Bookkeepers Ashton-in-Makerfield Greater Manchester (WN4): For anyone in Ashton-in-Makerfield who operates a small business, acts as a sole trader or runs an online store, it is their sole responsibility to keep "true and fair", accurate accounting and financial records for at least 6 years. This is according to the Companies Act (2006). If you can't produce this information you might face a hefty fine and possible Company Director disqualification. The trade magazine Accounting Today says that over forty percent of small businesses spend over 80 hours each year doing their accounts, so whilst you can accomplish these financial recordings on your own, it can pay you to use a professional accountant or bookkeeper to do them for you.
If you are filled with panic just thinking about the possiblility of compiling balance sheets, creating profit, loss and fiscal reports, tracking assets and liabilities or filling out ledgers, then the time to get in touch within Ashton-in-Makerfield for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many people in Ashton-in-Makerfield, an obvious question when facing this challenge is "What is the distinction between an accountant and a bookkeeper?" To be honest, due to improvements in software over the past decade many accountancy companies in the Ashton-in-Makerfield area will undertake the task of bookkeeping, which was previously regarded as beneath their qualifications, skill-sets and experience. For many accounting companies it is now fairly common to charge a fixed rate for bookkeeping services, so that they are in line with the usual fees of an independent bookkeeper in Ashton-in-Makerfield. Because it provides a wider range of competition within this sector, this is excellent news for small businesses in Ashton-in-Makerfield, making their bookkeeping much more affordable than it was previously.
When thinking about the main difference between a bookkeeper and an accountant in Ashton-in-Makerfield, it is the level of training and qualification that's necessary for each discipline. Normally holding an accounting degree, a professionalshould also have had additional training in tax preparation and have qualifications in business and financial management. Whilst likely not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Ashton-in-Makerfield will invariably have a fair grasp of all these skills.
RESPONSIBILITIES OF A BOOKKEEPER
Put simply, the act of bookkeeping is the recording of the day by day transactions of any business or enterprise in Ashton-in-Makerfield. This can include;
- Documenting invoices received and ensuring payment is completed on time.
- Payroll services.
- VAT recording and submissions.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Monthly reconciliation and reports.
- The billing of clients for work completed or goods.
Dependant upon service level you require, a bookkeeper may only be needed to periodically double-check your records, if you're happy to do a large majority of your own bookkeeping work. This should really be from month to month as a bare minimum, as this allows for any problems or mistakes to be detected and corrected swiftly. If you're able to stay on top of your everyday trading and financial transactions, this compromise can often be the most affordable solution.
Whatever your situation, if you are thinking of hiring a bookkeeper it's a good bet that you may be stressed with the financial recording aspects of your small business in Ashton-in-Makerfield. Offering advice and guidance on everything from invoicing, stocktaking and producing expense reports, a professional bookkeeping service will also be able to guide you through the process of linking your accounts with the latest software program to facilitate the seamless processing of your business's financial data.
Being able to reconcile cash flow with accounts payable, is an extremely important aspect of good bookkeeping. Which means that by optimising the payment of bills to a time when your accounts are in good shape, your bookkeeper will avoid the mistake that most small businesses in Ashton-in-Makerfield are guilty of i.e. paying an outstanding bill right away, or waiting on an overdue notice. Together with keeping your business enterprise on a secure financial footing, this also keeps you in the good books of service providers and suppliers. This is a juggling act that can be challenging to accomplish on your own when you are mostly focussed on running your company.
Employing a qualified bookkeeper in Ashton-in-Makerfield, for your small business or if you're a sole trader also gives them the opportunity to cast a critical eye over your business affairs. It might be that business patterns and trends that you may have disregarded could therefore be highlighted. A scenario where a clever bookkeeper flags an area of the business which is decreasing in profits, or spots an opportunity which could prove lucrative, is by no means an unheard of occurrence. It's vital for the success of any business in Ashton-in-Makerfield, to spot these KPI's (key performance indicators).
