Bookkeepers Axminster

Bookkeepers Axminster Devon (EX13) Area: For anyone in Axminster who runs an online store, owns a small business or acts as a sole trader, it is their sole responsibility to maintain "true and fair", accurate accounting and financial records for a minimum of six years. This is in accordance with the 2006 Companies Act. You might be disqualified as a Company Director and face thousands of pounds in fines, if you can't produce these records. It can be more economical to use a professional bookkeeping company or accountant to undertake this for you, since according to Accounting Today over 40% of small business owners spend over eighty hours each year on their bookkeeping, which is a substantial time investment, and could be better spent on your key business activities.

If you are filled with dread merely thinking about tracking liabilities and assets, producing balance sheets, filling out ledgers or creating profit, loss and fiscal reports, then the time to contact a bookkeeper in Axminster for guidance has arrived.

"Exactly what is the distinction between an accountant and a bookkeeper?" Is a question that's asked by many business owners in Axminster. While in past times a lot of accountants considered the task of bookkeeping to be beneath their skill set, experience and qualifications, a lot of accountancy companies in the Axminster area will now undertake most bookkeeping duties, because of software improvements over the past decade or so. It is now quite common for accountancy companies to charge a fixed rate for bookkeeping services commensurate with an independent bookkeeper's fee. Business owners are now cashing in on this, as it offers a greater variety of competition within the industry and can mean that the cost of bookkeeping is much more affordable than it would have been in the past.

The big difference of an accountant over a bookkeeper is the level of training required. Normally holding a degree in accounting, a professional accountant will also have had training in tax law and further qualifications in financial and business management. A bookkeeper in Axminster may not have the same levels of experience and training, or hold these qualifications, but will still have a decent understanding of these fiscal disciplines.

The process of bookkeeping put simply, is to record the day to day transactions (financial) of any business in Axminster. This is likely to include, but is by no means limited to;

• Monthly reporting and reconciliations.
• Highlighting and rectifying any discrepancies in financial accounts.
• Billing of customers for goods or work completed.
• Payroll services.
• Making sure that accounting and double-entry bookkeeping practices are followed.
• Documenting the receipt of invoices and ensuring that payment is completed promptly.
• Documenting of all financial incomings; including electronic, cash and card payments.
• VAT submissions and recording.

Whilst it is dependent on the extent of the service you're interested in, if you are happy to carry out the majority of your own bookkeeping work, a bookkeeper might only be needed to periodically double-check your records. To allow for any mistakes or problems to be found and amended speedily, this ought to be done on a monthly basis at the bare minimum. If you're able to stay up-to-date with your daily financial transactions and trading, this compromise can often be the most affordable solution.

Whatever your situation, if you are seriously looking at hiring a bookkeeper there's a fair chance that you may be having problems with the financial recording side of your small business in Axminster. A good bookkeeping company will be able to give advice and guidance on everything from stocktaking, creating expense reports and invoicing, to linking your business accounts with the most suitable computer software to allow the seamless processing of financial data.

The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of effective bookkeeping. This means that your bookkeeper will optimise the payment of bills to a time when your finances are buoyant and in good order, rather than paying a bill immediately, or waiting on a final notice, which many small businesses are guilty of at some time or other. This doesn't just keep your business enterprise financially stable, but keeps you in the good books of suppliers and those businesses who provide you with services. Unfortunately, this is one of those balancing acts that can be challenging to perform when you are firmly focussed on the smooth running of your everyday business operations.

If you're a sole trader, or run a small business, employing an experienced bookkeeper in Axminster, also gives them an opportunity to cast an independent eye over the running of your business. This unbiased appraisal can enable them to see business trends and patterns that might have gone unnoticed. A bookkeeper recognising an opportunity or noticing an area where profits are decreasing, is by no means unheard of. For ensuring the growth of any small business in Axminster, it is important that these key performance indicators are spotted as early as possible.

If invoices are sent out by your company it can sometimes be embarrassing to pursue a late payment. Some of that awkwardness can be removed by having someone outside your normal business bubble visit your customer or make that telephone call. To help with resolving the issue, if you've got problems with a repeating late payer, there are methods that can be employed by a bookkeeper, so legal proceedings can be averted.

If you're a sole trader the bookkeeping requirements, as set out in law, start off fairly straightforward. A sole trader is expected to monitor expenditure and income from month to month and keep all receipts and invoices. Even though this might at first sound fairly simple, hiring the expertise of a bookkeeping company is still good practice. When preparing your tax returns, a specialised sole trader bookkeeper in Axminster will be able to advise you on what your genuine business expenses are, and make certain these are claimed back from HMRC every year. This might include advertising, bills and rent if you work from home, printer ink, stationery and items such as computers. For more in-depth advice, chat to a trusted bookkeeper, and learn how they may be able to help your small business to flourish and grow going forward.

