Bookkeepers Bridgend Wales (CF31): Irrespective of whether you operate an online store, run a small business or are a sole trader in Bridgend, you're entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of 6 yrs according to the Companies Act (2006). Failing to produce these records could leave you faced with thousands of pounds in fines and perhaps Company Director disqualification. It can be more cost-effective to employ a professional accountant or bookkeeping company to do this for you, as according to Accounting Today magazine over forty percent of small businesses spend over eighty hours annually on their accounts, which is a considerable time investment, and could be better spent on actually running your business.
If you are overcome with a sense of dread merely thinking about the possiblility of producing balance sheets, writing ledgers, tracking liabilities and assets or preparing profit, loss and financial statements, then the time to contactin Bridgend for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Bridgend, the first question that springs to mind when faced with this dilemma is "What 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, qualifications and experience, a lot of accountancy firms in the Bridgend area will now take on the task of bookkeeping, because of improvements in software over the past 10 years. Most accounting firms now have a set rate for bookkeeping services, to keep them in step with what a dedicated bookkeeper in Bridgend would normally charge. This makes the cost of bookkeeping cheaper than it once was, and is great news for business owners in Bridgend because it offers a wider variety of competition within the marketplace.
When you're looking at the differences between an accountant and a bookkeeper in Bridgend, the main one is the amount of training that is needed for each of these disciplines. Anwill usually a least hold a degree in accounting with specialist training in the field of taxes and other fiscal and business management. While having a fair grasp of these fiscal disciplines, a bookkeeper in Bridgend might not necessarily have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
The process of bookkeeping in the simplest of terms, is the recording of the day by day transactions of any business in Bridgend. This is likely to include, but is in no way limited to;
- Logging invoices received and making certain payment is completed promptly.
- VAT recording and submissions.
- Monthly reporting and reconciliations.
- Payroll services.
- Billing of clients for work completed or goods.
- Recording of all financial incomings; cash, card and electronic payments included.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Highlighting and rectifying any discrepancies in financial accounts.
Based on the level of service you need, e.g. whether you are happy to carry out the majority of your bookkeeping work; a bookkeeper may just be necessary for double-checking your figures every once in a while. This really needs to be done each month as a bare minimum, since this allows for any problems or mistakes to be detected and corrected speedily. Providing you are able to stay up-to-date with your financial transactions without negatively affecting your day to day trading tasks, this trade-off can be the most cost-effective solution.
Whatever the circumstances are with your business or company, if you're seriously thinking of hiring a bookkeeping service in Bridgend, it's fairly likely that you might be struggling with the process of recording your financial transactions. Offering advice and guidance on everything from generating expense reports, stocktaking and invoicing, a professional bookkeeper will also be able to help you link your accounts with the latest software to enable the seamless processing of all your business's transaction data.
The ability to reconcile accounts payable with cash flow, is an extremely important element of a good bookkeeper. Which means that instead of paying an outstanding bill straight away, or waiting for an overdue notice, which a lot of small businesses in Bridgend are guilty of, your bookkeeper will arrange bill payments to a time when your accounts are in good order. This isn't simply to make certain that your enterprise or business is financially stable at all times, but also to keep you in favour with those businesses who supply you with services or materials. This is a balancing act that you may find challenging to accomplish as an individual when you're mostly focussed on running your business.
For your small business, or if you're a sole trader, employing an experienced bookkeeper in Bridgend, presents you with the opportunity to have a fresh eye cast over your financies. It may be that business trends and patterns that you have overlooked could therefore be brought to the fore. A bookkeeper spotting a brand new opportunity or flagging up an area of the business where profits are dropping, is by no means unusual. It is vital for the long-term growth of any business in Bridgend, to spot these KPI's (key performance indicators).
It can sometimes be embarrassing to pursue late payments if your business gives out invoices. By having an independent person outside your business situation visit your customers or make that phone call, some of that embarrassment can be removed. To help with resolving the situation, if you've got problems with a persistent late payer, there are options that can be made use of by a professional bookkeeper, so legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as laid out by law, are quite straightforward. Sole traders are required to keep track of expenditure and income from month to month and save all receipts and invoices. Although this may initially sound quite simple, hiring the expertise of a bookkeeper is still a good idea. So that you will be able to claim back all valid business expenses from HMRC, a specialised sole trader bookkeeper in Bridgend will be happy to advise you on what you have to do. This may include stationery goods, advertising expenses, consumables, items such as computing equipment and bills and rent if working from home. To learn how they can help your small business to grow, chat to your bookkeeper for more in-depth advice.
