Bookkeepers Barnet Greater London (EN4): For any individual in Barnet who acts as a sole trader, runs an online store or operates a small business, it's their sole responsibility to maintain "true and fair", accurate accounting and financial records for a minimum of 6 years. This is laid out by the 2006 Companies Act. You may be disqualified as a Company Director and receive thousands of pounds in fines, if you can't produce these records. According to Accounting Today magazine over 40% of small businesses spend at least 80 hours each year on their accounts, therefore while you can accomplish these financial records on your own, it can be more cost-effective to use a professional accountant or bookkeeping company to do them instead.
If you're filled with panic simply thinking about preparing profit, loss and fiscal reports, tracking liabilities and assets, writing ledgers or producing balance sheets, then the time to get in touch within Barnet for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Barnet, the first question that springs to mind when facing this dilemma is "What exactly is the difference between a bookkeeper and an accountant?" To be honest, because of huge improvements in software over the past decade or so many accountancy firms in the Barnet area will take on bookkeeping, which was at one time looked at as beneath their skill set, experience and qualifications. Most accountancy companies now charge a set fee for bookkeeping services, to keep them in line with what a typical bookkeeper in Barnet would generally charge. Since it provides a greater variety of competition within the marketplace, this is fantastic news for small business owners in Barnet, making the cost of their bookkeeping much more affordable than it was previously.
The standard of training and qualification required is the big difference between an accountant and a bookkeeper. Anwill generally hold at least an accounting degree with specialist training in the field of taxes and other fiscal and business management. Whilst having a decent understanding of these disciplines, a bookkeeper in Barnet may not have the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in the simplest of terms, is to record the day by day transactions of any business or enterprise in Barnet. This may include;
- Logging of all financial incomings; including electronic, cash and card payments.
- Billing of clients for goods or work completed.
- VAT submissions and recording.
- Monthly reconciliation and reporting.
- Recording invoices received and making certain that payment is completed punctually.
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
While it is dependent on the extent of the service you are interested in, if you are in a position to carry out a large majority of your own bookkeeping work, a professional bookkeeper may only be needed to periodically double-check your records. To make certain that any problems or mistakes can be discovered and amended swiftly, as a bare minimum, this should really be every month. If you are confident of staying in control of your day to day trading and financial transactions, this compromise can sometimes be the most affordable solution.
There's a fair chance that if you're looking at hiring a bookkeeping company, you are currently fretting over the financial recording side of your small business in Barnet. To facilitate the seamless sorting of transactional data, a good bookkeeping service will help you to link the most up-to-date software to your business accounts, and will provide advice on things like stocktaking, creating expense reports and invoicing.
One of the most vital aspects of good bookkeeping, is being able to correctly reconcile accounts payable with cash flow. Which means that by scheduling the payment of bills to times when your finances are in good order, your bookkeeper will avoid the thing that most small businesses are guilty of doing i.e. paying an outstanding bill straight away, or waiting on an overdue notice. In addition to keeping your enterprise or business financially sound, this also keeps you in good stead with suppliers and companies who provide services to your business. When, as an individual, you are firmly focussed on running your everyday business activities, this is a juggling act that can be tricky to perform.
Employing a certified bookkeeper in Barnet, if you're a sole trader, or for your small business also gives them an opportunity to cast an eagle eye over your business. It is entirely possible that a nonpartisan appraisal like this will showcase business trends and patterns that have previously been missed. It is not at all unheard of for a keen eyed bookkeeper to flag an area where profits are dropping, or spot an opportunity that may be worthwhile. Spotting these key performance indicators (KPI's) is vital for enabling growth in any business in Barnet.
If invoices are sent out by your company it can sometimes be embarrassing having to chase up late payments. Some of that awkwardness can be removed by having an individual outside your normal business bubble visit your customer or make that phone call. A professional bookkeeper can make use of legal procedures to take care of a persistent late payer, and without having to resort to a claims court proceeding, help to clear up the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively straightforward sole trader bookkeeping requirements, that are laid out by law. A sole trader is required to monitor income and expenditure on a month by month basis and save all invoices and receipts. Whilst this may at first sound simple it is still recommended to retain the services of a bookkeeper. When preparing your tax returns, a dedicated sole trader bookkeeper in Barnet will be in a position to advise you on what your valid business expenses are, and ensure these are claimed back from HMRC every year. This may include bills and rent if working from home, consumables, advertising expenses, stationery goods and items such as computing equipment. To discover how to help your business to prosper and grow, speak to a trusted bookkeeper for more detailed guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS IN BARNET
There are niches in bookkeeping where a specialist could be needed. If multi-currency processing, exchange rate transfers, cross-border and international taxes and online payments are involved, for instance if you operate a store online, you'll need a bookkeeper in Barnet who's familiar with these operations. If that same outlet sells goods that you hold or produce, then managing inventory on a 24/7 basis is a vital priority, as I'm sure you'll appreciate the internet doesn't sleep, so nor should your bookkeeping services and software.
