Bookkeepers Bletchley Buckinghamshire (MK3): According to the Companies Act (2006), if you own a small business, operate an online store or are a sole trader in Bletchley, you are entirely responsible for keeping accurate, "true and fair" financial and accounting records for at least 6 years. Failure to produce such detailed records may leave you faced with disqualification as a Company Director, along with a fine of thousands of pounds. There's a large investment of time involved with maintaining such financial records on your own behalf, and it can pay to use a professional bookkeeper or accountant, since according to the trade magazine Accounting Today over forty percent of small business owners spend at least eighty hours per year doing their accounts.
The time has come to contact a bookkeeper in Bletchley for assistance, if just the thought of tracking liabilities and assets, filling out ledgers, producing balance sheets or preparing profit, loss and fiscal reports fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the difference between an accountant and a bookkeeper?" Is a question that's asked by many small business owners in Bletchley. The reality is that whilst at one time the process of bookkeeping, was considered beneath the qualifications, experience and skill set of an accountant, due to improvements in software over the past ten years, most accountancy companies in Bletchley will now consider taking on bookkeeping tasks. It is common practice for accountancy firms to charge a flat rate for bookkeeping services in line with a typical bookkeeper's fee. Since it generates a greater variety of competition within this sector, this is fantastic news for small businesses in Bletchley, making their bookkeeping much more affordable than it previously was.
The main difference between an accountant and a bookkeeper is the level 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 Bletchley might not necessarily hold the qualifications or levels of training and experience, but will still have a decent understanding of such procedures.
A BOOKKEEPER'S RESPONSIBILITIES
In simple terms, the bookkeeping process is to record the day to day financial transactions of any business or enterprise in Bletchley. This is likely to include, but is in no way limited to;
- Logging the receipt of invoices and ensuring that payment is completed by the due date.
- VAT recording and submissions.
- Billing of clients for goods or work completed.
- Monthly reconciliation and reporting.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Logging of all financial incomings; cash, electronic and card payments included.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
Based on service level you require, e.g. whether you're in a position to perform the vast majority of bookkeeping work; a professional bookkeeper may only be needed to double check your accounts on a fixed schedule. To make certain that any mistakes or problems can be uncovered and rectified quickly, at the bare minimum, this needs to be monthly. This compromise can sometimes be the most affordable solution if you're confident of keeping up-to-date with your daily trading and financial transactions.
If you're currently considering hiring a bookkeeper in Bletchley, whatever your situation is, it is a good bet that you could be fretting over your financial recording procedures. A professional bookkeeping service will be able to give assistance with everything from preparing expense reports, stocktaking and invoicing, to linking your business accounts with the latest, most up-to-date computer software to enable the seamless organisation of financial data.
An extremely crucial element of effective bookkeeping is the ability to reconcile cash flow with accounts payable. Which means that your bookkeeper will prioritise the payment of bills to a time when your accounts are buoyant and in good shape, instead of paying an outstanding bill straight away, or waiting for an overdue notice, which many small businesses in Bletchley are guilty of at some time or other. This is not only to ensure that your business or enterprise is on a sound financial footing all the time, but also to keep you in the good books of the businesses who provide your materials or services. When, as an individual, you're firmly focussed on the smooth running of your business, this is a juggling act that can be tough to accomplish.
If you're a sole trader, or run a small business, using a competent bookkeeper in Bletchley, also gives them the chance to cast an impartial eye over the operation of your business. It is quite possible that an unprejudiced evaluation such as this will showcase business patterns and trends that you haven't previously noticed. A bookkeeper spotting an opportunity or flagging an area of the business which is plummeting in profits, is by no means unheard of. These KPI's (key performance indicators) are crucial in the economic growth of any small business in Bletchley.
It can sometimes be embarrassing to pursue a late payment if your business gives out invoices. Having an independent person outside your business bubble, can take away the awkwardness of making that phone call or visit to your client. To help take care of the matter, if you've got a persistent late payer, there are methods that can be used by a professional bookkeeper, so that court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, start off relatively straightforward. It is required that a sole trader should keep a record of income and expenditure from month to month and keep all invoices and receipts. While this might sound simple enough it is still recommended to retain the services of a bookkeeping company. So that you'll be able to claim back genuine business expenses from HMRC, a professional sole trader bookkeeper in Bletchley can advise you on what needs to be done. This could include bills and rent if you work from home, stationery goods, advertising expenses, consumables and items such as computing equipment. To see how to help your small business grow, talk to your local bookkeeper for more comprehensive advice.
