Bookkeepers Blackburn Lancashire (BB1): For anybody in Blackburn who owns a small business, acts as a sole trader or operates an online store, it is their sole responsibility to keep "true and fair", accurate financial and accounting records for at least six years. This is outlined by the Companies Act. If you are unable to produce this information, you may face disqualification as a Company Director and receive a hefty fine. You can perform these financial recordings on your own behalf, but when you consider that according to Accounting Today over 40% of small business owners spend at least eighty hours each year on their bookkeeping, it can be more cost-effective to use a professional bookkeeper or accountant.
If the very thought of compiling balance sheets, tracking liabilities and assets, writing out ledgers or creating profit, loss and financial statements fills you with a sense of terror, then it is high time to contact a bookkeeper in Blackburn for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the distinction between a bookkeeper and an accountant is the first question that a lot of small business owners in Blackburn ask. In the past it was generally deemed to be beneath the experience, skill-sets and qualifications of an accountant to do the work of a bookkeper, but because of improvements in software over the past decade, many bookkeeping tasks will now be taken on by accountancy firms in the Blackburn area. To keep their bookkeeping services in line with an independent bookkeeper's fee, it is now fairly common for many accounting companies to have a flat rate for these services. As it generates a wider range of competition within this sector, this is good news for business owners in Blackburn, making their bookkeeping costs cheaper than they previously were.
The big difference of an accountant over a bookkeeper is the standard of training and qualification required. An accountant will usually hold at least a degree in accounting with specialist training in the field of taxation and other business and fiscal management. A bookkeeper in Blackburn will undoubtedly have a good grasp of these procedures, but may not necessarily hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN BLACKBURN
In simple terms, the bookkeeping process is to record the daily monetary transactions of any business or enterprise in Blackburn. This may include;
- Monthly reconciliations and reporting.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Recording of all financial incomings; including cash, electronic and card payments.
- Payroll services.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Recording the receipt of invoices and making certain that payment is completed punctually.
- The billing of clients for goods or work completed.
Based on service level you require, a bookkeeper may just be needed to periodically double-check your figures, if you're able to do a large majority of your own bookkeeping work. This should really be every month at the bare minimum, as this will allow any mistakes or problems to be discovered and corrected quickly. This trade-off can often be the most cost-effective option if you are confident of remaining up-to-date with your everyday trading and financial transactions.
Whatever your situation, if you are seriously thinking of hiring a bookkeeper in Blackburn, it's fairly likely that you may be getting stressed about the financial recording aspects of your small business. A professional bookkeeping company will be able to give guidance and advice on everything from preparing expense reports, invoicing and stocktaking, to linking your business accounts with the latest software application to facilitate the seamless arrangement of transactional data.
An extremely 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 a time when your finances are buoyant and in good shape, instead of paying off a bill straight away, or waiting on a final notice, which a lot of small businesses in Blackburn are guilty of doing. This is not only to ensure your enterprise or business is financially secure at all times, but also to keep you in the good books of those who provide your materials or services. When you're primarily focussed on running your company, this is a juggling act that can be tricky to accomplish on your own.
For your small business, or if you are a sole trader, employing a qualified bookkeeper in Blackburn, presents you with an opportunity to have an unbiased eye cast over your business affairs. It may be that business patterns and trends that you have overlooked could thus be pinpointed. It is by no means uncommon for a keen eyed bookkeeper to flag an area where profits are falling, or spot an opportunity that could be lucrative. Spotting these key performance indicators is essential for the growth of any business enterprise in Blackburn.
It can often be uncomfortable to pursue late payments if your business sends out invoices. Some of that apprehension can be removed by having an independent person outside your business situation make that phone call or visit to your clients. There are legal methods a bookkeeper can make use of, if you've got problems with a repeating late payer, and these can help to resolve the situation before the issue winds up in a small claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are relatively straightforward and basic. Essentially, sole traders should retain all invoices and receipts, and monitor income and expenditure from month to month. Whilst this may sound simple enough it is still recommended that you hire the expertise of a bookkeeping company. So that you will be able to claim back any bonafide business expenses from HMRC, a specialised sole trader bookkeeper in Blackburn will be in a position to advise you on what you must do. This may include printer ink, promotional advertising, stationery, items such as computing equipment and rent and bills if you work from home. To see how to help your small business to prosper and grow, chat to your bookkeeper for more comprehensive advice.
