Bookkeepers Barnstaple Devon (EX31): For any individual in Barnstaple who acts as a sole trader, owns a small business or runs an online store, it's their sole responsibility to keep accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is outlined by the Companies Act. Failing to produce such detailed records may leave you faced with a fine of thousands of pounds and potential disqualification as a Company Director. There is a significant time investment involved with preparing these financial recordings on your own behalf, and it can be more cost-effective to use a professional accountant or bookkeeping company, as according to Accounting Today over forty percent of small businesses spend 80 plus hours per year doing their bookkeeping tasks.
If the very thought of filling out ledgers, compiling balance sheets, tracking assets and liabilities or creating profit, loss and financial statements fills you with a sense of terror, then the time has come to get in touch with a bookkeeper in Barnstaple for guidance.
BOOKKEEPER OR ACCOUNTANT?
What is the distinction between a bookkeeper and an accountant is the first question that springs to mind for a lot of business owners in Barnstaple. The truth is that while in the past a lot of accountants considered the bookkeeping process to be beneath their skill-sets, qualifications and experience, a lot of accountancy companies in the Barnstaple area will now take on most bookkeeping duties, due to improvements in software over the past decade or so. For many accountancy firms it's now fairly common to charge a set fee for bookkeeping services, to keep them competitive with the normal charges of an independent bookkeeper in Barnstaple. Business owners are now cashing in on this, as it gives a wider variety of competition within this sector and can mean that the cost of bookkeeping is way more manageable than it would previously have been.
When thinking about the biggest difference between a bookkeeper and an accountant in Barnstaple, it's the level of qualification and training that's necessary for each discipline. An accountant will usually hold at least a degree in accounting with specialist training in the field of taxation and other financial and business management. Whilst having an understanding of these fiscal procedures, a bookkeeper in Barnstaple might not have the qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day by day monetary transactions of any business or enterprise in Barnstaple, describes the process of bookkeeping in the simplest of terms. This may include;
- Payroll services.
- The billing of clients for goods or work completed.
- VAT submissions and recording.
- Recording of all financial incomings; electronic, cash and card payments included.
- Monthly reconciliation and reports.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Recording invoices received and making sure payment is completed promptly.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
Subject to service level you require, e.g. whether you're in a position to perform a large majority of your bookkeeping work; a professional bookkeeper may only be needed to double check your records every once in a while. To enable any mistakes or problems to be identified and amended promptly, this ought to be from month to month as a bare minimum. This compromise can sometimes be the most economical if you are confident of remaining up-to-date with your everyday financial transactions and business activities.
Whatever your scenario, if you are seriously thinking of hiring a bookkeeper in Barnstaple, there's a fair chance that you may be having problems with the financial recording aspects of your small business. To facilitate the seamless sorting of financial data, a professional bookkeeping service will help you to link the most up-to-date software application to your accounts, and will provide advice on things like invoicing, stocktaking and producing expense reports.
An extremely important aspect of a good bookkeeper is the ability to reconcile accounts payable with cash flow. Which means that rather than waiting for a final notice, which many small businesses in Barnstaple are guilty of, or paying off a bill right away, your bookkeeper will organise bill payments to a time when your accounts are buoyant. This is not merely to ensure that your business is financially stable all the time, but also to keep you in good stead with those people who supply your services or materials. When you're purely focussed on running your business, this is a juggling act that you may find tricky to perform on your own.
Having an individual who isn't affiliated with the business cast an unbiased eye over your financial affairs, is another good thing about employing a professional bookkeeper in Barnstaple if you are a sole trader, or for your small business. This unprejudiced appraisal can permit them to see business patterns and trends that might have otherwise gone unnoticed. A situation where an astute bookkeeper flags up an area of the business where profits are dropping off, or identifies a new opportunity which could prove worthwhile, is not at all an unusual occurrence. Spotting such KPI's (key performance indicators) is crucial for ensuring the growth of any small business in Barnstaple.
Pursuing late payments can be an embarrassing scenario for you, if you give out invoices as part of your business operations. Some of that embarrassment can be removed by having a professional outside your normal business bubble make that phone call or visit to your customer. To help deal with the situation, if you have a persistent late payer, there are solutions that can be used by a professional bookkeeper, so that legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, are fairly straightforward. This involves keeping all receipts and invoices concerning the business, and keeping a record of expenditure and income on a month by month basis. Even though this may initially sound quite simple, retaining the expertise of a bookkeeper is still a wise move. So that you can claim back valid business expenses from HMRC, a dedicated sole trader bookkeeper in Barnstaple can advise you on what you should do. This may include promotional advertising, items such as laptops, stationery, rent and bills if you work from home and consumables. Chat to a trusted bookkeeper for more in-depth advice and see how they may be able to help your small business grow.
BOOKKEEPING FOR ONLINE TRADERS
Specialist bookkeepers are required from time to time for specific bookkeeping niches. By way of example, if you run a store online, you'll be wise to employ a bookkeeper in Barnstaple who understands international and cross-border taxes, exchange rate transfers, multi-currency processing and online payment procedures. If you produce or hold the goods that you distribute on that shop, then it is going to be a huge concern for your bookkeeping software or services to maintain your inventory on a 24/7 basis, given that the internet doesn't sleep.
In combination with bookkeeping services, it's also possible to supply a virtual office. This is useful in allowing a sole trader or online only business to have a telephone service and postal address to provide a physical link with their customer base. If this type of service could be useful, it is certainly worth discussing, although this solution won't be offered by all bookkeepers in Barnstaple.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Barnstaple doesn't need to hold a university degree and a number of qualifications in this sector are at Diploma or Certificate level. Although there's a range of bookkeeping courses available online, qualifications can still be obtained via further education colleges and universities, if that's the chosen route.
