Bookkeepers Barnstaple

Bookkeepers Barnstaple Devon (EX31) Area: Irrespective of whether you operate an online store, are a sole trader or run a small business in Barnstaple, you're entirely responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 yrs to comply with the Companies Act. If you are unable to produce this information, you could be disqualified as a Company Director and face thousands of pounds in fines. Accounting Today states that over forty percent of small business owners spend at least 80 hours annually doing their bookkeeping, therefore whilst you can undertake these financial recordings on your own, it is often better to employ a professional accountant or bookkeeping company to do them for you.

If the idea of creating profit, loss and financial statements, tracking liabilities and assets, compiling balance sheets or writing ledgers fills you with panic, then it's time to contact a bookkeeper in Barnstaple for advice and guidance.

The very first question that most small business owners ask is "What is the distinction between a bookkeeper and an accountant?" While in past times many accountants considered the task of bookkeeping to be beneath their qualifications, experience and skill-sets, a lot of accountancy companies in Barnstaple will now take on most bookkeeping duties, because of software improvements over the past ten years or so. A lot of accounting firms now have a fixed rate for bookkeeping services, to keep them consistent with what a typical bookkeeper in Barnstaple would normally charge. As it offers a greater variety of competition within the industry, this is excellent news for business owners in Barnstaple, making the cost of their bookkeeping much more affordable than it previously was.

The biggest difference between an accountant and a bookkeeper is the standard of training and qualification needed. At least an accounting degree with further training in taxation and other business and fiscal management, will typically be held by an accountant. Although bookkeepers in Barnstaple will definitely have a fair grasp of these skills, they might not hold these qualifications or levels of training and experience in this field.

Put simply, the act of bookkeeping is the recording of the day to day financial transactions of any business in Barnstaple. This could include;

• Ensuring accounting and double-entry bookkeeping practices are followed.
• Recording of all financial incomings; including electronic, card and cash payments.
• VAT recording and submissions.
• Payroll services.
• The billing of customers for work completed or goods.
• Monthly reporting and reconciliation.
• Documenting invoices received and making sure payment is completed punctually.
• Highlighting and rectifying any discrepancies in the financial accounts.

Dependant upon service level you require, e.g. whether you're happy to undertake the majority of bookkeeping work; a professional bookkeeper might just be necessary for double-checking your figures every once in a while. To allow for any mistakes or problems to be discovered and amended quickly, this should really be done from month to month as a bare minimum. If it's possible to stay on top of your day by day trading and financial transactions, this trade-off can often be the most cost-effective option.

If you are currently considering hiring a bookkeeping service in Barnstaple, whatever your scenario, it is a good bet that you could be getting stressed about your tax and financial procedures. To facilitate the seamless organisation of transactional data, a good bookkeeping company will help you link the most suitable software program to your business accounts, and will give assistance with procedures like stocktaking, producing expense reports and invoicing.

An extremely important element of effective bookkeeping is being able to reconcile cash flow with accounts payable. Which means that by optimising bill payments to a time when your accounts are buoyant and in good order, your bookkeeper will avoid the mistake that most small businesses in Barnstaple are guilty of at some time or other i.e. paying off a bill immediately, or waiting for a final notice. This is not merely to ensure that your enterprise or business is on a good financial footing at all times, but also to keep you in favour with those businesses who provide your materials or services. Sadly, this is one of those juggling acts that can be challenging to accomplish when you are firmly focussed on the smooth running of your everyday business operations.

Having someone who's not connected to the business cast an eye over your financial dealings, is another good thing about using a professional bookkeeper in Barnstaple for your small business or if you are a sole trader. Business trends and patterns that might have gone unnoticed might be highlighted by this kind of unprejudiced evaluation. It's not at all unusual for a smart bookkeeper to flag up an area of the business where profits are decreasing, or spot a new opportunity that could be worth investigating. For the growth and success of any small business in Barnstaple, it is important that such key performance indicators (KPI's) are spotted early.

Chasing up a late payment can be a fairly uncomfortable scenario for you, if you give out invoices in your business operations. If that visit to your clients or phone call is carried out by a person outside your business bubble, it's possible for most of that embarrassment to be taken away. There are legal procedures that a bookkeeper can use, if you're troubled with a consistent late payer, and they can help to clear up the situation before the matter winds up in a claims court proceeding.

