Bookkeepers Bridgwater Somerset (TA5): According to the Companies Act, if you are a sole trader, run an online store or own a small business in Bridgwater, you are entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of 6 yrs. You may face disqualification as a Company Director and receive a fine of thousands of pounds, if you are unable to produce these records. There's a substantial time investment involved with maintaining these financial records on your own, and it is often better to use a professional bookkeeping company or accountant, as according to the magazine Accounting Today over 40% of small business owners spend at least eighty hours annually doing their bookkeeping.
If you're filled with terror just thinking about filling out ledgers, tracking assets and liabilities, producing balance sheets or creating profit, loss and fiscal reports, then the time to get in touch within Bridgwater for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the difference between an accountant and a bookkeeper?" Is a question that is asked by many people in Bridgwater. While in the past many accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill-sets, a lot of accountancy companies in Bridgwater will now undertake bookkeeping, because of massive improvements in software over the past decade or so. For many accountancy companies it's now quite common to charge a flat rate for bookkeeping services, so that they're comparable to the usual charges of a typical bookkeeper in Bridgwater. Business owners are now benefiting from this, since it gives a broader range of competition within the industry and can mean that the cost of bookkeeping is more affordable than it would have been previously.
When you're thinking about the differences between a bookkeeper and an accountant, the main one is the standard of qualification and training that is needed for each discipline. Anwill, at the very least, hold an accounting degree, and will have also had further training in fiscal and business management, and taxes. While having a really good understanding of these skills, a bookkeeper in Bridgwater might not have these qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER IN BRIDGWATER
The recording of day by day transactions (financial) of any business in Bridgwater, describes the process of bookkeeping in the simplest of terms. This will likely include, but is in no way limited to;
- VAT recording and submissions.
- Documenting the receipt of invoices and ensuring that payment is completed by the due date.
- Monthly reporting and reconciliation.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Payroll services.
- The billing of clients for goods or work completed.
- Recording of all financial incomings; cash, electronic and card payments included.
Contingent upon service level you require, a professional bookkeeper may only be needed to periodically double-check your figures, if you're in a position to do most of your own bookkeeping work. As a bare minimum this should really be done from month to month, to enable the swift detection and rectifying of any mistakes or problems. If you are confident of remaining in control of your day by day trading and financial transactions, this trade-off can sometimes be the most affordable solution.
Whatever the situation is with your company or small business, if you're currently looking to hire a bookkeeping company in Bridgwater, there is a fair chance that you may be struggling with the process of financial records and taxes. A professional bookkeeping service will be able to help you to link the latest computer software with your business accounts to enable the seamless pull-through of financial data, and will provide advice on such things as invoicing, stocktaking and producing expense reports.
One of the most vital elements of good bookkeeping, is being able to correctly reconcile accounts payable with cash flow. This means that by arranging the payment of bills to times when your finances are in good order, your bookkeeper will avoid the mistake that a lot of small businesses in Bridgwater are guilty of i.e. paying an outstanding bill straight away, or waiting for a final notice. This isn't only to make certain that your business or enterprise 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 juggling act that you may find tough to accomplish as an individual when you are focussed on running your company.
Using a competent bookkeeper in Bridgwater, for your small business or if you are a sole trader also gives them the chance to cast an expert eye over your business affairs. This objective assessment can permit them to discover business trends and patterns that you might have overlooked. A bookkeeper identifying an opportunity or flagging an area of the business which is falling in profits, is not at all unheard of. It's important for enabling growth in any enterprise in Bridgwater, to spot such key performance indicators.
If you send out invoices as part of your business operations, needing to pursue late payments can be really awkward. Having someone outside your normal business situation, can take away the awkwardness of visiting your client or making that telephone call. There are legal options that a bookkeeper can employ, if you've got problems with a consistent late or non-payer, and they can help to clear up the situation before the matter ends up in a small claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are quite straightforward. This involves keeping all invoices and receipts concerning the business, and keeping a record of expenditure and income on a month by month basis. Although this might initially sound quite easy, hiring the expert services of a bookkeeping company is still recommended. A specialised sole trader bookkeeper in Bridgwater will be in a position to advise you on what you're able to claim back from HMRC as genuine business expenses. This may include promotional advertising, items such as computing equipment, printer ink, rent and bills if working from home and stationery goods. Talk to your bookkeeper for more comprehensive advice and learn how they may be able to help your small business to grow and prosper.
BOOKKEEPING FOR ONLINE TRADERS
Specialistare required from time to time for certain niches in bookkeeping. You will require a bookkeeper in Bridgwater who understands multi-currency processing, international and cross-border taxes, exchange rate transfers and online payment procedures, if you operate a store online for example. If that same outlet sells goods you produce or hold, then regulating inventory on a 24/7 basis is a crucial concern, after all the internet does not sleep, therefore nor should your bookkeeping software or services.
In combination with bookkeeping service, it is also possible to establish a remote virtual office. This allows an online only business or sole trader to have a phone service and postal address to offer a physical connection to their customers. Not all bookkeeping businesses in Bridgwater will supply this solution, however it is worth discussing if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a professional Bridgwater bookkeeper to have a degree, and a good number of the bookkeeping industry qualifications are held at Diploma or Certificate level. There is an ever-increasing number of courses available online, although bookkeeping qualifications can still be obtained through further education colleges and universities.
Representing bookkeepers, there are 2 principal certification and training organisations:
The Association of Accounting Technicians or AAT: The Association of Accounting Technicians or AAT provides advanced qualifications and a training schedule entitling a fully trained member to use the letters AATQB. They then become authorised AAT bookkeepers, backed up by this respected association, which guarantees a minimum standard of service for their customers. If an AAT bookkeeper has a complaint filed against them or is found to have broken the code of conduct they could be liable to disciplinary and tribunal procedures to protect the values and integrity of AAT membership.
