Bookkeepers Bromley Greater London (BR1): Regardless of whether you are a sole trader, run a small business or operate an online store in Bromley, you're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for a minimum of six years as stated by the Companies Act. You could face a fine of thousands of pounds, and perhaps Company Director disqualification, if you cannot produce such records. It is often better to employ a professional accountant or bookkeeping company to undertake this for you, given that according to the trade magazine Accounting Today over forty percent of small business owners spend over 80 hours per year on their bookkeeping, which is a considerable investment of time, and may be better spent on actually running your business.
If the very thought of writing out ledgers, compiling balance sheets, preparing profit, loss and fiscal reports or tracking liabilities and assets brings you feelings of panic, then it's time to contact a bookkeeper in Bromley for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
For many people in Bromley, the first question that springs to mind when facing this predicament is "Just what is the distinction between a bookkeeper and an accountant?" The fact is that even though in the past the process of bookkeeping, was looked at as beneath the experience, qualifications and skill-sets of an accountant, because of tremendous software improvements over the past ten years, a lot of accountancy firms in Bromley will now undertake bookkeeping tasks. A lot of accounting firms now charge a set fee for bookkeeping services, to keep them commensurate with what a typical bookkeeper in Bromley would usually charge. Business owners are now benefiting from this, since it generates a broader range of competition within this sector and can make the cost of bookkeeping much more affordable than it would previously have been.
When you are thinking about the differences between an accountant and a bookkeeper in Bromley, the main one is the standard of qualification and training that is needed for each discipline. Typically holding an accounting degree, a professional accountant will also have had further training in tax preparation and have qualifications in business and financial management. Whilst likely not holding the same financial qualifications, or having this level of training and experience, a bookkeeper in Bromley will certainly have a decent understanding of all these disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, the bookkeeping process involves the logging of day by day monetary transactions of any business in Bromley. This will include, but isn't limited to;
- Documenting invoices received and ensuring that payment is completed by the due date.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
- VAT submissions and recording.
- Recording of all financial incomings; cash, electronic and card payments included.
- Payroll services.
- Monthly reports and reconciliation.
- Billing of clients for work completed or goods.
While it depends on the extent of the service you're looking for, if you're happy to perform the bulk of bookkeeping work yourself, a bookkeeper may only be needed to double check your records periodically. This should really be done from month to month at the bare minimum, as this allows for any problems or mistakes to be detected and rectified promptly. This could be an extremely cost-effective trade-off, providing it is possible to stay up-to-date with your monetary transactions without affecting your daily trading duties.
There's a fair chance that if you are thinking of hiring a bookkeeping service in Bromley, you're currently stressed with the financial recording aspects of your small business. To enable the seamless pull-through of transactional data, a good bookkeeping service will help you to link the latest computer software to your accounts, and will give advice on such things as stocktaking, creating expense reports and invoicing.
One of the most vital aspects of good bookkeeping, is being able to efficiently reconcile cash flow with accounts payable. Which means that rather than paying a bill right away, or waiting for an overdue notice, which most small businesses are guilty of, your bookkeeper will schedule the payment of bills to times when your accounts are in good order. This doesn't just keep you in favour with suppliers and those people who supply services to you, but also ensures that your business enterprise is on a sound financial footing. This is a juggling act that can be challenging to accomplish as an individual when you're mostly focussed on running your company.
If you are a sole trader, or run a small business, employing a competent bookkeeper in Bromley, also gives them the opportunity to cast an expert eye over the financial dealings of your business. This independent appraisal can allow them to discover business trends and patterns that might have gone unnoticed. A scenario where a clever bookkeeper flags an area of the business where profits are dropping, or spots a new opportunity which could be worthwhile, is by no means an uncommon occurrence. It is important for the growth and success of any business in Bromley, to spot these key performance indicators (KPI's).