If invoices are sent out by your business it can sometimes be awkward having to chase up a late payment. Having a person from outside your normal business situation, can take away the apprehension of visiting your customers or making that telephone call. If you've got a repeating late or non-payer there are legal options that a professional bookkeeper can use to help resolve the situation before the issue ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are fairly straightforward and simple. It is stipulated that sole traders must keep a record of expenditure and income from month to month and save all receipts and invoices. Now, this does not sound too difficult does it? However, it's still recommended that you retain the services of a bookkeeping company to make certain that it is all done properly. A professional sole trader bookkeeper in Ashton-in-Makerfield will be in a position to advise you on what you might be able to claim back from HMRC as legitimate business expenses. This might include printer ink, items such as computers, stationery, rent and bills if working from home and promotional advertising. For more comprehensive advice, talk to your bookkeeper, and discover how they may be able to help your business to grow going forward.
BOOKKEEPING FOR ONLINE TRADERS
Certain small businesses that work in niche markets, may need to use a specialised bookkeeping service. If, for example, you run an online store, you are going to need a bookkeeper in Ashton-in-Makerfield who is familiar with exchange rate transfers, cross-border and international taxes, multi-currency processing and online payments. If the same store sells goods that you hold or produce, then overseeing stock on a 24 hours a day basis is a major priority, as I'm sure you'll realise the internet doesn't sleep, therefore neither should your bookkeeping services and software.
In combination with bookkeeping services, a virtual office can also be provided. This is valuable in allowing an online only business or sole trader to have a phone service and postal address to provide a physical connection to their client base. It's worth discussing this possibility if it's needed, although not all bookkeeping businesses in Ashton-in-Makerfield will offer this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Diploma and Certificate level, and it's not mandatory for a professional bookkeeper in Ashton-in-Makerfield to have a degree in accounting. There are a growing array of online courses available, although bookkeeping qualifications can still be obtained through further education universities and colleges.
Certification and training for bookkeepers is mostly provided by 2 major organisations:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a certified member of the AAT (Association of Accounting Technicians) will have undergone advanced qualifications and a training schedule in bookkeeping. This assures a decent standard of service to their clients which is backed up by the organisation, and allows them to become a registered AAT bookkeeper. To preserve the integrity of the AAT membership, a bookkeeper who is affiliated with the AAT can be subject to tribunal and disciplinary processes if it is found that they have contravened the code of conduct or have had a complaint made against them.
The ICB or Institute of Certified Bookkeepers: Providing accreditation to qualified bookkeepers, in addition to training and reference material to keep their associated members up-to-date with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world.
By visiting their respective websites, you are able to check the register of AAT or ICB members, to verify the qualifications of any bookkeeper in Ashton-in-Makerfield. It is wise to carry out this check, before hiring the services of any bookkeeper in Ashton-in-Makerfield.
Bookkeeping services are available for those living in in Ashton-in-Makerfield and also nearby in: Bickershaw, Stubshaw Cross, Marus Bridge, Winstanley, Haresfinch, Edge Green, New Boston, Bryn, Blackbrook, Barnfurlong, as well as in these postcodes WN4 0RJ, WN4 0BH, WN4 0SJ, WN4 0BY, WN4 0UE, WN4 0UF, WN4 0SU, WN4 0UQ, WN4 0SZ, WN4 0TU. Locally based Ashton-in-Makerfield bookkeeper services will likely have the telephone code 01942 and the postcode WN4. Verifying this should guarantee you access local bookkeepers. Ashton-in-Makerfield sole traders and business owners will be able to utilise these and numerous other related services.
What Are the Main Advantages of Using a Bookkeeper in Ashton-in-Makerfield Instead of an Accountant?
There are a few benefits to using a bookkeeper instead of an accountant, including:
- Time Management: By outsourcing bookkeeping, small business owners can save a bit of time and concentrate on other vital areas of their business for example sales and marketing.
- Cost: Bookkeeping services are normally less costly than accounting services. This makes them a cost-effective choice for sole traders, small businesses and start-ups.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants might have a more general approach.
