Bookkeepers Ashford Kent (TN23): In accordance with the Companies Act (2006), if you are a sole trader, own a small business or run an online store in Ashford, you are responsible for keeping "true and fair", accurate accounting and financial records for a minimum of 6 yrs. If you cannot produce these records, you may face disqualification as a Company Director and receive a hefty fine. There's a large investment of time involved with maintaining these financial recordings on your own, and it is often better to employ a professional , as according to the trade magazine Accounting Today over 40% of small business owners spend over 80 hours annually on their bookkeeping.
If you are overcome with a sense of panic simply thinking about writing out ledgers, producing balance sheets, preparing profit, loss and financial statements or tracking liabilities and assets, then the time to contactin Ashford for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by most business owners in Ashford is "Precisely what is the distinction between an accountant and a bookkeeper?" While in past times many accountants considered the task of bookkeeping to be beneath their qualifications, skill-sets and experience, a lot of accountancy firms in Ashford will now take on most bookkeeping duties, due to software developments over the past decade. To make sure their bookkeeping services are in line with an independent, it is now fairly common for many accounting companies to charge a set fee for such services. This means that the cost of bookkeeping is cheaper than it was previously, and is good news for business owners in Ashford as it gives a wider variety of competition within the industry.
The standard of training and qualification that's necessary is the main difference between a bookkeeper and an accountant. At least an accounting degree with specialist training in the field of taxation and other financial and business management, will typically be held by an. While in Ashford will definitely have a fair grasp of these fiscal skills, they may not hold the qualifications or levels of experience and training in this field.
RESPONSIBILITIES OF A BOOKKEEPER
Put simply, the process of bookkeeping is the recording of the daily fiscal transactions of any business enterprise in Ashford. This will likely include, but is by no means limited to;
- Logging of all financial incomings; electronic, cash and card payments included.
- Payroll services.
- The billing of clients for goods or work completed.
- Monthly reports and reconciliation.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- VAT submissions and recording.
- Recording the receipt of invoices and making sure payment is completed by the due date.
- Highlighting and rectifying any discrepancies in the financial accounts.
Contingent upon service level you're looking for, e.g. you're able to do a large majority of your bookkeeping work; a professional bookkeeper might just be necessary for double-checking your figures every once in a while. To make certain that any problems or mistakes can be found and rectified promptly, at the bare minimum, this needs to be from month to month. This trade-off can sometimes be the most cost-effective option if you are able to stay in control of your day to day trading and financial transactions.
Whatever the circumstances are with your company or small business, if you are seriously considering hiring a bookkeeping firm in Ashford, there's a fair chance that you may be stressed with the process of recording your financial transactions. To enable the seamless arrangement of financial data, a decent bookkeeping service will help you link the most suitable software to your business accounts, and will provide advice on stuff like stocktaking, generating expense reports and invoicing.
An extremely crucial aspect of a good bookkeeper is the ability to reconcile cash flow with accounts payable. Which means that your bookkeeper will organise the payment of bills to a time when your accounts are in good shape and buoyant, rather than paying an outstanding bill right away, or waiting on a final notice, which most small businesses in Ashford are guilty of. This does not just keep your business enterprise on a secure financial footing, but keeps you in the good books of suppliers and those businesses who supply services to you. This is just one of those balancing acts that can be tough to accomplish when you're firmly focussed on the streamlined running of your everyday business activities.
For your small business enterprise, or if you are a sole trader, using a qualified bookkeeper in Ashford, gives you the opportunity to have an unbiased eye cast over your financies. It might be that business patterns and trends that you have overlooked will therefore be pinpointed. It isn't unusual for a bookkeeper to identify a new opportunity or flag up an area of the business where profits are dropping off. These key performance indicators (KPI's) are vital in driving growth for any business in Ashford.
If invoices are sent out by your business it can sometimes be embarrassing having to chase up late payments. Having somebody outside your normal business bubble, can take away the apprehension of making that telephone call or visit to your customers. If you have problems with a consistent late payer there are legal methods that a professional bookkeeper can make use of to help to clear up the issue before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are relatively straightforward and basic. In essence, sole traders must save all receipts and invoices, and keep a record of expenditure and income from month to month. Now, this does not sound too hard does it? However, it is still recommended that you hire the expertise of a competent bookkeeper to ensure that it's all done accurately. So that you will be able to claim back genuine business expenses from HMRC, a specialist sole trader bookkeeper in Ashford will be able to give you advice on what you should do. This could include stationery goods, promotional advertising, consumables, items such as computers and rent and bills if you work from home. For more in-depth advice, speak to your local bookkeeper, and learn how they can help your small business to flourish and grow going forward.