If your business sends out invoices it can often be humiliating having to chase up a late payment. By having an individual outside your normal business bubble make that telephone call or visit to your client, some of that awkwardness can be eliminated. A bookkeeper can make use of legal solutions to handle a persistent late payer, and without having to resort to claims court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the bookkeeping requirements, as set out in law, are fairly straightforward. It's required that a sole trader should keep records of income and expenditure on a month by month basis and keep all invoices and receipts. While this may sound simple enough it is still a good idea to hire the expertise of a bookkeeping company. When working through your tax returns, a professional sole trader bookkeeper in Bromley will be able to advise you on what your legitimate business expenses are, and claim these back from HMRC. This may include printer ink, advertising expenses, bills and rent if you work from home, items such as laptops and stationery. Speak to a trusted bookkeeper for more in-depth advice and discover how they can help your business to grow.
BOOKKEEPING FOR ONLINE TRADERS IN BROMLEY
Certain businesses that operate in niche areas, may need to employ a specialised bookkeeper. If you manage an online store for instance, you will require a bookkeeper in Bromley who is familiar with exchange rate transfers, international and cross-border taxes, online payments and multi-currency processing. If that same store sells goods you hold or produce, then supervising your stock on a 24/7 basis is a vital concern, as I'm sure you will appreciate the internet never sleeps, therefore neither should your bookkeeping services and software.
In combination with your bookkeeping service, a remote virtual office can also be supplied. This allows a sole trader or online only business to provide a physical link with their clients, via a telephone service and postal address. If this kind of service could be useful, it is definitely worth discussing the possibilities, although this option will not be supplied by all bookkeepers in Bromley.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Diploma and Certificate level, and a professional bookkeeper in Bromley need not hold a degree. If the chosen route to qualification is through further education universities and colleges, this possibility is still available, whereas there there is a range of bookkeeping courses available online.
There are basically two key organisations that provide certification and training for bookkeepers:
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest on the planet and supplies accreditation to certified bookkeepers, together with reference material and training to keep their associated members up-to-date.
The Association of Accounting Technicians or AAT: Able to use the letters AATQB, a fully trained member of the AAT or Association of Accounting Technicians will have been provided with advanced qualifications and a training schedule in bookkeeping practice. This then entitles them to become a accredited AAT bookkeeper and assures a level of service which is backed by the organisation. To preserve the trustworthiness of the AAT, if a bookkeeper who's a member of the AAT has a complaint filed against them or is found to have broken the code of conduct they will be subject to disciplinary and tribunal processes.
It's possible to check the qualifications of any bookkeeper on the register of AAT or ICB members on their websites. Carrying out these checks is always advised before you actually employ any bookkeeper in Bromley.
Bookkeeping services are available in Bromley and also in: Sundridge, Keston, Petts Wood, Spring Park, Downham, Elmers End, New Bekenham, Orpington, Crofton Park, Beckenham, Bickley, Hayes, Shortlands, West Wickham, Chislehurst, Lee, and in these postcodes BR1 1QA, BR1 1LT, BR1 1HN, BR1 1DD, BR1 1DN, BR1 1HW, BR1 1JW, BR1 1NA, BR1 1LF, BR1 1TS. Locally based Bromley bookkeeper services will most likely have the postcode BR1 and the telephone dialling code 020. Checking this should make sure that you access local bookkeepers. Bromley sole traders and business owners will be able to benefit from these and various other bookkeeping related services.
Bromley Bookkeeper Questions
Over the last few weeks I have been examining the most common questions that folks ask in relation to bookkeepers in Bromley. A good few of our visitors submitted useful questions that I thought might be worth a mention here. The most pertinent ones seemed to be, What are the benefits to hiring a bookkeeper? What qualifactions are needed to become a bookkeeper? Can a bookkeeper prepare tax returns? How much do bookkeeping services cost? Does a bookkeeper need a license? When should I hire a bookkeeper? Who can be a bookkeeper? Where can a bookkeeper work? Are accountants bookkeepers? The vast majority of these enquiries hopefully have been answered on this page, and if some still need to be dealt with a bookkeeping "Questions and Answers" feature is a feature we'll be including soon. Our thanks go to Theodore Cox, River Hawkins, Edmund Sutton and Angelina Johnstone from Bromley, for taking the time to present their excellent questions. We were also grateful to receive appropriate enquiries from Arianna Lyons in Crofton Park, Mark Kane in Shortlands and Sofia Oakley in New Bekenham.
