Bookkeepers Bristol UK (BS1): To comply with the 2006 Companies Act, if you are a sole trader, own a small business or operate an online store in Bristol, you are responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 yrs. Failing to produce these records could leave you faced with disqualification as a Company Director, together with a hefty fine. The trade magazine Accounting Today reports that over forty percent of small business owners spend at least 80 hours annually on their accounts, therefore whilst you can accomplish these financial recordings on your own behalf, it is often better to employ a professional to do them instead.
If the thought of producing balance sheets, preparing profit, loss and financial statements, tracking liabilities and assets or filling out ledgers fills you with panic, then it's high time to get in touch within Bristol for guidance.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Bristol, an obvious question when faced with this predicament is "Just what is the difference between an accountant and a bookkeeper?" The truth is that while in past times many accountants considered the bookkeeping process to be beneath their qualifications, experience and skill-sets, a lot of accountancy companies in Bristol will now undertake the task of bookkeeping, because of significant improvements in software over the past decade or so. For many accounting companies it's now common practice to charge a set rate for bookkeeping services, so that they're in keeping with the normal charges of a dedicated bookkeeper in Bristol. Since it gives a wider variety of competition within this sector, this is excellent news for business owners in Bristol, making their bookkeeping much more affordable than it previously was.
It is basically the amount of qualification and training that's required for each discipline, that demonstrates the main difference between a bookkeeper and an accountant in Bristol. Usually holding an accounting degree, a professionalshould also have had further training in tax matters and have qualifications in business and fiscal management. While in Bristol will invariably have a pretty good understanding of these disciplines, they might not have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN BRISTOL
To explain in the simplest of forms, the bookkeeping process involves the logging of day to day transactions (financial) of any enterprise or business in Bristol. This can include, but is not limited to;
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
- Monthly reconciliation and reports.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Recording invoices received and ensuring payment is completed on time.
- Billing of clients for work completed or goods.
- VAT recording and submissions.
- Documenting of all financial incomings; cash, card and electronic payments included.
In accordance with service level you're looking for, e.g. whether you're prepared to undertake the majority of bookkeeping work; a professional bookkeeper may only be necessary for double-checking your records every once in a while. This should really be monthly as a bare minimum, since this allows for any problems or mistakes to be discovered and amended speedily. This might be an extremely cost-effective trade-off, so long as you are confident of keeping in control of your financial transactions without affecting your everyday business activities.
Whatever your scenario, if you are looking to hire a bookkeeper there's a fair chance that you may be having problems with the financial recording side of your business in Bristol. To enable the seamless organisation of transactional data, a professional bookkeeping service will help you link the most suitable computer software to your accounts, and will offer advice and guidance on stuff like stocktaking, invoicing and preparing expense reports.
The ability to reconcile cash flow with accounts payable, is an especially crucial element of a good bookkeeper. Which means that instead of paying off a bill immediately, or waiting for an overdue notice, which a lot of small businesses are guilty of doing, your bookkeeper will schedule the payment of bills to a time when your finances are in good shape. As well as keeping your business enterprise financially sound, this also maintains your good standing with suppliers and companies who provide your business with services. Sadly, this is one of those balancing acts that can be hard to perform when you are firmly focussed on the streamlined running of your day to day business activities.
For your small business, or if you are a sole trader, using a professional bookkeeper in Bristol, presents you with the opportunity to have an eagle eye cast over your financial situation. This objective evaluation can permit them to notice business patterns and trends that might have otherwise gone unnoticed. It is not uncommon for a bookkeeper to identify an opportunity or flag an area where profits are decreasing. It's important for the future growth of any business enterprise in Bristol, to spot these key performance indicators (KPI's).
Having to pursue a late payment can be a fairly embarrassing scenario for you, if you give out invoices as part of your business operations. By having a professional outside your business bubble visit your customer or make that telephone call, some of that embarrassment can be removed. There are legal strategies a bookkeeper can use, if you've got problems with a repeating late payer, and these can help to clear up the situation before the matter 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 comparatively uncomplicated and easy to understand. Sole traders are expected to monitor income and expenditure from month to month and save all receipts and invoices. It's still recommended to hire the expertise of a competent bookkeeper, even if this might sound simple. So that you'll be able to claim back bonafide business expenses from HMRC, a professional sole trader bookkeeper in Bristol will be able to advise you on what you should do. This could include promotional advertising, printer ink, items such as laptops, stationery and bills and rent if working from home. Speak to a trusted bookkeeper for more detailed advice and see how they can help your business to prosper and grow.
ONLINE TRADERS IN BRISTOL
There are niches in bookkeeping where a specialist might be necessary. If multi-currency processing, online payment procedures, exchange rate transfers and cross-border and international taxes are involved, for example if you run a store online, you'll want to hire a bookkeeper in Bristol who understands these operations. If that same store sells goods that you hold or produce, then keeping track of stock on a 24/7 basis is a crucial priority, after all the internet never sleeps, so nor should your bookkeeping software or services.
In conjunction with bookkeeping services, it's also possible to supply a remote virtual office. This is valuable in allowing a sole trader or online only business to have a phone service and postal address to offer a physical link with their client base. If this sort of service could be useful, it's definitely worth discussing the possibilities, although this solution won't be offered by all bookkeepers in Bristol.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping qualifications are at Certificate or Diploma level, and it is not mandatory for a certified bookkeeper in Bristol to hold a degree in accounting. Although there's a variety of courses available online, bookkeeping qualifications can still be gained through further education universities and colleges, if that's the chosen route.
