Bookkeepers Bridgwater Somerset (TA5): For anybody in Bridgwater who operates an online store, acts as a sole trader or runs a small business, it is their sole responsibility to maintain "true and fair", accurate financial and accounting records for at least 6 yrs. This is in accordance with the Companies Act (2006). If you are unable to produce such information, you might be disqualified as a Company Director and face a fine of thousands of pounds. There's a significant investment of time involved with keeping such financial records yourself, and it can pay you to employ a professional bookkeeper or accountant, since according to Accounting Today over 40% of small business owners spend 80 plus hours annually on their accounts.
If the thought of tracking liabilities and assets, filling out ledgers, preparing profit, loss and financial statements or compiling balance sheets fills you with panic, then it is high time to get in touch with a bookkeeper in Bridgwater for assistance.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the difference between an accountant and a bookkeeper?" Is a question that's asked by a lot of small business owners in Bridgwater. In truth, due to significant improvements in software over the past decade many accountants in the Bridgwater area will take on the task of bookkeeping, which at one time was regarded as beneath their skill set, qualifications and experience. For many accountancy companies it is now common practice to charge a fixed rate for bookkeeping services, to keep them in line with the usual charges of a typical bookkeeper in Bridgwater. This is excellent news for business owners in Bridgwater since it provides a wider variety of competition within this sector and can make your bookkeeping costs far more affordable than initially thought.
The standard of qualification and training that's needed is the main difference between an accountant and a bookkeeper. Generally holding a degree in accounting, a professional accountant should also have had training in tax matters and additional qualifications in business and financial management. Although bookkeepers in Bridgwater will have a good grasp of these fiscal skills, they might not necessarily have the same levels of training and experience in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in the simplest of terms, is to record the day to day fiscal transactions of any enterprise or business in Bridgwater. This can include;
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- VAT recording and submissions.
- Monthly reports and reconciliations.
- Documenting of all financial incomings; including card, electronic and cash payments.
- Billing of customers for work completed or goods.
- Recording the receipt of invoices and making sure payment is completed on time.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
Whilst it is dependent on the extent of the service you're interested in, if you're prepared to carry out the bulk of your own bookkeeping work, a bookkeeper may just be needed to double check your records periodically. To make certain that any problems or mistakes can be uncovered and rectified quickly, as a bare minimum, this should really be from month to month. Provided that you're confident of keeping up-to-date with your financial transactions without negatively affecting your daily business operations, this option can be an extremely economical trade-off.
It's fairly likely that if you are looking at hiring a bookkeeping company, you are currently stressed with the financial recording aspects of your business in Bridgwater. To enable the seamless arrangement of financial data, a professional bookkeeping company will help you to link the most suitable software application to your accounts, and will provide guidance and advice on such things as producing expense reports, stocktaking and invoicing.
One of the most vital aspects of good bookkeeping practice, is the ability to successfully reconcile cash flow with accounts payable. Which means that instead of waiting for a final notice, which many small businesses in Bridgwater are guilty of at some time or other, or paying a bill straight away, your bookkeeper will schedule bill payments to a time when your accounts are buoyant and in good order. Together with keeping your enterprise or business financially secure, this also keeps you in good stead with your suppliers and service providers. When you are mostly focussed on the operation of your company, this is a balancing act that you may find tough to accomplish as an individual.
Employing a certified bookkeeper in Bridgwater, for your small business or if you are a sole trader also gives them the chance to cast a fresh eye over your business finances. Business patterns and trends that might have otherwise gone unnoticed might be highlighted by this kind of impartial evaluation. It's by no means unusual for an astute bookkeeper to flag an area where profits are falling, or spot a new opportunity which could prove worthwhile. Spotting these key performance indicators (KPI's) is vital for ensuring the growth of any business enterprise in Bridgwater.
It can often be rather humiliating to pursue late payments if your company gives out invoices. Some of that apprehension can be taken away by having a professional outside your business situation visit your customers or make that telephone call. If you have problems with a repeating late payer there are legal procedures a bookkeeper can employ to help resolve the issue before the situation ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are quite uncomplicated and easily understandable. It is required that a sole trader should keep a record of income and expenditure on a monthly basis and retain all receipts and invoices. It's still a wise move to hire the expert services of a competent bookkeeper, even though this may sound simple enough. When working through your Self-Assessment tax returns, a dedicated sole trader bookkeeper in Bridgwater will be in a position to advise you on what your bonafide business expenses are, and make certain these are claimed back from HMRC. This could include stationery goods, printer ink, advertising expenses, bills and rent if working from home and items such as laptops. Chat to your bookkeeper for more detailed advice and see how they may be able to help your business grow.
BOOKKEEPING FOR ONLINE TRADERS IN BRIDGWATER
Certain business enterprises that work in niche areas, may need to use a specialised bookkeeping service. If, for example, you run an online store, you are going to require a bookkeeper in Bridgwater who understands online payments, cross-border and international taxes, multi-currency processing and exchange rate transfers. Given that the internet doesn't sleep, if that same store sells goods you hold or produce then regulating stock on a 24/7 basis is a crucial concern which will need to be dealt with.
In conjunction with your bookkeeping services, a virtual office can also be provided. Offering a physical connection to their buyers, this enables a sole trader or online only business to have a telephone service and postal address. If this type of service could be useful, it's definitely worth discussing, although this solution won't be supplied by all bookkeeping businesses in Bridgwater.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Bridgwater bookkeeper needn't hold a degree and many qualifications for the industry are at Diploma and Certificate level. Bookkeeping qualifications can be obtained through further education universities and colleges but there is also an ever-increasing number of courses offered online.
