Bookkeepers Barrow-in-Furness Cumbria (LA14): Whether you own a small business, are a sole trader or operate an online store in Barrow-in-Furness, you are responsible for keeping "true and fair", accurate financial and accounting records for at least 6 years in accordance with the 2006 Companies Act. You may face thousands of pounds in fines, and possibly Company Director disqualification, if you cannot produce this information. Accounting Today reports that over forty percent of small business owners spend at least 80 hours annually on their bookkeeping, so while you can accomplish these financial records on your own behalf, it can pay to employ a professional accountant or bookkeeper to do them for you.
If just the thought of writing ledgers, preparing profit, loss and financial statements, compiling balance sheets or tracking assets and liabilities brings you feelings of panic, then it's time to contactin Barrow-in-Furness for help and advice.
BOOKKEEPER OR ACCOUNTANT?
What is the distinction between a bookkeeper and an accountant is the first question that springs to mind for most small business owners in Barrow-in-Furness. In the old days it was normally looked at as to be beneath the qualifications, experience and skill set of an accountant to do the work of a bookkeper, but because of software developments over the past 10 years, many bookkeeping duties will now be carried out by accounting firms in Barrow-in-Furness. Many accounting companies now have a set rate for bookkeeping services, to keep them in step with what a typical bookkeeper in Barrow-in-Furness would routinely charge. This is fantastic news for business owners since it gives a wider variety of competition within the marketplace and can make your bookkeeping costs cheaper than previously thought.
The amount of training and qualification required is the big difference between a bookkeeper and an accountant. Anwill, at the very least, hold a degree in accounting, and should have also had additional training in fiscal and business management, and taxes. A bookkeeper in Barrow-in-Furness will invariably have a good grasp of these procedures, but might not hold the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER
The bookkeeping process put in the simplest of terms, is the recording of the daily transactions (financial) of any business enterprise in Barrow-in-Furness. This is likely to include, but is in no way limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- The billing of clients for goods or work completed.
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- VAT submissions and recording.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Monthly reporting and reconciliation.
- Documenting invoices received and making certain payment is completed promptly.
If you are in a position to carry out a large majority of bookkeeping work yourself; a bookkeeper might only be necessary for double-checking your records every once in a while. To enable any mistakes or problems to be detected and rectified promptly, this should really be done each month at the bare minimum. This trade-off can often be the most affordable compromise if you are confident of staying on top of your day to day trading and financial transactions.
Whatever your current situation is, if you are seriously looking at hiring a bookkeeper in Barrow-in-Furness, it's fairly likely that you may be fretting over the financial recording aspects of your small business. A good bookkeeping service will be able to assist you in linking your accounts with the most suitable software to enable the seamless sorting of transactional data, and will provide assistance with procedures like generating expense reports, invoicing and stocktaking.
An especially important aspect of good bookkeeping is being able to reconcile cash flow with accounts payable. Which means that instead of paying an outstanding bill right away, or waiting for a final notice, which a lot of small businesses are guilty of doing, your bookkeeper will optimise bill payments to times when your finances are buoyant and in good shape. This doesn't just keep you in the good books of suppliers and those businesses who supply services to you, but also ensures that your enterprise or business is on a sound financial footing. When, as an individual, you are mostly focussed on running your day to day business activities, this is a balancing act that can be tricky to perform.
Having somebody who's not associated with the business cast an eye over your financial transactions, is another good thing about employing a professional bookkeeper in Barrow-in-Furness if you are a sole trader, or for your small business. It is entirely possible that an impartial evaluation such as this will highlight business trends and patterns that you haven't previously noticed. A bookkeeper spotting a brand new opportunity or flagging an area of the business which is decreasing in profits, is by no means uncommon. It's essential for the growth and success of any enterprise in Barrow-in-Furness, to spot these KPI's (key performance indicators).
It can sometimes be quite embarrassing to chase up late payments if your company sends out invoices. Having a person from outside your normal business situation, can take the embarrassment away from visiting your customers or making that phone call. If you've got a persistent late or non-payer there are legal options that a professional bookkeeper can make use of to help to clear up the issue before the situation winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are pretty straightforward and basic. Sole traders are expected to monitor expenditure and income on a month by month basis and retain all invoices and receipts. Whilst this may sound simple it is still a good idea to retain the expertise of a bookkeeper. Offering advice on what genuine business expenses you may be able to claim back, a dedicated sole trader bookkeeper in Barrow-in-Furness will deal with HMRC on your behalf. This might include printer ink, advertising, items such as computers, bills and rent if you work from home and stationery. Talk to your bookkeeper for more in-depth advice and discover how they might help your small business to grow.
