Bookkeepers Bexley Greater London (DA5): You're entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of six years, if you run an online store, own a small business or are a sole trader in Bexley, according to the Companies Act (2006). You may be disqualified as a Company Director and face thousands of pounds in fines, if you can't produce these records. There's a significant investment of time involved with compiling these financial recordings yourself, and it can pay you to use a professional accountant or bookkeeping service, especially if you consider that according to the magazine Accounting Today over 40% of small business owners spend 80 plus hours per year on their accounts.
If the thought of producing balance sheets, tracking liabilities and assets, preparing profit, loss and fiscal reports or writing ledgers fills you with a sense of panic, then it is time to get in touch with a bookkeeper in Bexley for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
The first question that most small business owners ask is "Precisely what is the difference between a bookkeeper and an accountant?" In the past it was often considered to be beneath the qualifications, skill-sets and experience of an accountant to do bookkeeping, but because of huge software improvements over the past 10 yrs, many bookkeeping procedures will now be carried out by accounting companies in the Bexley area. For many accounting firms it is now fairly common to charge a set rate for bookkeeping services, so that they're comparable to the normal charges of an independent bookkeeper in Bexley. Since it gives a greater variety of competition within the industry, this is excellent news for business owners in Bexley, making their bookkeeping costs more manageable than they previously were.
It is basically the level of qualification and training that is required for each of these disciplines, that reflects the main difference between an accountant and a bookkeeper in Bexley. An accountant will usually a least hold a degree in accounting with further training in the field of taxes and other financial and business management. While probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Bexley will undoubtedly have an understanding of all such disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN BEXLEY
In simple terms, the bookkeeping process is to record the day to day transactions of any enterprise or business in Bexley. This may include;
- Monthly reports and reconciliation.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT submissions and recording.
- Billing of clients for work completed or goods.
- Logging of all financial incomings; including cash, card and electronic payments.
- Documenting the receipt of invoices and ensuring payment is completed on time.
Depending on the level of service you require, a professional bookkeeper might only be needed to double check your accounts periodically, if you're happy to undertake the majority of bookkeeping work yourself. To allow for any problems or mistakes to be detected and rectified quickly, this should be done from month to month at the bare minimum. Providing that it is possible to stay up-to-date with your monetary transactions without impacting on your day by day trading operations, this solution can be an extremely economical trade-off.
If you are seriously looking at hiring a bookkeeping firm in Bexley, whatever your circumstances, it is fairly likely that you could be stressed with your financial recording procedures. A professional bookkeeping company will be able to help you to link the most suitable software application with your business accounts to enable the seamless sorting of transactional data, and will provide guidance and advice on stuff like stocktaking, invoicing and preparing expense reports.
The ability to reconcile cash flow with accounts payable, is an extremely crucial aspect of good bookkeeping. Which means that by arranging bill payments to times when your finances are in good shape and buoyant, your bookkeeper will avoid the mistake that many small businesses are guilty of i.e. paying a bill right away, or waiting on a final notice. This isn't only to make sure that your business is on a good financial footing at all times, but also to keep you in good stead with those people who supply you with materials or services. When you're firmly focussed on the operation of your company, this is a juggling act that can be tough to perform as an individual.
If you are a sole trader, or own a small business, employing a professional bookkeeper in Bexley, also gives them the chance to cast a critical eye over the running of your business. It may be that business patterns and trends that might have gone unnoticed could thus be highlighted. A bookkeeper identifying an opportunity or noticing an area which is dropping off in profits, is not at all unusual. For driving the growth of any enterprise in Bexley, it is crucial that these key performance indicators (KPI's) are spotted early on.
If you give out invoices in your business operations, having to chase up late payments can be really awkward. By having an independent person outside your normal business bubble make that telephone call or visit to your customer, some of that awkwardness can be removed. A bookkeeper can employ legal procedures to deal with a persistent late payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively straightforward bookkeeping requirements for sole traders, which are set out in law. Sole traders are required to monitor expenditure and income on a monthly basis and save all invoices and receipts. Whilst this might sound simple it is still recommended that you hire the expertise of a bookkeeping company. So that you'll be able to claim back any valid business expenses from HMRC, a dedicated sole trader bookkeeper in Bexley can advise you on what you have to do. This may include items such as laptops, advertising, rent and bills if working from home, stationery and consumables. For more in-depth advice, speak to your local bookkeeper, and see how they might help your small business to grow in the future.
ONLINE TRADERS IN BEXLEY
Specialistare required now and again for particular bookkeeping niches. If international and cross-border taxes, multi-currency processing, online payment procedures and exchange rate transfers are involved, for instance if you manage an online store, you'll want to hire a bookkeeper in Bexley who understands these practices. If you produce or hold the merchandise that you sell through that store, then it is going to be an important concern for your bookkeeping software or services to control your inventory on a 24 hours a day basis, given that the internet never sleeps.
It's also possible to provide a virtual office, which can be utilised in combination with your bookkeeping service and package. This allows a sole trader or online only business to offer a physical connection to their clients, via a postal address and phone service. Not all Bexley bookkeepers will be willing to supply this service, but it is worthwhile talking about the possibilities if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a certified Bexley bookkeeper to have a degree, and a good number of the bookkeeping sector qualifications are held at Diploma and Certificate level. Qualifications can be gained through further education colleges and universities but there is also a number of courses available online.