BOOKKEEPING FOR ONLINE TRADERS IN BLACKBURN
There are niches in bookkeeping where a specialist might be needed. If you run an online store for instance, you'll need a bookkeeper in Blackburn who's familiar with online payments, cross-border and international taxes, multi-currency processing and exchange rate transfers. If that same store sells goods that you produce or hold, then keeping track of your inventory and stock on a 24/7 basis is a massive concern, as I'm sure you'll be aware the internet does not sleep, so neither should your bookkeeping software or services.
It is also possible to establish a remote virtual office, that can be used in conjunction with your bookkeeping package. This allows an online only business or sole trader to offer a physical connection to their clients, via a telephone service and postal address. Not all Blackburn bookkeeping companies will provide this option, however it is worth talking about the possibilities if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a qualified Blackburn bookkeeper to hold a degree, and a lot of the bookkeeping industry qualifications are held at Diploma and Certificate level. Qualifications can be obtained through further education universities and colleges but there is also a growing number of courses available online.
Certification and training for bookkeepers is mainly provided by 2 key organisations:
The Institute of Certified Bookkeepers (ICB): Offering accreditation to certified bookkeepers, in addition to reference material and training to keep their members informed about the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind on the planet.
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, allows a fully trained bookkeeper to use the letters AATQB after their name. They can then become registered AAT bookkeepers, approved by this respected organisation, which promises a certain standard of service for their clients. If an AAT bookkeeper has a complaint against them or is found to have broken the code of conduct they can be liable to tribunal and disciplinary processes to protect the integrity and values of AAT membership.
The accreditations of any bookkeeper in Blackburn can be checked on the register of AAT or ICB members on their respective websites. Before you use any professional bookkeeper in Blackburn it is always a good idea to carry out this check.
Cash Flow Analysis
Any business must use cash flow analysis as a vital tool to assess its financial health. As a bookkeeper, one of the key responsibilities is to perform a cash flow analysis for businesses. This task requires monitoring the cash flow in and out of the business over a set period of time, generally quarterly or monthly. Helping the business owner to comprehend their present financial status, identify cash flow problems, and plan for the future is among the bookkeeper's duties.
The bookkeeper categorizes and reconciles all cash transactions, such as expenses, investments and sales, to provide a clear image of the company's financial condition. Estimating the business's cash flow for the next few months or years is a vital component of the analysis and helps the company make informed decisions whilst avoiding potential cash flow issues.
Additionally, the bookkeeper can provide recommendations to improve cash flow, including adopting more efficient payment methods or reassessing the pricing strategy. Any business that desires to manage their finances effectively must have an accurate and complete cash flow analysis as a vital tool.
Financial statement preparation - article 211.
Blackburn Bookkeeper Tasks
Most bookkeepers in Blackburn will be able to provide you with the following bookkeeping services: payroll bookkeeping, general bookkeeping services, bookkeeping services for pubs, bookkeeping for limited companies, professional bookkeeping services, bookkeeping services for restaurants in Blackburn, Xero bookkeeping services, profit & loss reports, assistance with registering for self-employment in Blackburn, Self-Assessment tax returns, bookkeeping for organisations Blackburn, landlord bookkeeping, maintaining fixed asset registers Blackburn, management reports in Blackburn, bookkeeping services for societies, tax preparation, independent bookkeeping services in Blackburn, company cash books, bookkeeping services for small business, bank reconciliation in Blackburn, bookkeeping services for retail outlets, corporation tax returns, VAT returns, mobile bookkeeping services, bookkeeping rates, letting agent bookkeeping, double-entry bookkeeping, accounting and bookkeeping in Blackburn, franchise bookkeeping, payment services, and more. These are just a small portion of the duties that are accomplished by local bookkeepers. Blackburn providers will be happy to tell you about their full range of bookkeeping services. If there happen to be other Blackburn bookkeeper requirements that you want but cannot see here, you should list them on the QUOTE FORM provided. We'll be in touch with information as soon as we are able.
Bookkeepers Near Blackburn
Also find: Shadsworth bookkeepers, Pleasington bookkeepers, Mill Hill bookkeepers, Brownhill bookkeepers, Intack bookkeepers, Whitebirk bookkeepers, Hoddlesden bookkeepers, Ewood bookkeepers, Mellor bookkeepers, Balderstone bookkeeper and more. Most of these villages and towns are covered by local bookeepers. Blackburn residents can get prices for bookkeeping services by clicking here.
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