The requirements for bookkeeping by a sole trader, as set out in law, are reasonably uncomplicated and easy to understand. This involves saving all receipts and invoices relating to the business, and keeping track of expenditure and income on a monthly basis. It's still recommended that you retain the expertise of a competent bookkeeper, although this may sound simple. So that you will be able to claim back bonafide business expenses from HMRC, a specialised sole trader bookkeeper in Barnstaple will be in a position to advise you on what you should do. This could include bills and rent if working from home, consumables, items such as computing equipment, advertising expenses and stationery. Speak to a trusted bookkeeper for more comprehensive advice and learn how they can help your business to prosper and grow.

Certain businesses that work in niche areas, may need to employ a specialised bookkeeper. If online payments, multi-currency processing, exchange rate transfers and international and cross-border taxes are involved, for example if you operate an online store, you'll want to hire a bookkeeper in Barnstaple who's familiar with these practices. Supervising stock on a 24 hours a day basis is also a massive concern, if that same outlet distributes goods that you hold or produce, as I'm sure you'll realise the internet never sleeps, so nor should your bookkeeping services and software.

In conjunction with bookkeeping services, it is also possible to provide a virtual office. Providing a physical link with their buyers, this enables a sole trader or online only business to have a phone service and postal address. Not all Barnstaple bookkeeping businesses will be able to provide this solution, but it's worth talking about if it is required.

It is not necessary for a professional bookkeeper in Barnstaple to have a university degree, and a good number of the bookkeeping sector qualifications are held at Diploma or Certificate level. If the chosen route to qualification is via further education colleges and universities, this possibility is still available, whereas there there is a range of bookkeeping courses available online.

Training and certification for bookkeepers is mostly provided by 2 organisations:

The Association of Accounting Technicians (AAT): The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications allowing fully certified members to use the letters AATQB after their name. This assures a level of service to their customers which is backed up by the association, and entitles them to become a licensed AAT bookkeeper. To preserve the integrity of the AAT, a bookkeeper who is a member of the AAT can be liable to tribunal and disciplinary procedures if it is found that they have breached the code of practice or had a complaint filed against them.

The ICB or Institute of Certified Bookkeepers: Offering accreditation to certified bookkeepers, along with training and reference material to keep their associated members up-to-date with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation anywhere in the world.

By visiting their websites, it's possible to examine the accreditations of any bookkeeper in Barnstaple on the register of ICB or AAT members. Carrying out this check is widely recommended before hiring any bookkeeper in Barnstaple.

(Tags: Bookkeeping Services Barnstaple, Bookkeeping Accountant Barnstaple, Bookkeepers Barnstaple, Bookkeeping Service Barnstaple, Bookkeeper Barnstaple)

Bookkeeping services are available in Barnstaple and also nearby in: Miles Platting, Sticklepath, Landkey, Swimbridge, Shirwell, Goodleigh, Umberleigh, Bishops Tawton, Lydacott, Tawstock, Ashford, Whiddon Valley, Fremington, Roundswell, Strangeways, and also in these postcode areas: EX31 1TZ, EX31 1HF, EX31 1AL, EX31 1BP, EX31 1RL, EX31 1QL, EX31 1DX, EX31 1PY, EX31 1EX, EX31 1LX. Local Barnstaple Bookkeepers will most likely have the phone code 01271 and the postcode EX31. Checking this should guarantee that you access locally based bookkeepers. Barnstaple sole traders and business owners will be able to utilise these and many other bookkeeping related services.

Sales and Purchase Ledger Management

Sales and purchase ledger management by a bookkeeper helps keep financial records accurate and under control. On the sales ledger, invoices are recorded as they're issued, payments are matched correctly, and outstanding balances are clearly visible. This makes it easier to understand what money is due in and when. On the purchase ledger, supplier invoices are logged, checked for accuracy, and tracked through to payment so nothing is missed. A bookkeeper will also carry out regular reviews to spot unusual activity before it becomes a bigger issue. Keeping both ledgers up to date supports healthier cash flow. It also reduces confusion and saves time when reports or accounts are needed later on. (Tags: Sales and Purchase Ledger Management Barnstaple)

Year-End Tax Return Preparation

Year-end tax return preparation is where a bookkeeper helps make sure everything is ready well before pressure starts to build. They'll review income and expenses, check figures against bank statements, and tidy up any errors found during the year. Records are brought fully up to date so the numbers clearly reflect what's happened. One part of this process includes confirming deadlines and submission requirements so nothing is missed. Once checks are complete, the bookkeeper prepares clear summaries ready for the next stage. This early preparation reduces stress and avoids rushed decisions. Business owners benefit from knowing their figures are accurate and their tax return is on track long before any deadlines arrive. (Tags: Year-End Tax Return Preparation Barnstaple)

What Are the Main Advantages of Using a Bookkeeper in Barnstaple Over an Accountant?

