Bookkeepers Brentwood Essex (CM13): You're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years, if you own a small business, are a sole trader or operate an online store in Brentwood, in compliance with the 2006 Companies Act. Failure to produce these detailed records might leave you facing a hefty fine and possible disqualification as a Company Director. There is a substantial time investment involved with maintaining such financial records on your own, and it can be more economical to use a professional accountant or bookkeeper, especially when you consider that according to Accounting Today magazine over 40% of small business owners spend at least eighty hours per year doing their bookkeeping.
It's high time to contact a bookkeeper in Brentwood for assistance, if the thought of preparing profit, loss and fiscal reports, writing ledgers, producing balance sheets or tracking assets and liabilities brings you feelings of dread.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the difference between an accountant and a bookkeeper?" Is a question which is asked by most business owners in Brentwood. The truth is that while in the past a lot of accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill set, a lot of accountancy companies in Brentwood will now take on the task of bookkeeping, due to software improvements over the past decade. To keep their bookkeeping services consistent with a typical bookkeeper's fee, it is now fairly common for accounting firms to have a set rate for such services. This means the cost of bookkeeping is cheaper than it once was, and is fantastic news for small business owners in Brentwood because it offers a broader range of competition within the industry.
The level of training that's needed is the biggest difference between a bookkeeper and an accountant. An accountant will, at the very least, hold a degree in accounting, and will have also had additional training in financial and business management, and taxes. Althoughin Brentwood will invariably have a pretty good understanding of such disciplines, they might not have the same levels of experience and training in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the recording of day to day transactions of any business enterprise in Brentwood. This could include;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- VAT recording and submissions.
- Payroll services.
- Logging the receipt of invoices and making sure payment is completed on time.
- Monthly reconciliations and reporting.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Recording of all financial incomings; electronic, card and cash payments included.
- Billing of customers for goods or work completed.
Whilst it is dependent on the extent of the service you are interested in, if you are able to undertake most of bookkeeping work yourself, a bookkeeper may only be needed to periodically double-check your accounts. As a bare minimum this needs to be from month to month, to facilitate the swift identification and correction of any problems or mistakes. Providing you are confident of remaining in control of your financial transactions without compromising your daily business activities, this option can be an extremely economical trade-off.
Whatever the scenario is with your company or small business, if you're seriously looking to hire a bookkeeper in Brentwood, it's a good bet that you might be stressed with the process of financial records and taxes. To facilitate the seamless organisation of transactional data, a good bookkeeping company will help you to link the most suitable computer software to your accounts, and will provide guidance and advice on such things as producing expense reports, stocktaking and invoicing.
The effective reconciliation of accounts payable with cash flow is one of the most important elements of good bookkeeping. This means that by optimising the payment of bills to a time when your finances are in the best possible position, your bookkeeper will avoid the mistake that many small businesses are guilty of at some time or other i.e. paying an outstanding bill right away, or waiting on a final notice. This isn't simply to ensure that your business or enterprise is on a good financial footing at all times, but also to keep you in the good books of those businesses who supply you with materials or services. When, as an individual, you are mostly focussed on the smooth running of your business, this is a juggling act that can be tough to accomplish.
If you are a sole trader, or own a small business, employing a competent bookkeeper in Brentwood, also gives them the opportunity to cast an impartial eye over the financial dealings of your business. It is quite possible that a dispassionate assessment like this will pinpoint business trends and patterns that you haven't previously noticed. It's not unheard of for a bookkeeper to spot an opportunity or flag up an area where profits are decreasing. Such key performance indicators (KPI's) are vital in the success and growth of any business enterprise in Brentwood.
If you give out invoices in your business operations, having to pursue late payments can be really awkward. Having an individual outside your business bubble, can take away the apprehension of visiting your customer or making that phone call. A bookkeeper can use legal options to handle a consistent late payer, and without the need for a claims court proceeding, help to clear up the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are comparatively straightforward and basic. It's stipulated that a sole trader must keep a record of expenditure and income on a month by month basis and keep all invoices and receipts. It's still recommended that you hire the expert services of a bookkeeping company, even if this might sound simple enough. When working through your Self-Assessment tax returns, a specialised sole trader bookkeeper in Brentwood will be happy to advise you on what your bonafide business expenses are, and claim these back from HMRC each year. This may include items such as laptops, rent and bills if working from home, consumables, stationery goods and promotional advertising. If you'd like to get more in-depth advice, and learn how your business can develop and grow in the future, speak to your bookkeeper.