To provide certification and training for bookkeepers, there are basically 2 primary organisations of interest:
The ICB or Institute of Certified Bookkeepers: Keeping their members up-to-date with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, together with training and reference material.
The AAT (Association of Accounting Technicians): Providing a training schedule with advanced qualifications, the AAT (Association of Accounting Technicians), entitles a fully trained bookkeeper to use the letters AATQB. They are then permitted to become licensed AAT bookkeepers, which guarantees their clients a level of service which is backed up by the association. To preserve the values and integrity of the AAT, an AAT bookkeeper can be liable to disciplinary and tribunal procedures if they have a complaint against them or are found to have breached the code of practice.
The accreditations of any professional Bridgwater bookkeeper can be verified on the register of AAT or ICB members on their websites. Carrying out these checks is generally a good idea before you actually employ any bookkeeper in Bridgwater.
Bookkeeping services are available in Bridgwater and also nearby in: Pawlett, Chilton Trinity, Newtown, Stawell, Dunball, Puriton, West Huntspill, Cossington, Haygrove, Wembton, East Bower, Riverside, Bawdrip, North Petherton, Hamp, Sydenham, Huntworth, and in these postcodes TA6 3NL, TA6 3LL, TA5 2AU, TA6 3DG, TA5 2RU, TA6 3JL, TA6 3LE, TA5 2GB, TA5 2GJ, TA6 3LZ. Local Bridgwater bookkeeper services will probably have the telephone dialling code 01278 and the postcode TA5. Checking this out should confirm you are accessing local bookkeepers. Bridgwater sole traders and business owners are able to utilise these and many other similar services.
Bridgwater Bookkeeper Tasks
Most Bridgwater bookkeepers will be willing to offer you the following bookkeeping and accounting services: general bookkeeping services in Bridgwater, tax returns in Bridgwater, Kashflow bookkeeping services, payroll bookkeeping in Bridgwater, management reports in Bridgwater, bookkeeping for limited companies, professional bookkeeping services in Bridgwater, independent bookkeeping services in Bridgwater, bookkeeping services for organisations, mobile bookkeeping services, bookkeeping services for societies Bridgwater, bookkeeping services for startups, cash flow analysis, bank reconciliations, bookkeeping for retail outlets Bridgwater, bookkeeping for shops in Bridgwater, bookkeeping services for freelancers, accountancy packages, payment services, Sage bookkeeping, bookkeeping for home-based businesses, Xero bookkeeping Bridgwater, bookkeeping services for restaurants Bridgwater, bookkeeping services for pubs, management accounts, bookkeeping for sole traders in Bridgwater, and more. Listed are just a handful of the duties that are conducted by local bookkeepers. Bridgwater companies will inform you of their full range of bookkeeping services. If there are different Bridgwater bookkeeper requirements that you want but can't see here, you can list them on the QUOTE FORM provided. We'll get back to you with details as soon as we are able.
Bookkeepers Near Bridgwater
Also here.: East Bower bookkeepers, Newtown bookkeepers, Puriton bookkeepers, Pawlett bookkeepers, Huntworth bookkeepers, Chilton Trinity bookkeepers, Stawell bookkeepers, Dunball bookkeepers, Sydenham bookkeepers, West Huntspill bookkeepers, Riverside bookkeepers, Hamp bookkeepers, Haygrove bookkeepers, North Petherton bookkeepers, Bawdrip bookkeepers, Wembton bookkeepers, Cossington and more. Most of these areas are serviced by local bookeepers. Bridgwater traders and businesses can get pricing for bookkeeping services by going
- Bridgwater Cheap Bookkeeping
- Bridgwater Credit Control
- Bridgwater Double-Entry Bookkeeping
- Bridgwater Profit and Loss Reporting
- Bridgwater Bookkeeping Estimates
- Bridgwater Payroll Services
- Bridgwater Sole Trader Bookkeeping
- Bridgwater Bookkeeping Services
- Bridgwater Wages PAYE and CIS
- Bridgwater Invoice Processing
- Bridgwater Tax Preparation
- Bridgwater Cash Flow Analysis
- Bridgwater Self-Assessment Bookkeeping
- Bridgwater Tax Returns
Bookkeepers Around Bridgwater: People who live in these Bridgwater roads and areas have just recently requested bookkeeping services - Brooklands, Tor View, Somerset Road, Cloverton Drive, Brymore Close, Sandown Close, Bridewell Lane, Church Road, Shepherds Close, Bower Avenue, Timberyard, Broadlands Lane, Southfield Close, Shovel Road, Barn Close, Brent Terrace, School Fields, Bell Close, Stogursey Road, Cranbourne Close, Shovel Lane, Ashton Road, Cliff Road, Silverdale Close, Alderney Road, Smallways Lane, St Davids Court, Crossmeads, Deacon Road, as well as the following Bridgwater area postcodes: TA6 3NL, TA6 3LL, TA5 2AU, TA6 3DG, TA5 2RU, TA6 3JL, TA6 3LE, TA5 2GB, TA5 2GJ, TA6 3LZ.
Bookkeeping Jobs Bridgwater: Get bookkeeping jobs near Bridgwater by going here: Bridgwater Bookkeeping Jobs
If you want local info about Bridgwater, Somerset check here
Bookkeepers in TA5 area, and dialling code 01278.
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