Representing bookkeepers, there are 2 main certification and training organisations:
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have been provided with a training schedule and advanced qualifications in bookkeeping. This then permits them to become a accredited AAT bookkeeper and assures a decent level of service which is backed up by the association. If an AAT bookkeeper has a complaint against them or is found to have contravened the code of conduct they can be subject to disciplinary and tribunal procedures to preserve the credibility of the AAT membership.
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation on the planet and provides accreditation to certified bookkeepers, together with reference material and training to keep their members up-to-date.
By viewing the register of ICB or ATT members on their respective websites, it is possible to check out the accreditations of any Bristol bookkeeper. Undertaking such checks is generally a good idea before you actually employ any bookkeeper in Bristol.
Bookkeeping services are available in Bristol and also in nearby places like: Broadmead, Redcliffe, Barton Hill, Temple Meads, College Green, Clifton, Bedminster, Cotham, Totterdown, Hotwells, St Philips, Lawrence Hill, and in these postcodes BS1 1DP, BS1 2AZ, BS1 3BA, BS1 3AE, BS1 3EQ, BS1 3EU, BS1 1DE, BS1 2BB, BS1 1EB, BS1 2AT. Local Bristol Bookkeepers will most likely have the phone code 0117 and the postcode BS1. Checking this will confirm that you are accessing locally based bookkeepers. Bristol sole traders and business owners are able to utilise these and numerous other comparable services.
What Are the Main Advantages of Using a Bookkeeper in Bristol Instead of an Accountant?
The following are a few reasons why you may prefer to use a bookkeeper in Bristol, rather than an accountant:
- Customisation: Bookkeepers can provide services that are tailored to a business's specific needs, unlike accountants who may have a more standard approach.
- Affordability: Bookkeeping services are frequently more budget-friendly in comparison to accounting services, making them an inexpensive option for startups, sole traders and small businesses.
- Accessibility: Bookkeepers are normally more available to answer questions and provide support on a regular basis than an accountant, who might only be available at certain times of the year.
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial transaction management and record-keeping, leading to greater efficiency and effectiveness in these tasks.
- Time Savings: By outsourcing their bookkeeping tasks, small business owners can save time and concentrate on other aspects of their business, such as marketing and sales.
It's vital to note that whileoffer valuable support, they may not have quite the same level of expertise or qualifications as an in areas such tax preparation or financial planning. In cases like this, seeking the services of an accountant may be necessary.
Bristol Bookkeeper Tasks
Most bookkeepers in Bristol will be able to provide you with the following bookkeeping and accounting services: cash flow analysis, bookkeeping for retail outlets, bank reconciliations Bristol, bookkeeping services for pubs, corporation tax returns, landlord bookkeeping, off-site bookkeeping services, letting agent bookkeeping, bookkeeping services for clubs in Bristol, bookkeeping for freelancers, tax returns, QUOTE FORM provided. We'll get back to you with specifics just as soon as we are able., , bookkeeping for restaurants, wages & PAYE, payment services in Bristol, in Bristol, franchise bookkeeping, in Bristol, VAT returns, mobile bookkeeping services, company cash books, partnership returns Bristol, bookkeeping for home-based businesses, profit & loss reports, general bookkeeping services, bookkeeping services Bristol, charity bookkeeping Bristol, accounting and bookkeeping services in Bristol, bookkeeping for tradesmen Bristol, and more. These are just some of the activities that are undertaken by local bookkeepers. Bristol companies will be delighted to keep you abreast of their entire range of bookkeeping services. If there are additional Bristol bookkeeper requirements that you want but can't see here, you can mention them on the
Bookkeepers Near Bristol
Also: Bedminster bookkeepers, Hotwells bookkeepers, Temple Meads bookkeepers, St Philips bookkeepers, Cotham bookkeepers, College Green bookkeepers, Totterdown bookkeepers, Barton Hill bookkeepers, Clifton bookkeepers, Broadmead bookkeepers, Redcliffe bookkeepers, Lawrence Hill bookkeepers and more.
- Cheap Bookkeeping
- Payroll Services
- Credit Control
- VAT Returns
- Self-Assessment Bookkeeping
- Self-Assessment Returns
- Profit and Loss Reporting
- PAYE and Wages
- Tax Preparation
- Bookkeeping Price Quotes
- Bookkeeping Services
- Small Business Bookkeeping
- Cash Flow Analysis
- Sole Trader Bookkeeping
Bookkeepers Around Bristol: People living in these nearby Bristol roads and streets have just recently enquired about bookkeeping services - Castle Gallery, The Folly, Baxter Close, Anstey Street, Doveswell Grove, Taylor Gardens, Albany Gate, Chalford Close, Back Of Kingsdown Parade, Algars Drive, Talbot Avenue, Deanna Court, The Island, Arch Grove, Scobell Rise, The Drive, Beazer Close, Battenburg Road, Beam Bridge, Barbour Gardens, Chapel Green Lane, Balmoral Road, Davis Close, Dial Lane, Cairns Road, Bartonia Grove, Devon Grove, Amercombe Walk, Albion Street, Albany Street, as well as these Bristol area postcodes: BS1 1DP, BS1 2AZ, BS1 3BA, BS1 3AE, BS1 3EQ, BS1 3EU, BS1 1DE, BS1 2BB, BS1 1EB, BS1 2AT.
To read local information relating to Bristol, UK click here
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Bookkeeping Jobs Bristol: Browse bookkeeping jobs near Bristol here: Bookkeeping Jobs Bristol
Bookkeepers in BS1 area, phone code 0117.
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