Bookkeepers Barnsley South Yorkshire (S70): If you operate an online store, are a sole trader or own a small business in Barnsley, you are entirely responsible for keeping accurate, "true and fair" accounting and financial records for at least 6 years in compliance with the Companies Act. Failure to produce these records might leave you facing disqualification as a Company Director, along with a hefty fine. There is a large time investment involved with maintaining these financial records on your own, and it is often better to use a professional accountant or bookkeeper, since according to Accounting Today over forty percent of small business owners spend 80 plus hours each year on their bookkeeping tasks.
If you are overcome with a sense of terror just thinking about tracking liabilities and assets, producing balance sheets, preparing profit, loss and financial statements or writing ledgers, then the time to contact a bookkeeper in Barnsley for guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many people in Barnsley, the first question that springs to mind when facing this predicament is "Just what is the difference between a bookkeeper and an accountant?" In former days it was generally considered to be to be beneath the qualifications, skill-sets and experience of an accountant to do bookkeeping, but due to massive improvements in software over the past ten years, many bookkeeping procedures will now be undertaken by accountancy firms in Barnsley. For many accountancy firms it is now common practice to charge a fixed rate for bookkeeping services, so that they're in keeping with the normal charges of a dedicated bookkeeper in Barnsley. This makes the cost of bookkeeping cheaper than it once was, and is fantastic news for small businesses in Barnsley as it offers a broader range of competition within the industry.
It is basically the level of training that's necessary for each of these disciplines, that indicates the big difference between an accountant and a bookkeeper in Barnsley. Typically holding a degree in accounting, a professional accountant should also have had additional training in tax law and have qualifications in business and financial management. While not necessarily having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Barnsley will still have a good grasp of all such disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN BARNSLEY
The recording of daily transactions of any business enterprise in Barnsley, describes the process of bookkeeping in the simplest of terms. This could include, but isn't limited to;
- VAT submissions and recording.
- Monthly reconciliation and reporting.
- Documenting of all financial incomings; including cash, card and electronic payments.
- Documenting the receipt of invoices and making certain that payment is completed promptly.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Highlighting and rectifying any discrepancies in the financial accounts.
- The billing of clients for goods or work completed.
While it is dependent on the extent of the service you're looking for, if you're willing to do the vast majority of bookkeeping work yourself, a bookkeeper might just be needed to double check your figures periodically. This really needs to be done on a monthly basis as a bare minimum, since this will allow any problems or mistakes to be discovered and rectified quickly. If you are confident of staying on top of your daily trading and financial transactions, this trade-off can often be the most economical solution.
Whatever your current situation is, if you are seriously looking to hire a bookkeeper in Barnsley, it's a good bet that you may be having problems with the financial recording aspects of your small business. A professional bookkeeping company will be able to help you to link the most up-to-date computer software with your business accounts to enable the seamless organisation of transactional data, and will give guidance and advice on things like stocktaking, creating expense reports and invoicing.
The ability to reconcile cash flow with accounts payable, is an especially crucial aspect of a good bookkeeper. This means that your bookkeeper will arrange the payment of bills to a time when your accounts are buoyant and in good order, rather than paying an outstanding bill right away, or waiting on an overdue notice, which most small businesses are guilty of doing. This isn't only to make certain that your enterprise or business is on a secure financial footing all the time, but also to keep you in favour with those businesses who supply your materials or services. This is one of those balancing acts that can be challenging to accomplish when you're mostly focussed on the streamlined running of your day to day business operations.
If you're a sole trader, or run a small business, employing a professional bookkeeper in Barnsley, also gives them the opportunity to cast an unrelated eye over the operation of your business. It might be that business trends and patterns that might have otherwise gone unnoticed will therefore be brought to the fore. It's not at all unusual for an astute bookkeeper to flag an area of the business where profits are decreasing, or spot an opportunity which may be worth investigation. Spotting these KPI's (key performance indicators) is crucial for the success of any business enterprise in Barnsley.
If you give out invoices as part of your business operations, needing to chase up late payments can be fairly awkward. By having somebody outside your business situation make that phone call or visit to your client, some of that apprehension can be removed. There are legal strategies that a professional bookkeeper can employ, if you've got a persistent late payer, and these can help to clear up the issue before the situation ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are relatively straightforward and simple. It is required that a sole trader must keep a record of expenditure and income on a monthly basis and retain all receipts and invoices. Now, this doesn't sound too tough does it? But, it's still recommended that you hire the expertise of a competent bookkeeper to make certain that it's all done correctly. So that you will be able to claim back any valid business expenses from HMRC, a specialised sole trader bookkeeper in Barnsley can advise you on what you need to do. This might include printer ink, items such as computing equipment, stationery, bills and rent if working from home and advertising expenses. Speak to a trusted bookkeeper for more detailed advice and discover how they can help your business to grow and prosper.
