Bookkeepers Bournemouth Dorset (BH1): You're responsible for keeping "true and fair", accurate financial and accounting records for a minimum of 6 yrs, if you operate an online store, are a sole trader or run a small business in Bournemouth, according to the Companies Act. If you can't produce this information, you may face disqualification as a Company Director and receive a fine of thousands of pounds. You could undertake these financial records yourself, although when you think about the fact that according to the magazine Accounting Today over forty percent of small businesses spend eighty hours plus annually on their accounts, it can be more economical to employ a professional bookkeeping company or accountant.
If you're filled with a sense of panic merely thinking about the possiblility of writing out ledgers, tracking assets and liabilities, producing balance sheets or preparing profit, loss and financial statements, then the time to get in touch with a bookkeeper in Bournemouth for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by many people in Bournemouth is "What exactly is the difference between a bookkeeper and an accountant?" While in past times many accountants considered the bookkeeping process to be beneath their skill-sets, experience and qualifications, a lot of accountancy companies in the Bournemouth area will now undertake most bookkeeping duties, due to software improvements over the past decade or so. For many accountancy firms it is now common practice to charge a flat rate for bookkeeping services, to keep them in step with the normal fees of a dedicated bookkeeper in Bournemouth. Business owners are now cashing in on this, because it provides a broader range of competition within this sector and can make the cost of bookkeeping way more manageable than it would previously have been.
The level of training and qualification required is the biggest difference between an accountant and a bookkeeper. An accountant will, at the very least, hold an accounting degree, and should have also had specialist training in business and financial management, and taxes. Although not necessarily having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Bournemouth will still have a decent understanding of all these fiscal procedures.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms possible, bookkeeping involves the logging of day by day monetary transactions of any enterprise or business in Bournemouth. This could include, but is not limited to;
- VAT recording and submissions.
- Recording of all financial incomings; electronic, cash and card payments included.
- Monthly reconciliation and reports.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Billing of customers for goods or work completed.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Recording invoices received and ensuring that payment is completed on time.
Whilst it is dependent on the kind of service you're interested in, if you're prepared to do the vast majority of your own bookkeeping work, a bookkeeper might only be needed to periodically double-check your records. At the bare minimum this ought to be done on a monthly basis, to facilitate the swift detection and correcting of any mistakes or problems. If you are able to stay in control of your daily financial transactions and trading activities, this trade-off can sometimes be the most economical.
Whatever your situation, if you are looking at hiring a bookkeeper in Bournemouth, there is a fair chance that you may be getting stressed about the financial recording aspects of your small business. A decent bookkeeping company will be able to assist you in linking your accounts with the latest software to enable the seamless processing of transactional data, and will give assistance with stuff like preparing expense reports, stocktaking and invoicing.
An extremely crucial aspect of good bookkeeping is being able to reconcile accounts payable with cash flow. This means that by optimising bill payments to a time when your accounts are buoyant and in good shape, your bookkeeper will avoid the mistake that most small businesses in Bournemouth are guilty of doing i.e. paying an outstanding bill right away, or waiting on a final notice. This doesn't just keep your business or enterprise financially secure, but keeps you in favour with suppliers and those businesses who provide you with services. When you're completely focussed on the operation of your company, this is a balancing act that you may find difficult to perform as an individual.
Having somebody who is not connected to the business cast an eye over your financial affairs, is another advantage of using a competent bookkeeper in Bournemouth if you are a sole trader, or for your small business. It could be that business patterns and trends that you have overlooked will therefore be brought to the fore. It isn't uncommon for a bookkeeper to spot an opportunity or flag up an area which is falling in profits. It's essential for the success of any business in Bournemouth, to spot these key performance indicators (KPI's).
