Bookkeepers Aylesford Kent (ME20): For anyone in Aylesford who runs an online store, owns a small business or acts as a sole trader, it's their sole responsibility to keep "true and fair", accurate accounting and financial records for a minimum of 6 years. This is according to the Companies Act. You could face a fine of thousands of pounds, and perhaps disqualification as a Company Director, if you're unable to produce this information. There is a large time investment involved with preparing such financial records on your own behalf, and it can pay you to use a professional bookkeeping company or accountant, especially if you consider that according to Accounting Today over 40% of small businesses spend 80 plus hours per year on their bookkeeping.
It is high time to contact a bookkeeper in Aylesford for advice, if the thought of writing ledgers, tracking liabilities and assets, producing balance sheets or preparing profit, loss and fiscal reports fills you with a sense of dread.
BOOKKEEPER OR ACCOUNTANT?
The very first question many people ask is "Precisely what is the distinction between an accountant and a bookkeeper?" The reality is that while at one time the process of bookkeeping, was looked at as beneath the qualifications, skill-sets and experience of an accountant, due to tremendous software improvements over the past ten years, most accountancy companies in the Aylesford area will now consider taking on bookkeeping. To make sure their bookkeeping services are in line with an independent bookkeeper's fee, it's now quite common for accountancy companies to have a flat rate for these services. This is excellent news for business owners because it offers a greater variety of competition within this sector and can make the cost of your bookkeeping cheaper than previously imagined.
The biggest difference of an accountant over a bookkeeper is the level of training and qualification that is necessary. At least an accounting degree with specialist training in the field of taxation and other financial and business management, will usually be held by an accountant. A bookkeeper in Aylesford will invariably have a good grasp of these fiscal disciplines, but might not necessarily have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN AYLESFORD
Basically, the bookkeeping process is to record the day to day financial transactions of any business or enterprise in Aylesford. This may include, but is not limited to;
- Documenting invoices received and making sure payment is completed punctually.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- Monthly reconciliation and reports.
- The billing of clients for work completed or goods.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Recording of all financial incomings; card, electronic and cash payments included.
- VAT submissions and recording.
In accordance with service level you require, a professional bookkeeper might just be needed to periodically double-check your records, if you're happy to undertake most of your own bookkeeping work. At the bare minimum this really needs to be done monthly, to facilitate the rapid identification and rectifying of any mistakes or problems. This trade-off can sometimes be the most affordable option if you are able to stay on top of your daily financial transactions and trading.
If you're currently looking to hire a bookkeeper in Aylesford, whatever your scenario, it's a good bet that you may be stressed with your tax and financial procedures. A good bookkeeping service will be able to help you to link your accounts with the latest software to enable the seamless processing of financial data, and will offer guidance and advice on things such as stocktaking, producing expense reports and invoicing.
The reconciliation of cash flow with accounts payable is one of the most vital aspects of a good bookkeeping service. Which means that rather than paying a bill straight away, or waiting for a final notice, which many small businesses in Aylesford are guilty of, your bookkeeper will arrange the payment of bills to a time when your accounts are in good shape and buoyant. This is not just to ensure that your business or enterprise is financially stable all the time, but also to keep you in the good books of the businesses who supply you with services or materials. When you're mainly focussed on running your business, this is a juggling act that can be challenging to accomplish on your own.
If you are a sole trader, or own a small business, using a certified bookkeeper in Aylesford, also gives them the opportunity to cast an independent eye over the operation of your business. Business trends and patterns that might have otherwise gone unnoticed might be pinpointed by this sort of objective evaluation. It is not unusual for a bookkeeper to recognise an opportunity or flag an area which is dropping off in profits. Such KPI's (key performance indicators) are important in the success and growth of any small business in Aylesford.
It can often be quite humiliating to pursue late payments if your company gives out invoices. If that visit to your client or telephone call is made by somebody from outside your normal business bubble, it's possible for most of that embarrassment to be taken away. To help resolve the matter, if you've got problems with a repeating late or non-payer, there are legal procedures that can be employed by a professional bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively uncomplicated bookkeeping requirements for sole traders, that are set out in law. This involves saving all receipts and invoices relating to the business, and keeping a record of expenditure and income on a monthly basis. While this might sound simple it is still recommended that you retain the expertise of a competent bookkeeper. So that you can claim back legitimate business expenses from HMRC, a professional sole trader bookkeeper in Aylesford can give you advice on what you have to do. This might include items such as computing equipment, consumables, stationery, rent and bills if working from home and advertising. If you would like to get more in-depth advice, and discover how your business can grow and develop moving forward, chat to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are particular business niches where a specialist bookkeeping service might be needed. As an example, if you run an online store, you'll be wise to employ a bookkeeper in Aylesford who understands multi-currency processing, cross-border and international taxes, exchange rate transfers and online payment procedures. Regulating your stock on a 24 hours a day basis is also a major concern, if the same shop sells goods that you produce or hold, after all the internet never sleeps, therefore nor should your bookkeeping software or services.
Together with bookkeeping service, it's also possible to supply a virtual office. Offering a physical connection to their customers, this allows an online only business or sole trader to have a phone service and postal address. It's definitely worth talking about this possibility if it's needed, although not all Aylesford bookkeepers will provide this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a professional Aylesford bookkeeper to hold a degree, and many of the bookkeeping qualifications are held at Certificate or Diploma level. If the preferred route to qualification is through further education universities and colleges, this is still a possibility, whereas there there's an ever-growing array of bookkeeping courses available online.