To provide training and certification for bookkeepers, there are basically 2 principal organisations of interest:
The AAT or Association of Accounting Technicians: Able to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have been provided with a training schedule and advanced qualifications in bookkeeping practice. They can then become certified AAT bookkeepers, backed up by this reputable association, which promises a high level of service for their customers. To protect the integrity of the AAT, if a bookkeeper who is associated with the AAT has a complaint filed against them or is found to have contravened the code of practice they may be subject to disciplinary and tribunal processes.
The ICB or Institute of Certified Bookkeepers: Providing accreditation to certified bookkeepers, in addition to reference material and training to keep their associated members current with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind on the planet.
By going to their websites, it's possible to check out the accreditations of any professional Barnstaple bookkeeper on the register of AAT or ICB members. Performing this check is highly recommended before getting involved with any bookkeeper in Barnstaple.
Outsourced Bookkeeping Barnstaple
All businesses in Barnstaple should understand the significance of bookkeeping. It helps business people monitor their payables/receivables, the sum total of their liabilities and assets, the money left in the bank, and more. With the business owner having to contend with the concerns and issues of operating a business, the task of undertaking the bookkeeping is frequently outsourced to freelance bookkeepers or a bookkeeping company in Barnstaple.
If a company in Barnstaple hires a bookkeeper in order to join their ranks, the company will be required to spend a substantial amount of money in training the person for the purpose of performing the bookkeeping tasks. In addition, there's no guarantee that he or she will stay after the training is finished. In circumstances like that, the company will have thrown away a significant amount of money for very little return. Besides that, firms will need to seek out solutions to provide benefits and incentives to keep the trained employee within the business. These are a few of the reasons why business organisations often enlist the services of bookkeeping companies and professional bookkeepers in Barnstaple.
These professional bookkeeping companies in Barnstaple should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary back-up and support.
Cash Flow Analysis
Any business must utilise cash flow analysis as a vital tool to assess its financial health. Bookkeepers play a critical role in performing cash flow analysis for businesses. To do this, it is necessary to track the inflow and outflow of cash for the business over a specific period of time, generally monthly or quarterly. The bookkeeper can aid the businessperson in comprehending their current financial position, recognising any cash flow issues, and planning for the future by conducting a cash flow analysis.
A clear picture of a company's financial health is created through categorizing and reconciling all cash transactions, including expenses, investments and sales, in the analysis. Predicting cash flow for the upcoming months or years is a significant aspect of the process, and it assists businesses in making well-informed decisions and avoiding future cash flow difficulties.
For businesses that want to manage their finances effectively, a thorough and accurate cash flow analysis is essential.
What Are the Main Advantages of Using a Bookkeeper in Barnstaple Instead of an Accountant?
There are several benefits to using a bookkeeper as opposed to an accountant, including:
- Affordability: Bookkeeping services are frequently more budget-friendly compared to accounting services, making them an economical option for small businesses, start-ups and sole traders.
- Accessibility: Bookkeepers are normally more available to answer questions and provide support on a regular basis than an accountant, who may only be available at specific times.
- Expertise: Bookkeepers frequently 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 choosing to outsource their bookkeeping tasks, businesses can save time and concentrate on other aspects of their business, like marketing and sales.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's particular needs, whereas accountants whose approach may be more general.
That being said, it's vital to note that whilst bookkeepers can provide valuable support, they might not have the same level of qualifications or expertise as an accountant in certain areas such as tax preparation or financial planning. In such cases, it might be necessary to consult an accountant when more specialised services are required.
Financial statement preparation - article 211.
Barnstaple Bookkeeper Tasks
Most Barnstaple bookkeepers will be willing to offer you the following services: bookkeeping services for pubs, tax preparation in Barnstaple, Kashflow bookkeeping services in Barnstaple, bookkeeping for shops, accountancy packages, bookkeeping services for sole traders, mobile bookkeeping services in Barnstaple, payroll bookkeeping Barnstaple, management accounts, bookkeeping for startups, charity bookkeeping Barnstaple, cash books, bookkeeping services for societies, bookkeeping services for tradesmen, payment services, bookkeeping for restaurants, business bookkeeping Barnstaple, corporation tax returns, franchise bookkeeping, accounting and bookkeeping, partnership tax returns, bookkeeping services, financial statement preparation, bookkeeping services for freelancers, cheap bookkeeping services in Barnstaple, Sage bookkeeping, profit & loss reports Barnstaple, bookkeeping services for charities, landlord bookkeeping, bookkeeping services for organisations, and more. Listed are just some of the duties that are carried out by local bookkeepers. Barnstaple professionals will tell you about their whole range of services. If there are some other Barnstaple bookkeeper requirements that you need but don't see here, you should mention them on the QUOTE FORM provided. We will get back to you with details as soon as we are able.
Bookkeepers Near Barnstaple
Also find: Strangeways bookkeepers, Whiddon Valley bookkeepers, Tawstock bookkeepers, Swimbridge bookkeepers, Bishops Tawton bookkeepers, Umberleigh bookkeepers, Shirwell bookkeepers, Goodleigh bookkeepers, Lydacott bookkeepers, Sticklepath bookkeepers, Landkey bookkeepers, Roundswell bookkeepers, Miles Platting bookkeeper and more. All these areas are catered for by local bookeepers. Barnstaple residents can get fees for bookkeeping services by clicking here.
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