ONLINE TRADERS IN BRIDGEND
Some businesses that work in niche markets, might need to use a specialised bookkeeper. As an example, if you run a store online, you will be better off employing a bookkeeper in Bridgend who is familiar with multi-currency processing, exchange rate transfers, online payments and cross-border and international taxes. Given that the internet doesn't sleep, if the same shop sells goods that you produce or hold then controlling your stock on a 24 hours a day basis is a major priority which will have to be managed.
Together with bookkeeping service, it is also possible to establish a virtual office. This can be handy in allowing a sole trader or online only business to have a phone service and postal address to provide a physical link with their client base. It is definitely worth discussing this possibility if it's something that could benefit you, although not all Bridgend bookkeeping businesses will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Bridgend bookkeeper needn't have a degree and a number of qualifications for the industry are at Certificate and Diploma level. There's an ever-increasing range of courses available online, although bookkeeping qualifications can still be obtained via further education universities and colleges.
To provide certification and training for bookkeepers, there are basically 2 primary organisations of interest:
The AAT or Association of Accounting Technicians: The Association of Accounting Technicians or AAT provides advanced qualifications and training enabling a fully certified member to use the letters AATQB after their name. This guarantees a decent standard of service to their customers which is backed up by the association, and entitles them to become a licensed AAT bookkeeper. To protect the credibility of the AAT membership, if an AAT bookkeeper is found to have breached the code of practice or has a complaint filed against them, they will be subject to disciplinary and tribunal procedures.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers (ICB) is the largest organisation in the world and offers certification for bookkeepers, together with training and reference material to keep their members up-to-date.
The qualifications of any professional bookkeeper can be checked on the register of ICB or ATT members on their websites. It is wise to carry out this check, before using the services of any bookkeeper in Bridgend.
What Are the Main Advantages of Using a Bookkeeper in Bridgend Rather Than an Accountant?
There are numerous advantages to using a bookkeeper rather than an accountant, including:
- Availability: Bookkeepers are usually more accessible and readily available to answer questions and provide support compared to an accountant, who might only be reachable during certain times of the year.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereby accountants whose approach may be more general.
- Time: By choosing to outsource bookkeeping, small business owners can save time and focus on other important areas of their business for example sales and marketing.
- Affordability: Bookkeeping services are usually more budget-friendly when compared with accounting services, meaning that they are an economical option for startups, small businesses and sole traders.
- Expertise: Bookkeepers frequently have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more effective and efficient in these tasks.
It's vital to note that althoughoffer valuable support, they may not have the same level of expertise or qualifications as an in areas such financial planning or tax preparation. In these cases, seeking the services of an accountant may be essential.
Using a Bookkeeper for Tax Returns
You will probably need to file a self-assessment tax return if you are self-employed or have a small business in the United Kingdom. The task can be daunting, especially for those who are not acquainted with the process. Accurately and on time, a qualified bookkeeper can help you prepare your tax return, as well as keeping your records in order.
There are a number of benefits to employing a bookkeeper to complete your tax returns. Expertise and experience will make sure that they complete your return correctly. This should help you avoid interest charges from HMRC, as well as penalties. Second, bookkeepers can save you a lot of time and effort. You can leave the calculations and paperwork to them so you can focus your attention on your business. Third, bookkeepers in Bridgend can provide you with essential advice on tax planning. This can help to reduce your tax liability and increase your profits. (70193)
Bridgend Bookkeeper Tasks
Most Bridgend bookkeepers will be willing to offer you the following bookkeeping services: bank reconciliations, bookkeeping for restaurants, management reports, bookkeeping for charities, QUOTE FORM provided. We'll get back to you with details as soon as we are able.in Bridgend, bookkeeping and accounting services, letting agent bookkeeping, cash books, bookkeeping services for clubs, bookkeeping price quotes, mobile bookkeeping services, payment services Bridgend, bookkeeping services for tradesmen, corporation tax returns in Bridgend, Self-Assessment tax returns, , , wages & PAYE, bookkeeping for pubs, general bookkeeping services, profit & loss reports Bridgend, bookkeeping services for societies, charity bookkeeping Bridgend, bookkeeping for freelancers Bridgend, independent bookkeeping services, small business bookkeeping Bridgend, , tax preparation, accountancy packages, , and more. Listed are just an example of the tasks that are conducted by local bookkeepers. Bridgend companies will keep you informed about their whole range of bookkeeping services. If there are other Bridgend bookkeeper requirements that you need but can't see here, you can mention them on the
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