Bookkeepers Brixham Devon (TQ5): You're entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least six years, if you own a small business, operate an online store or are a sole trader in Brixham, in compliance with the 2006 Companies Act. Failing to produce these detailed records could leave you faced with a hefty fine and potentially Company Director disqualification. It can be more economical to employ a professional accountant or bookkeeping service to undertake this for you, since according to Accounting Today over 40% of small business owners spend at least 80 hours every year on their bookkeeping, which is a significant investment of time, and may be more effectively spent on actually running your business.
If the very thought of compiling balance sheets, tracking assets and liabilities, writing out ledgers or preparing profit, loss and financial statements brings you feelings of terror, then it is high time to contact a bookkeeper in Brixham for advice.
BOOKKEEPER OR ACCOUNTANT?
The first question that a lot of folks ask is "Just what is the distinction between a bookkeeper and an accountant?" The fact is, because of software improvements over the past decade many accountancy firms in the Brixham area will undertake bookkeeping, which was previously looked at as beneath their skill set, experience and qualifications. For many accountancy firms it's now fairly common to charge a fixed fee for bookkeeping services, to keep them consistent with the standard fees of a dedicated bookkeeper in Brixham. This means the cost of bookkeeping is cheaper than it previously was, and is good news for business owners in Brixham since it provides a greater variety of competition within this sector.
The amount of training and qualification required is the biggest difference between a bookkeeper and an accountant. At least a degree in accounting with further training in taxation and other business and financial management, will typically be held by an accountant. Althoughin Brixham will certainly have a decent understanding of these skills, they may not have the same levels of experience and training in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The process of bookkeeping in the simplest of terms, is to record the day to day transactions of any business enterprise in Brixham. This will include;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Documenting invoices received and making certain payment is completed on time.
- The billing of customers for goods or work completed.
- Documenting of all financial incomings; cash, electronic and card payments included.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- Monthly reports and reconciliation.
- Payroll services.
- VAT recording and submissions.
Subject to the level of service you require, a bookkeeper might just be needed to periodically double-check your records, if you're willing to perform the larger part of bookkeeping work yourself. To allow for any problems or mistakes to be uncovered and corrected quickly, this should really be every month at the bare minimum. This trade-off can often be the most cost-effective option if you're confident of staying on top of your day by day financial transactions and business activities.
Whatever the scenario is with your small business, if you are currently thinking of hiring a bookkeeping firm in Brixham, it is fairly likely that you could be fretting over the process of financial recording and tax returns. A decent bookkeeping company will be able to assist you in linking the most suitable software with your business accounts to enable the seamless sorting of financial data, and will offer assistance with things like producing expense reports, invoicing and stocktaking.
An extremely important aspect of good bookkeeping is being able to reconcile accounts payable with cash flow. Which means that rather than paying off a bill immediately, or waiting for a final notice, which many small businesses in Brixham are guilty of, your bookkeeper will organise the payment of bills to times when your finances are buoyant and in good shape. This does not just keep you in the good books of suppliers and those people who supply services to you, but also ensures that your business is on a secure financial footing. This is a balancing act that you may find tough to perform as an individual when you're completely focussed on the operation of your company.
If you are a sole trader, or operate a small business, using a professional bookkeeper in Brixham, also gives them the chance to cast an unrelated eye over the running of your business. It could be that business patterns and trends that you may have overlooked will thus be highlighted. A bookkeeper identifying an opportunity or flagging an area where profits are falling, is not at all uncommon. Such key performance indicators (KPI's) are crucial in driving growth for any small business in Brixham.
Having to pursue late payments can be a fairly awkward situation for you, if you send out invoices in your business operations. Some of that awkwardness can be removed by having somebody outside your business bubble make that telephone call or visit to your customers. If you've got a persistent late payer there are legal options a professional bookkeeper can make use of to help to clear up the situation before the issue winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty straightforward bookkeeping requirements for sole traders, that are laid out by law. It's required that sole traders must monitor expenditure and income from month to month and save all receipts and invoices. It is still recommended that you hire the expertise of a bookkeeper, although this may sound simple. When working through your income tax returns, a professional sole trader bookkeeper in Brixham will be able to advise you on what your legitimate business expenses are, and claim these back from HMRC each year. This could include items such as laptops, advertising, consumables, rent and bills if working from home and stationery. If you'd like to get more comprehensive advice, and learn how your business can grow moving forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS IN BRIXHAM
There are some business niches where a specialist bookkeeper might be needed. If international and cross-border taxes, online payment procedures, multi-currency processing and exchange rate transfers are involved, for example if you operate an online store, you'll be wise to hire a bookkeeper in Brixham who is familiar with these practices. Keeping track of your stock on a 24/7 basis is also an important priority, if the same store sells goods that you produce or hold, after all the internet never sleeps, therefore nor should your bookkeeping services and software.
