Bookkeepers Birmingham West Midlands (B1): In compliance with the Companies Act, if you are a sole trader, own a small business or run an online store in Birmingham, you're entirely responsible for maintaining "true and fair", accurate financial and accounting records for a minimum of 6 yrs. If you cannot produce such information, you may face disqualification as a Company Director and receive a fine of thousands of pounds. You could accomplish these financial recordings on your own behalf, yet when you think about the fact that according to Accounting Today magazine over 40% of small business owners spend at least 80 hours every year doing their accounts, it is often better to use a professional bookkeeper or accountant.
The time has come to get in touch with a bookkeeper in Birmingham for assistance, if the thought of tracking assets and liabilities, writing out ledgers, producing balance sheets or preparing profit, loss and fiscal reports fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Birmingham, the first question that springs to mind when facing this challenge is "What exactly is the distinction between a bookkeeper and an accountant?" At one time it was typically deemed to be beneath the qualifications, experience and skill-sets of an accountant to do the work of a bookkeper, but because of software developments over the past 10 years or so, many bookkeeping tasks will now be undertaken by accountancy firms in the Birmingham area. Most accounting firms now charge a flat rate for bookkeeping services, to keep them in step with what an independent bookkeeper in Birmingham would generally charge. This is good news for business owners in Birmingham as it offers a broader range of competition within this sector and can make your bookkeeping cheaper than initially thought.
The biggest difference between a bookkeeper and an accountant is the amount of qualification and training needed. Usually holding an accounting degree, a professional accountant will also have had training in tax matters and additional qualifications in business and financial management. A bookkeeper in Birmingham will have a pretty good understanding of these skills, but may not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN BIRMINGHAM
In the simplest of terms, bookkeeping involves the logging of day to day financial transactions of any business or enterprise in Birmingham. This may include, but isn't limited to;
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Monthly reconciliation and reporting.
- Billing of customers for work completed or goods.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- VAT recording and submissions.
- Logging of all financial incomings; including electronic, cash and card payments.
- Recording invoices received and making certain payment is completed on time.
In accordance with the level of service you require, a bookkeeper may only be needed to double check your records every so often, if you're able to do the majority of the bookkeeping work yourself. At the bare minimum this should really be every month, to facilitate the quick identification and correction of any mistakes or problems. This can be an extremely cost-effective trade-off, provided that it is possible to stay up-to-date with your monetary transactions without compromising your daily trading duties.
If you are currently looking at hiring a bookkeeping company in Birmingham, whatever your circumstances are, it is fairly likely that you may be having problems with your tax and financial procedures. To enable the seamless pull-through of transactional data, a good bookkeeping company will help you to link the latest software to your accounts, and will offer assistance with things like invoicing, stocktaking and producing expense reports.
Being able to reconcile cash flow with accounts payable, is an especially crucial aspect of good bookkeeping. Which means that your bookkeeper will organise the payment of bills to times when your finances are buoyant and in good order, rather than paying a bill straight away, or waiting for an overdue notice, which many small businesses in Birmingham are guilty of doing. This not only keeps you in favour with suppliers and those people who supply you with services, but also ensures that your business is financially secure. This is one of those balancing acts that can be difficult to perform when you are mainly focussed on the streamlined running of your day to day business operations.
Employing a qualified bookkeeper in Birmingham, for your small business or if you are a sole trader also gives them the opportunity to cast a fresh eye over your business affairs. Business patterns and trends that you may have disregarded could be pinpointed by this kind of unprejudiced evaluation. A bookkeeper recognising a brand new opportunity or flagging up an area which is falling in profits, is not at all uncommon. For the success and growth of any enterprise in Birmingham, it is crucial that such key performance indicators (KPI's) are spotted as early as possible.
Having to chase up a late payment can be a fairly embarrassing situation for you, if you send out invoices as part of your business operations. Some of that embarrassment can be removed by having an individual outside your normal business bubble visit your customers or make that telephone call. If you have problems with a consistent late or non-payer there are legal methods a professional bookkeeper can use to help resolve the issue before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are reasonably uncomplicated and easily understandable. It's stipulated that a sole trader must monitor expenditure and income from month to month and save all receipts and invoices. It's still good practice to retain the services of a bookkeeping company, even if this might sound simple enough. A dedicated sole trader bookkeeper in Birmingham can advise you on what you're able to claim back from HMRC as business expenses. This may include items such as computers, stationery, printer ink, advertising and bills and rent if working from home. To see how to help your small business grow, speak to a trusted bookkeeper for more in-depth advice and guidance.
BOOKKEEPING FOR ONLINE TRADERS
Specialisedare occasionally needed for specific niches in bookkeeping. You are going to require a bookkeeper in Birmingham who understands multi-currency processing, international and cross-border taxes, online payment procedures and exchange rate transfers, if you run a store online for instance. Since the internet does not sleep, if that same store sells goods you produce or hold then controlling your inventory and stock on a 24/7 basis is a crucial concern which will have to be addressed.
A remote virtual office can also be provided in conjunction with bookkeeping service. This allows a sole trader or online only business to have a postal address and phone service to provide a physical connection to their buyers. It's worth talking about this possibility if it's needed, although not all bookkeeping companies in Birmingham will provide this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the field of bookkeeping are at Certificate or Diploma level, and a professional bookkeeper in Birmingham does not need to hold a degree. Although there is an ever-increasing array of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that is the chosen route.
Representing bookkeepers, there are two primary training and certification organisations:
The Association of Accounting Technicians or AAT: With certified bookkeepers entitled to use the letters AATQB, the Association of Accounting Technicians or AAT provides advanced qualifications and training. This guarantees a certain level of service to their customers which is backed up by the organisation, and entitles them to become a approved AAT bookkeeper. To preserve the values and integrity of the AAT, an AAT bookkeeper can be liable to disciplinary and tribunal procedures if a complaint is made against them or they are found to have breached the code of conduct.
