Bookkeepers Bridgwater Somerset (TA5): You are entirely responsible for maintaining "true and fair", accurate financial and accounting records for a minimum of 6 yrs, if you are a sole trader, run an online store or own a small business in Bridgwater, according to the Companies Act. If you're unable to produce these records you face a hefty fine and possible Company Director disqualification. It can be more economical to employ a professional accountant or bookkeeper to accomplish this for you, given that according to Accounting Today over forty percent of small business owners spend at least 80 hours every year on their accounts, which is a large investment of time, and might be better spent on your primary business activities.
If just the thought of preparing profit, loss and fiscal reports, tracking assets and liabilities, producing balance sheets or writing out ledgers fills you with panic, then the time has come to get in touch with a bookkeeper in Bridgwater for assistance.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between an accountant and a bookkeeper?" Is a question that is asked by a lot of people in Bridgwater. At one time it was frequently regarded as to be beneath the qualifications, experience and skill set of an accountant to do the work of a bookkeper, however due to software improvements over the past decade or so, many bookkeeping duties will now be taken on by accountancy firms in the Bridgwater area. Many accountancy companies now have a set fee for bookkeeping services, to keep them consistent with what an independent bookkeeper in Bridgwater would routinely charge. Business owners in Bridgwater are now cashing in on this, as it offers a wider range of competition within this sector and can mean that the cost of bookkeeping is way more affordable than it would have been in the past.
When you're thinking about the differences between a bookkeeper and an accountant in Bridgwater, the main one is the standard of qualification and training that is required for each of these disciplines. An accountant will, at the minimum, hold a degree in accounting, and should have also had further training in financial and business management, and taxes. While probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Bridgwater will definitely have a decent understanding of all these procedures.
RESPONSIBILITIES OF A BOOKKEEPER
Essentially, the bookkeeping process is the recording of the day by day transactions (financial) of any business or enterprise in Bridgwater. This will include;
- Documenting of all financial incomings; including cash, electronic and card payments.
- Recording invoices received and ensuring that payment is completed promptly.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Billing of customers for goods or work completed.
- Payroll services.
- VAT recording and submissions.
- Monthly reconciliation and reports.
Depending on the level of service you need, e.g. whether you're willing to perform most of your bookkeeping work; a professional bookkeeper may only be needed to double check your figures on a set schedule. This should be every month at the bare minimum, as this will allow any problems or mistakes to be identified and amended speedily. Provided that you are able to stay in control of your financial transactions without affecting your daily business operations, this trade-off can be the most cost-effective solution.
There is a fair chance that if you're thinking of hiring a bookkeeping company, you are currently fretting over the financial recording aspects of your business in Bridgwater. To facilitate the seamless pull-through of transactional data, a professional bookkeeper will help you to link the most suitable software application to your accounts, and will give advice on things such as preparing expense reports, stocktaking and invoicing.
Being able to reconcile accounts payable with cash flow, is an extremely crucial element of a good bookkeeper. This means that by organising the payment of bills to a time when your finances are in good shape, your bookkeeper will avoid the mistake that many small businesses in Bridgwater are guilty of at some time or other i.e. paying a bill immediately, or waiting on a final notice. Together with keeping your business financially secure, this also maintains your reputation with suppliers and service providers. When you are primarily focussed on the smooth running of your company, this is a juggling act that can be hard to perform on your own.
If you are a sole trader, or own a small business, employing a qualified bookkeeper in Bridgwater, also gives them an opportunity to cast an expert eye over the running of your business. It's entirely possible that an independent appraisal like this will highlight business trends and patterns that have previously been missed. A situation where an astute bookkeeper flags an area where profits are plummeting, or identifies a new opportunity that may prove worthwhile, is not at all an uncommon occurrence. It's essential for driving the growth of any small business in Bridgwater, to spot these key performance indicators.
If your business sends out invoices it can often be awkward to chase up a late payment. Having a professional from outside your business situation, can take away the apprehension of making that telephone call or visit to your customers. There are legal procedures a bookkeeper can employ, if you're troubled with a persistent late payer, and they can help to clear up the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as set out in law, start off quite straightforward. This involves retaining all receipts and invoices relating to the business, and keeping track of income and expenditure on a monthly basis. It's still a good idea to retain the expert services of a bookkeeping company, even if this might at first sound simple. So that you'll be able to claim back all bonafide business expenses from HMRC, a specialised sole trader bookkeeper in Bridgwater will be able to advise you on what must be done. This might include bills and rent if working from home, promotional advertising, items such as laptops, stationery goods and consumables. To see how to help your business to prosper and grow, chat to your bookkeeper for more comprehensive advice.
BOOKKEEPING FOR ONLINE TRADERS
Specialisedare necessary from time to time for specific niches in bookkeeping. If, for example, you run an online store, you will require a bookkeeper in Bridgwater who understands online payments, cross-border and international taxes, multi-currency processing and exchange rate transfers. Managing your stock on a 24/7 basis is also a major priority, if the same store distributes goods that you produce or hold, as I'm sure you will realise the internet does not sleep, therefore nor should your bookkeeping software or services.
A remote virtual office can also be supplied together with your bookkeeping services. This allows an online only business or sole trader to have a phone service and postal address to provide a physical connection to their buyers. It is definitely worth talking about this possibility if it's required, although not all Bridgwater bookkeepers will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Diploma and Certificate level, and a certified Bridgwater bookkeeper needn't hold a degree. There's an ever-growing number of courses offered online, although qualifications can still be gained through further education colleges and universities.
