Bookkeepers Bristol UK (BS1): For anybody in Bristol who runs an online store, operates a small business or acts as a sole trader, it is their sole responsibility to maintain accurate, "true and fair" financial and accounting records for a minimum of six years. This is in accordance with the Companies Act. If you're unable to produce such information you may face a fine of thousands of pounds and possible Company Director disqualification. You can complete these financial records on your own, but when you think about the fact that according to the magazine Accounting Today over 40% of small businesses spend over 80 hours each year on their bookkeeping duties, it is often better to use a professional accountant or bookkeeper.
It's high time to contact a bookkeeper in Bristol for advice and guidance, if the idea of writing ledgers, tracking liabilities and assets, producing balance sheets or creating profit, loss and fiscal reports brings you feelings of panic.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between a bookkeeper and an accountant?" Is a question that's asked by a lot of business owners in Bristol. At one time it was typically looked at as to be beneath the skill set, experience and qualifications of an accountant to do bookkeeping, however due to software developments over the past decade or so, many bookkeeping duties will now be carried out by accounting companies in the Bristol area. It is fairly common for many accountancy firms to have a flat rate for bookkeeping services in keeping with an independent bookkeeper's fee. This is good news for business owners since it generates a wider variety of competition within this sector and can make your bookkeeping cheaper than initially thought.
The main difference of an accountant over a bookkeeper is the level of qualification and training needed. At least a degree in accounting with additional training in the field of taxes and other financial and business management, will generally be held by an accountant. While having an understanding of these fiscal procedures, a bookkeeper in Bristol may not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN BRISTOL
The bookkeeping process in simple terms, is to record the daily transactions of any business or enterprise in Bristol. This will likely include, but is in no way limited to;
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Monthly reconciliations and reporting.
- Documenting invoices received and making certain payment is completed punctually.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- VAT submissions and recording.
- Documenting of all financial incomings; including cash, card and electronic payments.
- Payroll services.
- The billing of clients for goods or work completed.
If you are able to do most of your bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your accounts every once in a while. To enable any problems or mistakes to be found and amended swiftly, this should be on a monthly basis as a bare minimum. If you're confident of keeping on top of your day by day trading and financial transactions, this compromise can sometimes be the most cost effective.
Whatever the scenario is with your business or company, if you're currently looking to hire a bookkeeper in Bristol, it's a good bet that you could be getting stressed about the process of recording your financial details. A decent bookkeeping service will be able to offer guidance and advice on everything from invoicing, stocktaking and producing expense reports, to linking your business accounts with the most up-to-date software to allow the seamless pull-through of data.
An especially important element of a good bookkeeper is the ability to reconcile cash flow with accounts payable. Which means that rather than waiting for an overdue notice, which many small businesses are guilty of at some time or other, or paying off a bill right away, your bookkeeper will optimise bill payments to times when your accounts are buoyant and in good order. This is not only to ensure your business or enterprise is on a secure financial footing all the time, but also to keep you in good stead with those people who supply your materials or services. When you are firmly focussed on the operation of your company, this is a balancing act that can be challenging to perform on your own.
If you're a sole trader, or own a small business, employing a professional bookkeeper in Bristol, also gives them the opportunity to cast an expert eye over the running of your business. Business patterns and trends that you may have overlooked might be highlighted by this sort of objective evaluation. It's not unheard of for a bookkeeper to spot an opportunity or flag an area of the business which is falling in profits. It's crucial for the growth of any business enterprise in Bristol, to spot such key performance indicators.
If invoices are sent out by your company it can often be embarrassing having to chase up a late payment. If that telephone call or visit to your customers is carried out by an individual outside your business situation, it's possible for most of that apprehension to be taken away. A bookkeeper can make use of legal solutions to take care of a consistent late payer, and without having to resort to court proceedings, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably basic sole trader bookkeeping requirements, that are set out in law. This involves retaining all receipts and invoices relating to the business, and tracking income and expenditure on a monthly basis. Although this might initially sound quite simple, retaining the expert services of a bookkeeper is still a good idea. Offering advice on what genuine business expenses you may be able to claim back, a specialised sole trader bookkeeper in Bristol will deal with HMRC on your behalf. This may include consumables, rent and bills if working from home, promotional advertising, items such as laptops and stationery goods. Talk to your local bookkeeper for more comprehensive advice and learn how they may be able to help your business to grow.
BOOKKEEPING FOR ONLINE TRADERS IN BRISTOL
Some small businesses that operate in niche markets, might need to retain the services of a specialist bookkeeping service. If multi-currency processing, online payments, cross-border and international taxes and exchange rate transfers are involved, for example if you operate an online store, you'll need a bookkeeper in Bristol who understands these practices. Supervising inventory on a 24 hours a day basis is also a major priority, if the same outlet sells goods that you hold or produce, after all the internet does not sleep, therefore neither should your bookkeeping software or services.
In conjunction with bookkeeping services, it's also possible to provide a remote virtual office. Offering a physical link with their buyers, this enables an online only business or sole trader to have a postal address and telephone service. Although this option might not be supplied by all Bristol bookkeeping businesses, it's certainly worth discussing the possibilities if this is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Certificate and Diploma level, and a qualified bookkeeper in Bristol needn't hold a degree. If the preferred route to qualification is through further education colleges and universities, this is still a possibility, whereas there there is an ever-growing number of online bookkeeping courses.