It is also possible to provide a virtual office, which can be utilised in conjunction with your bookkeeping service and package. This allows a sole trader or online only business to offer a physical connection to their customers, via a postal address and telephone service. Not all Barnet bookkeepers will be willing to provide this solution, however it's worthwhile discussing the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Certificate and Diploma level, and it's not mandatory for a qualified Barnet bookkeeper to have a degree in accounting. Although there's a number of bookkeeping courses available online, qualifications can still be gained through further education universities and colleges, if that is the chosen route.
Representing bookkeepers, there are 2 primary training and certification organisations:
The AAT or Association of Accounting Technicians: The Association of Accounting Technicians or AAT provides advanced qualifications and training entitling fully trained members to use the letters AATQB. They then become registered AAT bookkeepers, approved by this well-respected association, which guarantees a minimum level of service for their clients. To protect the integrity and values of AAT membership, if an AAT bookkeeper is found to have breached the code of practice or has a complaint filed against them, they could be subject to tribunal and disciplinary processes.
The Institute of Certified Bookkeepers (ICB): The ICB or Institute of Certified Bookkeepers is the largest organisation on the planet and provides certification for bookkeepers, along with training and reference material to keep their members up-to-date.
The qualifications of any Barnet bookkeeper can be verified on the register of ICB or ATT members on their respective websites. Carrying out these checks is usually advisable before you actually hire any bookkeeper in Barnet.
Cash Flow Analysis
To comprehend its financial health, any business must employ cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. The process involves monitoring the cash movement of the company within a set period, typically a quarter or a month. The bookkeeper's task is to assist the businessperson in comprehending their current financial condition, detecting anyproblems, and planning for the future.
The bookkeeper categorizes and reconciles all cash transactions, such as expenses, sales and investments, to provide a clear image of the company's financial condition. It can also involve forecasting cash flow for the coming months or years to help the business make informed decisions and avoid cash flow problems in the future.
Acan also propose strategies to enhance cash flow, such as re-evaluating pricing policies or implementing more streamlined payment processes. The analysis of cash flow can also help businesses acquire funding by demonstrating to lenders that the company has a sound financial standing and can meet its loan obligations. For businesses that want to manage their finances effectively, a thorough and accurate is essential.
What Are the Main Advantages of Using a Bookkeeper in Barnet Rather Than an Accountant?
The following are a few reasons why you might decide to use a bookkeeper in Barnet, rather than an accountant:
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who might have a more standard approach.
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save time and concentrate on other aspects of their business, like marketing and sales.
- Availability: Bookkeepers are usually more accessible and on hand to answer questions and provide support compared to an accountant, who may only be reachable during specific 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 these tasks.
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient in comparison to accounting services, making them a shrewd choice for small businesses, start-ups and sole traders looking to save money.
That being said, it's important to note that whilstcan provide valuable support, they may not have the same level of expertise or qualifications as an in certain areas such as financial planning or tax preparation. In such cases, it might be necessary to go to an accountant when more specialised services are required.
Getting your VAT returns done by a bookkeeper in Barnet 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. 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. Additionally, a bookkeeper can offer valuable advice on ways to reduce your VAT liability and ensure that you are claiming all of the allowable VAT that you are entitled to. With the assistance of a bookkeeper, you can rest easy knowing that your VAT returns are being managed efficiently and precisely, providing you with the opportunity to focus on the growth of your business in Barnet. Having a bookkeeper can be a wise financial decision as it can help you avoid any HMRC penalties or fines due to errors in your VAT returns or late submissions, potentially saving you money in the future. To conclude, engaging a bookkeeper in Barnet can offer small business owners a dependable, budget-friendly, and effective approach to managing their VAT returns, helping them adhere to tax regulations, reduce their tax burden, and focus on expanding their business.
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Barnet Bookkeeper Tasks
Most bookkeepers in Barnet will be ready to provide you with the following bookkeeping services: cash flow analysis, bookkeeping services for sole traders in Barnet, bookkeeping for tradesmen, bookkeeping for restaurants, bookkeeping for home-based businesses, professional bookkeeping services in Barnet, franchise bookkeeping, bookkeeping for limited companies, management reports, bookkeeping services for organisations, QUOTE FORM provided. We'll be in touch with information just as soon as we are able., tax returns Barnet, Barnet, in Barnet, corporation tax returns in Barnet, , , accountancy packages in Barnet, bookkeeping services for self-employed, mobile bookkeeping services in Barnet, tax preparation, bookkeeping for pubs, charity bookkeeping Barnet, bookkeeping for shops, cash books, bookkeeping services for freelancers, PAYE & wages, Self-Assessment tax returns, , payroll bookkeeping, and more. Listed are just a selection of the duties that are carried out by local bookkeepers. Barnet companies will be happy to inform you of their whole range of bookkeeping services. If there happen to be other Barnet bookkeeper requirements that you need but can't see here, you should mention them on the
Bookkeepers Near Barnet
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