Bookkeepers Bristol UK (BS1): According to the Companies Act, if you run a small business, are a sole trader or operate an online store in Bristol, you are responsible for keeping "true and fair", accurate accounting and financial records for at least 6 years. If you cannot produce this information you might face a fine of thousands of pounds and possible Company Director disqualification. There's a substantial investment of time involved with preparing such financial records yourself, and it can pay to use a professional bookkeeper or accountant, since according to the trade magazine Accounting Today over forty percent of small businesses spend over 80 hours each year on their bookkeeping.
It is time to get in touch with a bookkeeper in Bristol for guidance and advice, if just the thought of compiling balance sheets, filling out ledgers, tracking assets and liabilities or creating profit, loss and financial statements fills you with a sense of panic.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Bristol, an obvious question when facing this dilemma is "Exactly what is the difference between an accountant and a bookkeeper?" In the old days it was often deemed to be beneath the skill-sets, qualifications and experience of an accountant to do the work of a bookkeper, but due to software improvements over the past decade or so, many bookkeeping duties will now be undertaken by accounting firms in Bristol. A lot of accounting companies now have a set rate for bookkeeping services, to keep them consistent with what a dedicated bookkeeper in Bristol would routinely charge. Business owners in Bristol are now benefiting from this, as it generates a broader range of competition within this sector and can make the cost of bookkeeping more manageable than it would have been previously.
It is essentially the amount of qualification and training that's needed for each of these disciplines, that reflects the big difference between a bookkeeper and an accountant in Bristol. An accountant will generally a least hold a degree in accounting with additional training in the field of taxation and other business and financial management. Whilst having a pretty good understanding of these procedures, a bookkeeper in Bristol may not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day by day transactions (financial) of any enterprise or business in Bristol, describes the act of bookkeeping in simple terms. This will include, but is not limited to;
- Payroll services.
- VAT recording and submissions.
- Monthly reconciliations and reporting.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Documenting of all financial incomings; cash, electronic and card payments included.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Documenting the receipt of invoices and making certain payment is completed by the due date.
- The billing of clients for goods or work completed.
If you are willing to undertake a large majority of your bookkeeping work yourself; a professional bookkeeper might only be necessary for double-checking your records every once in a while. At the bare minimum this ought to be each month, to facilitate the rapid detection and rectifying of any problems or mistakes. So long as you are confident of staying on top of your monetary transactions without impacting on your day to day trading operations, this trade-off can be the most economical solution.
If you are presently looking to hire a bookkeeping service in Bristol, whatever your circumstances, it is fairly likely that you may be fretting over your financial recording procedures. A professional bookkeeping company will be able to provide advice on everything from preparing expense reports, stocktaking and invoicing, to linking the most up-to-date computer software with your accounts to facilitate the seamless organisation of financial data.
The reconciliation of cash flow with accounts payable is one of the most important elements of good bookkeeping practice. This means that rather than waiting on an overdue notice, which many small businesses are guilty of, or paying an outstanding bill straight away, your bookkeeper will arrange bill payments to a time when your finances are in good shape and buoyant. This not only keeps your business financially sound, but keeps you in the good books of suppliers and the businesses who provide you with services. This is a balancing act that can be challenging to accomplish as an individual when you're completely focussed on the smooth running of your company.
For your small business enterprise, or if you're a sole trader, using a certified bookkeeper in Bristol, presents you with the chance to have an eagle eye cast over your business affairs. This unprejudiced assessment can permit them to notice business patterns and trends that you might have overlooked. It is not unusual for a bookkeeper to spot a new opportunity or flag an area of the business which is dropping in profits. It is important for enabling growth in any business in Bristol, to spot such key performance indicators (KPI's).
