Bookkeepers Bexley Greater London (DA5): As stated by the Companies Act, if you are a sole trader, run an online store or operate a small business in Bexley, you are responsible for maintaining "true and fair", accurate accounting and financial records for at least six years. Failure to produce such records might leave you facing thousands of pounds in fines and potential disqualification as a Company Director. According to Accounting Today over 40% of small businesses spend at least 80 hours every year doing their accounts, so although you can undertake these financial records yourself, it can pay to use a professional bookkeeping service or accountant to do them for you.
It is time to contactin Bexley for advice and guidance, if just the thought of tracking liabilities and assets, creating profit, loss and fiscal reports, writing out ledgers or compiling balance sheets fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
The first question that many folks ask is "Precisely what is the difference between a bookkeeper and an accountant?" The truth is that although at one time the process of bookkeeping, was looked at as beneath the qualifications, skill-sets and experience of an accountant, because of software developments over the past decade or so, a lot of accountancy firms in the Bexley area will now consider taking on bookkeeping. For many accountancy companies it is now fairly common to charge a set rate for bookkeeping services, so that they're in keeping with the standard charges of a dedicated bookkeeper in Bexley. This makes the cost of bookkeeping more affordable than it was previously, and is great news for business owners in Bexley as it offers a broader range of competition within this sector.
It is basically the amount of training and qualification that is necessary for each discipline, that indicates the main difference between an accountant and a bookkeeper in Bexley. Anwill generally a least hold a degree in accounting with additional training in taxation and other financial and business management. A bookkeeper in Bexley will undoubtedly have a decent understanding of these fiscal procedures, but may not necessarily hold the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in simple terms, is to record the daily financial transactions of any business enterprise in Bexley. This is likely to include, but is in no way limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT recording and submissions.
- Recording invoices received and making certain that payment is completed by the due date.
- Payroll services.
- Monthly reports and reconciliations.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- The billing of customers for goods or work completed.
- Documenting of all financial incomings; including card, electronic and cash payments.
If you are able to do the larger part of bookkeeping work yourself; a bookkeeper might only be necessary for double-checking your accounts every once in a while. At the bare minimum this needs to be every month, to enable the rapid identification and correcting of any problems or mistakes. If it is possible to stay in control of your day to day trading and financial transactions, this trade-off can sometimes be the most economical solution.
Whatever the situation is with your company or business, if you are seriously looking at hiring a bookkeeping firm in Bexley, it's a good bet that you may be having problems with the process of financial recording and taxes. A professional bookkeeping company will help you out with everything from stocktaking, invoicing and generating expense reports, to linking the latest software with your business accounts to seamlessly process all your data.
One of the most crucial aspects of good bookkeeping practice, is the ability to efficiently reconcile accounts payable with cash flow. Which means that instead of waiting for a final notice, which many small businesses are guilty of at some time or other, or paying off a bill right away, your bookkeeper will organise bill payments to times when your finances are in the best possible position. This not only keeps your business enterprise on a sound financial footing, but keeps you in favour with suppliers and those who supply services to you. This is a juggling act that you may find hard to accomplish on your own when you're completely focussed on running your company.
If you're a sole trader, or run a small business, using a professional bookkeeper in Bexley, also gives them the chance to cast an eagle eye over the operation of your business. This independent appraisal can enable them to discover business patterns and trends that might have gone unnoticed. It's by no means unusual for a clever bookkeeper to flag an area where profits are decreasing, or spot a brand new opportunity that could be worthwhile. For ensuring the growth of any enterprise in Bexley, it is vital that these key performance indicators (KPI's) are spotted early.
It can often be awkward to chase up late payments if your business gives out invoices. By having somebody outside your normal business situation make that phone call or visit to your customers, some of that apprehension can be removed. A professional bookkeeper can make use of legal procedures to take care of a persistent late or non-payer, and without the need for court proceedings, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are relatively straightforward and easily understood. A sole trader is expected to keep track of expenditure and income on a month by month basis and retain all receipts and invoices. It is still recommended that you retain the services of a bookkeeping company, even though this might sound simple. Advising you on what bonafide business expenses you're able to claim back, a professional sole trader bookkeeper in Bexley will look after your financial dealings with HMRC. This could include stationery goods, consumables, items such as computers, promotional advertising and rent and bills if working from home. If you would like to get more detailed advice, and see how your business can grow and develop moving forward, chat to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialistare necessary now and again for particular niches in bookkeeping. For example, if you run a store online, you'll be better off employing a bookkeeper in Bexley who is familiar with cross-border and international taxes, exchange rate transfers, multi-currency processing and online payment procedures. Since the internet does not sleep, if that same store sells goods that you produce or hold then keeping track of stock on a 24 hours a day basis is a vital concern which will need to be managed.
It is also possible to provide a remote virtual office, which can be used in conjunction with your bookkeeping service and package. This allows a sole trader or online only business to have a telephone service and postal address to provide a physical link with their buyers. Although this option might not be offered by all Bexley bookkeeping companies, it is certainly worth a discussion if this is something that's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a professional Bexley bookkeeper to have a degree, and a lot of the bookkeeping qualifications are held at Certificate and Diploma level. If the chosen route to qualification is through further education colleges and universities, this is still a possibility, although there there's an ever-increasing number of bookkeeping courses available online.
There are essentially 2 primary organisations that provide certification and training for bookkeepers:
The AAT (Association of Accounting Technicians): Providing advanced qualifications and a training schedule, the Association of Accounting Technicians or AAT, enables fully certified bookkeepers to use the letters AATQB. They can then become accredited AAT bookkeepers, approved by this well-respected association, which guarantees a decent level of service for their clients. If an AAT bookkeeper is found to have contravened the code of conduct or has a complaint against them, they will be liable to disciplinary and tribunal procedures to safeguard the integrity and values of the aat membership.
