Bookkeepers Barking Essex (IG11): For anybody in Barking who acts as a sole trader, runs an online store or owns a small business, it's their sole responsibility to keep "true and fair", accurate accounting and financial records for a minimum of six years. This is according to the 2006 Companies Act. You could be disqualified as a Company Director and face a hefty fine, if you're unable to produce this information. The trade magazine Accounting Today reports that over 40% of small businesses spend 80 plus hours each year doing their accounts, therefore whilst you can do these financial recordings on your own, it can pay to use a professional to do them instead.
The time has come to contactin Barking for help and advice, if you're filled with panic simply thinking about compiling balance sheets, writing out ledgers, tracking assets and liabilities or creating profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
A common question that is asked by many business owners in Barking is "Exactly what is the difference between a bookkeeper and an accountant?" The fact is, because of huge improvements in software over the past 10 years many accountants in Barking will undertake the task of bookkeeping, which was at one time considered beneath their skill-sets, qualifications and experience. To keep their bookkeeping services in line with an independent, it's now fairly common for many accountancy companies to have a set fee for these services. This means the cost of bookkeeping is more affordable than it once was, and is fantastic news for small businesses in Barking as it provides a wider variety of competition within the marketplace.
When considering the main difference between a bookkeeper and an accountant in Barking, it's the level of training that's necessary for each of these disciplines. Anwill, at the very least, hold a degree in accounting, and should have also had specialist training in business and financial management, and taxes. Whilst in Barking will definitely have a really good understanding of these fiscal disciplines, they might not have the same levels of experience and training in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms possible, the bookkeeping process involves the careful recording of daily transactions of any business enterprise in Barking. This may include, but isn't limited to;
- Billing of clients for work completed or goods.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reporting and reconciliation.
- VAT submissions and recording.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Documenting the receipt of invoices and ensuring payment is completed punctually.
- Documenting of all financial incomings; including electronic, card and cash payments.
If you're prepared to perform the bulk of your bookkeeping work yourself; a bookkeeper might only be needed to double check your accounts on a fixed schedule. At the bare minimum this should really be each month, to enable the rapid identification and correction of any mistakes or problems. If you are confident of staying in control of your daily financial transactions and trading, this compromise can sometimes be the most economical solution.
Whatever your current situation is, if you're looking at hiring a bookkeeper in Barking, there is a fair chance that you may be struggling with the financial recording aspects of your small business. To enable the seamless processing of financial data, a good bookkeeping service will help you link the latest software to your accounts, and will give advice on such things as creating expense reports, stocktaking and invoicing.
An especially important element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. This means that by arranging bill payments to a time when your accounts are buoyant and in good shape, your bookkeeper will avoid the mistake that many small businesses in Barking are guilty of doing i.e. paying off a bill straight away, or waiting on a final notice. This does not just keep you in favour with suppliers and those who supply services to you, but also makes sure that your business is on a sound financial footing. When you're completely focussed on the operation of your business, this is a juggling act that you may find hard to perform as an individual.
For your small business, or if you are a sole trader, using a certified bookkeeper in Barking, gives you the chance to have an impartial eye cast over your business affairs. It could be that business trends and patterns that you may have disregarded could therefore be highlighted. A scenario where a smart bookkeeper flags up an area of the business which is dropping in profits, or identifies an opportunity which may be worthwhile, is not at all an uncommon occurrence. For driving the growth of any small business in Barking, it is vital that such key performance indicators (KPI's) are spotted early.
If you give out invoices in your business operations, needing to pursue a late payment can be really uncomfortable. By having someone outside your normal business situation visit your customers or make that telephone call, some of that apprehension can be taken away. To help with resolving the matter, if you have a consistent late payer, there are legal techniques that can be used by a professional bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as laid out by law, start off relatively straightforward. Sole traders are required to monitor expenditure and income from month to month and save all receipts and invoices. It is still recommended that you retain the expert services of a competent bookkeeper, even though this might sound simple enough. Advising you on what valid business expenses you are able to claim back, a dedicated sole trader bookkeeper in Barking will deal with HMRC on your behalf. This might include printer ink, bills and rent if working from home, items such as computing equipment, stationery goods and promotional advertising. For more comprehensive advice, talk to your bookkeeper, and learn how they may be able to help your small business to flourish and grow in the future.
BOOKKEEPING FOR ONLINE TRADERS IN BARKING
Certain businesses that work in niche markets, may need to use a specialised bookkeeper. You're going to require a bookkeeper in Barking who understands online payment procedures, exchange rate transfers, multi-currency processing and cross-border and international taxes, if you manage a store online for instance. If the same outlet sells goods you produce or hold, then regulating your stock on a 24 hours a day basis is an important priority, as I'm sure you will appreciate the internet doesn't sleep, therefore neither should your bookkeeping software or services.