Specialist bookkeepers are often required for certain niches in bookkeeping. If multi-currency processing, international and cross-border taxes, exchange rate transfers and online payment procedures are involved, for instance if you run a store online, you will need to hire a bookkeeper in Axminster who understands these practices. As the internet does not sleep, if that same store sells goods you produce or hold then keeping track of your stock on a 24 hours a day basis is a crucial concern which will need to be managed.

It is also possible to establish a remote virtual office, that can be used in combination with your bookkeeping services and package. Offering a physical link with their buyers, this allows an online only business or sole trader to have a postal address and phone service. It is worth discussing this possibility if it's something that could benefit you, although not all bookkeeping businesses in Axminster will offer this option.

A professional Axminster bookkeeper needn't hold a university degree and most qualifications for the industry are at Certificate and Diploma level. There is a growing selection of courses offered online, although qualifications can still be obtained through further education colleges and universities.

Bookkeepers are represented by two primary training and certification organisations:

The AAT (Association of Accounting Technicians): The Association of Accounting Technicians or AAT provides advanced qualifications and training enabling a fully trained member to use the letters AATQB. This then entitles them to become a certified AAT bookkeeper and guarantees a level of service which is backed by the association. If an AAT bookkeeper has a complaint against them or is found to have broken the code of practice they can be subject to tribunal and disciplinary processes to preserve the credibility of the AAT.

The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest in the world and supplies accreditation to certified bookkeepers, in addition to reference material and training to keep their members informed about the latest trends and innovations.

By visiting their websites, it is possible to check the register of AAT or ICB members, to confirm the qualifications of any Axminster bookkeeper. Before you employ any bookkeeper in Axminster it's advisable to implement this check.

(Tags: Bookkeeper Axminster, Bookkeeping Accountant Axminster, Bookkeeping Services Axminster, Bookkeepers Axminster, Bookkeeping Service Axminster)

Bookkeeping services are available in Axminster and also in nearby places like: Abbey Gate, Dalwood, Millbrook, Alston, Uplyme, Thorncombe, Sector, Wilmington, Marshwood, Shute, Musbury, Colyton, Membury, Kilmington, Churchill, Lyme Regis, Weycroft, Smallridge, as well as in these postcode areas: EX13 5JL, EX13 5JD, EX13 5GH, EX13 5PH, EX13 5BZ, EX13 5JR, EX13 5EF, EX13 5HA, EX13 5LW, EX13 5LP. Locally based Axminster Bookkeepers will probably have the postcode EX13 and the phone code 01297. Verifying this will confirm you access locally based bookkeepers. Axminster sole traders and business owners are able to utilise these and many other related services.

Sales and Purchase Ledger Management

When a bookkeeper oversees sales and purchase ledgers, it creates consistency across financial records. Sales invoices are tracked from issue to payment, while outstanding balances are kept under review. Purchase invoices are entered, checked, and followed through to payment so suppliers are paid correctly. One responsibility may include setting and monitoring payment terms to keep transactions running smoothly. This level of control helps prevent disputes and delays. Accurate ledger management also supports clearer reporting. Business owners can trust the figures they're seeing, rather than relying on estimates or outdated information. (Tags: Sales and Purchase Ledger Management Axminster)

Year-End Tax Return Preparation

Year-end tax return preparation is often the point where a bookkeeper really earns their keep. They'll go through the year's records to make sure income, expenses, and payments are all complete and properly recorded. This includes checking bank reconciliations, reviewing expense categories, and flagging anything that looks out of place. By the time year end rolls around, everything should already be in good shape, rather than a mad rush to find missing figures. A bookkeeper will also prepare clear summaries for the accountant, which helps avoid back and forth emails. Getting this groundwork done properly can reduce errors, save time, and stop costly mistakes that often happen when things are rushed or guessed. (Tags: Year-End Tax Return Preparation Axminster)

VAT Returns

In Axminster, small business owners can enlist the services of a bookkeeper to handle their VAT returns, which can provide them with peace of mind about tax compliance and allow them to prioritize other business priorities. A bookkeeper can take care of all aspects of your VAT return, including calculating the amount of VAT you owe or are owed, preparing and submitting your return to HMRC, and keeping accurate records of your transactions. Likewise, a bookkeeper can furnish you with beneficial suggestions on how to decrease your VAT obligation and ensure that you are receiving all the permissible VAT reimbursements. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with efficiency and accuracy, enabling you to concentrate on the advancement of your business in Axminster. In summary, small business owners in Axminster can enjoy a reliable, cost-effective, and efficient way of managing their VAT returns by hiring a bookkeeper, which can help them stay compliant with tax regulations, reduce their tax liability, and allocate more time to growing their business.

