Bookkeepers Broadstairs Kent (CT10): For any person in Broadstairs who acts as a sole trader, operates an online store or runs a small business, it's their sole responsibility to keep "true and fair", accurate accounting and financial records for a minimum of six years. This is laid out by the Companies Act (2006). You might face a hefty fine, and possibly Company Director disqualification, if you are unable to produce this information. There is a large investment of time involved with preparing such financial recordings yourself, and it is often better to employ a professional bookkeeping company or accountant, as according to the magazine Accounting Today over forty percent of small business owners spend at least eighty hours every year doing their bookkeeping.
If the thought of producing balance sheets, preparing profit, loss and financial statements, filling out ledgers or tracking assets and liabilities brings you feelings of dread, then it's high time to get in touch within Broadstairs for help and advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that many small business owners ask is "Just what is the difference between an accountant and a bookkeeper?" The truth is that although in the past the process of bookkeeping, was regarded as beneath the qualifications, skill-sets and experience of an accountant, due to software improvements over the past decade or so, most accountancy firms in the Broadstairs area will now take on bookkeeping tasks. It's common practice for accountancy companies to have a fixed fee for bookkeeping services commensurate with a typical. This is fantastic news for business owners in Broadstairs since it offers a broader range of competition within the industry and can make the cost of your bookkeeping cheaper than previously imagined.
When you're considering the differences between a bookkeeper and an accountant in Broadstairs, the most notable one is the amount of qualification and training that is necessary for each of these disciplines. Anwill, at a minimum, hold an accounting degree, and will have also had specialist training in financial and business management, and taxes. While possibly not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Broadstairs will definitely have a fair grasp of all such procedures.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily transactions of any business in Broadstairs, describes the act of bookkeeping in simple terms. This could include, but isn't limited to;
- Recording of all financial incomings; card, cash and electronic payments included.
- Documenting invoices received and ensuring that payment is completed promptly.
- Billing of clients for work completed or goods.
- Making sure that double-entry bookkeeping and accounting practices are followed.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT recording and submissions.
- Monthly reconciliations and reporting.
Whilst it is dependent on the type of service you're interested in, if you are able to undertake most of bookkeeping work yourself, a professional bookkeeper might just be needed to double check your figures periodically. At the bare minimum this should be every month, to facilitate the quick detection and rectification of any mistakes or problems. This might be the most cost-effective trade-off, as long as you're able to stay on top of your financial transactions without impacting on your day by day trading tasks.
It is fairly likely that if you are looking at hiring a bookkeeper in Broadstairs, you're currently getting stressed about the financial recording aspects of your small business. A good bookkeeping service will help you out with everything from preparing expense reports, invoicing and stocktaking, to linking your accounts with the latest software to seamlessly process all of your financial data.
An especially crucial element of a good bookkeeper is being able to reconcile cash flow with accounts payable. Which means that instead of paying off a bill straight away, or waiting on a final notice, which many small businesses in Broadstairs are guilty of at some time or other, your bookkeeper will prioritise the payment of bills to a time when your accounts are in good order. This is not only to make sure that your business is financially secure at all times, but also to keep you in favour with those businesses who provide your materials or services. When, as an individual, you're completely focussed on the smooth running of your everyday business activities, this can be a balancing act that is difficult to accomplish.
For your small business enterprise, or if you are a sole trader, using a competent bookkeeper in Broadstairs, presents you with the opportunity to have an eagle eye cast over your financial situation. Business patterns and trends that you might have disregarded may be highlighted by this sort of independent appraisal. A bookkeeper spotting an opportunity or flagging up an area which is plummeting in profits, is not at all unheard of. It is important for driving the growth of any enterprise in Broadstairs, to spot these key performance indicators.
Pursuing a late payment can be a fairly uncomfortable situation for you, if you send out invoices in your business operations. If that visit to your customers or phone call is done by an independent person outside your normal business bubble, it's possible for most of that awkwardness to be taken away. A professional bookkeeper can use legal techniques to take care of a consistent late payer, and without having to resort to claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are pretty straightforward and simple. A sole trader is required to keep track of expenditure and income from month to month and keep all receipts and invoices. Although this might initially sound fairly simple, retaining the services of a bookkeeper is still advisable. When working through your tax returns, a specialist sole trader bookkeeper in Broadstairs will be able to advise you on what your valid business expenses are, and make certain these are claimed back from HMRC each year. This could include consumables, rent and bills if you work from home, stationery goods, advertising and items such as computers. If you would like to get more in-depth advice, and discover how your business can grow going forward, chat to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS IN BROADSTAIRS
There are certain niche areas in bookkeeping where the expertise of a specialist may be essential. By way of example, if you run a store online, you will be wise to employ a bookkeeper in Broadstairs who understands exchange rate transfers, cross-border and international taxes, online payments and multi-currency processing. Controlling stock on a 24/7 basis is also a crucial priority, if that same store sells goods that you hold or produce, as I'm sure you'll be aware the internet never sleeps, so nor should your bookkeeping services and software.
Together with bookkeeping services, it's also possible to provide a remote virtual office. This enables an online only business or sole trader to offer a physical link with their customers, via a telephone service and postal address. Not all bookkeeping companies in Broadstairs will be willing to supply this solution, however it's worthwhile talking about if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Broadstairs bookkeeper needn't have a university degree and a good many this sector's qualifications are at Diploma or Certificate level. Bookkeeping qualifications can be obtained via further education universities and colleges but there is also a range of courses available online.
To provide training and certification for bookkeepers, there are basically two principal organisations of interest:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers (ICB) is the largest on the planet and supplies accreditation to certified bookkeepers, in addition to training and reference material to keep their associated members informed about the latest trends and developments.
The AAT or Association of Accounting Technicians: With certified members being able to use the letters AATQB after their name, the Association of Accounting Technicians or AAT provides advanced qualifications and training. They can then become certified AAT bookkeepers, backed up by this organisation, which assures a certain standard of service for their customers. To protect the values and integrity of the AAT, if an AAT bookkeeper is found to have breached the code of conduct or has a complaint filed against them, they will be liable to disciplinary and tribunal procedures.
The accreditations of any bookkeeper can be checked on the register of ICB or ATT members on their websites. Implementing this check is highly recommended before you use the services of any bookkeeper in Broadstairs.
Broadstairs Bookkeeper Tasks
Most Broadstairs bookkeepers will be willing to provide you with the following bookkeeping and accounting services: bookkeeping for societies, tax returns, Quickbook bookkeeping services, accountancy packages in Broadstairs, invoice processing, maintaining fixed asset registers, PAYE & wages Broadstairs, cash flow analysis Broadstairs, bookkeeping for startups, bookkeeping for limited companies, corporation tax returns, cash books, bookkeeping services for freelancers, charity bookkeeping Broadstairs, profit & loss reports, general bookkeeping services, Self-Assessment tax returns, bookkeeping for self-employed people, QUOTE FORM provided. We'll get back to you with information just as soon as we can., landlord bookkeeping, independent bookkeeping services, bank reconciliations, VAT returns, , financial statement preparation, bookkeeping and accounting services in Broadstairs, bookkeeping services for pubs Broadstairs, payment services, bookkeeping for home-based businesses, bookkeeping services for organisations, and more. These are just a few of the tasks that are accomplished by local bookkeepers. Broadstairs companies will be happy to inform you of their whole range of bookkeeping services. If there happen to be additional Broadstairs bookkeeper requirements that you want but don't see here, you should list them on the
Bookkeepers Near Broadstairs
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