Bromley Bookkeeper Tasks
Most bookkeepers in Bromley will be prepared to provide you with the following services: corporation tax returns Bromley, accountancy packages, cash flow analysis, bookkeeping for charities, bookkeeping for clubs in Bromley, bookkeeping for shops in Bromley, personal tax returns Bromley, tax preparation, bookkeeping for payroll, Sage bookkeeping, bookkeeping services for tradesmen, Self-Assessment tax returns, Kashflow bookkeeping in Bromley, payment services, bookkeeping for restaurants Bromley, accounting and bookkeeping, credit control, management reports in Bromley, bookkeeping services for pubs, independent bookkeeping services in Bromley, bookkeeping for freelancers in Bromley, bookkeeping for retail outlets, PAYE & wages, professional bookkeeping services, bookkeeping services, letting agent bookkeeping Bromley, off-site bookkeeping, double-entry bookkeeping in Bromley, Quickbook bookkeeping Bromley, partnership returns, and more. Listed are just a handful of the tasks that are conducted by local bookkeepers. Bromley professionals will tell you about their entire range of bookkeeping services. If there are some other Bromley bookkeeper requirements that you need but don't see here, you can list them on the QUOTE FORM provided. We will be in touch with specifics just as soon as we can.
Bookkeepers Near Bromley
Also here.: Shortlands bookkeepers, Lee bookkeepers, Petts Wood bookkeepers, West Wickham bookkeepers, Bickley bookkeepers, Keston bookkeepers, Downham bookkeepers, Sundridge bookkeepers, New Bekenham bookkeepers, Chislehurst bookkeepers, Spring Park bookkeepers, Orpington bookkeepers, Hayes bookkeepers, Beckenham bookkeepers, Crofton Park bookkeepers, Elmers End and more. All of these villages and towns are served by local bookeepers. Bromley people can get quotes for bookkeeping services by going
- Bromley Payroll Services
- Bromley Tax Returns
- Bromley Tax Preparation
- Bromley Credit Control
- Bromley Bookkeeping Services
- Bromley Bank Reconciliations
- Bromley Small Business Bookkeeping
- Bromley Bookkeeping Price Quotes
- Bromley VAT Returns
- Bromley Self-Assessment Bookkeeping
- Bromley Sole Trader Bookkeeping
- Bromley Cash Flow Analysis
- Bromley Cheap Bookkeeping
- Bromley Profit and Loss Reports
Bookkeepers Around Bromley: People who live in the following areas and streets have recently enquired about bookkeeping services - Coombe Lea, Almond Close, The Glade, Briar Gardens, Ballamore Road, Brookmead Avenue, Boyland Road, St Blaise Avenue, Barnhill Avenue, College Road, Castle Close, Chadd Drive, Beechfield Road, Bourne Vale, Blyth Road, Cinderford Way, Stanhope Avenue, Bonville Road, Bay Tree Close, The Avenue, Benenden Green, St Georges Road West, Cornford Close, Brooklyn Road, Durham Avenue, Croydon Road, Southover, Bromley Park, Shoreham Way, Cedar Close, as well as these Bromley area postcodes: BR1 1QA, BR1 1LT, BR1 1HN, BR1 1DD, BR1 1DN, BR1 1HW, BR1 1JW, BR1 1NA, BR1 1LF, BR1 1TS.
For local Bromley info go here
Bromley Bookkeeping Jobs: Find bookkeeping jobs in Bromley by going here: Bromley Bookkeeping Jobs
Bookkeepers in BR1 area, and dialling code 020.
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