Bookkeepers are represented by two principal certification and training organisations:
The Association of Accounting Technicians (AAT): With fully trained bookkeepers being able to use the letters AATQB, the AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications. They can then become licensed AAT bookkeepers, backed up by this reputable association, which guarantees a standard of service for their customers. AAT bookkeepers can can be subject to tribunal and disciplinary processes if they have a complaint against them or are found to have violated the code of conduct. This helps to protect the integrity of AAT membership.
The Institute of Certified Bookkeepers or ICB: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world, 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's possible to examine the qualifications of any professional bookkeeper. Prior to hiring the services of any bookkeeping company in Bridgwater, it's usually a good idea to carry out such checks.
Bookkeeping services are available in Bridgwater and also in nearby places like: Riverside, Pawlett, Haygrove, West Huntspill, Huntworth, Stawell, Sydenham, Dunball, Chilton Trinity, Puriton, East Bower, Cossington, Bawdrip, Wembton, Hamp, and in these postcodes TA6 3NB, TA6 3EE, TA5 2LN, TA6 3FD, TA6 3JY, TA6 3ES, TA6 3JG, TA6 3NY, TA5 2GP, TA6 3HT. Local Bridgwater bookkeeper services will likely have the telephone code 01278 and the postcode TA5. Checking this out should guarantee you are accessing locally based bookkeepers. Bridgwater sole traders and business owners will be able to utilise these and countless other comparable services.
Franchise bookkeeping Bridgwater.
Bridgwater Bookkeeper Tasks
Most Bridgwater bookkeepers will be prepared to offer you the following bookkeeping services: bookkeeping services, management accounts, VAT returns, letting agent bookkeeping Bridgwater, accounting and bookkeeping, QUOTE FORM provided. We will be in touch with details just as soon as we are able.Bridgwater, corporation tax returns Bridgwater, cash flow analysis Bridgwater, small business bookkeeping, cash books, Sage bookkeeping services, profit & loss reports Bridgwater, bookkeeping for self-employed, bookkeeping services for clubs in Bridgwater, , bookkeeping services for sole traders Bridgwater, bookkeeping services for limited companies Bridgwater, bookkeeping services for pubs in Bridgwater, charity bookkeeping Bridgwater, Xero bookkeeping, tax returns, Self-Assessment tax returns, bookkeeping services for tradesmen in Bridgwater, credit control Bridgwater, bookkeeping for freelancers, franchise bookkeeping Bridgwater, bookkeeping services for retail outlets Bridgwater, bookkeeping for restaurants, and more. Listed are just some of the duties that are performed by local bookkeepers. Bridgwater professionals will tell you about their entire range of bookkeeping services. If there are some other Bridgwater bookkeeper requirements that you need but don't see here, you can mention them on the
Bridgwater Bookkeeper Questions
Over the last few days I have been mulling over the popular questions folks in Bridgwater ask in regard to bookkeepers. A number of our visitors submitted some obvious enquiries that I considered to be relevant to this post. The ones that I picked out are, Are accountants bookkeepers? Why is bookkeeping important? How can I get bookkeeper in Bridgwater? What are a bookkeeper's duties? Where can I find a bookkeeper in Bridgwater? Does bookkeeping include payroll? How much is bookkeeping per hour? Does a bookkeeper have to be registered? What are the advantages of a bookkeeper over an accountant? The majority of these enquiries hopefully have been answered in the preceding paragraphs, and if some are still to be answered a bookkeeping "Questions and Answers" section is going to be added before very long. A massive thank you goes to Frederick Young, Jax Newman, Maison Mccarthy and Paige Bradshaw from Bridgwater, for sending in these questions. Queries were also mailed in by Olivia Mckay in West Huntspill, James Mcdermott in Haygrove and Ava Woodcock in Huntworth.
Bookkeepers Near Bridgwater
Also here.: Puriton bookkeepers, Sydenham bookkeepers, Dunball bookkeepers, Chilton Trinity bookkeepers, Haygrove bookkeepers, Huntworth bookkeepers, Hamp bookkeepers, West Huntspill bookkeepers, East Bower bookkeepers, Bawdrip bookkeepers, Cossington bookkeepers, Pawlett bookkeepers, Stawell bookkeepers, Riverside bookkeepers, Wembton and more. All of these villages and towns are covered by local bookeepers. Bridgwater traders and businesses can get pricing for bookkeeping services by going
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Bookkeepers Around Bridgwater: People living in these Bridgwater areas and streets have recently requested bookkeeping services - Brendon Road, Springway Lane, Selworthy Close, The Batch, Beech Road, School Hill, Sydenham Close, Alderney Road, Allen Road, Crowpill Lane, Church Passage, Squibbs Close, Belmont Close, Cornhill, Southview Road, Crockers Hill, Downend Terrace, Castle Street, Sheridan Close, Smallways Lane, Blakes Lane, Blake Street, Ashleigh Avenue, Sedge Close, Somerton Close, Tappers Lane, Springfield Avenue, Sully Close, Broadmead Lane, as well as the following local Bridgwater postcodes: TA6 3NB, TA6 3EE, TA5 2LN, TA6 3FD, TA6 3JY, TA6 3ES, TA6 3JG, TA6 3NY, TA5 2GP, TA6 3HT.
To find out local Bridgwater information go here
Bookkeepers in TA5 area, (dialling code 01278).
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