Bookkeepers Braintree Essex (CM7): For any individual in Braintree who operates an online store, runs a small business or acts as a sole trader, it's their sole responsibility to keep accurate, "true and fair" financial and accounting records for a minimum of 6 yrs. This is outlined by the 2006 Companies Act. Failure to produce such detailed records could leave you faced with a hefty fine and potential disqualification as a Company Director. According to Accounting Today over 40% of small businesses spend 80 plus hours every year on their bookkeeping, so whilst you can accomplish these financial recordings on your own behalf, it can pay to use a professional accountant or bookkeeper to do them instead.
If the very thought of writing out ledgers, compiling balance sheets, preparing profit, loss and financial statements or tracking liabilities and assets brings you feelings of panic, then it's time to get in touch with a bookkeeper in Braintree for assistance.
BOOKKEEPER OR ACCOUNTANT?
The very first question many small business owners ask is "Precisely what is the distinction between an accountant and a bookkeeper?" The truth is that although in the past the bookkeeping process, was considered beneath the experience, skill set and qualifications of an accountant, because of improvements in software over the past decade or so, most accountancy companies in the Braintree area will now undertake bookkeeping tasks. Most accountancy companies now charge a set fee for bookkeeping services, to keep them in line with what an independent bookkeeper in Braintree would usually charge. This means the cost of bookkeeping is cheaper than it previously was, and is great news for small business owners in Braintree because it gives a broader range of competition within the industry.
It is basically the level of training and qualification that is necessary for each discipline, that reflects the big difference between an accountant and a bookkeeper in Braintree. Typically holding a degree in accounting, a professional accountant should also have had training in tax matters and further qualifications in business and fiscal management. While bookkeepers in Braintree will invariably have a fair grasp of these fiscal procedures, they may not have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
Basically, the bookkeeping process is the recording of the day by day fiscal transactions of any enterprise or business in Braintree. This will likely include, but is by no means limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- VAT recording and submissions.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Monthly reporting and reconciliations.
- The billing of clients for goods or work completed.
- Logging invoices received and ensuring that payment is completed by the due date.
- Payroll services.
- Recording of all financial incomings; card, electronic and cash payments included.
Whilst it is dependent on the extent of the service you're interested in, if you're happy to perform the vast majority of your own bookkeeping work, a bookkeeper may only be needed to periodically double-check your records. This should really be done monthly at the bare minimum, since this will allow any mistakes or problems to be identified and corrected promptly. If you are able to stay up-to-date with your day to day trading and financial transactions, this trade-off can sometimes be the most affordable option.
Whatever your circumstances, if you're looking at hiring a bookkeeper in Braintree, it's a good bet that you may be having problems with the financial recording aspects of your small business. To facilitate the seamless organisation of transactional data, a professional bookkeeper will help you to link the most suitable software to your accounts, and will provide assistance with such things as invoicing, producing expense reports and stocktaking.
An especially crucial aspect of good bookkeeping is being able to reconcile accounts payable with cash flow. Which means that instead of waiting for a final notice, which many small businesses in Braintree are guilty of at some time or other, or paying a bill straight away, your bookkeeper will prioritise bill payments to a time when your finances are buoyant and in good shape. This isn't simply to make sure that your business is on a sound financial footing at all times, but also to keep you in good stead with those businesses who provide your services or materials. This is a juggling act that you may find challenging to accomplish on your own when you are mostly focussed on the operation of your business.
Having somebody who is unconnected to the business cast an eye over your financial dealings, is another good thing about employing a professional bookkeeper in Braintree for your small business or if you are a sole trader. It may be that business patterns and trends that might have otherwise gone unnoticed could thus be highlighted. A bookkeeper identifying an opportunity or flagging an area which is dropping off in profits, is by no means unheard of. Such KPI's (key performance indicators) are crucial in driving growth for any small business in Braintree.
It can often be rather humiliating to pursue late payments if your business gives out invoices. If that visit to your customer or telephone call is made by someone from outside your normal business situation, it's possible for some of that embarrassment to be taken away. To help take care of the issue, if you have a persistent late payer, there are methods that can be made use of by a bookkeeper, so that court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are quite straightforward. This involves saving all invoices and receipts relating to the business, and tracking expenditure and income on a month by month basis. Although this might initially sound really simple, hiring the expertise of a bookkeeper is still recommended. A specialised sole trader bookkeeper in Braintree can give you advice on what you may be able to claim back from HMRC as business expenses. This could include printer ink, bills and rent if working from home, stationery, promotional advertising and items such as computers. To discover how to help your business to prosper and grow, chat to your bookkeeper for more detailed advice.
