Bookkeepers Banbury Oxfordshire (OX16): You are entirely responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years, if you run a small business, operate an online store or are a sole trader in Banbury, to comply with the Companies Act. Failure to produce such detailed records may leave you faced with Company Director disqualification, as well as thousands of pounds in fines. There's a substantial investment of time involved with maintaining these financial recordings on your own, and it's often more cost-effective to employ a professional accountant or bookkeeper, as according to the trade magazine Accounting Today over forty percent of small businesses spend 80 plus hours every year on their bookkeeping tasks.
If the very thought of writing ledgers, preparing profit, loss and financial statements, producing balance sheets or tracking liabilities and assets brings you feelings of terror, then it is high time to get in touch with a bookkeeper in Banbury for guidance.
BOOKKEEPER OR ACCOUNTANT?
The first question that most small business owners ask is "Exactly what is the distinction between a bookkeeper and an accountant?" In the old days it was generally considered to be beneath the qualifications, experience and skill-sets of an accountant to do the work of a bookkeper, however due to software developments over the past ten years, many bookkeeping procedures will now be carried out by accounting firms in the Banbury area. It's fairly common for many accounting firms to have a fixed rate for bookkeeping services consistent with an independent bookkeeper's fee. Because it provides a greater variety of competition within this sector, this is fantastic news for small business owners in Banbury, making the cost of their bookkeeping much more affordable than it previously was.
The main difference between an accountant and a bookkeeper is the level of qualification and training that is necessary. Usually holding an accounting degree, a professional accountant should also have had additional training in tax matters and have qualifications in fiscal and business management. A bookkeeper in Banbury will invariably have an understanding of these fiscal disciplines, but may not hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN BANBURY
The act of bookkeeping in simple terms, is to record the day by day transactions (financial) of any business in Banbury. This is likely to include, but is by no means limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Monthly reconciliations and reports.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- VAT recording and submissions.
- Documenting the receipt of invoices and ensuring payment is completed by the due date.
- The billing of clients for goods or work completed.
- Logging of all financial incomings; card, cash and electronic payments included.
Contingent upon service level you require, a professional bookkeeper might just be needed to double check your accounts periodically, if you are in a position to carry out the majority of your own bookkeeping work. To enable any mistakes or problems to be detected and amended swiftly, this needs to be every month as a bare minimum. If you are confident of staying in control of your day by day financial transactions and trading, this compromise can often be the most economical solution.
Whatever your situation, if you are looking at hiring a bookkeeping company it's fairly likely that you may be getting stressed about the financial recording side of your business in Banbury. A good bookkeeping company will help you out with everything from stocktaking, invoicing and producing expense reports, to linking your business accounts with the latest software to seamlessly process all of your financial data.
The correct reconciliation of accounts payable with cash flow is one of the most vital aspects of a good bookkeeping service. Which means that instead of paying off a bill straight away, or waiting on an overdue notice, which a lot of small businesses are guilty of doing, your bookkeeper will optimise bill payments to a time when your accounts are buoyant. This isn't only to ensure your business enterprise is on a sound financial footing at all times, but also to keep you in the good books of the businesses who supply your materials or services. When, as an individual, you are mostly focussed on running your everyday business activities, this can be a balancing act that is tricky to accomplish.
Having a person who is unconnected to the business cast an eye over your financial affairs, is another added advantage of employing a certified bookkeeper in Banbury if you are a sole trader, or for your small business. It's entirely possible that a dispassionate assessment such as this will showcase business patterns and trends that you haven't previously noticed. It is not at all uncommon for a keen eyed bookkeeper to flag an area which is dropping off in profits, or spot a brand new opportunity that may prove lucrative. It is important for the growth and success of any small business in Banbury, to spot these key performance indicators (KPI's).
Pursuing a late payment can be a fairly awkward scenario for you, if you give out invoices in your business operations. Some of that awkwardness can be removed by having an individual outside your normal business situation make that phone call or visit to your client. To help take care of the matter, if you have problems with a consistent late payer, there are solutions that can be made use of by a bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are fairly uncomplicated and easy to understand. Essentially, sole traders must retain all receipts and invoices, and keep records of expenditure and income from month to month. It's still a wise move to hire the expert services of a competent bookkeeper, although this may sound simple. When preparing your income tax returns, a specialised sole trader bookkeeper in Banbury will be happy to advise you on what your legitimate business expenses are, and claim these back from HMRC each year. This may include promotional advertising, printer ink, items such as computing equipment, rent and bills if working from home and stationery goods. Talk to your local bookkeeper for more comprehensive advice and see how they may be able to help your small business grow.
BOOKKEEPING FOR ONLINE TRADERS
Certain small businesses that work in niche areas, may need to retain the services of a specialised bookkeeping service. If exchange rate transfers, multi-currency processing, online payment procedures and international and cross-border taxes are involved, for example if you operate a store online, you'll need a bookkeeper in Banbury who is familiar with these operations. Because the internet never sleeps, if the same outlet sells goods you hold or produce then keeping track of inventory on a 24/7 basis is an important priority which will have to be addressed.
A virtual office can also be supplied together with bookkeeping services. This enables a sole trader or online only business to have a postal address and phone service to provide a physical link with their customers. If this kind of service could be helpful, it's definitely worth discussing the possibilities, although this solution won't be supplied by all bookkeeping companies in Banbury.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate and Diploma level, and it's not necessary for a certified bookkeeper in Banbury to hold an accounting degree. There is a number of courses available online, although bookkeeping qualifications can still be gained via further education universities and colleges.
There are 2 main certification and training organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): Keeping their associated members current with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind on the planet, providing accreditation to certified bookkeepers, in addition to reference material and training.