BOOKKEEPING FOR ONLINE TRADERS IN ASHFORD
Specialistare occasionally required for specific bookkeeping niches. You are going to need a bookkeeper in Ashford who understands international and cross-border taxes, exchange rate transfers, online payment procedures and multi-currency processing, if you run a store online for instance. If you produce or hold the goods that you sell with that outlet, then it's going to be a huge priority for your bookkeeping software or services to manage your inventory on a 24/7 basis, given that the internet does not sleep.
In conjunction with your bookkeeping services, a virtual office can also be supplied. This enables a sole trader or online only business to have a telephone service and postal address to offer a physical connection to their clients. It's definitely worth talking about this possibility if it's needed, although not all bookkeeping companies in Ashford will offer this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Ashford bookkeeper does not need to hold a degree and a lot of this sector's qualifications are at Diploma and Certificate level. Bookkeeping qualifications can be gained through further education universities and colleges but there are also a array of courses available online.
Representing bookkeepers, there are two primary certification and training organisations:
The Institute of Certified Bookkeepers or ICB: Keeping their members informed about the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world, providing accreditation to bookkeepers, in addition to training and reference material.
The AAT or Association of Accounting Technicians: The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications allowing a fully trained bookkeeper to use the letters AATQB after their name. This then entitles them to become a authorised AAT bookkeeper and assures a minimum standard of service which is backed up by the association. To preserve the credibility of AAT membership, if a bookkeeper who is associated with the AAT has a complaint against them or is found to have contravened the code of practice they could be subject to tribunal and disciplinary processes.
It is possible to check the qualifications of any bookkeeper on the register of ICB or ATT members on their respective websites. Before hiring any bookkeeper in Ashford it is advised to implement this check.
VAT Returns by a Bookkeeper in Ashford
Small business owners in Ashford can consider hiring a bookkeeper to handle their VAT returns, which can help them maintain tax compliance and free up their time for other crucial business tasks. With the help of, you can delegate all the responsibilities of your VAT return, such as determining the amount of VAT you owe or are due, submitting your return to HMRC, and maintaining precise records of your transactions. Moreover, a local bookkeeper can provide you with valuable guidance on how to minimize your VAT liability and ensure that you are taking advantage of all eligible VAT claims. 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 Ashford.
Using a Bookkeeper for Tax Returns
Those with small businesses or self-employed people in the UK may be required to file a self-assessment tax return. This task can be especially challenging if you aren't familiar with the process. Keeping your records in order and preparing your tax return accurately and on time are both things that a trained bookkeeper can help you with.
There are several benefits to using a bookkeeper to complete your tax returns. With their experience and expertise, they will make sure that your return is completed correctly. This should help you avoid interest charges from HMRC, as well as penalties. Secondly, the use of a bookkeeper can save you a lot of time, stress and hassle. All of the paperwork and calculations will be taken care of by them, so you can focus your attention on the running of your business. Thirdly, a bookkeeper in Ashford can provide you with essential advice on tax planning. This enables you to boost your profits and lower your tax liability. (70193)
Ashford Bookkeeper Tasks
Most bookkeepers in Ashford will be able to provide you with the following services: management reports, bookkeeping for sole traders, small business bookkeeping, bookkeeping for tradesmen, bookkeeping for home-based businesses, QUOTE FORM provided. We'll be in touch with details as soon as we can.in Ashford, franchise bookkeeping, off-site bookkeeping services Ashford, invoice processing, wages & PAYE, bank reconciliation, mobile bookkeeping services, Ashford, bookkeeping for freelancers, bookkeeping services, bookkeeping for societies, general bookkeeping services, in Ashford, Self-Assessment tax returns, letting agent bookkeeping in Ashford, bookkeeping services for startups, financial statement preparation, Kashflow bookkeeping, charity bookkeeping Ashford, bookkeeping services for restaurants Ashford, cash flow analysis, , bookkeeping rates in Ashford, bookkeeping services for self-employed people Ashford, , and more. Listed are just a selection of the duties that are accomplished by local bookkeepers. Ashford providers will tell you about their whole range of services. If there are different Ashford bookkeeper requirements that you need but don't see here, you can easily list them on the
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