ONLINE TRADERS
There are several business niches where a specialist bookkeeper could be essential. If, for instance, you run an online store, you are going to need a bookkeeper in Barnsley who is familiar with online payment procedures, multi-currency processing, exchange rate transfers and international and cross-border taxes. If you produce or hold the goods that you sell through that store, then it's going to be a huge concern for your bookkeeping software or services to regulate your inventory on a 24/7 basis, given that the internet never sleeps.
A remote virtual office can also be supplied in conjunction with bookkeeping services. This allows an online only business or sole trader to provide a physical link with their customers, via a postal address and phone service. Although this option may not be offered by all bookkeepers in Barnsley, it is definitely worth a discussion if this service is something which is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a qualified bookkeeper in Barnsley to hold a university degree, and a good number of the bookkeeping qualifications are held at Certificate or Diploma level. Although there's an ever-growing variety of courses available online, bookkeeping qualifications can still be gained via further education colleges and universities, if that's the chosen route.
Representing bookkeepers, there are 2 principal certification and training organisations:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers (ICB) is the largest in the world and provides accreditation to certified bookkeepers, along with reference material and training to keep their members up-to-date.
The Association of Accounting Technicians or AAT: The AAT or Association of Accounting Technicians provides advanced qualifications and training allowing a fully trained bookkeeper to use the letters AATQB after their name. This guarantees a minimum level of service to their clients which is backed by the association, and permits them to become a licensed AAT bookkeeper. To safeguard the values and integrity of the AAT membership, a bookkeeper who's a member of the AAT can be subject to disciplinary and tribunal procedures if they are found to have broken the code of practice or had a complaint filed against them.
It's possible to check the qualifications of any professional bookkeeper on the register of AAT or ICB members on their respective websites. Performing such checks is always advised before actually hiring any professional bookkeeper in Barnsley.
What Are the Main Advantages of Using a Bookkeeper in Barnsley Instead of an Accountant?
The following are a few reasons why you may prefer to use a bookkeeper in Barnsley, instead of an accountant:
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Availability: Bookkeepers are usually more accessible and on hand to answer questions and provide support in comparison to an accountant, who may sometimes be difficult to reach.
- Expertise: Bookkeepers frequently have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save a bit of time and focus on other areas of their business, for instance sales and marketing.
- Cost-Effectiveness: Bookkeeping services are frequently more cost-efficient compared to accounting services, which makes them a sensible choice for start-ups, sole traders and small businesses looking to save on costs.
That being said, it's important to note that while bookkeepers can provide invaluable support, they may not have the same level of expertise or qualifications as an accountant in certain areas such as financial planning or tax preparation. In these instances, it may be necessary to consult an accountant for more specialised services.
Using a Bookkeeper for Tax Returns
A self-assessment tax return may be required for self-employed people or those with small businesses in the UK. The task can be daunting, especially for those who are not familiar with the process. A decent bookkeeper can help you with keeping your records organised and preparing your tax return accurately and on time.
Many benefits can be gained by using a bookkeeper for your tax returns. Your return will be completed correctly, thanks to their expertise and experience. This should help you to stay clear of penalties or interest charges from HMRC. Secondly, bookkeepers can save you time and effort. So that you can focus your attention on running your business, they will look after all of the calculations and paperwork. Third, essential advice on tax planning can be provided by a bookkeeper in Barnsley. This enables you to maximise your earnings and minimise your tax bill. (70193)
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Bookkeepers Near Barnsley
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Barnsley Bookkeeper Tasks
Most Barnsley bookkeepers will be willing to offer you the following bookkeeping and accounting services: franchise bookkeeping, cheap bookkeeping services, company cash books, profit & loss reports, accountancy packages in Barnsley, bookkeeping for tradesmen, charity bookkeeping Barnsley, off-site bookkeeping in Barnsley, financial statement preparation, payroll bookkeeping, Sage bookkeeping services Barnsley, bank reconciliations, wages & PAYE, bookkeeping services, business bookkeeping, VAT returns, bookkeeping for self-employed, tax returns, Xero bookkeeping, cash flow analysis, payment services, bookkeeping services for freelancers in Barnsley, assistance with registering for self-employment in Barnsley, bookkeeping services for small businesses, landlord bookkeeping, accounting and bookkeeping Barnsley, professional bookkeeping services in Barnsley, partnership returns, bookkeeping services for retail outlets, bookkeeping services for clubs in Barnsley, and more. Listed are just some of the duties that are carried out by local bookkeepers. Barnsley professionals will be happy to tell you about their whole range of bookkeeping services. If there happen to be some other Barnsley bookkeeper requirements that you want but can't see here, you should list them on the QUOTE FORM provided. We'll be in touch with details as soon as we are able.
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