Bookkeepers Bolton Greater Manchester (BL1): For anybody in Bolton who acts as a sole trader, runs an online store or owns a small business, it is their sole responsibility to maintain accurate, "true and fair" financial and accounting records for a minimum of 6 yrs. This is laid out by the Companies Act. If you can't produce such information, you may face disqualification as a Company Director and receive thousands of pounds in fines. You can undertake these financial recordings yourself, yet when you think about the fact that according to Accounting Today magazine over 40% of small businesses spend over 80 hours every year doing their accounts, it can be more cost-effective to employ a professional bookkeeper or accountant.
If the idea of writing ledgers, producing balance sheets, tracking assets and liabilities or preparing profit, loss and financial statements fills you with a sense of dread, then it's high time to contact a bookkeeper in Bolton for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
What is the distinction between an accountant and a bookkeeper is the first question that many small business owners in Bolton ask. The fact is that whilst at one time the process of bookkeeping, was considered to be beneath the skill set, experience and qualifications of an accountant, because of improvements in software over the past ten years, many accountancy companies in Bolton will now take on bookkeeping tasks. It's fairly common for many accounting firms to charge a fixed rate for bookkeeping services in keeping with a typical bookkeeper's fee. Because it generates a wider range of competition within the industry, this is great news for small businesses in Bolton, making their bookkeeping much more affordable than it was previously.
When you are considering the differences between an accountant and a bookkeeper, the main one is the level of qualification and training that is needed for each of these disciplines. At least a degree in accounting with additional training in taxation and other business and financial management, will generally be held by an accountant. While not necessarily having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Bolton will have a really good understanding of all these disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in the simplest of terms, is to record the daily transactions (financial) of any business enterprise in Bolton. This will likely include, but is in no way limited to;
- Logging of all financial incomings; cash, card and electronic payments included.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Monthly reporting and reconciliation.
- Documenting invoices received and making sure payment is completed by the due date.
- VAT recording and submissions.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- The billing of clients for work completed or goods.
In accordance with the level of service you require, e.g. whether you are happy to do the vast majority of bookkeeping work; a professional bookkeeper may just be needed to double check your figures on a fixed schedule. As a bare minimum this should be from month to month, to facilitate the swift detection and rectifying of any mistakes or problems. As long as you are confident of staying in control of your financial transactions without having a negative impact on your day to day trading duties, this option can be the most economical solution.
Whatever the circumstances are with your company or business, if you are currently thinking of hiring a bookkeeping service in Bolton, there's a fair chance that you could be having problems with the process of financial records and taxes. Offering advice on everything from invoicing, producing expense reports and stocktaking, a good bookkeeping service will also be able to guide you through the process of linking your business accounts with the most suitable software program to facilitate the seamless processing of your business's data.
The ability to reconcile cash flow with accounts payable, is an especially important element of good bookkeeping. Which means that instead of paying off a bill straight away, or waiting on an overdue notice, which many small businesses in Bolton are guilty of, your bookkeeper will schedule bill payments to a time when your accounts are buoyant. This not only keeps your enterprise or business financially secure, but keeps you in good stead with suppliers and those businesses who provide you with services. This is a juggling act that can be tough to perform as an individual when you're mainly focussed on the operation of your business.
If you are a sole trader, or own a small business, using a qualified bookkeeper in Bolton, also gives them the opportunity to cast a fresh eye over the financial dealings of your business. It's quite possible that an impartial evaluation like this will pinpoint business trends and patterns that have previously been missed. It is not uncommon for a bookkeeper to recognise an opportunity or flag up an area of the business which is decreasing in profits. For the growth and success of any small business in Bolton, it is vital that such KPI's (key performance indicators) are spotted as early as possible.
If you give out invoices in your business operations, having to pursue a late payment can be quite awkward. Having a professional from outside your normal business situation, can take away the embarrassment of visiting your customers or making that telephone call. There are legal techniques that a bookkeeper can use, if you have a consistent late or non-payer, and they can help to clear up the situation before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are fairly straightforward and easily understandable. It is required that sole traders must keep records of expenditure and income from month to month and keep all invoices and receipts. It is still recommended that you hire the expertise of a competent bookkeeper, although this may at first sound simple. When working through your income tax returns, a specialised sole trader bookkeeper in Bolton will be in a position to advise you on what your valid business expenses are, and make sure these are claimed back from HMRC. This may include advertising, stationery, items such as computing equipment, bills and rent if you work from home and consumables. For more comprehensive advice, speak to a trusted bookkeeper, and see how they can help your business to thrive and grow going forward.
