Bookkeepers Basildon Essex (SS13): For any person in Basildon who operates a small business, runs an online store or acts as a sole trader, 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. Failure to produce such detailed records might leave you faced with thousands of pounds in fines and potential disqualification as a Company Director. According to the magazine Accounting Today over 40% of small business owners spend over eighty hours per year doing their accounts, so whilst you can accomplish these financial recordings yourself, it is often better to use a professional accountant or bookkeeper to do them for you.
If you are filled with dread just thinking about tracking assets and liabilities, filling out ledgers, creating profit, loss and fiscal reports or producing balance sheets, then the time to get in touch within Basildon for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that's asked by many people in Basildon is "Precisely what is the distinction between an accountant and a bookkeeper?" The truth is that although at one time the process of bookkeeping, was deemed beneath the skill set, qualifications and experience of an accountant, due to improvements in software over the past decade, a lot of accountancy firms in the Basildon area will now take on bookkeeping tasks. Most accounting firms now charge a flat rate for bookkeeping services, to keep them consistent with what a typical bookkeeper in Basildon would usually charge. This is good news for business owners as it provides a greater variety of competition within the industry and can make your bookkeeping cheaper than previously imagined.
The biggest difference between a bookkeeper and an accountant is the level of training required. Anwill, at the minimum, hold an accounting degree, and will have also had additional training in business and fiscal management, and taxes. A bookkeeper in Basildon will definitely have a pretty good understanding of these fiscal skills, but might not necessarily hold the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER IN BASILDON
In simple terms, the bookkeeping process is to record the day to day transactions (financial) of any business or enterprise in Basildon. This could include, but is not limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- Recording invoices received and making sure that payment is completed promptly.
- Monthly reporting and reconciliation.
- VAT submissions and recording.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- Billing of customers for goods or work completed.
- Logging of all financial incomings; including electronic, cash and card payments.
If you are prepared to carry out the bulk of your bookkeeping work yourself; a professional bookkeeper might just be needed to double check your records on a fixed schedule. To ensure that any mistakes or problems can be identified and amended speedily, at the bare minimum, this should be from month to month. This could be an extremely cost-effective trade-off, providing that you're confident of remaining in control of your financial transactions without affecting your day by day trading operations.
Whatever the scenario is with your small business, if you're seriously looking at hiring a bookkeeper in Basildon, there's a fair chance that you may be having problems with the process of recording your financial data. A decent bookkeeping company will be able to help you to link your business accounts with the most suitable software to enable the seamless processing of financial data, and will provide advice and guidance on stuff like creating expense reports, invoicing and stocktaking.
One of the most crucial aspects of good bookkeeping, is being able to efficiently reconcile accounts payable with cash flow. Which means that by organising bill payments to times when your finances are in good order, your bookkeeper will avoid the mistake that a lot of small businesses in Basildon are guilty of i.e. paying a bill straight away, or waiting for a final notice. This is not only to ensure that your business enterprise is financially stable all the time, but also to keep you in good stead with the businesses who supply your services or materials. This is a balancing act that you may find tricky to accomplish on your own when you're completely focussed on running your business.
If you are a sole trader, or operate a small business, using an experienced bookkeeper in Basildon, also gives them the opportunity to cast an impartial eye over the running of your business. This objective evaluation can enable them to notice business trends and patterns that you might have overlooked. It's not uncommon for a bookkeeper to recognise a new opportunity or flag up an area where profits are falling. It's vital for the success and growth of any business in Basildon, to spot these KPI's (key performance indicators).
Having to chase up a late payment can be a fairly awkward situation for you, if you send out invoices in your business operations. Some of that awkwardness can be taken away by having somebody outside your business situation visit your customers or make that telephone call. A professional bookkeeper can use legal procedures to take care of a consistent late payer, and without the need for claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as laid out by law, are relatively straightforward. It is stated that a sole trader should keep a record of expenditure and income on a monthly basis and keep all invoices and receipts. Whilst this may sound easy it is still a good idea to retain the services of a bookkeeping company. When working through your tax returns, a dedicated sole trader bookkeeper in Basildon can advise you on what your genuine business expenses are, and claim these back from HMRC every year. This might include printer ink, stationery, bills and rent if working from home, advertising and items such as laptops. To discover how to help your small business to grow, speak to your local bookkeeper for more in-depth guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS
There are a number of business niches where a specialist bookkeeper could be needed. For instance, if you run an online store, you'll be better off employing a bookkeeper in Basildon who understands exchange rate transfers, cross-border and international taxes, online payment procedures and multi-currency processing. If the same shop sells goods that you hold or produce, then overseeing your inventory and stock on a 24 hours a day basis is a crucial priority, as I'm sure you're aware the internet never sleeps, therefore neither should your bookkeeping software or services.