- Availability: Bookkeepers are generally more accessible and on hand to answer questions and provide support in comparison to an accountant, who may sometimes be hard to reach.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
That being said, it's vital to note that whilecan provide valuable support, they might not have the same level of qualifications or expertise as an in certain aspects such as financial planning or tax preparation. In these instances, it may be necessary to go to an accountant for more specialist services.
Getting your VAT returns done by a bookkeeper in Ashton-in-Makerfield 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. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by. In addition, a 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. A bookkeeper can ensure that your VAT returns are dealt with accurately and effectively, which can help you feel secure and allow you to invest more time in the development of your business in Ashton-in-Makerfield. A bookkeeper can provide you with a cost-effective solution as it can help you evade any HMRC penalties or fines arising from incorrect vat returns or late submissions, which may help you save money over time.
Using a Bookkeeper for Tax Returns
In the UK, self-employed people or those with small businesses may be required to file a self-assessment tax return. Especially if you aren't acquainted with the process, this task can be daunting. A good bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records organised.
There are a number of benefits to using a bookkeeper for your tax returns. They'll have expertise and experience to ensure the correct completion of your return. This will help you avoid any problems with HMRC, such as interest charges or penalties. Second, the use of a bookkeeper can save you a lot of hassle, time and stress. They will handle all of the paperwork and calculations, freeing you up to focus on the running of your business. Thirdly, essential advice on tax planning can be provided by bookkeepers in Ashton-in-Makerfield. This enables you to maximise your earnings and minimise your tax bill. (70193)
Ashton-in-Makerfield Bookkeeper Tasks
Most Ashton-in-Makerfield bookkeepers will be prepared to provide you with the following accounting and bookkeeping services: bookkeeping for societies, bookkeeping services for pubs, general bookkeeping services, financial statement preparation, bookkeeping quotes, QUOTE FORM provided. We will get back to you with details just as soon as we are able., Ashton-in-Makerfield, small business bookkeeping Ashton-in-Makerfield, franchise bookkeeping, in Ashton-in-Makerfield, bookkeeping services for retail outlets in Ashton-in-Makerfield, bookkeeping services for self-employed people, tax returns Ashton-in-Makerfield, accountancy packages, cash flow analysis, accounting and bookkeeping, bookkeeping for home-based businesses, invoice processing, profit & loss reports, professional bookkeeping services, corporation tax returns, wages & PAYE, bookkeeping for startups, landlord bookkeeping, bookkeeping for tradesmen, bookkeeping services for organisations, bank reconciliation, payment services, , Xero bookkeeping, and more. Listed are just a handful of the tasks that are carried out by local bookkeepers. Ashton-in-Makerfield providers will inform you of their full range of services. If there happen to be different Ashton-in-Makerfield bookkeeper requirements that you need but cannot see here, you can mention them on the
Bookkeepers Near Ashton-in-Makerfield
Also here allows area residents and businesses to receive quotes.: Winstanley bookkeepers, Barnfurlong bookkeepers, Bryn bookkeepers, Marus Bridge bookkeepers, Bickershaw bookkeepers, Blackbrook bookkeepers, Stubshaw Cross bookkeepers, Haresfinch bookkeepers, Edge Green bookkeepers and more. are provided to most of these villages and towns by companies. The ease of access ensures individuals and businesses alike have the capability to find the necessary support for effective account management. Clicking
- Self-Assessment Bookkeeping
- Cash Flow Solutions
- Double-Entry Bookkeeping
- Payroll Services
- Small Business Bookkeeping
- Bookkeeping Estimates
- Profit and Loss Reports
- Wages PAYE and CIS
- Cheap Bookkeeping
- VAT Returns
- Tax Preparation
- Credit Control
- Tax Returns
- Accountancy Packages
If you want local info regarding Ashton-in-Makerfield, Greater Manchester take a look here
Bookkeepers in WN4 area, and dialling code 01942.
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