Representing bookkeepers, there are two principal training and certification organisations:
The ICB or Institute of Certified Bookkeepers: Offering certification for qualified bookkeepers, along with training and reference material to keep their members up-to-date with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind on the planet.
The Association of Accounting Technicians or AAT: Providing advanced qualifications and a training schedule, the Association of Accounting Technicians (AAT), entitles a fully trained bookkeeper to use the letters AATQB. They're then able to become approved AAT bookkeepers, which guarantees their customers a standard of service which is backed by the organisation. To protect the values and integrity of the AAT, an AAT bookkeeper can be subject to disciplinary and tribunal procedures if they have a complaint filed against them or are found to have broken the code of practice.
By viewing the register of AAT or ICB members on their websites, you are able to verify the qualifications of any Aylesford bookkeeper. Prior to retaining any bookkeeping service in Aylesford, it is usually a wise idea to perform these checks.
What Are the Main Advantages of Using a Bookkeeper in Aylesford Over an Accountant?
The following are some reasons why you may decide to use a bookkeeper in Aylesford, instead of an accountant:
- Time: By outsourcing bookkeeping, small business owners can save time and concentrate on other vital areas of their business like sales and marketing.
- Specialisation: Bookkeepers have a more focused expertise in day-to-day financial transaction management and record-keeping, leading to greater efficiency and effectiveness in these tasks.
- Cost-Effectiveness: Bookkeeping services are usually more cost-efficient when compared with accounting services, making them a good choice for small businesses, start-ups and sole traders looking to save on expenses.
- Accessibility: Bookkeepers are often more available to provide support and answer questions on a regular basis than an accountant, who may only be available at certain times of the year.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereby accountants whose approach may be more general.
It is important to note that even though bookkeepers offer valuable support, they might not have quite the same level of qualifications or expertise as an accountant in aspects such tax preparation or financial planning. In cases like this, seeking the specialist services of an accountant may be necessary.
Cash Flow Analysis
The financial wellbeing of a business can be comprehended by utilising cash flow analysis as a crucial tool. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. To do this, it is necessary to track the inflow and outflow of cash for the business over a set period of time, generally a month or a quarter. The bookkeeper's task is to assist the business owner in comprehending their current financial condition, detecting any cash flow issues, and planning for the future.
The analysis involves categorizing and reconciling all cash transactions, such as investments, sales and expenses, to create a clear picture of the company's financial health. It also involves forecasting the business's cash flow for the next few months or years to help the company make informed decisions and avoid potential cash flow difficulties.
In addition, a bookkeeper can suggest measures to bolster the business's cash flow, such as improving payment systems or adjusting pricing models. Moreover, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. Any company that wants to manage their finances effectively must have a precise and comprehensive cash flow analysis.
Tax Returns
You may be required to file a self-assessment tax return if you are self-employed or have a small business in Aylesford. This task can be especially challenging if you aren't acquainted with the process. Keeping your records in order and preparing your tax return on time and accurately are both things that a qualified bookkeeper can help you with.
There are a number of benefits to employing a bookkeeper for your tax returns. Firstly, the correct completion of your return is ensured by their expertise and experience. This should help you to avoid penalties from HMRC, as well as interest charges. Second, a lot of time and hassle can be saved by a bookkeeper. You can concentrate on your business while they take care of all of the paperwork and calculations. Thirdly, Aylesford bookkeepers can provide you with valuable advice on tax planning and financial strategy. This can help to minimise your tax bill and maximise your earnings. (70193)
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Bookkeepers Near Aylesford
Also find: Barming bookkeepers, Penenden Heath bookkeepers, Larkfield bookkeepers, Quarry Wood bookkeepers, Burham bookkeepers, Leybourne bookkeepers, Ditton bookkeepers, West Malling bookkeepers, Birling bookkeepers, Allington bookkeepers, Mill Street bookkeepers, Sandling bookkeepers and more. Practically all of these locations are covered by local bookkeepers. Individuals and businesses are ensured easy access to the financial support necessary for effective account management through this accessibility. Bookkeeping quotes are available to area residents with a click here.
Aylesford Bookkeeper Tasks
Most Aylesford bookkeepers will be able to offer you the following bookkeeping and accounting services: independent bookkeeping services, small business tax returns Aylesford, letting agent bookkeeping, management reports, VAT returns, charity bookkeeping Aylesford, tax returns, PAYE & wages, professional bookkeeping services Aylesford, cheap bookkeeping services Aylesford, tax preparation, bookkeeping services for societies Aylesford, personal tax returns, payment services, bookkeeping for sole traders, bookkeeping services for startups in Aylesford, bookkeeping for self-employed, Sage bookkeeping in Aylesford, bookkeeping rates, bookkeeping for shops, bookkeeping services, bookkeeping services for pubs, mobile bookkeeping services, bookkeeping for freelancers, invoice processing Aylesford, financial statement preparation, general bookkeeping services Aylesford, bookkeeping and accounting, double-entry bookkeeping, bookkeeping for charities, and more. Listed are just some of the tasks that are accomplished by local bookkeepers. Aylesford companies will tell you about their full range of bookkeeping services. If there are some other Aylesford bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We'll be in touch with information as soon as we can.
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