If you give out invoices as part of your business operations, having to chase up late payments can be fairly awkward. Having an independent person outside your normal business situation, can take away the awkwardness of visiting your customers or making that phone call. To help with resolving the situation, if you are troubled with a persistent late payer, there are legal techniques that can be employed by a bookkeeper, so that legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are quite uncomplicated and easily understood. In essence, sole traders must save all invoices and receipts, and track income and expenditure on a month by month basis. Now, this doesn't sound too difficult does it? But, it is still recommended that you hire the expert services of a bookkeeping company to make certain that it is all done accurately. A specialist sole trader bookkeeper in Bristol will be in a position to advise you on what you might be able to claim back from HMRC as bonafide business expenses. This could include bills and rent if working from home, items such as computing equipment, stationery, consumables and advertising expenses. Speak to your local bookkeeper for more in-depth advice and discover how they can help your business to grow and prosper.
BOOKKEEPING FOR ONLINE TRADERS IN BRISTOL
There are niche areas in bookkeeping where a specialist might be needed. If, for example, you manage an online store, you will need a bookkeeper in Bristol who's familiar with online payments, exchange rate transfers, international and cross-border taxes and multi-currency processing. Given that the internet never sleeps, if the same shop sells goods that you hold or produce then keeping track of stock on a 24 hours a day basis is a vital concern which will have to be addressed.
It is also possible to provide a virtual office, that can be utilised together with your bookkeeping package. Offering a physical link with their clients, this enables an online only business or sole trader to have a telephone service and postal address. Not all bookkeepers in Bristol will be able to supply this solution, but it's worth discussing if it is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Diploma or Certificate level, and a certified Bristol bookkeeper doesn't need to have a degree. There's an ever-growing variety of courses available online, although bookkeeping qualifications can still be obtained through further education universities and colleges.
There are two principal training and certification organisations representing bookkeepers:
The Institute of Certified Bookkeepers or ICB: Offering accreditation to bookkeepers, along with training and reference material to keep their members current with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind on the planet.
The AAT (Association of Accounting Technicians): Able to use the letters AATQB after their name, a certified member of the AAT or Association of Accounting Technicians will have been provided with a training schedule and advanced qualifications in bookkeeping practice. This then entitles them to become a approved AAT bookkeeper and guarantees a high standard of service which is backed up by the association. Bookkeepers who are members of the AAT can can be subject to tribunal and disciplinary procedures if they have a complaint against them or are found to have violated the code of practice. This helps to safeguard the integrity and values of the AAT.
By visiting the register of ICB or ATT members on their respective websites, it's possible to check out the accreditations of any Bristol bookkeeper. Carrying out this check is widely recommended before using the services of any local bookkeeper in Bristol.
Bookkeeping services are available for those living in in Bristol and also in: Kingswood, Barton Hill, Lawrence Hill, Downend, Bedminster, Broadmead, Hotwells, Clifton, Redcliffe, Totterdown, St Philips, Cotham, College Green, St Andrews, Patchway, Temple Meads, Keynsham, together with these postcodes BS1 1XR, BS1 1QZ, BS1 2LE, BS1 1GB, BS1 3DB, BS1 3EU, BS1 1YG, BS1 2NN, BS1 1PN, BS1 1RB. Local Bristol Bookkeepers will likely have the postcode BS1 and the telephone dialling code 0117. Checking this out should confirm that you access locally based bookkeepers. Bristol sole traders and business owners are able to benefit from these and numerous other related services.
Bookkeeping Bristol - Outsourcing Options
All businesses in Bristol should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, their payables/receivables, the sum total of their assets and liabilities, and more. With the business owner having to deal with the issues and concerns of operating a business, the task of carrying out the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Bristol.
If a company in Bristol hires a bookkeeper in order to become an employee, the company will need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay for long in the company. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of professional bookkeepers and bookkeeping companies in Bristol.
