Bookkeepers Bexhill-on-Sea East Sussex (TN39): If you run a small business, operate an online store or are a sole trader in Bexhill-on-Sea, you're entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of six years to comply with the Companies Act (2006). If you can't produce such records you might face a fine of thousands of pounds and possible Company Director disqualification. There is a considerable investment of time involved with compiling these financial recordings on your own, and it can be more economical to use a professional bookkeeping service or accountant, especially if you consider the fact that according to Accounting Today over forty percent of small business owners spend over eighty hours every year doing their bookkeeping.
If the idea of preparing profit, loss and fiscal reports, compiling balance sheets, filling out ledgers or tracking assets and liabilities fills you with panic, then it is high time to contactin Bexhill-on-Sea for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the difference between a bookkeeper and an accountant?" Is a question that's asked by most people in Bexhill-on-Sea. The truth is that while in past times a lot of accountants considered the bookkeeping process to be beneath their experience, qualifications and skill set, a lot of accountancy companies in the Bexhill-on-Sea area will now undertake most bookkeeping duties, because of improvements in software over the past decade. Many accounting firms now have a flat rate for bookkeeping services, to keep them in line with what an independent bookkeeper in Bexhill-on-Sea would normally charge. Business owners in Bexhill-on-Sea are now cashing in on this, since it generates a wider range of competition within this sector and can make bookkeeping more affordable than it would have been in the past.
When you are thinking about the differences between an accountant and a bookkeeper, the most notable one is the standard of training that is required for each of these disciplines. Anwill generally hold at least a degree in accounting with specialist training in the field of taxation and other business and financial management. While having a fair grasp of these procedures, a bookkeeper in Bexhill-on-Sea might not necessarily have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process put in the simplest of terms, is the recording of the day to day financial transactions of any business or enterprise in Bexhill-on-Sea. This will include;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- VAT recording and submissions.
- Payroll services.
- Recording invoices received and ensuring payment is completed promptly.
- Documenting of all financial incomings; including card, cash and electronic payments.
- Billing of customers for work completed or goods.
- Monthly reporting and reconciliation.
Whilst it is dependent on the type of service you're interested in, if you are prepared to undertake a large majority of your own bookkeeping work, a professional bookkeeper may just be needed to periodically double-check your figures. To make certain that any problems or mistakes can be identified and corrected quickly, as a bare minimum, this ought to be done monthly. Providing it is possible to stay up-to-date with your financial transactions without having a negative impact on your day by day trading duties, this solution can be an extremely cost-effective trade-off.
If you're presently looking at hiring a bookkeeping firm in Bexhill-on-Sea, whatever your scenario, it is fairly likely that you could be getting stressed about your financial recording procedures. A decent bookkeeping company will be able to help you to link your accounts with the most suitable software program to facilitate the seamless pull-through of transactional data, and will give guidance and advice on stuff like producing expense reports, stocktaking and invoicing.
An extremely crucial element of good bookkeeping is the ability to reconcile cash flow with accounts payable. This means that your bookkeeper will optimise the payment of bills to times when your accounts are buoyant and in good order, rather than paying off a bill right away, or waiting for a final notice, which most small businesses in Bexhill-on-Sea are guilty of at some time or other. This isn't simply to make sure that your business is on a sound financial footing all the time, but also to keep you in favour with the businesses who provide your services or materials. When you are mainly focussed on running your company, this is a juggling act that can be challenging to perform on your own.
If you are a sole trader, or operate a small business, using a certified bookkeeper in Bexhill-on-Sea, also gives them an opportunity to cast a critical eye over the running of your business. Business patterns and trends that you might have overlooked could be highlighted by this sort of unbiased evaluation. It's not uncommon for a bookkeeper to spot an opportunity or flag up an area where profits are dropping off. For the success of any business in Bexhill-on-Sea, it is important that these KPI's (key performance indicators) are spotted as early as possible.
If you give out invoices in your business operations, needing to pursue late payments can be fairly uncomfortable. Some of that embarrassment can be removed by having an individual outside your business bubble make that phone call or visit to your customers. A professional bookkeeper can employ legal strategies to handle a consistent late or non-payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, are quite straightforward. Sole traders are required to keep track of income and expenditure on a monthly basis and retain all receipts and invoices. It's still advisable to hire the expertise of a competent bookkeeper, even though this might at first sound simple. A specialised sole trader bookkeeper in Bexhill-on-Sea will be in a position to advise you on what you are able to claim back from HMRC as legitimate business expenses. This might include items such as computers, advertising, printer ink, bills and rent if working from home and stationery goods. For more detailed advice, speak to your bookkeeper, and see how they can help your business to flourish and grow going forward.