Having to chase up a late payment can be an uncomfortable situation for you, if you send out invoices in your business operations. Some of that awkwardness can be taken away by having somebody outside your normal business bubble make that phone call or visit to your customers. A professional bookkeeper can employ legal methods to deal with a persistent late or non-payer, and without having to resort to a claims court proceeding, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are relatively straightforward and simple. In essence, sole traders should keep all invoices and receipts, and track expenditure and income on a monthly basis. Now, this doesn't sound that hard does it? Yet, it's still good practice to hire the expert services of a competent bookkeeper to make sure that it is all done correctly. When preparing your tax returns, a professional sole trader bookkeeper in Bournemouth will be able to advise you on what your genuine business expenses are, and claim these back from HMRC. This may include printer ink, advertising expenses, stationery goods, items such as computing equipment and bills and rent if working from home. If you'd like to get more detailed advice, and learn how your business can grow moving forward, talk to your local bookkeeper.
There are a number of business niches where a specialist bookkeeping service may be required. You are going to require a bookkeeper in Bournemouth who's familiar with international and cross-border taxes, exchange rate transfers, online payments and multi-currency processing, if you operate a store online for example. If that same shop sells goods you hold or produce, then keeping track of your stock on a 24 hours a day basis is a vital concern, as I'm sure you'll realise the internet doesn't sleep, therefore nor should your bookkeeping services and software.
In combination with bookkeeping services, a remote virtual office can also be supplied. This is valuable in enabling an online only business or sole trader to have a postal address and telephone service to offer a physical connection to their customer base. If this kind of service is needed, it's definitely worth talking about the possibilities, although this option won't be offered by all Bournemouth bookkeeping businesses.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a professional bookkeeper in Bournemouth to have a university degree, and many of the bookkeeping qualifications are held at Diploma or Certificate level. If the chosen route to qualification is via further education universities and colleges, this is still a possibility, whereas there there's a choice of bookkeeping courses available online.
Representing bookkeepers, there are 2 primary certification and training organisations:
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, enables a fully trained bookkeeper to use the letters AATQB after their name. They then become certified AAT bookkeepers, backed up by this well-respected association, which guarantees a minimum standard of service for their clients. To safeguard the integrity of the AAT, an AAT bookkeeper can be liable to tribunal and disciplinary procedures if a complaint is made against them or they are found to have broken the code of conduct.
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it offers certification for qualified bookkeepers, in addition to reference material and training to keep their associated members informed about the latest trends.
You can check the accreditations of any bookkeeper in Bournemouth on the register of AAT or ICB members on their respective websites. It is recommended that you carry out this check, before using the services of any bookkeeper in Bournemouth.
Bookkeeping services are available in Bournemouth and also in nearby places like: Queens Park, Moordown, Canford Magna, Southbourne, Branksome Park, Winton, Hurn, Boscombe, Kinson, Hampreston, Canford Cliffs, Northbourne, Parkstone, Christchurch, Broadstone, Westbourne, as well as in these postcodes BH1 1DF, BH1 2HZ, BH1 1NU, BH1 2EU, BH1 1JA, BH1 2LT, BH1 1QJ, BH1 2BN, BH1 1PJ, BH1 2LH. Locally based Bournemouth Bookkeepers will probably have the telephone code 01202 and the postcode BH1. Checking this should guarantee you access local bookkeepers. Bournemouth sole traders and business owners are able to benefit from these and many other comparable services.
Bournemouth Bookkeeper Questions
Only yesterday I was reviewing the most common questions that folks in Bournemouth ask in relation to bookkeeping. A number of you put forward helpful enquiries which are relevant to this blog post. The ones I picked out were, Bookkeepers - what do they do? What are the advantages of a bookkeeper over an accountant? When is single-entry bookkeeping used? How much do bookkeepers charge? Why is bookkeeping important? Are bookkeeping fees tax deductible? Can you do bookkeeping without a licence? What does bookkeeping involve? Are accountants bookkeepers? Most of these questions will have hopefully been dealt with in the preceding article, if there are any left to be answered a bookkeeping "Questions and Answers" feature is presently being created. My thanks go out to the following people for taking the time to send in their questions; Aaron Thomas, Tom Webster, Mathew Burke and Juliana Short. We were also pleased to get relevant queries from Evelyn Pickering in Westbourne, Jaden Sadler in Hurn and Madison Dodds in Hampreston.
