Bookkeepers Bicester Oxfordshire (OX25): You are entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of six years, if you operate an online store, own a small business or are a sole trader in Bicester, according to the Companies Act (2006). Failure to produce these records might leave you faced with Company Director disqualification, along with thousands of pounds in fines. Accounting Today magazine says that over forty percent of small businesses spend eighty hours plus per year on their bookkeeping, so while you can perform these financial recordings yourself, it is often better to use a professional bookkeeping service or accountant to do them for you.
The time has come to contactin Bicester for guidance and advice, if you're filled with a sense of panic merely thinking about the possiblility of preparing profit, loss and financial statements, tracking liabilities and assets, writing ledgers or producing balance sheets.
BOOKKEEPER OR ACCOUNTANT?
The first question that a lot of folks ask is "What exactly is the difference between an accountant and a bookkeeper?" The reality is that whilst in the past the bookkeeping process, was considered to be beneath the experience, skill set and qualifications of an accountant, because of massive software improvements over the past 10 years or so, many accountancy companies in Bicester will now take on bookkeeping tasks. It is currently quite common for accountancy companies to have a set fee for bookkeeping services consistent with a dedicated. This makes the cost of bookkeeping cheaper than it previously was, and is fantastic news for small business owners in Bicester because it provides a broader range of competition within the marketplace.
The main difference between an accountant and a bookkeeper is the amount of qualification and training that is necessary. Anwill, at the very least, hold a degree in accounting, and will have also had further training in financial and business management, and taxes. While having an understanding of such disciplines, a bookkeeper in Bicester might not necessarily have these qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN BICESTER
The act of bookkeeping put simply, is the recording of the day to day transactions (financial) of any business enterprise in Bicester. This will include, but is not limited to;
- VAT submissions and recording.
- Monthly reconciliations and reporting.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Logging invoices received and making certain that payment is completed on time.
- Payroll services.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Highlighting and rectifying any discrepancies in the financial accounts.
- The billing of clients for goods or work completed.
In accordance with service level you require, a bookkeeper may just be needed to double check your records periodically, if you're happy to perform the vast majority of your own bookkeeping work. To enable any mistakes or problems to be discovered and corrected speedily, this should be every month at the bare minimum. This trade-off can sometimes be the most affordable solution if you're confident of staying up-to-date with your day by day financial transactions and business operations.
Whatever your circumstances, if you are looking to hire a bookkeeper in Bicester, it's fairly likely that you may be having problems with the financial recording aspects of your small business. A professional bookkeeping service will help you with everything from invoicing, producing expense reports and stocktaking, to linking the latest software application with your accounts to seamlessly of all your data.
An especially important aspect of good bookkeeping is the ability to reconcile accounts payable with cash flow. Which means that your bookkeeper will organise the payment of bills to times when your finances are in good order, instead of paying off a bill straight away, or waiting on an overdue notice, which a lot of small businesses are guilty of. This doesn't just keep you in favour with suppliers and those people who supply you with services, but also makes sure that your business enterprise is on a secure financial footing. This is a juggling act that can be tough to accomplish as an individual when you are focussed on the smooth running of your company.
Having somebody who's unconnected to the business cast an unrelated eye over your financial dealings, is another added benefit of employing a competent bookkeeper in Bicester if you are a sole trader, or for your small business. Business patterns and trends that might have gone unnoticed may be highlighted by this kind of objective evaluation. It's by no means unusual for an intelligent bookkeeper to flag an area where profits are dropping off, or spot a brand new opportunity which may prove lucrative. Spotting these key performance indicators (KPI's) is vital for the success and growth of any business in Bicester.
Having to chase up late payments can be a fairly humiliating scenario for you, if you send out invoices in your business operations. By having an individual outside your business situation make that phone call or visit to your client, some of that awkwardness can be eliminated. To help with resolving the issue, if you've got problems with a consistent late payer, there are strategies that can be used by a bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you are a sole trader, are reasonably straightforward and simple. A sole trader is required to track income and expenditure on a monthly basis and retain all receipts and invoices. While this might sound easy it is still advisable to hire the expert services of a competent bookkeeper. So that you will be able to claim back any genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Bicester will be happy to advise you on what you should do. This may include advertising, items such as computing equipment, rent and bills if you work from home, stationery and printer ink. Speak to your local bookkeeper for more detailed advice and see how they may be able to help your business to grow and prosper.
ONLINE TRADERS IN BICESTER
There are certain niche areas in bookkeeping where a specialist might be needed. If you run an online store for instance, you will require a bookkeeper in Bicester who understands multi-currency processing, exchange rate transfers, online payments and international and cross-border taxes. If you produce or hold the goods that you sell with that store, then it is going to be an important concern for your bookkeeping software or services to monitor your your inventory on a 24/7 basis, given that the internet never sleeps.
It is also possible to establish a virtual office, that can be utilised in combination with your bookkeeping service. This can be useful in allowing a sole trader or online only business to have a postal address and phone service to offer a physical connection to their customer base. Not all Bicester bookkeeping businesses will be able to supply this service, however it is worthwhile talking about if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Certificate or Diploma level, and a qualified Bicester bookkeeper doesn't need to hold a degree. Although there is an ever-growing number of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that is the preferred route.
