Bookkeepers Bishops Stortford Hertfordshire (CM23): In accordance with the 2006 Companies Act, if you operate a small business, run an online store or are a sole trader in Bishops Stortford, you're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for a minimum of 6 yrs. Failing to produce such detailed records might leave you faced with disqualification as a Company Director, along with a hefty fine. The trade magazine Accounting Today reports that over 40% of small businesses spend over eighty hours annually doing their bookkeeping tasks, therefore while you can complete these financial recordings on your own behalf, it can be more cost-effective to employ a professional accountant or bookkeeping company to do them for you.
It's time to get in touch with a bookkeeper in Bishops Stortford for guidance and advice, if the thought of compiling balance sheets, writing out ledgers, preparing profit, loss and fiscal reports or tracking liabilities and assets fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between a bookkeeper and an accountant is the first question that a lot of small business owners in Bishops Stortford ask. The truth is that while in past times many accountants considered the bookkeeping process to be beneath their skill set, qualifications and experience, a lot of accountancy companies in the Bishops Stortford area will now take on most bookkeeping duties, because of software developments over the past 10 years or so. To keep their bookkeeping services consistent with a dedicated bookkeeper's fee, it is now fairly common for many accounting firms to have a flat rate for such services. This is fantastic news for business owners in Bishops Stortford as it gives a wider range of competition within this sector and can make the cost of your bookkeeping much more affordable than previously thought.
The level of training that is required is the big difference between an accountant and a bookkeeper. At least a degree in accounting with further training in taxation and other business and fiscal management, will usually be held by an accountant. Whilst having a really good understanding of these skills, a bookkeeper in Bishops Stortford might not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily monetary transactions of any business in Bishops Stortford, describes the act of bookkeeping in simple terms. This will likely include, but is by no means limited to;
- Billing of clients for goods or work completed.
- Documenting of all financial incomings; card, cash and electronic payments included.
- Monthly reconciliation and reporting.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Documenting the receipt of invoices and making certain that payment is completed punctually.
- Payroll services.
- VAT recording and submissions.
While it depends on the extent of the service you're interested in, if you're able to do the majority of bookkeeping work yourself, a bookkeeper may only be needed to periodically double-check your records. This really needs to be done on a monthly basis at the bare minimum, as this will allow any problems or mistakes to be found and corrected quickly. This can be the most cost-effective trade-off, as long as you are confident of staying in control of your monetary transactions without compromising your day to day business operations.
Whatever the scenario is with your business, if you're currently thinking of hiring a bookkeeper in Bishops Stortford, it is fairly likely that you may be getting stressed about the process of financial records and tax returns. A professional bookkeeper will be able to give advice on everything from invoicing, stocktaking and creating expense reports, to linking the latest software application with your business accounts to facilitate the seamless processing of transactional data.
The reconciliation of cash flow with accounts payable is one of the most important aspects of a good bookkeeping service. This means that rather than paying an outstanding bill right away, or waiting for a final notice, which most small businesses are guilty of, your bookkeeper will arrange bill payments to a time when your finances are buoyant and in good shape. This not only keeps you in the good books of suppliers and those businesses who supply you with services, but also makes certain that your business or enterprise is on a sound financial footing. When you're completely focussed on running your business, this is a juggling act that you may find tough to perform as an individual.
Employing an experienced bookkeeper in Bishops Stortford, if you're a sole trader, or for your small business also gives them the chance to cast a fresh eye over your financial situation. It is entirely possible that an unbiased appraisal such as this will highlight business trends and patterns that have previously been missed. It is not at all uncommon for a clever bookkeeper to flag up an area where profits are falling, or spot an opportunity which may be worthwhile. These key performance indicators (KPI's) are crucial in the future growth of any enterprise in Bishops Stortford.
Chasing up late payments can be a fairly embarrassing scenario for you, if you send out invoices as part of your business operations. By having an independent person outside your business situation visit your customers or make that phone call, some of that embarrassment can be removed. There are legal techniques that a bookkeeper can make use of, if you have problems with a consistent late or non-payer, and they can help to clear up the issue before the situation ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are reasonably uncomplicated and easily understandable. This involves keeping all receipts and invoices relating to the business, and keeping track of income and expenditure on a month by month basis. Now, this does not seem too hard does it? However, it's still recommended that you hire the expert services of a bookkeeping company to ensure that it is all done correctly. So that you will be able to claim back any genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Bishops Stortford will be happy to advise you on what you must do. This might include consumables, bills and rent if working from home, items such as computing equipment, stationery goods and advertising expenses. To see how to help your business to prosper and grow, chat to a trusted bookkeeper for more in-depth guidance and advice.
ONLINE TRADERS IN BISHOPS STORTFORD
There are various business niches where a specialist bookkeeping service might be needed. If multi-currency processing, online payment procedures, cross-border and international taxes and exchange rate transfers are involved, for example if you operate an online store, you'll need a bookkeeper in Bishops Stortford who is familiar with these practices. Keeping track of your inventory and stock on a 24/7 basis is also a massive priority, if that same outlet distributes goods that you hold or produce, as I'm sure you will appreciate the internet never sleeps, therefore nor should your bookkeeping software or services.