The Association of Accounting Technicians or AAT: With fully certified bookkeepers being able to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications. This then permits them to become a accredited AAT bookkeeper and guarantees a high standard of service which is backed up by the association. To protect the credibility of the AAT, if a bookkeeper who's affiliated with the AAT is found to have contravened the code of conduct or has a complaint filed against them, they will be subject to tribunal and disciplinary processes.
You can check the accreditations of any bookkeeper on the register of ICB or ATT members on their websites. Carrying out such checks is generally advisable before you actually employ any bookkeeper in Banbury.
Bookkeeping services are available in Banbury and also in: Balscote, Grimsbury, Easington, Overthorpe, Hanwell, Bloxham, Broughton, Bodicote, North Newington, Kings Sutton, Twyford, Neithrop, Chacombe, Great Bourton, Drayton, Warkworth, and in these postcodes OX16 0PZ, OX16 0DF, OX16 0NW, OX16 0DS, OX16 0PU, OX16 0JY, OX16 0NZ, OX16 0LZ, OX16 0ET, OX15 5ST. Local Banbury Bookkeepers will probably have the phone code 01295 and the postcode OX16. Checking this should ensure you are accessing local bookkeepers. Banbury sole traders and business owners will be able to benefit from these and numerous other related services.
Banbury Bookkeeper Questions
Over the last couple of days I've been reading through the questions that people in Banbury ask on the topic of bookkeepers. A good few of our web visitors submitted some justifiable questions that might be applicable to this blog post. The ones I chose were, Bookkeepers - what do they do? Do bookkeepers do adjustment? Which bookkeeping software is best? How can a bookkeeper help my business in Banbury? Are bookkeeping and accounting the same? How much is a bookkeeper per hour? What do bookkeeping services include? What are the advantages of a bookkeeper? Why choose a bookkeeper in Banbury? Hopefully the majority of these queries have been answered somewhere on this page, and if some are still to be answered a bookkeeping "Q&A" section is presently being introduced. Thankyou to Olly Richardson, Jeremiah Bishop, Orion Whitehead and Sofia Mckenzie, for raising these questions. Pertinent offerings were also received from Payton Houghton in Bodicote, Miguel Talbot in Chacombe and Laila Irving in Great Bourton.
Banbury Bookkeeper Tasks
Most bookkeepers in Banbury will be prepared to provide you with the following bookkeeping services: invoice processing Banbury, bookkeeping for retail outlets, franchise bookkeeping Banbury, bookkeeping for the self-employed, cash books, bookkeeping for payroll, profit & loss reports, bookkeeping for limited companies, bank reconciliation in Banbury, Quickbook bookkeeping services, Self-Assessment tax returns Banbury, bookkeeping for societies, personal tax returns Banbury, bookkeeping for freelancers, management accounts, bookkeeping services for organisations, bookkeeping for sole traders Banbury, letting agent bookkeeping Banbury, off-site bookkeeping, cheap bookkeeping services Banbury, credit control, small business bookkeeping Banbury, accounting and bookkeeping, bookkeeping and accounting services, management reports in Banbury, mobile bookkeeping services, double-entry bookkeeping in Banbury, bookkeeping for clubs, and more. These are just a small portion of the activities that are handled by local bookkeepers. Banbury companies will inform you of their full range of services. If there are some other Banbury bookkeeper requirements that you need but can't see here, you should list them on the QUOTE FORM provided. We'll be in touch with information as soon as we are able.
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Bookkeepers Near Banbury
Also here.: North Newington bookkeepers, Bloxham bookkeepers, Twyford bookkeepers, Neithrop bookkeepers, Overthorpe bookkeepers, Drayton bookkeepers, Chacombe bookkeepers, Easington bookkeepers, Balscote bookkeepers, Hanwell bookkeepers, Great Bourton bookkeepers, Broughton bookkeepers, Bodicote bookkeepers, Warkworth bookkeepers, Kings Sutton bookkeepers, Grimsbury and more. All these locations are catered for by local bookeepers. Banbury traders and businesses can get quotes for bookkeeping services by clicking
- Banbury Payroll Services
- Banbury VAT Returns
- Banbury Profit and Loss Analysis
- Banbury Cash Flow Analysis
- Banbury PAYE Wages and CIS
- Banbury Tax Returns
- Banbury Credit Control
- Banbury Double-Entry Bookkeeping
- Banbury Invoice Processing
- Banbury Tax Preparation
- Banbury Sole Trader Bookkeeping
- Banbury Cheap Bookkeeping
- Banbury Bookkeeping Quotes
- Banbury Small Business Bookkeeping
Bookkeepers Around Banbury: People who live in the following Banbury streets and roads have just recently inquired about bookkeeping services - Tadmarton Road, Albert Street, Aynhoe Park, Drury Lane, Clump Lane, Bowmens Lea, Traitors Ford Lane, Arbury Close, Azalea Walk, Sideleigh Road, Colesbourne Road, Byfield Road, Tithe Court, Townsend, Chapel Lane, St Hughs Close, Bedford Close, Chipping Norton Road, Buzzards Close, Shenington Airfield, Towrise, Alfriston Place, Deacon Way, Talbot Close, Calthorpe Road, Beaumont Road, The Dairyground, Dairy Ground, Samuelson Court, as well as these Banbury area postcodes: OX16 0PZ, OX16 0DF, OX16 0NW, OX16 0DS, OX16 0PU, OX16 0JY, OX16 0NZ, OX16 0LZ, OX16 0ET, OX15 5ST.
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Bookkeeping Jobs Banbury: Browse bookkeeping jobs near Banbury here: Banbury Bookkeeping Jobs
Bookkeepers in OX16 area, and dialling code 01295.
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