There are two primary training and certification organisations which represent bookkeepers:
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications enabling a fully trained member to use the letters AATQB after their name. This then permits them to become a approved AAT bookkeeper and promises a minimum level of service which is backed up by the association. Bookkeepers who are members of the AAT can can be subject to disciplinary and tribunal processes if a complaint is made against them or they are found to have breached the code of conduct. This helps to protect the integrity and values of the AAT.
The ICB or Institute of Certified Bookkeepers: The largest organisation in the world is the the Institute of Certified Bookkeepers (ICB), and it offers certification for bookkeepers, along with training and reference material to ensure their members are up-to-speed with the latest trends.
The accreditations of any Bexley bookkeeper can be checked on the register of ICB or ATT members on their respective websites. Prior to hiring the services of any bookkeeping company in Bexley, it is clearly a wise idea to perform these necessary checks.
Bookkeeping services are available in Bexley and also nearby in: Crayford, Blackfen, North Cray, Leyton Cross, Welling, Hook Green, Northumberland Heath, Slade Green, Albany Park, Chislehurst, Barnehurst, Coldblow, as well as in these postcodes DA5 1HS, DA5 2AG, DA5 1LP, DA5 1QR, DA5 2AQ, DA5 2AJ, DA5 1HB, DA5 1JX, DA5 1LD, DA5 1JS. Locally based Bexley Bookkeepers will most likely have the telephone code 020 and the postcode DA5. Verifying this can guarantee you access locally based bookkeepers. Bexley sole traders and business owners will be able to utilise these and lots of other similar services.
Charity bookkeeping Bexley.
Bookkeeper Greater London
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Bexley Bookkeeper Tasks
Most bookkeepers in Bexley will be willing to offer you the following bookkeeping and accounting services: cash books in Bexley, off-site bookkeeping, bookkeeping for clubs, bank reconciliations, invoice processing, bookkeeping services for restaurants Bexley, independent bookkeeping services in Bexley, credit control, bookkeeping services for charities, payroll bookkeeping, general bookkeeping services, bookkeeping services for sole traders, small business bookkeeping, bookkeeping services for freelancers Bexley, tax return preparation, bookkeeping for small businesses in Bexley, accountancy packages in Bexley, bookkeeping for startups, bookkeeping for limited companies, QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able., management accounts, bookkeeping services for shops, bookkeeping for self-employed people, in Bexley, in Bexley, bookkeeping services for tradesmen, letting agent bookkeeping Bexley, bookkeeping services for societies, bookkeeping and accounting services, Quickbook bookkeeping Bexley, and more. These are just an example of the duties that are performed by local bookkeepers. Bexley companies will be happy to inform you of their entire range of services. If there happen to be different Bexley bookkeeper requirements that you want but don't see here, you can mention them on the
Bexley Bookkeeper Questions
Only recently I was going over the typical questions that people ask in relation to bookkeeping in Bexley. Some of you have emailed in some justifiable questions that I thought would be worthy of mentioning here. The ones which stood out are, Why do small businesses need bookkeeping? What does bookkeeping involve? How much do bookkeepers charge per hour? How can I get bookkeeper in Bexley? Who would a bookkeeper work with? Does a bookkeeper have to be registered? Does bookkeeping include payroll? How does bookkeeping differ from accounting? What are the benefits of a bookkeeper? I hope that most of those questions have been addressed in this article, and if that is not the case a bookkeeping "Q&A" section is the next thing we will be introducing. My appreciation goes out to Albie Knight, Victor Oliver, Johnny Mccarthy and Caroline Holden from Bexley, for finding the time to raise these excellent questions. We also got questions from Kennedy Reynolds in Welling, Benjamin Mcintyre in Blackfen and Violet Mcleod in Crayford.
Bookkeepers Near Bexley
Also here.: Chislehurst bookkeepers, Coldblow bookkeepers, Blackfen bookkeepers, Crayford bookkeepers, Slade Green bookkeepers, North Cray bookkeepers, Leyton Cross bookkeepers, Welling bookkeepers, Northumberland Heath bookkeepers, Hook Green bookkeepers, Barnehurst bookkeepers, Albany Park and more. Most of these locations are served by local bookeepers. Bexley businesses and traders can get fees for bookkeeping services by going
- Bexley Credit Control
- Bexley Self-Assessment Returns
- Bexley VAT Returns
- Bexley Payroll Services
- Bexley Bookkeeping Services
- Bexley Wages and PAYE
- Bexley Self-Assessment Bookkeeping
- Bexley Cash Flow Solutions
- Bexley Profit and Loss Reports
- Bexley Sole Trader Bookkeeping
- Bexley Cheap Bookkeeping
- Bexley Tax Preparation
- Bexley Double-Entry Bookkeeping
- Bexley Small Business Bookkeeping
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Bookkeepers Around Bexley: People who live in these Bexley roads have recently requested bookkeeping services - Torbrook Close, Banwell Road, Cameron Close, Camden Road, Arbuthnot Lane, Arcadian Road, Clarendon Mews, Steynton Avenue, Charter Drive, Albany Road, Southwold Road, Cross Lane, Alton Close, Arcadian Close, Crofton Avenue, Blendon Drive, Bourne Road, Balmoral Gardens, Carisbrooke Avenue, The Close, Arcadian Avenue, Back Lane, Bradbourne Road, Shuttlemead, Cranleigh Close, as well as these local Bexley postcodes: DA5 1HS, DA5 2AG, DA5 1LP, DA5 1QR, DA5 2AQ, DA5 2AJ, DA5 1HB, DA5 1JX, DA5 1LD, DA5 1JS.
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Bookkeepers in DA5 area, (dialling code 020).
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