Bookkeepers Bletchley Buckinghamshire (MK3): Regardless of whether you are a sole trader, operate a small business or run an online store in Bletchley, you're responsible for maintaining accurate, "true and fair" financial and accounting records for at least 6 yrs as stated by the 2006 Companies Act. Failing to produce these records may leave you facing Company Director disqualification, together with a fine of thousands of pounds. There is a considerable investment of time involved with maintaining such financial records on your own, and it can pay to employ a professional , particularly if you consider that according to Accounting Today magazine over forty percent of small businesses spend over 80 hours annually on their accounts.
If the idea of tracking liabilities and assets, writing ledgers, preparing profit, loss and financial statements or compiling balance sheets fills you with terror, then it's time to contactin Bletchley for advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question many people ask is "Exactly what is the distinction between an accountant and a bookkeeper?" In the past it was often considered to be to be beneath the skill set, experience and qualifications of an accountant to do the work of a bookkeper, but due to software developments over the past decade or so, many bookkeeping duties will now be taken on by accounting companies in the Bletchley area. To make sure their bookkeeping services are commensurate with a typical, it is now common practice for accounting companies to have a fixed fee for these services. As it offers a broader range of competition within the marketplace, this is great news for small businesses in Bletchley, making the cost of their bookkeeping much more affordable than it was previously.
The standard of training that is necessary is the big difference between a bookkeeper and an accountant. Anwill, at a minimum, hold a degree in accounting, and will have also had specialist training in business and fiscal management, and taxes. Although in Bletchley will undoubtedly have a fair grasp of these procedures, they might not have the same levels of training and experience in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily fiscal transactions of any business in Bletchley, describes the process of bookkeeping in simple terms. This can include, but isn't limited to;
- Payroll services.
- Recording of all financial incomings; including card, electronic and cash payments.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reconciliations and reports.
- Billing of clients for goods or work completed.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Documenting the receipt of invoices and ensuring that payment is completed promptly.
- VAT submissions and recording.
If you are able to perform most of your bookkeeping work yourself; a professional bookkeeper may just be necessary for double-checking your accounts every once in a while. At the bare minimum this needs to be on a monthly basis, to facilitate the quick detection and correcting of any mistakes or problems. This may be an extremely cost-effective trade-off, providing you're able to stay in control of your monetary transactions without compromising your daily trading tasks.
Whatever the scenario is with your company or small business, if you're seriously looking to hire a bookkeeping company in Bletchley, there's a fair chance that you may be stressed with the process of financial recording and tax returns. To facilitate the seamless pull-through of financial data, a professional bookkeeper will help you link the latest software program to your accounts, and will give assistance with stuff like invoicing, stocktaking and generating expense reports.
One of the most important aspects of good bookkeeping practice, is the ability to successfully reconcile cash flow with accounts payable. Which means that your bookkeeper will optimise the payment of bills to a time when your finances are in good shape, rather than paying a bill immediately, or waiting for a final notice, which many small businesses in Bletchley are guilty of at some time or other. This is not merely to make sure that your enterprise or business is on a good financial footing at all times, but also to keep you in good stead with those businesses who supply you with materials or services. This is a juggling act that you may find hard to perform as an individual when you are focussed on running your company.
Having an individual who isn't associated with the business cast a fresh eye over your financial transactions, is another benefit of employing a professional bookkeeper in Bletchley for your small business or if you're a sole trader. This impartial appraisal can permit them to see business patterns and trends that might have otherwise gone unnoticed. It's not uncommon for a bookkeeper to spot a new opportunity or flag an area which is dropping in profits. For the growth and success of any small business in Bletchley, it is essential that such key performance indicators (KPI's) are spotted early.