It's also possible to provide a remote virtual office, that can be utilised in combination with your bookkeeping package. This allows an online only business or sole trader to have a postal address and phone service to provide a physical connection to their clients. If this kind of service could be useful, it is definitely worth talking about the possibilities, although this option will not be provided by all bookkeeping companies in Brixham.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping industry qualifications are at Certificate or Diploma level, and it's not mandatory for a certified Brixham bookkeeper to hold an accounting degree. Qualifications can be obtained via further education colleges and universities but there's also an ever-increasing variety of courses offered online.
To provide certification and training for bookkeepers, there are basically 2 primary organisations of interest:
The AAT or Association of Accounting Technicians: With fully certified members entitled to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. This then allows them to become a authorised AAT bookkeeper and promises a high level of service which is backed by the association. To preserve the trustworthiness of the AAT, if an AAT bookkeeper is found to have broken the code of conduct or has a complaint against them, they will be liable to tribunal and disciplinary processes.
The ICB or Institute of Certified Bookkeepers: Keeping their members current with the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind on the planet, providing certification for bookkeepers, along with reference material and training.
By going to their websites, it's possible to check the register of ICB or ATT members, to find the qualifications of any Brixham bookkeeper. It is always a good idea to implement this check, before you use any professional bookkeeper in Brixham.
Bookkeeping services are available for people living in in Brixham and also nearby in: Woodhuish, Maypool, Dittisham, Higher Brixham, East Cornworthy, Boohay, Kingsweir, Greenway, Tweenaway, Coleton, Churston Ferrers, Galmpton, and in these postcodes TQ5 0DX, TQ5 5AL, TQ5 8DZ, TQ5 8AP, TQ5 0DP, TQ5 0SJ, TQ5 8JZ, TQ5 8BN, TQ5 8HB, TQ5 8HU. Local Brixham Bookkeepers will probably have the telephone code 01803 and the postcode TQ5. Checking this will ensure that you're accessing local bookkeepers. Brixham sole traders and business owners will be able to benefit from these and various other comparable services.
Outsourced Bookkeeping Brixham
All businesses in Brixham should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, their payables/receivables, the money left in their bank account, and more. With the owner of the business having to handle a lot of concerns and issues while operating a business, the task of performing the bookkeeping is normally outsourced to a bookkeeping company or freelance bookkeepers in Brixham.
If a company in Brixham hires a bookkeeper in order to become an employee, the company will be required to fork out a substantial amount of money in training that person for the purpose of performing the bookkeeping duties. Furthermore, there is no guarantee that the person will stay for long in the company. In those circumstances, the company stands to lose a significant sum of money for very little return. Besides that, companies will need to seek out solutions to provide incentives and benefits to keep the trained employee within the business. These are just some of the reasons why business organisations choose to enlist the services of bookkeeping companies and professional bookkeepers in Brixham.
Business owners in Brixham can look for the following options with the bookkeeping company that provides outsourcing services. Find out and check how much savings he can enjoy by outsourcing the bookkeeping work. Seeing as the expenses related to hiring and training in-house staff is a significant concern, it would be wise on the part of business owner in Brixham to look for an outsourcing company that can offer good savings. Try to get first hand information regarding the methods and systems employed by the company involved in bookkeeping services. It is very important to get high quality accounting services and greater security for your financial data. By quality, we mean reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Brixham should have a well protected system that can be relied on and trusted.