BOOKKEEPING FOR ONLINE TRADERS IN BARROW-IN-FURNESS
There are niche areas in bookkeeping where the skills of a specialist may be required. If, for instance, you manage an online store, you'll require a bookkeeper in Barrow-in-Furness who's familiar with online payment procedures, multi-currency processing, international and cross-border taxes and exchange rate transfers. Managing your inventory on a 24 hours a day basis is also a massive priority, if the same store distributes goods that you produce or hold, after all the internet never sleeps, therefore nor should your bookkeeping software or services.
It's also possible to provide a virtual office, that can be used in conjunction with your bookkeeping package. This enables an online only business or sole trader to have a telephone service and postal address to offer a physical connection to their customers. Not all bookkeeping businesses in Barrow-in-Furness will be able to supply this option, however it's worthwhile talking about the possibilities if it is something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate and Diploma level, and it's not mandatory for a certified Barrow-in-Furness bookkeeper to hold a degree in accounting. Although there is a selection of courses available online, bookkeeping qualifications can still be gained via further education universities and colleges, if that's the chosen route.
There are two primary training and certification organisations which represent bookkeepers:
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the Association of Accounting Technicians (AAT), entitles a fully certified bookkeeper to use the letters AATQB after their name. This guarantees a decent standard of service to their customers which is backed by the association, and permits them to become a accredited AAT bookkeeper. To preserve the integrity and values of the AAT membership, an AAT bookkeeper can be subject to tribunal and disciplinary procedures if they are found to have broken the code of conduct or had a complaint filed against them.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest on the planet and provides accreditation to bookkeepers, in addition to training and reference material to keep their associated members up-to-date.
By going to their websites, you're able to inspect the register of ICB or ATT members, to find the accreditations of any bookkeeper. Prior to hiring any bookkeeping service in Barrow-in-Furness, it's usually wise to complete such checks.
Bookkeeping Barrow-in-Furness - Outsourcing Options
All businesses in Barrow-in-Furness should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, the total value of their assets and liabilities, their outgoings and incomings, and so forth. With the owner of the business having to deal with a lot of concerns and issues while operating a business, the task of doing the bookkeeping is sometimes outsourced to a bookkeeping company or freelance bookkeepers in Barrow-in-Furness.
If a company in Barrow-in-Furness employs a bookkeeper so as to become an employee, the company will need to commit a considerable amount of money in training that individual for the purpose of carrying out the bookkeeping tasks. In addition to that, there is no guarantee that the individual will stay after the training is completed. In circumstances like that, the company stands to lose a considerable amount of money. Apart from that, businesses will have to seek out ways and means to offer benefits and incentives to keep the employee within the business. These are just some of the reasons behind companies enlisting the services of professional bookkeepers and bookkeeping companies in Barrow-in-Furness.
These professional bookkeeping companies in Barrow-in-Furness 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 required support and backup.
Bookkeepers Near Barrow-in-Furness
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Barrow-in-Furness Bookkeeper Tasks
Most Barrow-in-Furness bookkeepers will be ready to provide you with the following bookkeeping services: bookkeeping services for charities in Barrow-in-Furness, QUOTE FORM provided. We'll get back to you with specifics as soon as we are able., , in Barrow-in-Furness, payment services, tax returns, letting agent bookkeeping, bookkeeping for freelancers in Barrow-in-Furness, partnership tax returns, profit & loss reports in Barrow-in-Furness, financial statement preparation, VAT returns, management reports, bookkeeping services Barrow-in-Furness, bookkeeping for retail outlets, bookkeeping for societies, bookkeeping services for startups, bookkeeping for self-employed Barrow-in-Furness, mobile bookkeeping services, cash books, accounting and bookkeeping services, bookkeeping for clubs in Barrow-in-Furness, bookkeeping for home-based businesses in Barrow-in-Furness, invoice processing Barrow-in-Furness, bookkeeping for limited companies, tax preparation in Barrow-in-Furness, general bookkeeping services, bank reconciliations, business bookkeeping, Xero bookkeeping, and more. These are just a few of the tasks that are undertaken by local bookkeepers. Barrow-in-Furness providers will be happy to tell you about their whole range of bookkeeping services. If there happen to be some other Barrow-in-Furness bookkeeper requirements that you want but cannot see here, you can mention them on the
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