ONLINE TRADERS IN BOLTON
Specialised bookkeepers are needed now and again for certain bookkeeping niches. If, for example, you manage an online store, you'll need a bookkeeper in Bolton who understands cross-border and international taxes, multi-currency processing, exchange rate transfers and online payments. Since the internet doesn't sleep, if that same outlet sells goods you hold or produce then monitoring inventory on a 24/7 basis is a vital priority which will need to be dealt with.
It's also possible to provide a virtual office, that can be used in combination with your bookkeeping services and package. This allows a sole trader or online only business to provide a physical link with their clients, via a postal address and telephone service. If this kind of service is needed, it's definitely worth discussing, although this option will not be offered by all Bolton bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Certificate or Diploma level, and a qualified Bolton bookkeeper needn't hold a degree. Although there's an ever-growing range of online bookkeeping courses available, qualifications can still be obtained via further education universities and colleges, if that's the chosen route.
There are basically two principal organisations that provide training and certification for bookkeepers:
The Association of Accounting Technicians or AAT: The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications allowing a fully trained member to use the letters AATQB. They're then permitted to become certified AAT bookkeepers, which promises their clients a decent level of service which is backed by the association. To preserve the credibility of the AAT membership, an AAT bookkeeper can be subject to disciplinary and tribunal procedures if they are found to have breached the code of practice or had a complaint made against them.
The Institute of Certified Bookkeepers (ICB): Keeping their associated members informed about the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation in the world, providing accreditation to certified bookkeepers, along with reference material and training.
By viewing the register of ICB or ATT members on their websites, you can check out the accreditations of any professional bookkeeper. Before you use the services of any bookkeeper in Bolton it is recommended that you perform this check.
VAT Returns in Bolton
For small business owners in Bolton who wish to stay on top of their tax obligations while minimizing administrative tasks, outsourcing VAT return preparation to a bookkeeper may be a wise decision. With the assistance of a bookkeeper, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. In addition, a local bookkeeper can furnish you with beneficial suggestions on how to decrease your VAT obligation and ensure that you are receiving all the permissible VAT reimbursements. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with accuracy and efficiency, enabling you to concentrate on the advancement of your business in Bolton.
Tax Returns
A self-assessment tax return may be required for self-employed people or those with small businesses in Bolton. This task can be challenging, especially if you are not acquainted with the process. Your records can be kept organised and your tax return can be prepared accurately and on time with the help of a qualified bookkeeper.
There are numerous benefits to using a bookkeeper to do your tax returns. Experience and expertise will make sure that they complete your return correctly. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, bookkeepers can save you time and effort. You can concentrate on your business while they take care of all of the calculations and paperwork. Third, a bookkeeper in Bolton can provide you with invaluable advice on tax planning. This can help you to reduce your tax burden and increase your bottom line. (70193)
Bolton Bookkeeper Tasks
Most bookkeepers in Bolton will be prepared to offer you the following bookkeeping services: invoice processing, Quickbook bookkeeping services in Bolton, bookkeeping for pubs, maintaining fixed asset registers Bolton, payment services, bookkeeping for clubs, bookkeeping for home-based businesses, cash flow analysis Bolton, Sage bookkeeping services Bolton, small business tax returns, bookkeeping services for self-employed, bookkeeping services for organisations, charity bookkeeping Bolton, general bookkeeping services, Kashflow bookkeeping services, Xero bookkeeping services, PAYE & wages, bank reconciliations, bookkeeping for retail outlets Bolton, bookkeeping services for limited companies, tax preparation in Bolton, small business bookkeeping, tax returns, letting agent bookkeeping, bookkeeping services for restaurants, mobile bookkeeping services Bolton, credit control, VAT returns Bolton, bookkeeping for charities, profit & loss reports, and more. Listed are just a small portion of the activities that are undertaken by local bookkeepers. Bolton professionals will be delighted to keep you abreast of their entire range of services. If there happen to be some other Bolton bookkeeper requirements that you need but cannot see here, you can easily mention them on the QUOTE FORM provided. We will be in touch with specifics just as soon as we can.
Bookkeepers Near Bolton
Also find: Great Lever bookkeepers, Tonge Fold bookkeepers, Markland Hill bookkeepers, Edgworth bookkeepers, Barrow Bridge bookkeepers, Heaton bookkeepers, Breightmet bookkeepers, Eagley bookkeepers, Lostock bookkeepers, Halliwell bookkeepers and more. Professionals offering bookkeeping services serve all of these localities. The ease of access ensures businesses and individuals alike have the capability to find the necessary financial support for effective account management. For bookkeeping estimates, residents in the area simply need to click here
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