BOOKKEEPING FOR ONLINE TRADERS IN BRAINTREE
Certain small businesses that operate in niche markets, may need to employ a specialised bookkeeping service. If, for instance, you run an online store, you are going to need a bookkeeper in Braintree who's familiar with exchange rate transfers, online payments, international and cross-border taxes and multi-currency processing. Regulating your stock on a 24 hours a day basis is also a massive concern, if that same shop sells goods that you produce or hold, as I'm sure you will appreciate the internet does not sleep, therefore neither should your bookkeeping services and software.
Together with bookkeeping service, it's also possible to provide a remote virtual office. This can be valuable in allowing an online only business or sole trader to have a phone service and postal address to provide a physical connection to their client base. It's worth discussing this possibility if it's something that could benefit you, although not all bookkeeping businesses in Braintree will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping sector are at Diploma or Certificate level, and a certified Braintree bookkeeper does not need to hold a degree. Qualifications can be gained through further education colleges and universities but there's also a growing array of courses available online.
Representing bookkeepers, there are two main 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, allows a fully certified member to use the letters AATQB. They are then entitled to become registered AAT bookkeepers, which promises their clients a high level of service which is backed up by the organisation. If an AAT bookkeeper has a complaint against them or is found to have breached the code of practice they may be subject to tribunal and disciplinary procedures to safeguard the integrity of AAT membership.
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it offers certification for qualified bookkeepers, together with training and reference material to keep their members up-to-speed with the latest trends and innovations.
The qualifications of any bookkeeper can be verified on the register of ICB or ATT members on their websites. Before you hire the services of any bookkeeper in Braintree it is a good idea to perform this check.
VAT Returns by a Bookkeeper in Braintree
A bookkeeper in Braintree can provide small business owners with a convenient and efficient solution for their VAT return needs, allowing them to focus on other essential areas of their business. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by a bookkeeper. Additionally, a local bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. With the assistance of a bookkeeper, you can rest easy knowing that your VAT returns are being managed precisely and efficiently, providing you with the opportunity to focus on the growth of your business in Braintree. All in all, hiring a bookkeeper in Braintree can provide small business owners with a cost-effective, efficient, and reliable solution for managing their VAT returns, which can help them stay compliant with tax regulations, minimize their tax liability, and free up their time to concentrate on business growth. In summary, a bookkeeper in Braintree can provide small business owners with a dependable, affordable, and efficient solution for managing their VAT returns, enabling them to comply with tax regulations, minimize their tax obligation, and focus on the growth of their business.
Using a Bookkeeper for Tax Returns
A self-assessment tax return may be required for self-employed people or those with small businesses in the UK. If you're not acquainted with the process, this task can be especially daunting. To keep your records organised and prepare your tax return accurately and on time, a decent bookkeeper can help you.
There are a number of benefits to employing a bookkeeper to do your tax returns. Correct completion of your return is ensured by their experience and expertise. This can help you avoid interest charges or penalties from HMRC. Second, the use of a bookkeeper can save you a lot of time, stress and hassle. They will look after all of the paperwork and calculations, so you can concentrate on the running of your business. Third, bookkeepers in Braintree can provide you with essential advice on tax planning. This can help to minimise your tax liability and maximise your profits. (70193)
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Braintree Bookkeeper Tasks
Most bookkeepers in Braintree will be able to provide you with the following accounting and bookkeeping services: bookkeeping for sole traders, bookkeeping for home-based businesses Braintree, Self-Assessment tax returns, Sage bookkeeping, PAYE & wages, assistance with registering for self-employment in Braintree, partnership tax returns, VAT returns, bookkeeping for startups in Braintree, bookkeeping services for tradesmen, invoice processing, cash books in Braintree, bookkeeping services for freelancers, cheap bookkeeping services Braintree, professional bookkeeping services, franchise bookkeeping, bookkeeping for clubs, management accounts, accountancy packages, bookkeeping services for retail outlets, bookkeeping for small business, bookkeeping for payroll, accounting and bookkeeping, mobile bookkeeping services Braintree, bookkeeping price quotes in Braintree, small business tax returns, Xero bookkeeping, maintaining fixed asset registers, Kashflow bookkeeping services in Braintree, credit control, and more. These are just a handful of the tasks that are undertaken by local bookkeepers. Braintree providers will tell you about their whole range of bookkeeping services. If there are different Braintree bookkeeper requirements that you need but can't see here, you should mention them on the QUOTE FORM provided. We will get back to you with specifics as soon as we can.
Bookkeepers Near Braintree
Also find: Cressing bookkeepers, Rayne bookkeepers, Great Leighs bookkeepers, Panfield bookkeepers, Stisted bookkeepers, Silver End bookkeepers, Gosfield bookkeepers, Finchingfield bookkeepers, Bocking bookkeepers, Black Notley bookkeepers and more. In practically all of these localities, individuals who offer bookkeeping services are available. By means of this accessibility, the financial support essential for effective account management is readily available to both businesses and individuals. Residents and businesses in these places can get estimates for bookkeeping tasks by going here.
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