There are certain business niches where a specialist bookkeeping service might be essential. You'll require a bookkeeper in Bexhill-on-Sea who's familiar with multi-currency processing, cross-border and international taxes, exchange rate transfers and online payments, if you manage an online store for instance. If that same shop sells goods you produce or hold, then managing inventory on a 24/7 basis is an important concern, after all the internet does not sleep, therefore neither should your bookkeeping services and software.
A remote virtual office can also be provided together with bookkeeping service. Providing a physical connection to their clients, this allows an online only business or sole trader to have a telephone service and postal address. If this type of service is needed, it is definitely worth discussing, although this solution won't be provided by all Bexhill-on-Sea bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Certificate or Diploma level, and it's not necessary for a professional Bexhill-on-Sea bookkeeper to have a degree in accounting. There's a number of online courses available, although bookkeeping qualifications can still be obtained via further education universities and colleges.
There are basically two principal organisations that offer certification and training to bookkeepers:
The Institute of Certified Bookkeepers (ICB): The largest organisation of its kind in the world is the the Institute of Certified Bookkeepers (ICB), and it offers certification for bookkeepers, together with reference material and training to ensure their members are up-to-speed with the latest trends and developments.
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians (AAT) will have undergone a training schedule and advanced qualifications in bookkeeping. This then enables them to become a certified AAT bookkeeper and promises a minimum standard of service which is backed up by the organisation. To protect the integrity and values of the AAT membership, a bookkeeper who's associated with the AAT can be liable to tribunal and disciplinary processes if it's found that they've contravened the code of conduct or have had a complaint against them.
You're able to check the accreditations of any professional Bexhill-on-Sea bookkeeper on the register of AAT or ICB members on their websites. Implementing this check is widely recommended before you use any bookkeeper in Bexhill-on-Sea.
You may need to file a self-assessment tax return if you're self-employed or have a small business in the UK. This task can be especially challenging if you aren't acquainted with the process. A good bookkeeper can help you to prepare your tax return accurately and on time, as well as keeping your records organised.
Many benefits can be gained by employing a bookkeeper to do your tax returns. With their expertise and experience, they will make sure that your return is completed correctly. This can help you avoid interest charges or penalties from HMRC. Secondly, the use of a bookkeeper can save you a lot of stress, time and hassle. They will handle all of the paperwork and calculations, freeing you up to concentrate on the running of your business. Thirdly, invaluable advice on tax planning can be provided by bookkeepers in Bexhill-on-Sea. This can help to maximise your profits and minimise your tax liability. (70193)
Bexhill-on-Sea Bookkeeper Tasks
Most Bexhill-on-Sea bookkeepers will be able to provide you with the following bookkeeping services: QUOTE FORM provided. We'll be in touch with specifics as soon as we can., off-site bookkeeping Bexhill-on-Sea, Bexhill-on-Sea, payment services, financial statement preparation, cash flow analysis, company cash books, bookkeeping services for small business in Bexhill-on-Sea, mobile bookkeeping services in Bexhill-on-Sea, bookkeeping services, in Bexhill-on-Sea, bookkeeping for freelancers in Bexhill-on-Sea, bookkeeping for charities, bookkeeping services for clubs, bookkeeping for home-based businesses, Sage bookkeeping in Bexhill-on-Sea, bookkeeping for societies, VAT returns Bexhill-on-Sea, , bookkeeping for retail outlets, bookkeeping for organisations in Bexhill-on-Sea, bookkeeping for tradesmen, accountancy packages Bexhill-on-Sea, small business bookkeeping, profit & loss reports in Bexhill-on-Sea, independent bookkeeping services, bookkeeping for payroll, franchise bookkeeping Bexhill-on-Sea, landlord bookkeeping, , and more. Listed are just a selection of the duties that are undertaken by local bookkeepers. Bexhill-on-Sea providers will keep you informed about their entire range of services. If there are some other Bexhill-on-Sea bookkeeper requirements that you want but can't see here, you can easily list them on the
Bookkeepers Near Bexhill-on-Sea
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