Brixham Bookkeeper Questions
One day last week I was going through the most commonplace questions people in Brixham ask with regards to bookkeepers. A number of you have mailed in some interesting questions that I thought might be applicable to this article. The ones I picked out are, Who can be a bookkeeper? Can you do bookkeeping on excel? Why is bookkeeping important for a small business? How much will a bookkeeper charge? Does a bookkeeper have to be registered? How can I get bookkeeper in Brixham? Where can I find a bookkeeper in Brixham? Can a bookkeeper become an accountant? What are the advantages of a bookkeeper over an accountant? Most of these questions hopefully have been covered on this webpage, and if some remain unanswered a bookkeeping "Q&A" feature is going to be added any day now. We are grateful to Rayan Miller, Carson Ryan, Krish Higgins and Sadie Connolly from Brixham, for raising these questions. We also received offerings from Adeline Norton in Churston Ferrers, Jonathan Buchanan in Tweenaway and Hazel Lawton in East Cornworthy.
Brixham Bookkeeper Tasks
Most Brixham bookkeepers will be able to offer you the following services: bookkeeping for tradesmen, bookkeeping for freelancers, QUOTE FORM provided. We'll be in touch with information just as soon as we are able., cash flow analysis in Brixham, , Brixham, bookkeeping services for charities, bookkeeping for payroll, corporation tax returns Brixham, bookkeeping for societies, bookkeeping for restaurants, maintaining fixed asset registers, bookkeeping services, Brixham, bank reconciliation, PAYE & wages in Brixham, company cash books, invoice processing, bookkeeping for home-based businesses in Brixham, management reports, bookkeeping estimates, small business bookkeeping Brixham, VAT returns, tax return preparation Brixham, general bookkeeping services in Brixham, Kashflow bookkeeping Brixham, off-site bookkeeping, bookkeeping services for small businesses, Self-Assessment tax returns, bookkeeping services for organisations, and more. These are just an example of the tasks that are carried out by local bookkeepers. Brixham companies will be happy to inform you of their full range of bookkeeping services. If there happen to be different Brixham bookkeeper requirements that you want but can't see here, you should list them on the
Bookkeepers Near Brixham
Also: Maypool bookkeepers, Higher Brixham bookkeepers, Tweenaway bookkeepers, Dittisham bookkeepers, East Cornworthy bookkeepers, Kingsweir bookkeepers, Greenway bookkeepers, Coleton bookkeepers, Churston Ferrers bookkeepers, Woodhuish bookkeepers, Boohay bookkeepers, Galmpton bookkeepers and more.
- Double-Entry Bookkeeping
- Payroll Services
- Self-Assessment Returns
- Cash Flow Management
- Profit and Loss Analysis
- Self-Assessment Bookkeeping
- Invoice Processing
- VAT Returns
- Sole Trader Bookkeeping
- Bookkeeping Services
- Small Business Bookkeeping
- Tax Preparation
- Cheap Bookkeeping
- Wages and PAYE
Bookkeepers Around Brixham: People who live in these Brixham roads have just recently inquired about bookkeeping services - Golden Close, St. Peters Hill, South Furzeham Road, Prospect Steps, Great Rea Road, Huccaby Close, Middle Street, Broad Steps, South Furzeham Road, Summerlands Close, Higher Manor Road, King Street, Queens Steps, Durleigh Road, St. Marys Hill, Greenover Close, Briseham Road, Briseham Quarry, Longcroft Drive, Pavilions Close, Market Street, Greenover Road, Cumberland Green, Mount Pleasant Road, New Road, Brimlands, Belmont Road, Eden Close, Vicarage Close, Heather Way, Ocean View Drive, Wall Park Close, Lower Manor Road, Lower Rea Road, as well as the following Brixham area postcodes: TQ5 0DX, TQ5 5AL, TQ5 8DZ, TQ5 8AP, TQ5 0DP, TQ5 0SJ, TQ5 8JZ, TQ5 8BN, TQ5 8HB, TQ5 8HU.
To find out local information regarding Brixham, Devon check here
Brixham Bookkeeping Jobs: Find bookkeeping jobs near Brixham by clicking here: Bookkeeping Jobs Brixham
Bookkeepers in TQ5 area, (dialling code 01803).
Bookkeeping Services Brixham - Double-Entry Bookkeeping Brixham - Bookkeeping Brixham - Sole Trader Bookkeepers Brixham - Bookkeeper Brixham - Sage Bookkeeping Brixham - Sole Trader Bookkeeping Brixham - Bookkeeping Quotes Brixham - Self-Assessment Tax Returns Brixham