Bournemouth Bookkeeper Tasks
Most bookkeepers in Bournemouth will be willing to provide you with the following bookkeeping services: business bookkeeping in Bournemouth, bookkeeping services for sole traders, bookkeeping rates, Self-Assessment tax returns Bournemouth, bookkeeping for organisations, QUOTE FORM provided. We'll be in touch with specifics as soon as we are able.in Bournemouth, bank reconciliation, wages & PAYE, tax preparation, bookkeeping services for shops Bournemouth, payment services, bookkeeping services, bookkeeping for restaurants, bookkeeping for self-employed people Bournemouth, management accounts, corporation tax returns, bookkeeping services for freelancers, bookkeeping for clubs, bookkeeping for home-based businesses, personal tax returns Bournemouth, bookkeeping services for charities, letting agent bookkeeping Bournemouth, bookkeeping for startups in Bournemouth, partnership returns, double-entry bookkeeping, bookkeeping for pubs, profit & loss reports, independent bookkeeping services, landlord bookkeeping Bournemouth, VAT returns, and more. These are just some of the activities that are conducted by local bookkeepers. Bournemouth providers will let you know their whole range of bookkeeping services. If there happen to be different Bournemouth bookkeeper requirements that you need but cannot see here, you can mention them on the
Dorset Bookkeeping Enquiries
Recent Dorset bookkeeping enquiries: Nathaniel Begum from Bourton, Dorset was hunting for a bookkeeper to do his tax returns. Santino Wilcox in Stoborough Green, Dorset was trying to find bookkeeping for his rugby club. Isha Coburn in Arne, Dorset was searching for bookkeeping for her internet sales business. Magnus Collett wanted a bookkeeper for his letting agency near Pimperne, Dorset. Osman Kemp in Burton was hunting for a bookkeeper for his reading club. Milena Mcewan in Puddletown was enquiring about bookkeeping for her salsa dance business. Carla Sheridan in Southbourne was asking about bookkeeping services for her diner. Jasmine Sykes from Shaftesbury was looking for bookkeeping services for her hairdressing business. Most of these people did a search for "Bookkeepers Dorset" and found this webpage on Yahoo, Google or Bing.
Bookkeepers Near Bournemouth
Also here.: Queens Park bookkeepers, Winton bookkeepers, Boscombe bookkeepers, Branksome Park bookkeepers, Broadstone bookkeepers, Southbourne bookkeepers, Hampreston bookkeepers, Westbourne bookkeepers, Hurn bookkeepers, Parkstone bookkeepers, Northbourne bookkeepers, Christchurch bookkeepers, Moordown bookkeepers, Kinson bookkeepers, Canford Magna bookkeepers, Canford Cliffs and more. Most of these locations are serviced by local bookeepers. Bournemouth traders and businesses can get pricing for bookkeeping services by clicking
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Bookkeepers Around Bournemouth: People who live in these nearby Bournemouth streets have just recently inquired about bookkeeping services - Twynham Road, Belvedere Road, Crescent Road, Tonge Road, Summers Avenue, Boveridge Gardens, Sutton Road, St Albans Road, Tuckton Close, Brownen Road, Carey Road, St Leonards Road, Burnham Drive, Bear Cross Avenue, Colonnade Road, Ampfield Road, Culford Close, Alton Road, Tytherley Green, St Catherines Road, Ashton Road, Drummond Road, Avon Road, Shelbourne Road, St Albans Crescent, Beatty Road, Cherford Road, Timothy Close, as well as the following local Bournemouth postcodes: BH1 1DF, BH1 2HZ, BH1 1NU, BH1 2EU, BH1 1JA, BH1 2LT, BH1 1QJ, BH1 2BN, BH1 1PJ, BH1 2LH.
For the best local Bournemouth info take a look here
More Dorset Bookkeepers: More Swanage, Christchurch, Poole, Wimborne Minster, Verwood, Shaftesbury, Corfe Mullen, Sherborne, Bournemouth, Dorchester, Bridport, Ferndown, Blandford Forum, Weymouth and Wareham.:
Bookkeepers in BH1 area, and dialling code 01202.
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