Bookkeepers Bradford-on-Avon Wiltshire (BA15): In compliance with the Companies Act, if you are a sole trader, operate a small business or run an online store in Bradford-on-Avon, you're entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years. If you are unable to produce such records, you could be disqualified as a Company Director and face a fine of thousands of pounds. You could accomplish these financial records on your own, yet when you think about the fact that according to Accounting Today magazine over forty percent of small businesses spend over eighty hours every year doing their bookkeeping activities, it is often better to use a professional accountant or bookkeeping service.
If just the thought of filling out ledgers, tracking liabilities and assets, creating profit, loss and fiscal reports or producing balance sheets brings you feelings of terror, then it is high time to contactin Bradford-on-Avon for help and advice.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Bradford-on-Avon, the first question that springs to mind when facing this dilemma is "What is the difference between a bookkeeper and an accountant?" In former days it was normally looked at as to be beneath the experience, qualifications and skill set of an accountant to do bookkeeping, however because of improvements in software over the past decade, many bookkeeping tasks will now be undertaken by accountancy companies in Bradford-on-Avon. To keep their bookkeeping services in line with a dedicated, it is now common practice for many accounting companies to charge a set rate for such services. Because it offers a wider variety of competition within the marketplace, this is great news for small businesses in Bradford-on-Avon, making their bookkeeping much more affordable than it previously was.
The biggest difference of an accountant over a bookkeeper is the level of training and qualification required. Anwill, at the minimum, hold a degree in accounting, and should have also had further training in fiscal and business management, and taxes. Whilst likely not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Bradford-on-Avon will still have a fair grasp of all such skills.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, bookkeeping involves the recording of daily transactions of any business in Bradford-on-Avon. This will likely include, but is in no way limited to;
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Monthly reconciliations and reporting.
- Billing of clients for work completed or goods.
- VAT submissions and recording.
- Recording the receipt of invoices and making certain that payment is completed by the due date.
- Logging of all financial incomings; electronic, card and cash payments included.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Payroll services.
In accordance with service level you require, a professional bookkeeper might just be needed to periodically double-check your records, if you're able to undertake the larger part of the bookkeeping work yourself. This really needs to be done monthly at the bare minimum, since this will allow any problems or mistakes to be discovered and rectified quickly. If you're confident of remaining up-to-date with your everyday trading and financial transactions, this trade-off can sometimes be the most cost-effective option.
It's a good bet that if you're thinking of hiring a bookkeeping company, you are currently having problems with the financial recording aspects of your small business in Bradford-on-Avon. A good bookkeeping service will help you out with everything from preparing expense reports, invoicing and stocktaking, to linking your business accounts with the latest software application to seamlessly process all of your transaction data.
One of the most vital aspects of good bookkeeping, is the ability to successfully reconcile accounts payable with cash flow. Which means that instead of waiting on an overdue notice, which many small businesses are guilty of, or paying an outstanding bill immediately, your bookkeeper will optimise the payment of bills to a time when your accounts are in good shape. Along with keeping your enterprise or business financially secure, this also maintains your reputation with your service providers and suppliers. This is a balancing act that can be tricky to accomplish on your own when you're firmly focussed on the operation of your company.
Having a person who's not associated with the business cast an eye over your financial dealings, is another benefit of employing a certified bookkeeper in Bradford-on-Avon for your small business or if you're a sole trader. This impartial assessment can allow them to notice business trends and patterns that might have gone unnoticed. It is by no means uncommon for an intelligent bookkeeper to flag up an area of the business where profits are plummeting, or spot a brand new opportunity that may be worth investigating. For the growth and success of any business enterprise in Bradford-on-Avon, it is crucial that such key performance indicators are spotted early.
If your business sends out invoices it can often be humiliating to chase up a late payment. Some of that embarrassment can be removed by having an independent person outside your normal business bubble make that phone call or visit to your customer. There are legal options a professional bookkeeper can employ, if you are troubled with a persistent late or non-payer, and they can help to clear up the issue before the situation ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty uncomplicated sole trader bookkeeping requirements, which are set out in law. Sole traders are required to track expenditure and income from month to month and save all receipts and invoices. While this may sound easy it is still recommended that you retain the services of a competent bookkeeper. So that you will be able to claim back any bonafide business expenses from HMRC, a specialist sole trader bookkeeper in Bradford-on-Avon will be able to give you advice on what you should do. This could include bills and rent if you work from home, stationery, consumables, advertising and items such as laptops. If you would like to get more comprehensive advice, and discover how your small business can grow moving forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Certain businesses that operate in niche areas, may need to use a specialist bookkeeper. You will need a bookkeeper in Bradford-on-Avon who is familiar with cross-border and international taxes, online payment procedures, multi-currency processing and exchange rate transfers, if you operate an online store for example. If you produce or hold the goods that you sell on that outlet, then it is going to be a major concern for your bookkeeping software or services to regulate your inventory on a 24/7 basis, since the internet does not sleep.