Bookkeepers are represented by 2 main training and certification organisations:
The ICB or Institute of Certified Bookkeepers: The largest organisation of its kind on the planet is the the Institute of Certified Bookkeepers (ICB), and it supplies certification for bookkeepers, along with training and reference material to keep their members informed about the latest trends and innovations.
The AAT (Association of Accounting Technicians): The AAT (Association of Accounting Technicians) provides advanced qualifications and a training schedule entitling fully certified members to use the letters AATQB. They're then able to become certified AAT bookkeepers, which assures their customers a certain level of service which is backed up by the organisation. To preserve the values and integrity of the AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of practice they will be subject to disciplinary and tribunal procedures.
By viewing the register of AAT or ICB members on their respective websites, it's possible to check out the qualifications of any professional Bristol bookkeeper. Before you hire any local bookkeeper in Bristol it is advised to carry out this check.
Bookkeeping services are available in Bristol and also in nearby places like: St Philips, Temple Meads, Cotham, Barton Hill, Clifton, Bedminster, Broadmead, Hotwells, Redcliffe, Lawrence Hill, Totterdown, College Green, together with these postcodes BS1 1PN, BS1 1YE, BS1 1YH, BS1 2HW, BS1 1JS, BS1 2DS, BS1 3BE, BS1 2HR, BS1 1RB, BS1 1JX. Locally based Bristol Bookkeepers will probably have the postcode BS1 and the dialling code 0117. Checking this out should ensure that you access locally based bookkeepers. Bristol sole traders and business owners are able to utilise these and many other related services.
Outsourced Bookkeeping Bristol
All businesses in Bristol should understand the significance of bookkeeping. It helps business people monitor the total value of their assets and liabilities, their outgoings and incomings, the money left in the bank, and the like. With the business owner having to deal with a lot of concerns and issues while operating a business, the task of undertaking the bookkeeping is typically outsourced to freelance bookkeepers or a bookkeeping company in Bristol.
If a company in Bristol hires a bookkeeper in order to join their ranks, the company will have to spend a considerable amount of money in training the individual for the purpose of carrying out the bookkeeping duties. In addition to that, there is no guarantee that the individual will stay for long in the company. In those circumstances, the company will have squandered a significant sum of money for very little return. As well as that, firms will need to look for ways and means to provide incentives and benefits to keep the fully trained employee in house. These are a few of the reasons why businesses quite often enlist the services of bookkeeping companies and professional bookkeepers in Bristol.
Franchise bookkeeping Bristol.
Bristol Bookkeeper Tasks
Most Bristol bookkeepers will be prepared to provide you with the following bookkeeping and accounting services: payment services, bookkeeping services for sole traders, bookkeeping for restaurants, Self-Assessment tax returns, bookkeeping services for small business, management accounts, bookkeeping for retail outlets, bookkeeping quotes Bristol, Sage bookkeeping services, QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able., mobile bookkeeping services in Bristol, bookkeeping for home-based businesses in Bristol, bookkeeping for startups, PAYE & wages, letting agent bookkeeping Bristol, bookkeeping services, bookkeeping for shops, bookkeeping for charities, off-site bookkeeping, bookkeeping services for self-employed people Bristol, partnership tax returns in Bristol, tax preparation in Bristol, accountancy packages, corporation tax returns, professional bookkeeping services, cash flow analysis in Bristol, business bookkeeping, Quickbook bookkeeping services, and more. Listed are just a few of the activities that are carried out by local bookkeepers. Bristol professionals will be delighted to keep you abreast of their entire range of bookkeeping services. If there are additional Bristol bookkeeper requirements that you need but cannot see here, you can list them on the
Bookkeepers Near Bristol
Also here.: Redcliffe bookkeepers, Temple Meads bookkeepers, Cotham bookkeepers, Bedminster bookkeepers, Hotwells bookkeepers, Lawrence Hill bookkeepers, St Philips bookkeepers, Barton Hill bookkeepers, Broadmead bookkeepers, College Green bookkeepers, Clifton bookkeepers, Totterdown and more. Most of these places are covered by local bookeepers. Bristol residents can get prices for bookkeeping services by clicking
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Bookkeepers Around Bristol: People living in these local Bristol areas have just recently inquired about bookkeeping services - Armada Place, Cattybrook Road North, Salisbury Street, Tailors Court, Abingdon Road, Baxter Close, Battle Lane, Balmoral Court, Alexander Way, Scot Lane, Dennisworth, Beckspool Road, Sandcroft, Bampton Close, Abbey Close, Andruss Drive, Davies Drive, Badminton Road, Sheridan Road, Algars Drive, Alfred Lovell Gardens, Bath Road, Shelley Way, Sandringham Road, Sandburrows Walk, Tereslake Green, Saltmarsh Drive, Dowland Grove, Sallysmead Close, Score Lane, as well as the following Bristol area postcodes: BS1 1PN, BS1 1YE, BS1 1YH, BS1 2HW, BS1 1JS, BS1 2DS, BS1 3BE, BS1 2HR, BS1 1RB, BS1 1JX.
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To obtain local information regarding Bristol, UK go here
Bookkeepers in BS1 area, phone code 0117.
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