The Institute of Certified Bookkeepers or ICB: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
By visiting the register of ICB or ATT members on their respective websites, you're able to check the accreditations of any professional Bexley bookkeeper. Prior to employing any bookkeeping service in Bexley, it is clearly a good idea to complete these checks.
Bookkeeping services are available for those living in in Bexley and also in nearby places like: North Cray, Blackfen, Barnehurst, Slade Green, Leyton Cross, Coldblow, Northumberland Heath, Chislehurst, Welling, Albany Park, Crayford, together with these postcodes DA5 1RH, DA5 1PY, DA5 1LY, DA15, DA5 1HQ, DA5 2BD, DA5 2AJ, DA5 1GY, DA5 1RN, DA2 7NY. Locally based Bexley Bookkeepers will probably have the postcode DA5 and the dialling code 020. Checking this should make certain that you access locally based bookkeepers. Bexley sole traders and business owners will be able to utilise these and various other bookkeeping related services.
What Are the Main Advantages of Using a Bookkeeper in Bexley Over an Accountant?
The following are just some reasons why you may decide to use a bookkeeper in Bexley, rather than an accountant:
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants whose approach may be more general.
- Expertise: Bookkeepers typically have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
- Availability: Bookkeepers are often more accessible and readily available to answer questions and provide support compared to an accountant, who may sometimes be hard to reach.
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save a bit of time and concentrate on other areas of their business, for example marketing and sales.
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient compared to accounting services, making them a smart choice for sole traders, small businesses and start-ups looking to save on costs.
It's important to note that althoughoffer some amazing services, they might not have the same level of qualifications or expertise as an in areas such financial planning or tax preparation. In cases like this, seeking the services of an accountant might be necessary.
VAT Returns by a Bookkeeper
A bookkeeper in Bexley can provide small business owners with a convenient and efficient solution for their VAT return needs, allowing them to focus on other essential areas of their business. Your VAT return can be handled entirely by, who will manage everything from calculating your VAT obligations or credits to preparing and submitting your return to HMRC, and keeping an accurate account of all your transactions. Furthermore, a local bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. A bookkeeper can ensure that your VAT returns are dealt with accurately and effectively, which can help you feel secure and allow you to invest more time in the development of your business in Bexley. Employing a bookkeeper can provide you with a cost-effective solution as it can help you avoid any HMRC penalties or fines caused by incorrect VAT returns or late submissions, which can lead to significant savings in the future. In conclusion, partnering with a bookkeeper in Bexley can offer small business owners a dependable, economical, and effective solution for their VAT return needs, which can help them stay tax-compliant, minimize their tax liability, and concentrate on business growth.
Bookkeeping Enquiries Greater London
Latest Greater London bookkeeping enquiries: Isaiah Hale from Upminster Bridge, Greater London was looking for bookkeeping services for his plumbing business. Eryn Finch in Kingston Upon Thames was searching for bookkeeping for her salsa dance business. Meadow Dover needed a bookkeeper for her franchise business near North Ockendon. Miller Newman in Knightsbridge asked "are there any good?". Aaliyah Lindsay was searching for Rotherhithe. Effie Cracknell from Newbury Park was interested in a bookkeeper to do her Self-Assessment tax returns. Esther Clayton in Merton Park, Greater London was interested in for her diner. Connie Bridges from Blackfriars was asking about for her garment company. These local customers did a search for "Bookkeepers Greater London" and located this web page on Bing, Yahoo or Google.
Bexley Bookkeeper Tasks
Most Bexley bookkeepers will be willing to offer you the following accounting and bookkeeping services: bookkeeping for the self-employed, Quickbook bookkeeping, bookkeeping for home-based businesses Bexley, invoice processing Bexley, accountancy packages, QUOTE FORM provided. We will be in touch with details as soon as we are able., off-site bookkeeping in Bexley, bookkeeping quotes, in Bexley, cash flow analysis, Kashflow bookkeeping Bexley, maintaining fixed asset registers, bookkeeping services for charities, bookkeeping services for freelancers, payment services, bookkeeping services Bexley, bookkeeping and accounting services, bookkeeping services for restaurants Bexley, bookkeeping for organisations, bookkeeping services for shops Bexley, bookkeeping services for clubs Bexley, independent bookkeeping services, tax preparation in Bexley, tax returns Bexley, financial statement preparation, bookkeeping for sole traders in Bexley, small business bookkeeping, bank reconciliations, franchise bookkeeping, , and more. Listed are just a selection of the duties that are handled by local bookkeepers. Bexley companies will keep you informed about their whole range of bookkeeping services. If there happen to be different Bexley bookkeeper requirements that you need but can't see here, you can mention them on the
Greater London Bookkeeper
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Bookkeepers Near Bexley
Also: Slade Green bookkeepers, Blackfen bookkeepers, North Cray bookkeepers, Leyton Cross bookkeepers, Welling bookkeepers, Crayford bookkeepers, Northumberland Heath bookkeepers, Coldblow bookkeepers, Chislehurst bookkeepers, Barnehurst bookkeepers, Albany Park bookkeepers and more.
- Small Business Bookkeeping
- Payroll Services
- Tax Preparation
- Cash Flow Solutions
- Self-Assessment Bookkeeping
- Accountancy Packages
- PAYE and Wages
- Cheap Bookkeeping
- VAT Returns
- Profit and Loss Reporting
- Bookkeeping Services
- Sole Trader Bookkeeping
- Credit Control
- Bookkeeping Quotations
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To find out local info relating to Bexley, Greater London click here
Bookkeepers in DA5 area, and dialling code 020.
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