BOOKKEEPING FOR ONLINE TRADERS IN BLETCHLEY
There are several niche businesses where a specialist bookkeeper could be essential. For example, if you run a store online, you'll need to employ a bookkeeper in Bletchley who is familiar with exchange rate transfers, cross-border and international taxes, multi-currency processing and online payments. If that same store sells goods that you produce or hold, then keeping track of inventory on a 24/7 basis is a massive concern, after all the internet never sleeps, therefore nor should your bookkeeping services and software.
In conjunction with your bookkeeping services, a remote virtual office can also be provided. This allows a sole trader or online only business to have a phone service and postal address to offer a physical link with their buyers. If this sort of service could be useful, it is certainly worth discussing, although this solution will not be offered by all Bletchley bookkeeping companies.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate or Diploma level, and a professional bookkeeper in Bletchley does not need to have a degree. If the chosen route to qualification is via further education universities and colleges, this option is still available, whereas there there are a selection of online bookkeeping courses.
Bookkeepers are represented by two primary certification and training organisations:
The Institute of Certified Bookkeepers or ICB: Keeping their members current with the latest trends and innovations, the ICB or Institute of Certified Bookkeepers is the largest organisation anywhere in the world, providing accreditation to certified bookkeepers, in addition to reference material and training.
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have undergone a training schedule and advanced qualifications in bookkeeping practice. This promises a minimum standard of service to their customers which is backed up by the organisation, and entitles them to become a accredited AAT bookkeeper. To protect the integrity and values of the AAT membership, if an AAT bookkeeper is found to have contravened the code of conduct or has a complaint against them, they could be subject to tribunal and disciplinary procedures.
By visiting the register of AAT or ICB members on their respective websites, you can confirm the accreditations of any professional Bletchley bookkeeper. Carrying out these checks is generally advisable before you actually hire any bookkeeper in Bletchley.
Bookkeeping services are available for those living in in Bletchley and also in: Mursley, Water Eaton, Newton Longville, Emerson Valley, Furzton, Beanhill, Little Brickhill, Whaddon, Stoke Hammond, Tattenhoe, together with these postcodes MK2 2AF, MK1 1JE, MK1 1FA, MK2 2AZ, MK1 1JW, MK1 1DH, MK2 2AT, MK1 1LJ, MK17 9AA, MK1 9EW. Local Bletchley Bookkeepers will probably have the telephone code 01908 and the postcode MK3. Checking this out should guarantee that you access locally based bookkeepers. Bletchley sole traders and business owners will be able to utilise these and numerous other comparable services.
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Bookkeepers Near Bletchley
Also here.: Furzton bookkeepers, Emerson Valley bookkeepers, Beanhill bookkeepers, Mursley bookkeepers, Tattenhoe bookkeepers, Water Eaton bookkeepers, Whaddon bookkeepers, Little Brickhill bookkeepers, Newton Longville bookkeepers, Stoke Hammond and more. Most of these villages and towns are catered for by local bookeepers. Bletchley businesses can get quotes for bookkeeping services by clicking
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Bookkeepers Around Bletchley: People who live in these Bletchley streets have recently inquired about bookkeeping services - Waterloo Court, Corrigan Close, Denbigh Hall Drive, St John's Road, Orchard Close, Chepstow Drive, Caithness Court, Westminster Drive, Downing Close, Orkney Close, Beaverbrook Court, Warwick Place, Robinson Street, Lincolnshire Close, Portrush Close, Hollinwell Close, Standing Way, Scotney Gardens, Water Eaton Road, Surrey Place, Thames Close, St David's Road, Nairn Court, St Clement's Drive, Witham Court, Furness Crescent, Denham Close, Wentworth Way, Aintree Close, as well as these local Bletchley postcodes: MK2 2AF, MK1 1JE, MK1 1FA, MK2 2AZ, MK1 1JW, MK1 1DH, MK2 2AT, MK1 1LJ, MK17 9AA, MK1 9EW.
More Buckinghamshire Bookkeepers: More Newport Pagnell, Chesham, Amersham, Chalfont St Peter, Princes Risborough, Bletchley, Marlow, Beaconsfield, Milton Keynes, Buckingham, Aylesbury and High Wycombe.:
Bletchley Buckinghamshire UK: The town of Bletchley is found in the county of Buckinghamshire in the South Eastern district of the UK. Bletchley is about 11 miles from Buckingham and 3 miles from Milton Keynes, places close by include Whaddon, Water Eaton, Beanhill, Tattenhoe, Emerson Valley, Little Brickhill, Furzton and Mursley. Bletchley has a population of around 37,000, is in the postcode district MK1 - MK 3 and has the area dialling code 01908. Bletchley is now a constituent town of Milton Keynes. (Tags: Bletchley UK, Bletchley Bucks, Bletchley Buckinghamshire, Bletchley England)
Bookkeepers in MK3 area, telephone code 01908.
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