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation in the world is the the Institute of Certified Bookkeepers (ICB), and it provides certification for qualified bookkeepers, together with reference material and training to ensure their members are informed about the latest trends and innovations.
You're able to check the accreditations of any professional bookkeeper on the register of AAT or ICB members on their respective websites. Undertaking such checks is always advised before actually using the services of any local bookkeeper in Bridgwater.
Bookkeeping services are available for people living in in Bridgwater and also nearby in: Chilton Trinity, Hamp, Dunball, Bawdrip, Puriton, Pawlett, Huntworth, Riverside, Cossington, Sydenham, West Huntspill, Wembton, East Bower, Haygrove, Stawell, and in these postcodes TA5 2FA, TA6 3PB, TA6 3LX, TA5 2AP, TA6 3AL, TA6 3HZ, TA6 3HF, TA6 3EX, TA5 2FB, TA5 2RT. Locally based Bridgwater bookkeeper services will likely have the dialling code 01278 and the postcode TA5. Checking this out can confirm you're accessing local bookkeepers. Bridgwater sole traders and business owners are able to utilise these and many other bookkeeping related services.
Bookkeeping Bridgwater - Outsourcing Options
All businesses in Bridgwater should understand the significance of bookkeeping. It helps business people monitor the total value of their liabilities and assets, the money left in the bank, their outgoings and incomings, and the like. With the owner of the business having to contend with the concerns and issues of running a business, the task of undertaking the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Bridgwater.
If a company in Bridgwater hires a bookkeeper in order to become an employee, the company will be required to pay out a substantial amount of money in training the individual for the purpose of doing the bookkeeping tasks. Furthermore, there's no guarantee that the person will stay after the training is concluded. In circumstances like that, the company will have wasted a significant sum of money. Apart from that, companies will need to look for solutions to offer benefits and incentives to keep the fully trained employee in house. These are just a handful of the reasons why businesses often enlist the services of bookkeeping companies and professional bookkeepers in Bridgwater.
Business owners in Bridgwater can look for the following options with the bookkeeping company that offers outsourcing services. Check and find out how much savings can be enjoyed by outsourcing the bookkeeping work. Seeing that the expenses related to hiring and training in-house staff is a great concern, it would be sensible on the part of business owner in Bridgwater to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is extremely important to get top quality accounting services and greater security for your financial data. By quality, we mean precise, reliable, and real-time bookkeeping data delivered within the agreed timeframe. In a nutshell, the company that offers bookkeeping services in Bridgwater should have a well protected system that can be relied on and trusted.
These specialist bookkeeping companies in Bridgwater should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
You may be required to file a self-assessment tax return if you are self-employed or have a small business in Bridgwater. The task can be daunting, especially for those who are not acquainted with the process. A qualified bookkeeper can help you to keep your records in order and prepare your tax return on time and accurately.
Employing a bookkeeper to do your tax returns can be beneficial in a number of ways. First and foremost, they will have the expertise and experience to make certain that your return is completed correctly. This will help you to stay clear of penalties or interest charges from HMRC. Second, the use of a bookkeeper can save you a lot of hassle, time and stress. They'll look after all of the paperwork and calculations, so you can focus on the running of your business. Thirdly, a bookkeeper in Bridgwater can provide you with valuable advice on tax planning. This enables you to maximise your profits and minimise your tax liability. (70193)
Bridgwater Bookkeeper Tasks
Most Bridgwater bookkeepers will be ready to offer you the following bookkeeping and accounting services: tax returns, bookkeeping for societies in Bridgwater, accounting and bookkeeping services, bookkeeping services for limited companies, general bookkeeping services, letting agent bookkeeping, bookkeeping for shops, bookkeeping services for startups in Bridgwater, invoice processing, bank reconciliation, Self-Assessment tax returns, bookkeeping for home-based businesses, bookkeeping services for tradesmen, bookkeeping for payroll, partnership tax returns, bookkeeping for freelancers Bridgwater, bookkeeping services for clubs, professional bookkeeping services, payment services Bridgwater, bookkeeping for restaurants, company cash books Bridgwater, corporation tax returns, bookkeeping for pubs, QUOTE FORM provided. We'll be in touch with details just as soon as we can., off-site bookkeeping in Bridgwater, management reports, landlord bookkeeping, profit & loss reports, bookkeeping quotations, in Bridgwater, and more. These are just a selection of the activities that are performed by local bookkeepers. Bridgwater professionals will be happy to inform you of their entire range of bookkeeping services. If there are additional Bridgwater bookkeeper requirements that you need but can't see here, you should mention them on the
Bookkeepers Near Bridgwater
Also: Puriton bookkeepers, Stawell bookkeepers, Bawdrip bookkeepers, Pawlett bookkeepers, Wembton bookkeepers, Riverside bookkeepers, Haygrove bookkeepers, Huntworth bookkeepers, Hamp bookkeepers, Dunball bookkeepers, West Huntspill bookkeepers, East Bower bookkeepers, Sydenham bookkeepers, Cossington bookkeepers and more.
- Sole Trader Bookkeeping
- Bookkeeping Services
- Wages PAYE and CIS
- Cheap Bookkeeping
- Cash Flow Solutions
- Credit Control
- Self-Assessment Returns
- Bookkeeping Estimates
- VAT Returns
- Double-Entry Bookkeeping
- Small Business Bookkeeping
- Self-Assessment Bookkeeping
- Tax Preparation
- Payroll Services
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Bookkeepers in TA5 area, (dialling code 01278).
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