Bookkeepers Boston Lincolnshire (PE21): You're responsible for keeping "true and fair", accurate financial and accounting records for a minimum of 6 yrs, if you own a small business, run an online store or are a sole trader in Boston, according to the 2006 Companies Act. If you cannot produce this information you could face a hefty fine and possible Company Director disqualification. You can carry out these financial recordings on your own, but when you think about the fact that according to the trade magazine Accounting Today over forty percent of small businesses spend 80 plus hours every year on their accounts, it can pay you to employ a professional accountant or bookkeeping company.
It is time to contact a bookkeeper in Boston for guidance, if just the thought of creating profit, loss and fiscal reports, filling out ledgers, producing balance sheets or tracking assets and liabilities brings you feelings of panic.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by many small business owners in Boston is "Precisely what is the difference between an accountant and a bookkeeper?" The truth is that while in the past many accountants considered the bookkeeping process to be beneath their skill-sets, experience and qualifications, many accountancy companies in the Boston area will now undertake most bookkeeping duties, due to improvements in software over the past decade. Many accounting companies now have a fixed fee for bookkeeping services, to keep them consistent with what an independent bookkeeper in Boston would generally charge. As it gives a broader range of competition within the industry, this is great news for business owners in Boston, making the cost of their bookkeeping much more affordable than it previously was.
It is essentially the level of training and qualification that's required for each discipline, that demonstrates the biggest difference between an accountant and a bookkeeper in Boston. Usually holding a degree in accounting, a professional accountant will also have had training in tax essentials and further qualifications in financial and business management. A bookkeeper in Boston might not necessarily have the same levels of training and experience, or hold these qualifications, but will still have a good grasp of these disciplines.
RESPONSIBILITIES OF A BOOKKEEPER
Essentially, the process of bookkeeping is the recording of the day to day financial transactions of any business enterprise in Boston. This will likely include, but is in no way limited to;
- Documenting of all financial incomings; electronic, card and cash payments included.
- VAT submissions and recording.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- The billing of clients for work completed or goods.
- Payroll services.
- Monthly reconciliations and reports.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Recording invoices received and ensuring payment is completed by the due date.
Whilst it depends on the kind of service you're looking for, if you are in a position to perform a large majority of your own bookkeeping work, a bookkeeper might just be needed to periodically double-check your records. As a bare minimum this ought to be monthly, to enable the quick identification and rectifying of any problems or mistakes. This can be an extremely cost-effective trade-off, provided that it is possible to stay up-to-date with your monetary transactions without compromising your day by day business operations.
Whatever your scenario, if you are seriously looking to hire a bookkeeper it is a good bet that you might be struggling with the financial recording aspects of your small business in Boston. A professional bookkeeper will be able to offer guidance and advice on everything from stocktaking, preparing expense reports and invoicing, to linking your accounts with the latest software to facilitate the seamless sorting of transactional data.
One of the most crucial aspects of good bookkeeping, is being able to successfully reconcile accounts payable with cash flow. Which means that rather than waiting for a final notice, which many small businesses are guilty of at some time or other, or paying a bill right away, your bookkeeper will schedule the payment of bills to times when your finances are buoyant and in good shape. This does not just keep your enterprise or business on a good financial footing, but keeps you in good stead with suppliers and the businesses who provide you with services. When you are primarily focussed on running your company, this is a balancing act that can be challenging to accomplish as an individual.
Having someone who's not associated with the business cast an independent eye over your financial affairs, is another good thing about using a certified bookkeeper in Boston if you are a sole trader, or for your small business. It's entirely possible that an independent assessment such as this will showcase business patterns and trends that you haven't previously noticed. It's not at all unheard of for an astute bookkeeper to flag up an area which is dropping off in profits, or spot an opportunity which could prove worthwhile. It is vital for the long-term growth of any business in Boston, to spot these KPI's (key performance indicators).
Having to chase up a late payment can be a fairly embarrassing situation for you, if you give out invoices as part of your business operations. If that visit to your customer or phone call is made by an individual from outside your business situation, it's possible for some of that apprehension to be removed. A bookkeeper can make use of legal options to take care of a repeating late payer, and without having to resort to a claims court proceeding, help to clear up the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as set out in law, are comparatively straightforward. It is required that a sole trader should keep track of income and expenditure on a monthly basis and save all invoices and receipts. It's still a wise move to retain the expert services of a competent bookkeeper, even though this might at first sound simple. Advising you on what genuine business expenses you're able to claim back, a professional sole trader bookkeeper in Boston will look after your dealings with HMRC. This could include advertising, items such as computers, stationery goods, bills and rent if working from home and printer ink. If you would like to get more detailed advice, and see how your business can grow moving forward, talk to a trusted bookkeeper.
ONLINE TRADERS IN BOSTON
Specialisedare sometimes needed for certain niches in bookkeeping. You'll require a bookkeeper in Boston who understands exchange rate transfers, cross-border and international taxes, online payment procedures and multi-currency processing, if you run a store online for example. If you produce or hold the merchandise that you sell with that outlet, then it's going to be a massive priority for your bookkeeping software or services to maintain your stock on a 24 hours a day basis, given that the internet doesn't sleep.
It is also possible to establish a virtual office, that can be used in conjunction with your bookkeeping package. This enables a sole trader or online only business to have a telephone service and postal address to provide a physical link with their buyers. If this kind of service could be helpful, it is definitely worth talking about the possibilities, although this option will not be offered by all Boston bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping qualifications are at Diploma or Certificate level, and it isn't necessary for a qualified Boston bookkeeper to hold a degree in accounting. Although there is an ever-growing choice of courses available online, bookkeeping qualifications can still be gained through further education universities and colleges, if that's the preferred route.