Chasing up late payments can be a fairly embarrassing situation for you, if you send out invoices as part of your business operations. By having a professional outside your business situation make that phone call or visit to your customers, some of that embarrassment can be taken away. If you're troubled with a consistent late payer there are legal solutions that a professional bookkeeper can use to help resolve the situation before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as laid out by law, are really straightforward. It is stipulated that a sole trader should track income and expenditure on a month by month basis and save all receipts and invoices. While this might sound simple enough it is still recommended that you retain the expertise of a bookkeeper. A dedicated sole trader bookkeeper in Bletchley will be able to advise you on what you might be able to claim back from HMRC as legitimate business expenses. This may include promotional advertising, printer ink, bills and rent if you work from home, stationery goods and items such as computers. Talk to your local bookkeeper for more detailed advice and see how they might help your business to grow.
BOOKKEEPING FOR ONLINE TRADERS
Certain businesses that work in niche markets, may need to hire a specialist bookkeeper. If exchange rate transfers, international and cross-border taxes, multi-currency processing and online payment procedures are involved, for example if you operate a store online, you will need a bookkeeper in Bletchley who is familiar with these operations. Overseeing inventory on a 24 hours a day basis is also a major priority, if that same shop distributes goods that you hold or produce, as I'm sure you are aware the internet does not sleep, therefore nor should your bookkeeping services and software.
In combination with bookkeeping service, it's also possible to establish a virtual office. This enables an online only business or sole trader to provide a physical connection to their clients, via a postal address and phone service. Not all bookkeeping companies in Bletchley will be able to provide this service, however it's worth discussing if it's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a qualified Bletchley bookkeeper to hold a university degree, and a good number of the bookkeeping industry qualifications are held at Diploma and Certificate level. There is a growing variety of online bookkeeping courses, although qualifications can still be gained through further education colleges and universities.
There are two key training and certification organisations representing bookkeepers:
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-speed with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation on the planet, providing accreditation to certified bookkeepers, together with reference material and training.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians or AAT will have completed a training schedule and advanced qualifications in bookkeeping. This then enables them to become a authorised AAT bookkeeper and promises a standard of service which is backed up by the association. To protect the integrity and values of the AAT, if an AAT bookkeeper has a complaint filed against them or is found to have contravened the code of conduct they could be subject to disciplinary and tribunal processes.
By visiting their websites, it's possible to check the qualifications of any bookkeeper in Bletchley on the register of AAT or ICB members. Implementing this check is highly recommended before hiring the services of any professional bookkeeper in Bletchley.
Using a Bookkeeper for Tax Returns
Self-employed people or those with small businesses in the United Kingdom may be required to file a self-assessment tax return. Especially if you aren't familiar with the process, this task can be challenging. A decent bookkeeper can help you to keep your records organised and prepare your tax return on time and accurately.
Employing a bookkeeper to do your tax returns can be beneficial in a number of ways. They will have expertise and experience to ensure the correct completion of your return. This should help you avoid any penalties or interest that HMRC may charge. Secondly, bookkeepers can save you time and effort. All of the calculations and paperwork will be taken care of by them, so you can focus on the running of your business. Third, valuable advice on tax planning can be provided by a bookkeeper in Bletchley. This can help you to reduce your tax liability and increase your profits. (70193)
Bletchley Bookkeeper Tasks
Most bookkeepers in Bletchley will be ready to provide you with the following bookkeeping and accounting services: invoice processing in Bletchley, letting agent bookkeeping in Bletchley, bookkeeping services for organisations, professional bookkeeping services Bletchley, bookkeeping for retail outlets, payroll bookkeeping, accounting and bookkeeping services Bletchley, cash flow analysis, QUOTE FORM provided. We will be in touch with specifics as soon as we are able., business bookkeeping, , accounting and bookkeeping in Bletchley, , Quickbook bookkeeping in Bletchley, maintaining fixed asset registers, , profit & loss reports in Bletchley, bookkeeping for home-based businesses, tax return preparation, VAT returns in Bletchley, bookkeeping for restaurants, bookkeeping services for clubs, management reports, Sage bookkeeping in Bletchley, bookkeeping services for shops, in Bletchley, bookkeeping services for tradesmen, bookkeeping services for charities, bookkeeping services for sole traders, franchise bookkeeping, and more. These are just a small portion of the duties that are accomplished by local bookkeepers. Bletchley companies will let you know their whole range of services. If there are different Bletchley bookkeeper requirements that you want but don't see here, you can mention them on the
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