There are several advantages to using a bookkeeper as opposed to an accountant, including:

• Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who may have a more standard approach.
• Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who might only be available at certain times of the year.
• Cost: Bookkeeping services are usually less costly than accounting services. This makes them a cost-effective alternative for small businesses, startups and sole traders.
• Expertise: Bookkeepers sometimes have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more efficient and effective in such tasks.
• Time Savings: By outsourcing their bookkeeping tasks, business owners can save time and focus on other areas of their business, like marketing and sales.

It's vital to note that whilst bookkeepers offer some amazing services, they may not have quite the same level of expertise or qualifications as an accountant in aspects such financial planning or tax preparation. In cases like this, seeking the specialised services of an accountant may be necessary.

Bookkeeping Tasks

Most bookkeepers in Barnstaple will be able to offer you the following bookkeeping and accounting services: company cash books, VAT record-keeping & VAT return preparation, Self-Assessment tax returns, preparing trial balances, small business bookkeeping, cash flow analysis, management accounts, invoicing customers & tracking payments, VAT returns, preparing balance sheet information for accountants, tax preparation, bookkeeping services for freelancers, payslips & payroll processing, corporation tax returns, bookkeeping services for sole traders, charity bookkeeping Barnstaple, credit control, personal tax returns, liaising with accountants & tax advisers, maintaining fixed asset registers in Barnstaple, mobile bookkeeping services, small business tax returns, invoice processing, payroll bookkeeping, bookkeeping services for societies, producing basic profit & loss reports, and more. Listed are just a handful of the duties that are carried out by local bookkeepers. Barnstaple companies will inform you of their whole range of bookkeeping services. If there are some other Barnstaple bookkeeper requirements that you want but don't see here, you can mention them on the QUOTE FORM provided. We will be in touch with information just as soon as we are able.

Bookkeepers in Nearby Areas

Also find: Miles Platting bookkeepers, Sticklepath bookkeepers, Goodleigh bookkeepers, Tawstock bookkeepers, Umberleigh bookkeepers, Landkey bookkeepers, Strangeways bookkeepers, Swimbridge bookkeepers, Shirwell bookkeepers, Fremington bookkeepers, Ashford bookkeepers, Bishops Tawton bookkeepers, Roundswell bookkeepers, Lydacott bookkeepers, Whiddon Valley bookkeeper and more. Most of these towns and villages are serviced by local bookeepers. Barnstaple residents can get prices for bookkeeping services by going here.

Bookkeeping Services Barnstaple

Find a Bookkeeper in Barnstaple Here

• Small Business Bookkeeping
• Credit Control
• Profit and Loss Reporting
• Cash Flow Management
• Double-Entry Bookkeeping
• Tax Returns
• Self-Assessment Bookkeeping
• Bookkeeping Services
• Bookkeeping Price Quotes
• VAT Returns
• Payroll Services
• Tax Preparation
• Invoice Processing
• PAYE and Wages

More Local Services: Obviously, when you're in need of a bookkeeper in Barnstaple, Devon, you'll probably need all types of different services and as well as a bookkeeper you may also need a business consultant in Barnstaple, cloud & hosting services in the local area, network, database & IT support in the vicinity, web design in your local area, financial advice in the local area, a marketing agency in your locality, social media marketing in the local area, EPOS in your local area, an accountant in the vicinity, promotional videos in the Barnstaple area, phone system services in the area, HR consulting in the immediate area, telemarketing in Barnstaple, pay per click advertising in the Barnstaple area, Ecommerce assistance in the local area, card processing in the local area, digital marketing services in Barnstaple, and other different local specialists.

Bookkeepers in EX31 area, (dialling code 01271).

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