Representing bookkeepers, there are 2 key training and certification organisations:
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the AAT or Association of Accounting Technicians, enables fully trained bookkeepers to use the letters AATQB after their name. This promises a minimum level of service to their customers which is backed by the association, and enables them to become a authorised AAT bookkeeper. If an AAT bookkeeper has a complaint filed against them or is found to have broken the code of practice they can be liable to tribunal and disciplinary processes to preserve the integrity of the AAT.
The Institute of Certified Bookkeepers or ICB: Providing certification for bookkeepers, in addition to reference material and training to keep their members up-to-date with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world.
By visiting the register of ICB or ATT members on their websites, you are able to inspect the accreditations of any bookkeeper. Before hiring any bookkeeper in Boston it is wise to implement this check.
Bookkeeping services are available in Boston and also nearby in: Frampton West, Butterwick, Fishtoft, Leverton, Frampton, Freiston, Wyberton Fen, Sibsey, Gipsey Bridge, Kirton Holme, Skirbeck, Frithville, Benington, Cowbridge, Haven Village, together with these postcodes PE21 0JJ, PE21 0PT, PE21 0DZ, PE21 0NL, PE21 0EP, PE21 0BH, PE21 0JS, PE21 0RE, PE21 0AT, PE21 0NF. Local Boston Bookkeepers will most likely have the postcode PE21 and the dialling code 01205. Checking this can guarantee you access local bookkeepers. Boston sole traders and business owners will be able to utilise these and lots of other comparable services.
Franchise bookkeeping Boston.
Boston Bookkeeper Questions
Last week I was going through the most commonplace questions that people in Boston ask in regard to bookkeepers. Several of our web visitors have submitted some fascinating enquiries that I thought might be applicable to this blog post. Those which attracted my attention were, What are the advantages of a bookkeeper? Are bookkeeping fees tax deductible? How much will a bookkeeper charge? Why does a bookkeeper prepare a trial balance? Which bookkeeping certification is best in the UK? Why do you need a bookkeeper? Where can I find a bookkeeper in Boston? Are bookkeeping and accounting the same? What does a bookkeeper do? I hope that nearly all of those queries have been tackled in the preceding paragraphs, if there are any left to be answered a bookkeeping "Q&A" section is a feature we will be putting in soon. Our thanks go out to these folks for finding the time to put their excellent questions; Jamie Johnson, Tomas Sharp, Johnny Clayton and Hazel Boyd. It was also wonderful to receive offerings from Luna Winter in Benington, Kaden Neal in Kirton Holme and London Adamson in Butterwick.
Boston Bookkeeper Tasks
Most Boston bookkeepers will be willing to offer you the following services: bookkeeping for clubs Boston, bookkeeping services for sole traders Boston, cash flow analysis Boston, bookkeeping services for startups, credit control, bookkeeping for home-based businesses in Boston, bookkeeping services for shops in Boston, letting agent bookkeeping Boston, payment services, Kashflow bookkeeping, bank reconciliations, bookkeeping services, bookkeeping services for charities, Self-Assessment tax returns, franchise bookkeeping Boston, bookkeeping services for retail outlets, QUOTE FORM provided. We'll get back to you with details just as soon as we can.Boston, Sage bookkeeping, payroll bookkeeping, charity bookkeeping Boston, bookkeeping services for the self-employed, in Boston, accountancy packages, bookkeeping for societies, management reports, Quickbook bookkeeping services, bookkeeping for small businesses, bookkeeping services for restaurants in Boston, and more. Listed are just an example of the activities that are carried out by local bookkeepers. Boston providers will be happy to tell you about their whole range of services. If there happen to be additional Boston bookkeeper requirements that you want but can't see here, you can mention them on the
Bookkeepers Near Boston
Also here.: Fishtoft bookkeepers, Freiston bookkeepers, Leverton bookkeepers, Wyberton Fen bookkeepers, Cowbridge bookkeepers, Sibsey bookkeepers, Gipsey Bridge bookkeepers, Benington bookkeepers, Haven Village bookkeepers, Kirton Holme bookkeepers, Butterwick bookkeepers, Frampton bookkeepers, Skirbeck bookkeepers, Frithville bookkeepers, Frampton West and more. The majority of these locations are serviced by local bookeepers. Boston businesses and traders can get rates for bookkeeping services by clicking
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Bookkeepers Around Boston: People living in these local Boston streets and roads have just recently inquired about bookkeeping services - Broughtons Lane, The Courtyard, Tattershall Road, Common Drove, Cole Lane, Sinclair Close, Thompsons Lane, Churchway, Toft Hill, Thornton Avenue, Davey Close, Chapel Road, Snaith Avenue, Caleb Hill Road, The Gride, Sentance Crescent, Church End, Sherwood Avenue, Broadfield Street, Tower Street, Drayton, Cul De Sac, The Avenue, Archers Lane, Church Street, Allington Garden, Doves Lane, Tooley Lane, Sir Isaac Newton Drive, Tytton Lane East, as well as these Boston area postcodes: PE21 0JJ, PE21 0PT, PE21 0DZ, PE21 0NL, PE21 0EP, PE21 0BH, PE21 0JS, PE21 0RE, PE21 0AT, PE21 0NF.
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Bookkeepers in PE21 area, (dialling code 01205).
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