeping for organisations, VAT returns, bookkeeping services, Quickbook bookkeeping Andover, general bookkeeping services Andover, tax preparation in Andover, bookkeeping for payroll Andover, accounting and bookkeeping services, bookkeeping for small businesses Andover, credit control, invoice processing, bookkeeping for societies, bookkeeping services for pubs, landlord bookkeeping, bookkeeping for charities in Andover, bookkeeping for retail outlets, accountancy packages, personal tax returns, bookkeeping services for limited companies, bookkeeping for freelancers, financial statement preparation, bookkeeping for home-based businesses Andover, payment services, small business tax returns in Andover, franchise bookkeeping, and more. Listed are just some of the duties that are handled by local bookkeepers. Andover providers will tell you about their full range of bookkeeping services. If there are additional Andover bookkeeper requirements that you need but can't see here, you can easily list them on the QUOTE FORM provided. We'll be in touch with information as soon as we can.
Bookkeepers Near Andover
Also find: Goodworth Clatford bookkeepers, Anna Valley bookkeepers, Abbotts Ann bookkeepers, Knights Enham bookkeepers, East Anton bookkeepers, Enham Alamein bookkeepers, Andover Down bookkeepers, Picket Piece bookkeepers, Kingsway Gardens bookkeepers, Weyhill bookkeepers, Hatherdean bookkeepers, Upper Clatford bookkeeper and more. All these locations are covered by local bookeepers. Andover residents can get pricing for bookkeeping services by clicking here.
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