A virtual office can also be provided in conjunction with your bookkeeping service. This is valuable in allowing an online only business or sole trader to have a telephone service and postal address to offer a physical link with their customer base. Although this solution may not be supplied by all Basildon bookkeepers, it is certainly worth discussing the possibilities if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the field of bookkeeping are at Diploma or Certificate level, and a certified Basildon bookkeeper needn't have a degree. There's a variety of courses available online, although qualifications can still be obtained through further education universities and colleges.
Training and certification for bookkeepers is mostly provided by 2 organisations:
The Institute of Certified Bookkeepers (ICB): Keeping their members up-to-speed with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation in the world, providing accreditation to certified bookkeepers, in addition to reference material and training.
The Association of Accounting Technicians or AAT: Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, allows a fully certified member to use the letters AATQB after their name. This assures a level of service to their clients which is backed by the association, and allows them to become a accredited AAT bookkeeper. To protect the integrity and values of AAT membership, if an AAT bookkeeper is found to have breached the code of conduct or has a complaint against them, they will be liable to tribunal and disciplinary processes.
It's possible to check the accreditations of any professional Basildon bookkeeper on the register of AAT or ICB members on their respective websites. It is generally a good idea to perform this check, before you employ any bookkeeper in Basildon.
Cash Flow Analysis
Understanding the financial wellbeing of a business is vital, and cash flow analysis is the key tool for achieving this. Bookkeepers play a critical role in performing cash flow analysis for businesses. To do this, it is necessary to follow the cash flow in and out of the business for a set time frame, generally a month or a quarter. Helping the businessperson to comprehend their present financial status, identifyissues, and plan for the future is among the bookkeeper's duties.
By categorizing and reconciling all cash transactions, such as sales, investments and expenses, in the analysis, the bookkeeper creates a clear picture of the company's financial health. Part of the analysis also involves predicting the business's cash flow for the forthcoming months or years, allowing the business to make informed decisions and avoid potential cash flow problems.
Any company that desires to manage their finances effectively must have a complete and accurate cash flow analysis as a vital tool.
What Are the Main Advantages of Using a Bookkeeper in Basildon Rather Than an Accountant?
The following are some reasons why you might opt to use a bookkeeper in Basildon, rather than an accountant:
- Time: By outsourcing bookkeeping, businesses can save time and focus on other crucial aspects of their business for example sales and marketing.
- Cost: Bookkeeping services are often less expensive than accounting services. This makes them a cost-effective option for small businesses and startups.
- 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.
- Availability: Bookkeepers are normally more accessible and on hand to answer questions and provide support compared to an accountant, who may only be reachable during certain times of the year.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's specific needs, whereas accountants whose approach may be more general.
It is important to note that even thoughoffer valuable support, they may not have quite the same level of expertise or qualifications as an in areas such tax preparation or financial planning. In these cases, seeking the services of an accountant might be essential.
Outsourced Bookkeeping Basildon
All businesses in Basildon should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, their outgoings and incomings, the sum total of their liabilities and assets, and so on. With the owner of the business having to handle the issues and concerns of running a business, the task of undertaking the bookkeeping is typically outsourced to freelance bookkeepers or a bookkeeping company in Basildon.
If a company in Basildon hires a bookkeeper in order to join their ranks, the company will be required to spend a substantial amount of money in training that individual for the purpose of carrying out the bookkeeping work. Moreover, there's no guarantee that the person will stay after the training is finished. In that situation, the company will lose a considerable sum of money for very little return. Aside from that, businesses will need to look for ways and means to provide benefits and incentives to keep the employee in place. These are just a handful of the reasons why businesses choose to enlist the services of bookkeeping companies and professional bookkeepers in Basildon.
These professional bookkeeping companies in Basildon should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
Basildon Bookkeeper Tasks
Most bookkeepers in Basildon will be able to offer you the following accounting and bookkeeping services: accounting and bookkeeping, Xero bookkeeping Basildon, accounting and bookkeeping services, Self-Assessment tax returns, Quickbook bookkeeping services, cash books Basildon, bookkeeping for payroll, Kashflow bookkeeping in Basildon, payment services, small business bookkeeping Basildon, bookkeeping services for small businesses in Basildon, accountancy packages Basildon, bookkeeping services for societies, bookkeeping for organisations, bookkeeping services for charities, landlord bookkeeping Basildon, QUOTE FORM provided. We will get back to you with details as soon as we are able.Basildon, tax return preparation, bookkeeping services for restaurants Basildon, VAT returns, Sage bookkeeping, partnership tax returns in Basildon, bookkeeping services for sole traders Basildon, franchise bookkeeping, bookkeeping services for limited companies, independent bookkeeping services, bookkeeping rates, management reports, letting agent bookkeeping in Basildon, bookkeeping services for self-employed people, and more. These are just a small portion of the activities that are undertaken by local bookkeepers. Basildon providers will be delighted to keep you abreast of their full range of bookkeeping services. If there happen to be some other Basildon bookkeeper requirements that you need but cannot see here, you can mention them on the
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Bookkeepers Near Basildon
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