Bookkeepers Birchington-on-Sea Kent (CT7): As stated by the Companies Act, if you are a sole trader, operate an online store or own a small business in Birchington-on-Sea, you're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for at least 6 years. If you can't produce such records, you might be disqualified as a Company Director and face thousands of pounds in fines. You could carry out these financial recordings yourself, although when you think about the fact that according to the magazine Accounting Today over 40% of small businesses spend at least 80 hours annually doing their bookkeeping duties, it is often better to use a professional bookkeeper or accountant.
If you are overcome with a sense of panic just thinking about compiling balance sheets, tracking assets and liabilities, writing ledgers or creating profit, loss and financial statements, then the time to contact a bookkeeper in Birchington-on-Sea for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What exactly is the distinction between an accountant and a bookkeeper?" Is a question that's asked by many small business owners in Birchington-on-Sea. In the past it was frequently considered to be to be beneath the experience, qualifications and skill-sets of an accountant to do bookkeeping, but due to significant improvements in software over the past ten years, many bookkeeping procedures will now be undertaken by accountancy companies in the Birchington-on-Sea area. For many accounting companies it is now common practice to charge a fixed rate for bookkeeping services, to keep them in line with the standard fees of a typical bookkeeper in Birchington-on-Sea. Business owners are now cashing in on this, because it gives a greater variety of competition within the industry and can make the cost of bookkeeping way more affordable than it would have been previously.
The level of training and qualification that's required is the biggest difference between an accountant and a bookkeeper. An accountant will generally a least hold a degree in accounting with additional training in taxation and other business and fiscal management. Whilst bookkeepers in Birchington-on-Sea will invariably have a pretty good understanding of these fiscal disciplines, they might not necessarily hold these qualifications or levels of training and experience in this field.
RESPONSIBILITIES OF A BOOKKEEPER IN BIRCHINGTON-ON-SEA
In simple terms, the process of bookkeeping is the recording of the daily financial transactions of any business or enterprise in Birchington-on-Sea. This may include, but isn't limited to;
- Logging invoices received and making certain payment is completed by the due date.
- Logging of all financial incomings; card, cash and electronic payments included.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reporting and reconciliation.
- Billing of clients for goods or work completed.
- VAT submissions and recording.
- Payroll services.
If you are in a position to carry out the bulk of bookkeeping work yourself; a bookkeeper might just be needed to double check your records on a set schedule. At the bare minimum this should be done on a monthly basis, to enable the swift detection and rectification of any problems or mistakes. This could be an extremely cost-effective trade-off, providing that it's possible to stay on top of your monetary transactions without affecting your day to day business operations.
If you're seriously looking to hire a bookkeeper in Birchington-on-Sea, whatever your circumstances, there's a fair chance that you may be stressed with your financial recording procedures. To enable the seamless pull-through of financial data, a decent bookkeeping service will help you link the most suitable software to your accounts, and will offer advice on things like stocktaking, preparing expense reports and invoicing.
The successful reconciliation of accounts payable with cash flow is one of the most important aspects of good bookkeeping. This means that your bookkeeper will optimise bill payments to a time when your finances are in good order, instead of paying an outstanding bill straight away, or waiting for a final notice, which a lot of small businesses are guilty of. This not only keeps your business enterprise financially sound, but keeps you in favour with suppliers and those people who supply services to you. When you are mainly focussed on running your company, this is a juggling act that you may find tough to accomplish as an individual.
If you are a sole trader, or own a small business, using a certified bookkeeper in Birchington-on-Sea, also gives them the opportunity to cast an impartial eye over the financial dealings of your business. It's quite possible that an objective assessment such as this will pinpoint business trends and patterns that you haven't previously noticed. A bookkeeper identifying a new opportunity or flagging an area where profits are falling, is not at all unusual. It is vital for the economic growth of any enterprise in Birchington-on-Sea, to spot these KPI's (key performance indicators).
If your business sends out invoices it can sometimes be uncomfortable to chase up a late payment. If that visit to your client or telephone call is made by somebody outside your normal business situation, it's possible for some of that awkwardness to be removed. If you're troubled with a persistent late payer there are legal techniques a professional bookkeeper can make use of to help resolve the situation before the matter ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you are a sole trader, are fairly straightforward and basic. Essentially, sole traders must retain all invoices and receipts, and keep records of expenditure and income on a monthly basis. It is still recommended that you hire the expert services of a bookkeeper, although this might sound simple enough. Advising you on what legitimate business expenses you might be able to claim back, a professional sole trader bookkeeper in Birchington-on-Sea will look after your dealings with HMRC. This might include bills and rent if you work from home, consumables, advertising expenses, items such as computing equipment and stationery goods. Chat to a trusted bookkeeper for more comprehensive advice and learn how they can help your small business grow.
BOOKKEEPING FOR ONLINE TRADERS
There are several business niches where a specialist bookkeeping service might be necessary. If you run an online store for example, you'll need a bookkeeper in Birchington-on-Sea who understands multi-currency processing, international and cross-border taxes, online payment procedures and exchange rate transfers. If the same outlet sells goods that you produce or hold, then monitoring stock on a 24 hours a day basis is a vital concern, after all the internet doesn't sleep, so neither should your bookkeeping services and software.
It's also possible to provide a remote virtual office, which can be utilised in combination with your bookkeeping service. This allows a sole trader or online only business to have a postal address and telephone service to provide a physical link with their customers. Not all Birchington-on-Sea bookkeeping companies will provide this solution, but it's worth talking about the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Birchington-on-Sea bookkeeper does not need to have a degree and a great many qualifications for the industry are at Certificate or Diploma level. If the chosen route to qualification is via further education universities and colleges, this option is still available, whereas there there are a number of bookkeeping courses available online.