In combination with bookkeeping service, it's also possible to supply a virtual office. This can be useful in allowing a sole trader or online only business to have a postal address and phone service to provide a physical link with their customer base. Although this option might not be supplied by all Bishops Stortford bookkeepers, it is certainly worth discussing the possibilities if this service is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a qualified Bishops Stortford bookkeeper to hold a degree, and a good number of the bookkeeping qualifications are held at Certificate and Diploma level. There are an ever-increasing array of courses available online, although bookkeeping qualifications can still be gained through further education colleges and universities.
Certification and training for bookkeepers is mostly provided by 2 organisations:
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers or ICB is the largest on the planet and provides accreditation to certified bookkeepers, along with reference material and training to keep their members informed about the latest trends.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a certified member of the Association of Accounting Technicians (AAT) will have completed a training schedule and advanced qualifications in bookkeeping practice. They're then able to become certified AAT bookkeepers, which assures their customers a certain standard of service which is backed up by the organisation. To preserve the values and integrity of the AAT membership, an AAT bookkeeper can be liable to disciplinary and tribunal processes if a complaint is made against them or they are found to have breached the code of conduct.
You are able to check the qualifications of any bookkeeper on the register of AAT or ICB members on their respective websites. It is strongly advised to implement this check, before you retain the services of any local bookkeeper in Bishops Stortford.
Bookkeeping services are available for those living in in Bishops Stortford and also in nearby places like: Takeley, Birchanger, Stanstead, Much Hadham, Sawbridgeworth, Stansted Mountfitchet, Hockerill, Thorley Street, Cradle End, Ugley, Ugley Green, Elsenham, Manuden, Spellbrook, as well as in these postcodes CM23 2PQ, CM23 2LD, CM23 2NB, CM23 2EU, CM22 6RU, CM23 2NX, CM23 2QU, CM23 2SB, CM23 2RS, CM23 2LX. Locally based Bishops Stortford bookkeeper services will probably have the postcode CM23 and the phone code 01279. Checking this out will guarantee you are accessing locally based bookkeepers. Bishops Stortford sole traders and business owners will be able to benefit from these and various other comparable services.
Bishops Stortford Bookkeeper Questions
A couple of weeks back I was thinking about the popular questions people ask regarding bookkeeping in Bishops Stortford. A good few of our web visitors put forward interesting queries that may be relevant to this post. Those that caught the eye were, What do bookkeeping services charge? How is bookkeeping differentiated to accounting? Should a bookkeeper be bonded? Who would a bookkeeper work with? Where can a bookkeeper work? When is double-entry bookkeeping used? Why do small businesses need bookkeeping? How can I get bookkeeper in Bishops Stortford? What are the benefits to hiring a bookkeeper? I hope that nearly all of those enquiries have been tackled in the preceding paragraphs, and if some still need to be addressed we'll be putting in a bookkeeping "Questions and Answers" section before very long. Our appreciation goes out to Cole Bennett, Axel Wallace, Carl Nelson and Brooke Sutherland, for taking the trouble to send in their excellent questions. Contributions were also sent in by Isabella Hilton in Takeley, Bryan Thorne in Stansted Mountfitchet and Savannah Cotton in Ugley.
Bishops Stortford Bookkeeper Tasks
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Bookkeepers Near Bishops Stortford
Also here.: Ugley Green bookkeepers, Hockerill bookkeepers, Spellbrook bookkeepers, Thorley Street bookkeepers, Stanstead bookkeepers, Cradle End bookkeepers, Ugley bookkeepers, Stansted Mountfitchet bookkeepers, Takeley bookkeepers, Manuden bookkeepers, Much Hadham bookkeepers, Elsenham bookkeepers, Birchanger bookkeepers, Sawbridgeworth and more. All these towns and villages are covered by local bookeepers. Bishops Stortford businesses and traders can get pricing for bookkeeping services by going
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Bookkeepers Around Bishops Stortford: People who live in the following Bishops Stortford areas and streets have recently inquired about bookkeeping services - Crescent Road, Sarahs Walk, The Old Farmyard, Dewes Green Road, Boundary Road, Squirrels Close, South Road, The Meadows, Church Road, Broadfield Road, Castle Street, Bridge Street, Duchess Close, Bush End, Tilekiln Green, College Close, Twyford Close, Dell Lane, The Spires, Bedlars Green, Birchanger Lane, Station Road, The Grange, The Carpenters, Crow Street, Butt Lane, Ardley End, as well as these local Bishops Stortford postcodes: CM23 2PQ, CM23 2LD, CM23 2NB, CM23 2EU, CM22 6RU, CM23 2NX, CM23 2QU, CM23 2SB, CM23 2RS, CM23 2LX.
Bishops Stortford Bookkeeping Jobs: Browse bookkeeping jobs near Bishops Stortford by going here: Bishops Stortford Bookkeeping Jobs
More Hertfordshire Bookkeepers: More Letchworth, Broxbourne, Berkhamsted, Hertford, Ware, Abbots Langley, Tring, Bushey, Hatfield, Watford, Hitchin, St Albans, Harpenden, Hoddesdon, Stevenage, Welwyn Garden City, Cheshunt, Hemel Hempstead, Borehamwood, Bishops Stortford, Potters Bar, Royston and Rickmansworth.:
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Bookkeepers in CM23 area, 01279.
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