In combination with bookkeeping services, a remote virtual office can also be provided. This is beneficial in enabling a sole trader or online only business to have a telephone service and postal address to provide a physical connection to their client base. If this type of service is needed, it is definitely worth discussing, although this option will not be provided by all bookkeepers in Barking.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a qualified bookkeeper in Barking to hold a degree, and a lot of the bookkeeping qualifications are held at Diploma and Certificate level. Bookkeeping qualifications can be gained via further education colleges and universities but there are also an ever-increasing selection of courses offered online.
Certification and training for bookkeepers is mainly provided by 2 key organisations:
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-date with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation on the planet, providing accreditation to bookkeepers, in addition to training and reference material.
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB after their name, a certified member of the Association of Accounting Technicians (AAT) will have undergone a training schedule and advanced qualifications in bookkeeping. They are then able to become accredited AAT bookkeepers, which assures their clients a decent level of service which is backed by the association. To preserve the integrity of AAT membership, an AAT bookkeeper can be subject to disciplinary and tribunal processes if they have a complaint filed against them or are found to have violated the code of conduct.
By viewing the register of ICB or ATT members on their websites, you're able to inspect the accreditations of any bookkeeper in Barking. Prior to employing any bookkeeping service in Barking, it is definitely a great idea to complete such checks.
VAT Returns by a Bookkeeper
For small business owners in Barking who wish to stay on top of their tax obligations while minimizing administrative tasks, outsourcing VAT return preparation to a bookkeeper may be a wise decision. 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. Likewise, a bookkeeper can supply you with valuable insights on how to decrease your VAT responsibility and guarantee that you are claiming all the admissible VAT that you are entitled to. With the help of a bookkeeper, you can have peace of mind knowing that your VAT returns are being handled efficiently and accurately, giving you more time to focus on growing your business in Barking. Also, hiring a bookkeeper can be cost-effective as it can help you avoid any penalties or fines from HMRC due to incorrect vat returns or late submissions, which could save you money in the long run. To summarise, in Barking, hiring a bookkeeper can provide small business owners with an economical, dependable, and efficient solution for managing their VAT returns, allowing them to stay compliant with tax regulations, decrease their tax liability, and dedicate more time to growing their business.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial health is cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. The task involves keeping tabs on the amount of cash entering and leaving the business within a particular period of time, generally a month or a quarter. Through this, a bookkeeper can aid the business proprietor in grasping their present financial state, spotting anydifficulties, and preparing for the future.
To create a clear picture of a company's financial health, the bookkeeper categorizes and reconciles all cash transactions, including expenses, sales and investments. Additionally, cash flow analysis can also entail forecasting cash flow for the forthcoming months or years to assist the business in making educated decisions and avoiding cash flow difficulties.
Any business that desires to manage their finances effectively must have a complete and accurate cash flow analysis as a crucial tool.
If you are self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. This task can be challenging, as the process can be complex if you're not acquainted with it. A bookkeeper can help you with keeping your records organised and preparing your tax return accurately and on time.
To complete your tax returns, using a bookkeeper can be beneficial in many ways. First and foremost, they will have the experience and expertise to make sure that your return is completed correctly. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, a lot of time and effort can be saved by a bookkeeper. They will take care of all of the paperwork and calculations, so you can focus on running your business. Third, essential advice on tax planning can be provided by a bookkeeper in Barking. This can enable you to reduce your tax burden and increase your bottom line. (70193)
Barking Bookkeeper Tasks
Most bookkeepers in Barking will be ready to provide you with the following bookkeeping services: tax returns Barking, cash flow analysis, bookkeeping for limited companies, corporation tax returns, off-site bookkeeping, letting agent bookkeeping, Xero bookkeeping Barking, general bookkeeping services, VAT returns, bookkeeping for home-based businesses in Barking, QUOTE FORM provided. We will get back to you with details as soon as we are able.in Barking, financial statement preparation, profit & loss reports Barking, franchise bookkeeping, bookkeeping services for the self-employed Barking, accountancy packages, bookkeeping services for restaurants, Barking, in Barking, bookkeeping for small businesses, bookkeeping services for pubs, mobile bookkeeping services in Barking, charity bookkeeping Barking, , Quickbook bookkeeping, Self-Assessment tax returns in Barking, bookkeeping services for societies, in Barking, accounting and bookkeeping services, management reports Barking, and more. Listed are just a selection of the activities that are accomplished by local bookkeepers. Barking professionals will keep you informed about their entire range of services. If there are other Barking bookkeeper requirements that you want but cannot see here, you should list them on the
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