ONLINE TRADERS IN BRENTWOOD
There are certain business niches where a specialist bookkeeping service may be necessary. If, for example, you manage an online store, you will need a bookkeeper in Brentwood who understands exchange rate transfers, online payments, multi-currency processing and cross-border and international taxes. Controlling your inventory on a 24 hours a day basis is also a huge priority, if that same store sells goods that you produce or hold, after all the internet never sleeps, so neither should your bookkeeping services and software.
In combination with your bookkeeping services, a remote virtual office can also be supplied. This enables an online only business or sole trader to offer a physical connection to their clients, via a phone service and postal address. Not all bookkeeping companies in Brentwood will be willing to supply this solution, but it's worthwhile discussing if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified bookkeeper in Brentwood needn't hold a university degree and many the industry qualifications are at Certificate and Diploma level. Bookkeeping qualifications can be gained via further education universities and colleges but there are also a growing choice of courses available online.
Bookkeepers are represented by two principal training and certification organisations:
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides advanced qualifications and training allowing a fully certified bookkeeper to use the letters AATQB. This then allows them to become a certified AAT bookkeeper and guarantees a minimum standard of service which is backed up by the association. To preserve the integrity and values of AAT membership, an AAT bookkeeper can be liable to tribunal and disciplinary processes if it is found that they have broken the code of practice or had a complaint made against them.
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-date with the latest trends and innovations, the ICB or Institute of Certified Bookkeepers is the largest organisation on the planet, providing accreditation to certified bookkeepers, in addition to training and reference material.
By viewing the register of AAT or ICB members on their respective websites, it is possible to examine the accreditations of any Brentwood bookkeeper. Performing this check is highly recommended before you hire the services of any professional bookkeeper in Brentwood.
Bookkeeping services are available in Brentwood and also in nearby places like: Great Warley, Pilgrims Hatch, Shenfield, Heath Park, Warley, Ingrave, Hutton, Kelvedon Hatch, Navestock, Little Warley, Peartree Green, Hornchurch, Doddinghurst, Billericay, Fox Hatch, as well as in these postcodes CM13 1EU, CM13 1NS, CM13 1JR, CM13 1LY, CM13 1BN, CM13 1HN, CM13 1SB, CM13 1ED, CM13 1AY, CM13 1NL. Locally based Brentwood bookkeeper services will likely have the postcode CM13 and the dialling code 01277. Checking this out will guarantee you're accessing locally based bookkeepers. Brentwood sole traders and business owners are able to utilise these and countless other bookkeeping related services.
Brentwood Bookkeeper Tasks
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Bookkeepers Near Brentwood
Also here.: Ingrave bookkeepers, Little Warley bookkeepers, Great Warley bookkeepers, Warley bookkeepers, Shenfield bookkeepers, Doddinghurst bookkeepers, Kelvedon Hatch bookkeepers, Heath Park bookkeepers, Billericay bookkeepers, Pilgrims Hatch bookkeepers, Peartree Green bookkeepers, Fox Hatch bookkeepers, Hutton bookkeepers, Hornchurch bookkeepers, Navestock and more. All these areas are serviced by local bookeepers. Brentwood businesses can get rates for bookkeeping services by clicking
- Brentwood Bookkeeping Estimates
- Brentwood Tax Preparation
- Brentwood VAT Returns
- Brentwood Double-Entry Bookkeeping
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- Brentwood Self-Assessment Bookkeeping
- Brentwood Sole Trader Bookkeeping
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- Brentwood Payroll Services
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Bookkeepers Around Brentwood: People living in these Brentwood streets and areas have recently inquired about bookkeeping services - Coombe Rise, Cedar Close, Brindles Close, School Lane, Covenbrook, Tan House Lane, Barnston Way, Coptfold Road, Byron Road, Clavering Gardens, Sabines Road, Thorndon Gate, Stocksfield, Arnolds Farm Lane, Childeritch Hall Drive, Thomas Close, Church Lane, Chase Road, Danes Way, Seven Arches Road, St Vincents Hamlets, Spillbutters, Chafford Gardens, Shorter Avenue, Swallows Cross, Cornwall Road, Brockley Grove, Burntwood, Blackthorn Way, as well as these Brentwood area postcodes: CM13 1EU, CM13 1NS, CM13 1JR, CM13 1LY, CM13 1BN, CM13 1HN, CM13 1SB, CM13 1ED, CM13 1AY, CM13 1NL.
Brentwood Bookkeeping Jobs: Find bookkeeping jobs in Brentwood here: Bookkeeping Jobs Brentwood
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To find out local info on Brentwood, Essex check here
Bookkeepers in CM13 area, telephone code 01277.
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