The ICB or Institute of Certified Bookkeepers: Keeping their associated members informed about the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation on the planet, providing certification for qualified bookkeepers, together with reference material and training.
By visiting their respective websites, you are able to examine the register of ICB or ATT members, to find the accreditations of any professional Birmingham bookkeeper. It is advisable to carry out this check, before you retain the services of any local bookkeeper in Birmingham.
Bookkeeping services are available in Birmingham and also in: Highgate, Bromford, Bordesley Green, Lea Hall, Aston, Handsworth Wood, Ladywood, Edgbaston, Druids Heath, Selly Oak, Small Heath, Hockley, Birchfield, Smethwick, together with these postcodes B1 1LP, B1 2HW, B1 1QY, B1 2AA, B1 1LE, B1 1NN, B1 1LR, B1 1RE, B1 2DJ, B1 2HG. Local Birmingham Bookkeepers will likely have the postcode B1 and the phone code 0121. Verifying this can ensure you access locally based bookkeepers. Birmingham sole traders and business owners are able to benefit from these and many other comparable services.
Birmingham Bookkeeper Questions
Over the last few months I've been checking out the popular questions that people ask in regard to bookkeepers in Birmingham. Quite a few of our visitors emailed in fascinating enquiries that are relevant to this blog post. The ones I picked out are, Do bookkeepers do accounts payable? Should a bookkeeper have insurance? What does bookkeeping mean? What are a bookkeeper's duties? Which bookkeeper certification is best? Should I use an accountant or a bookkeeper? How much do bookkeepers charge per hour? Why is bookkeeping important to any business operation in Birmingham? What are the benefits of a bookkeeper? Most of these questions have hopefully been dealt with somewhere on this page, and if that isn't the case a bookkeeping "Questions and Answers" section is the next thing we'll be introducing. Thanks to Alan Harrison, Malik Freeman, Loki Miles and Jasmine Vaughan, for submitting these great questions. We were also delighted to get associated queries from Caroline Rowley in Bordesley Green, Leo Cullen in Aston and Jessica Guy in Highgate.
Birmingham Bookkeeper Tasks
Most bookkeepers in Birmingham will be willing to provide you with the following services: credit control, Sage bookkeeping services in Birmingham, QUOTE FORM provided. We'll get back to you with specifics as soon as we can., bookkeeping services Birmingham, bookkeeping for sole traders, business bookkeeping, profit & loss reports in Birmingham, double-entry bookkeeping Birmingham, off-site bookkeeping, tax preparation, accountancy packages, PAYE & wages, bookkeeping for home-based businesses in Birmingham, Quickbook bookkeeping services in Birmingham, invoice processing Birmingham, personal tax returns Birmingham, independent bookkeeping services, bookkeeping for small businesses, charity bookkeeping Birmingham, bookkeeping quotes, bookkeeping services for charities, tax returns, company cash books Birmingham, bookkeeping for clubs, bookkeeping services for shops, bookkeeping services for organisations, bookkeeping services for societies Birmingham, bookkeeping services for pubs, VAT returns, management reports in Birmingham, and more. These are just a selection of the duties that are conducted by local bookkeepers. Birmingham providers will be happy to tell you about their full range of services. If there are additional Birmingham bookkeeper requirements that you want but don't see here, you can easily mention them on the
Bookkeepers Near Birmingham
Also here.: Handsworth Wood bookkeepers, Highgate bookkeepers, Smethwick bookkeepers, Hockley bookkeepers, Bromford bookkeepers, Birchfield bookkeepers, Ladywood bookkeepers, Druids Heath bookkeepers, Bordesley Green bookkeepers, Small Heath bookkeepers, Edgbaston bookkeepers, Lea Hall bookkeepers, Aston bookkeepers, Selly Oak and more. Most of these villages and towns are served by local bookeepers. Birmingham people can get pricing for bookkeeping services by going
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Bookkeepers Around Birmingham: People living in these nearby Birmingham streets and areas have recently inquired about bookkeeping services - Barn Lane, Delamere Close, The Farriers, Dollis Grove, Severn Close, Dee Walk, Tantallon Drive, Tandy Drive, Beacon Hill, Tay Road, Beech Park Drive, Saville Close, Carlyle Road, Dewhurst Croft, Sheridan Walk, Bath Row, Selby Grove, Sambourne Drive, Darris Road, Samuels Road, Air Ministry Houses, Derwent Grove, Beachburn Way, Debenham Crescent, Almond Croft, Teddesley Grove, Delhurst Road, Admington Road, Balham Grove, Sheldon Drive, as well as these Birmingham area postcodes: B1 1LP, B1 2HW, B1 1QY, B1 2AA, B1 1LE, B1 1NN, B1 1LR, B1 1RE, B1 2DJ, B1 2HG.
To find out local Birmingham info go here
Birmingham Bookkeeping Jobs: View bookkeeping jobs near Birmingham by going here: Birmingham Bookkeeping Jobs
More West Midlands Bookkeepers: More Wednesfield, Wolverhampton, Birmingham, Bloxwich, Halesowen, West Bromwich, Coventry, Sedgley, Sutton Coldfield, Dudley, Darlaston, Brownhills, Rowley Regis, Brierley Hill, Willenhall, Stourbridge, Oldbury, Kingswinford, Smethwick, Tipton, Coseley, Bilston, Wednesbury, Walsall, Aldridge, Solihull and Blackheath.:
Bookkeepers in B1 area, phone code 0121.
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