Certification and training for bookkeepers is mainly provided by 2 organisations:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers (ICB) is the largest on the planet and offers accreditation to bookkeepers, along with training and reference material to keep their members up-to-date.
The AAT or Association of Accounting Technicians: Providing advanced qualifications and a training schedule, the Association of Accounting Technicians or AAT, enables fully certified members to use the letters AATQB. This guarantees a high standard of service to their clients which is backed up by the organisation, and enables them to become a accredited AAT bookkeeper. If a bookkeeper who's a member of the AAT is found to have breached the code of practice or has a complaint against them, they will be subject to tribunal and disciplinary procedures to safeguard the integrity and values of the aat membership.
By visiting the register of ICB or ATT members on their websites, it's possible to examine the qualifications of any bookkeeper in Birchington-on-Sea. Carrying out these checks is always advised before you actually employ any local bookkeeper in Birchington-on-Sea.
Outsourced Bookkeeping Birchington-on-Sea
All businesses in Birchington-on-Sea should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, the total value of their assets and liabilities, their outgoings and incomings, and so forth. With the business owner having to handle the concerns and issues of running a business, the task of doing the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Birchington-on-Sea.
If a company in Birchington-on-Sea employs a bookkeeper in order to join their ranks, the company will have to commit a substantial sum of money in training that person for the purpose of carrying out the bookkeeping work. In addition, there is no guarantee that the individual will stay for long in the company. In that case, the company can lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide incentives and benefits to keep the trained employee in house. These are a few of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Birchington-on-Sea.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who may continue with out-of-date accounting practices. Again, they're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find many companies offering financial bookkeeping services catering to all kinds of clients and industries in Birchington-on-Sea. A majority of these companies promise and deliver top quality service. It is important for a business to look into the track record of these Birchington-on-Sea bookkeeping companies when it comes to employing a 3rd party company for bookkeeping purposes.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial health is cash flow analysis. One of the significant duties of a bookkeeper is to carry out a cash flow analysis for a company. To do this, it is necessary to track the inflow and outflow of cash for the business over a specific period of time, normally a month or a quarter. Through this, a bookkeeper can aid the business proprietor in grasping their present financial state, spotting any cash flow difficulties, and preparing for the future.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as expenses, sales and investments, to offer a clear picture of the company's financial health. A crucial aspect of cash flow analysis is to predict the cash flow for the coming months or years, enabling companies to make informed decisions and avoid potential cash flow issues.
A bookkeeper can also propose strategies to enhance cash flow, such as re-evaluating pricing policies or implementing more streamlined payment processes. Furthermore, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. An accurate and comprehensive cash flow analysis is vital for any company that wants to effectively manage their finances.
Tax Returns
If you're self-employed or have a small business in the United Kingdom, you may be required to file a self-assessment tax return. The process can make this task challenging, especially if you aren't acquainted with it. On time and accurately, a bookkeeper can help you prepare your tax return, as well as keeping your records in order.
Using a bookkeeper to do your tax returns has many benefits. With their expertise and experience, they will make certain that your return is completed correctly. This will help you to avoid penalties from HMRC, as well as interest charges. Secondly, a lot of time and hassle can be saved by a bookkeeper. All of the paperwork and calculations will be taken care of by them, so you can focus on the running of your business. Thirdly, Birchington-on-Sea bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This can help to maximise your profits and minimise your tax liability. (70193)
Bookkeepers Near Birchington-on-Sea
Also find: St Nicholas at Wade bookkeepers, Reculver bookkeepers, Acol bookkeepers, Garlinge bookkeepers, Marshside bookkeepers, Brooksend bookkeepers, Boyden Gate bookkeepers, Gore Street bookkeepers, Manston bookkeepers, Flete bookkeepers, Woodchurch bookkeepers, Monkton bookkeepers, Minster bookkeepers and more. Individuals offering bookkeeping services serve all of these villages and towns. This accessibility ensures that individuals and businesses alike can easily find the financial support they need to successfully manage their accounts. Residents in these areas can get quotes for bookkeeping projects by going here.
Birchington-on-Sea Bookkeeper Tasks
Most Birchington-on-Sea bookkeepers will be prepared to provide you with the following bookkeeping services: franchise bookkeeping, general bookkeeping services, bookkeeping services for clubs, independent bookkeeping services, invoice processing, bookkeeping for organisations Birchington-on-Sea, bookkeeping services, cash books Birchington-on-Sea, bank reconciliations, bookkeeping services for charities, bookkeeping services for societies Birchington-on-Sea, maintaining fixed asset registers, letting agent bookkeeping, profit & loss reports Birchington-on-Sea, corporation tax returns, Self-Assessment tax returns, landlord bookkeeping, wages & PAYE in Birchington-on-Sea, off-site bookkeeping Birchington-on-Sea, bookkeeping rates, bookkeeping services for shops, bookkeeping for sole traders in Birchington-on-Sea, tax returns, Quickbook bookkeeping services, bookkeeping for tradesmen in Birchington-on-Sea, management reports Birchington-on-Sea, small business bookkeeping, bookkeeping services for retail outlets Birchington-on-Sea, bookkeeping for pubs Birchington-on-Sea, professional bookkeeping services, and more. These are just an example of the duties that are handled by local bookkeepers. Birchington-on-Sea providers will tell you about their full range of services. If there are some other Birchington-on-Sea bookkeeper requirements that you want but cannot see here, you can easily mention them on the QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able.
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