Bristol Bookkeeper Questions
Over the last few months I have been having a good look at the typical questions folks ask regarding bookkeepers in Bristol. Quite a few of our visitors have emailed noteworthy queries that may be applicable to this article. Those which I picked out are, Bookkeepers - what do they do? What does bookkeeping involve? Does a bookkeeper need insurance? Which bookkeeper certification is best? Which is double entry bookkeeping? Are bookkeeping and accounting the same? What are the advantages of an accountant over a bookkeeper? How much do bookkeeping services cost? Why do you need a bookkeeper? Hopefully most of these queries have been covered somewhere on this page, and if some are still to be answered we'll be putting in a bookkeeping "Questions and Answers" feature shortly. My appreciation goes out to Rocco Lewis, Ivan Barrett, Fred Walters and Brianna Kirby, for taking the trouble to put their excellent questions. We were also thankful to receive pertinent enquiries from Skylar Benson in Kingswood, Jaxson Wild in Patchway and Ruby Proctor in Downend.
Bristol Bookkeeper Tasks
Most bookkeepers in Bristol will be ready to provide you with the following bookkeeping and accounting services: bookkeeping services for the self-employed, bookkeeping for pubs, bookkeeping for retail outlets in Bristol, payment services, bookkeeping services for sole traders in Bristol, landlord bookkeeping Bristol, personal tax returns Bristol, general bookkeeping services, tax preparation Bristol, Self-Assessment tax returns, tax returns in Bristol, bookkeeping for clubs, QUOTE FORM provided. We will get back to you with specifics as soon as we can.in Bristol, bookkeeping for restaurants in Bristol, bookkeeping for small business, Quickbook bookkeeping in Bristol, bookkeeping services for shops, bookkeeping services for tradesmen, bookkeeping for freelancers, bookkeeping services for organisations Bristol, double-entry bookkeeping, charity bookkeeping Bristol, Kashflow bookkeeping services, cash flow analysis, professional bookkeeping services, management accounts, bookkeeping services, bank reconciliation, bookkeeping price quotes, corporation tax returns, and more. Listed are just a selection of the tasks that are undertaken by local bookkeepers. Bristol professionals will be delighted to keep you abreast of their entire range of services. If there happen to be different Bristol bookkeeper requirements that you need but don't see here, you can list them on the
Bookkeepers Near Bristol
Also here.: College Green bookkeepers, Clifton bookkeepers, Patchway bookkeepers, Redcliffe bookkeepers, Broadmead bookkeepers, St Philips bookkeepers, Temple Meads bookkeepers, Downend bookkeepers, Hotwells bookkeepers, Bedminster bookkeepers, Barton Hill bookkeepers, Lawrence Hill bookkeepers, Cotham bookkeepers, St Andrews bookkeepers, Kingswood bookkeepers, Keynsham bookkeepers, Totterdown and more. All of these areas are serviced by local bookeepers. Bristol people can get rates for bookkeeping services by clicking
- Bristol Cheap Bookkeeping
- Bristol Bookkeeping Services
- Bristol Tax Preparation
- Bristol Sole Trader Bookkeeping
- Bristol VAT Returns
- Bristol Small Business Bookkeeping
- Bristol Cash Flow Analysis
- Bristol Payroll Services
- Bristol Credit Control
- Bristol Bookkeeping Price Quotes
- Bristol Double-Entry Bookkeeping
- Bristol Tax Returns
- Bristol PAYE and Wages
- Bristol Profit and Loss Analysis
Bookkeepers Around Bristol: People living in the following roads and streets have recently inquired about bookkeeping services - Central Avenue, Bampton Drive, Dartmoor Street, Talbot Avenue, Bamfield, Dale Street, Dandys Meadow, Archfield Road, Tanorth Road, The Coots, Salisbury Gardens, Cattybrook Road, School Lane, Dene Road, Baglyn Avenue, Tara Close, Bankside Road, Sheepscroft, Camp Road, Barry Close, Tanner Court, The Shallows, Dingle Road, Banfield Close, The Park, The Chippings, Sherwood Road, Downfield Drive, Bagnell Close, Backfields Lane, as well as these local Bristol postcodes: BS1 1XR, BS1 1QZ, BS1 2LE, BS1 1GB, BS1 3DB, BS1 3EU, BS1 1YG, BS1 2NN, BS1 1PN, BS1 1RB.
If you want local Bristol information take a look here
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Bookkeepers in BS1 area, 0117.
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