A remote virtual office can also be provided in conjunction with your bookkeeping services. This enables a sole trader or online only business to offer a physical link with their clients, via a phone service and postal address. Although this option may not be provided by all Bradford-on-Avon bookkeepers, it's definitely worth talking about the possibilities if this service is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not mandatory for a certified bookkeeper in Bradford-on-Avon to hold a university degree, and a lot of the bookkeeping qualifications are held at Diploma or Certificate level. Although there is an ever-growing selection of courses available online, bookkeeping qualifications can still be gained via further education colleges and universities, if that is the preferred route.
Representing bookkeepers, there are 2 primary training and certification organisations:
The AAT or Association of Accounting Technicians: With certified bookkeepers being able to use the letters AATQB, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. They are then entitled to become licensed AAT bookkeepers, which guarantees their customers a certain standard of service which is backed by the organisation. If a bookkeeper who is associated with the AAT has a complaint against them or is found to have breached the code of practice they will be subject to tribunal and disciplinary procedures to protect the integrity and values of AAT membership.
The Institute of Certified Bookkeepers (ICB): The ICB or Institute of Certified Bookkeepers is the largest in the world and provides accreditation to qualified bookkeepers, along with training and reference material to keep their members up-to-date.
You can check the qualifications of any bookkeeper on the register of AAT or ICB members on their websites. Prior to employing any bookkeeping service in Bradford-on-Avon, it's generally wise to complete such checks.
If you are self-employed or have a small business in Bradford-on-Avon, you may be required to file a self-assessment tax return. This can be a daunting task, especially if you're not acquainted with the process. A bookkeeper can help you to keep your records organised and prepare your tax return on time and accurately.
There are numerous benefits to using a bookkeeper for your tax returns. First and foremost, they will have the expertise and experience to make certain that your return is completed correctly. This will help you avoid any problems with HMRC, such as interest charges or penalties. Secondly, the use of a bookkeeper can save you a lot of hassle, stress and time. You can leave the calculations and paperwork to them so you can focus on your business. Thirdly, Bradford-on-Avon bookkeepers can provide you with invaluable advice on tax planning and other financial issues. This can help to increase your profits and reduce your tax liability. (70193)
Bradford-on-Avon Bookkeeper Tasks
Most bookkeepers in Bradford-on-Avon will be willing to offer you the following bookkeeping and accounting services: QUOTE FORM provided. We'll get back to you with information as soon as we can.in Bradford-on-Avon, bookkeeping services for limited companies, bookkeeping for clubs, , , VAT returns in Bradford-on-Avon, bookkeeping services for pubs Bradford-on-Avon, letting agent bookkeeping, partnership returns, bookkeeping services for organisations, bookkeeping services for sole traders, Xero bookkeeping, landlord bookkeeping, invoice processing Bradford-on-Avon, , Kashflow bookkeeping services, , bookkeeping services for the self-employed Bradford-on-Avon, company cash books, general bookkeeping services, accountancy packages, franchise bookkeeping, professional bookkeeping services, mobile bookkeeping services, profit & loss reports Bradford-on-Avon, bookkeeping services for charities, small business bookkeeping, bookkeeping services for startups, bookkeeping services for restaurants, Sage bookkeeping Bradford-on-Avon, and more. Listed are just a few of the duties that are undertaken by local bookkeepers. Bradford-on-Avon professionals will keep you informed about their full range of services. If there are additional Bradford-on-Avon bookkeeper requirements that you need but can't see here, you can mention them on the
Bookkeepers Near Bradford-on-Avon
Also: Great Cumberwell bookkeepers, Little Chalfield bookkeepers, Woolley Green bookkeepers, Little Ashley bookkeepers, Wingfield bookkeepers, Great Chalfield bookkeepers, Turleigh bookkeepers, Lower Westwood bookkeepers, Staverton bookkeepers, Upper Westwood bookkeepers, Great Ashley bookkeepers, Trowle Common bookkeepers, Freshford bookkeepers, Avoncliff bookkeepers, Winsley bookkeepers, Conkwell bookkeepers and more.
Bookkeeping Bradford-on-Avon - VAT Returns Bradford-on-Avon - Bookkeeping Quotations Bradford-on-Avon - Bookkeeping Accountants Bradford-on-Avon - Small Business Bookkeeping Bradford-on-Avon - Bookkeepers Bradford-on-Avon - Bookkeepers Near Bradford-on-Avon - Sole Trader Bookkeepers Bradford-on-Avon - Bookkeeping Services Bradford-on-Avon