Bookkeepers are represented by 2 main certification and training organisations:
The Institute of Certified Bookkeepers (ICB): The largest organisation of its kind on the planet is the the ICB or Institute of Certified Bookkeepers, and it offers accreditation to bookkeepers, in addition to training and reference material to ensure their members are informed about the latest trends and developments.
The Association of Accounting Technicians or AAT: With fully trained members being able to use the letters AATQB, the Association of Accounting Technicians or AAT provides advanced qualifications and training. This then allows them to become a certified AAT bookkeeper and assures a high level of service which is backed by the organisation. If a bookkeeper who is associated with the AAT is found to have breached the code of conduct or has a complaint filed against them, they will be liable to disciplinary and tribunal procedures to safeguard the values and integrity of the aat.
It's possible to check the qualifications of any Bicester bookkeeper on the register of AAT or ICB members on their websites. Prior to hiring the services of any bookkeeping company in Bicester, it's certainly wise to perform such checks.
What Are the Main Advantages of Using a Bookkeeper in Bicester Instead of an Accountant?
There are a few advantages to using a bookkeeper instead of an accountant, including:
- Time Management: By outsourcing bookkeeping, small business owners can save a bit of time and focus on other vital aspects of their business for instance marketing and sales.
- Cost: Bookkeeping services are generally cheaper than accounting services. This makes them a cost-effective option for sole traders, small businesses and startups.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereas accountants may have a more general approach.
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who might only be available at certain times of the year.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more efficient and effective in such tasks.
It is important to note that whilstoffer valuable support, they may not have quite the same level of expertise or qualifications as an in areas such financial planning or tax preparation. In cases like this, seeking the services of an accountant may be necessary.
VAT Returns by a Bookkeeper in Bicester
In Bicester, small business owners can enlist the services of a bookkeeper to handle their VAT returns, which can provide them with peace of mind about tax compliance and allow them to prioritize other business priorities. With the assistance of, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. In addition, a bookkeeper can offer valuable advice on ways to reduce your VAT liability and ensure that you are claiming all of the allowable VAT that you are entitled to. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with efficiency and accuracy, enabling you to concentrate on the advancement of your business in Bicester. To conclude, in Bicester, hiring a bookkeeper can provide small business owners with a dependable, economical, and efficient solution for managing their VAT returns, allowing them to stay compliant with tax regulations, decrease their tax liability, and dedicate more time to growing their business. In conclusion, hiring a bookkeeper in Bicester can provide small business owners with a cost-effective, efficient, and reliable solution for managing their VAT returns, which can help them stay compliant with tax regulations, minimize their tax liability, and free up their time to concentrate on business growth.
Using a Bookkeeper for Tax Returns
You will probably need to file a self-assessment tax return if you are self-employed or have a small business in Bicester. Especially if you are not acquainted with the process, this task can be challenging. To keep your records organised and prepare your tax return on time and accurately, a bookkeeper can help you.
To complete your tax returns, employing a bookkeeper can be beneficial in several ways. Firstly, the correct completion of your return is ensured by their expertise and experience. This should help you avoid any problems with HMRC, such as interest charges or penalties. Second, a lot of hassle and time can be saved by a bookkeeper. They'll look after all of the calculations and paperwork, so you can focus on your business. Third, valuable advice on tax planning can be provided by bookkeepers in Bicester. This can help you to reduce your tax burden and increase your bottom line. (70193)
Bicester Bookkeeper Tasks
Most bookkeepers in Bicester will be able to offer you the following bookkeeping services: QUOTE FORM provided. We'll be in touch with details just as soon as we can., bookkeeping for home-based businesses Bicester, tax preparation, bookkeeping services for retail outlets, independent bookkeeping services, bookkeeping services for startups, mobile bookkeeping services, cash flow analysis, charity bookkeeping Bicester, partnership tax returns, bookkeeping for charities, management reports, , bookkeeping for shops, bookkeeping services for limited companies, professional bookkeeping services, Sage bookkeeping services, financial statement preparation, bank reconciliations in Bicester, tax returns, off-site bookkeeping, profit & loss reports in Bicester, bookkeeping and accounting services Bicester, accountancy packages, landlord bookkeeping Bicester, bookkeeping services for clubs, in Bicester, bookkeeping for freelancers, small business bookkeeping Bicester, Xero bookkeeping in Bicester, and more. These are just a small portion of the duties that are undertaken by local bookkeepers. Bicester companies will tell you about their whole range of services. If there happen to be additional Bicester bookkeeper requirements that you want but cannot see here, you should mention them on the
Bookkeepers Near Bicester
Also: Bletchingdon bookkeepers, Launton bookkeepers, Marsh Gibbon bookkeepers, Wendlebury bookkeepers, Caulcott bookkeepers, Lower Arncott bookkeepers, Ambrosden bookkeepers, Bucknell bookkeepers, Blackthorn bookkeepers, Woodfield bookkeepers, Caversfield bookkeepers, Ardley bookkeepers, Highfield bookkeepers and more.
Bookkeeping Bicester - Double-Entry Bookkeeping Bicester - Sole Trader Bookkeeping Bicester - Small Business Bookkeepers Bicester - Bookkeeping Services Bicester - VAT Returns Bicester - Bookkeepers Bicester - Bookkeepers Near Bicester - Cheap Bookkeeping Bicester