What Are the Main Advantages of Using a Bookkeeper in Axminster Rather Than an Accountant?

The following are a few reasons why you may want to use a bookkeeper in Axminster, instead of an accountant:

• Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereby accountants may have a more general approach.
• Cost-Effectiveness: Bookkeeping services are typically more cost-efficient compared to accounting services, which makes them a shrewd choice for start-ups, small businesses and sole traders looking to save on costs.
• Time Savings: By outsourcing their bookkeeping tasks, businesses can save time and concentrate on other areas of their business, for instance sales and marketing.
• Accessibility: Bookkeepers are generally more available to answer questions and provide support on a regular basis than an accountant, who may only be available at certain times.
• Specialisation: Bookkeepers have got a more focused expertise in day-to-day financial transaction management and record-keeping, leading to greater effectiveness and efficiency in such tasks.

That being said, it's vital to note that whilst bookkeepers can provide valuable support, they might not have the same level of qualifications or expertise as an accountant in certain aspects such as financial planning or tax preparation. In these instances, it may be necessary to check with an accountant when more specialist services are required.

Bookkeeping Questions

A couple of weeks back I thought it might be a good idea to look at the most commonplace questions that people in Axminster ask in regard to bookkeeping. Quite a few of you sent in helpful queries that are worth mentioning here. The ones I picked out were, Does a bookkeeper need insurance? Are bookkeeping fees tax deductible? How is bookkeeping differentiated to accounting? How much do bookkeepers charge per hour? What are accountant bookkeepers? Do bookkeepers do accounts payable? What are the benefits of a bookkeeper? What does bookkeeping entail? Why is bookkeeping important to any business in Axminster? We hope that most of these questions have been covered in the preceding article, and if some still need to be dealt with a bookkeeping "Questions and Answers" feature is currently being developed. A huge thank you goes to Freddie James, Montgomery Walton, Israel Lawson and Genesis Carroll, for submitting these questions. Pertinent contributions were also received from Isabella Potts in Shute, Abel Hay in Musbury and Ruby Guest in Smallridge.

Bookkeeping Tasks

Most bookkeepers in Axminster will be able to offer you the following bookkeeping services: small business tax returns, general bookkeeping services, bank & credit card reconciliations, producing basic profit & loss reports, bookkeeping services for self-employed people, bookkeeping services for startups, PAYE & wages, preparing trial balances, data entry & cleanup of historic records, financial statement preparation, mobile bookkeeping services, bookkeeping for freelancers, tax preparation, payroll processing & payslip preparation, personal tax returns, bookkeeping services for sole traders, bookkeeping price quotes, CIS record-keeping & submissions (for construction businesses), assistance with registering for self-employment in Axminster, professional bookkeeping services, cash flow analysis, bookkeeping for home-based businesses, Kashflow bookkeeping, keeping digital records compliant with HMRC requirements, bookkeeping and accounting services, bookkeeping services for charities, and more. Listed are just a handful of the duties that are carried out by local bookkeepers. Axminster professionals will let you know their full range of services. If there are additional Axminster bookkeeper requirements that you want but don't see here, you should mention them on the QUOTE FORM provided. We will get back to you with details as soon as we are able.

Bookkeepers in Nearby Areas

Also find: Shute bookkeepers, Churchill bookkeepers, Musbury bookkeepers, Millbrook bookkeepers, Abbey Gate bookkeepers, Membury bookkeepers, Marshwood bookkeepers, Colyton bookkeepers, Dalwood bookkeepers, Weycroft bookkeepers, Smallridge bookkeepers, Alston bookkeepers, Kilmington bookkeepers, Thorncombe bookkeepers, Uplyme bookkeepers, Sector bookkeepers, Lyme Regis bookkeepers, Wilmington bookkeeper and more. All of these towns and villages are catered for by local bookeepers. Axminster businesses and traders can get fees for bookkeeping services by going here.

Bookkeeping Services Axminster

Find a Bookkeeper in Axminster Here

• Self-Assessment Bookkeeping
• Tax Preparation
• Sole Trader Bookkeeping
• Invoice Processing
• Bookkeeping Estimates
• Profit and Loss Analysis
• Cheap Bookkeeping
• Double-Entry Bookkeeping
• Self-Assessment Tax Returns
• Cash Flow Solutions
• Payroll Services
• Bookkeeping Services
• PAYE and Wages
• VAT Returns

Bookkeepers in EX13 area, telephone code 01297.

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