Bookkeepers Bromley Greater London (BR1): For anybody in Bromley who acts as a sole trader, operates an online store or owns 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 according to the Companies Act. You could face disqualification as a Company Director and receive thousands of pounds in fines, if you cannot produce this information. You can carry out these financial recordings on your own, although when you think about the fact that according to Accounting Today over 40% of small businesses spend at least eighty hours annually on their bookkeeping tasks, it can pay to employ a professional accountant or bookkeeper.
If the idea of producing balance sheets, preparing profit, loss and fiscal reports, tracking liabilities and assets or writing out ledgers fills you with terror, then the time has come to get in touch within Bromley for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between a bookkeeper and an accountant?" Is a question that's asked by many small business owners in Bromley. The truth is that although at one time the process of bookkeeping, was deemed beneath the qualifications, experience and skill-sets of an accountant, because of software improvements over the past 10 yrs or so, a lot of accountancy companies in Bromley will now take on bookkeeping. For many accounting companies it is now common practice to charge a set rate for bookkeeping services, to keep them consistent with the usual fees of an independent bookkeeper in Bromley. This makes the cost of bookkeeping cheaper than it was previously, and is great news for small businesses in Bromley because it offers a greater variety of competition within this sector.
The biggest difference between a bookkeeper and an accountant is the level of qualification and training that is needed. Anwill, at the very least, hold a degree in accounting, and should have also had further training in financial and business management, and taxes. While in Bromley will definitely have a decent understanding of these fiscal skills, they might not have the same levels of experience and training in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
Basically, the act of bookkeeping is to record the day by day monetary transactions of any business enterprise in Bromley. This will likely include, but is by no means limited to;
- Billing of clients for work completed or goods.
- Payroll services.
- Monthly reports and reconciliation.
- Documenting invoices received and making certain payment is completed by the due date.
- Documenting of all financial incomings; including card, cash and electronic payments.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
Based on the level of service you need, e.g. whether you're willing to undertake most of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your accounts every once in a while. To allow for any problems or mistakes to be discovered and corrected swiftly, this should be from month to month as a bare minimum. Providing that you're able to stay in control of your monetary transactions without having a negative impact on your everyday trading operations, this option can be the most affordable solution.
There's a fair chance that if you're considering hiring a bookkeeping company, you're currently stressed with the financial recording aspects of your business in Bromley. A professional bookkeeping service will be able to assist you in linking your accounts with the latest software program to enable the seamless arrangement of transactional data, and will provide advice and guidance on such things as stocktaking, producing expense reports and invoicing.
The successful reconciliation of cash flow with accounts payable is one of the most vital aspects of a good bookkeeping service. This means that your bookkeeper will optimise the payment of bills to a time when your finances are in good shape, rather than paying a bill immediately, or waiting on a final notice, which many small businesses are guilty of. This does not just keep you in good stead with suppliers and those people who supply services to you, but also ensures that your business enterprise is financially sound. This is a juggling act that can be difficult to accomplish as an individual when you are mostly focussed on running your company.
Having somebody who is unconnected to the business cast a fresh eye over your financial transactions, is another added benefit of employing a qualified bookkeeper in Bromley if you are a sole trader, or for your small business. It might be that business patterns and trends that you may have overlooked will thus be highlighted. It's by no means uncommon for a clever bookkeeper to flag an area of the business which is falling in profits, or spot an opportunity that could be lucrative. For enabling growth in any business in Bromley, it is important that these KPI's (key performance indicators) are spotted as early as possible.
If invoices are sent out by your business it can sometimes be awkward to pursue late payments. Having somebody from outside your business bubble, can take away the apprehension of visiting your customers or making that phone call. A bookkeeper can use legal strategies to take care of a repeating late or non-payer, and without the need for a claims court proceeding, help to clear up the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are comparatively uncomplicated and easily understood. A sole trader is expected to track income and expenditure on a month by month basis and keep all invoices and receipts. Although this might at first sound fairly simple, hiring the expertise of a bookkeeper is still a good idea. When dealing with your tax returns, a specialised sole trader bookkeeper in Bromley will be happy to advise you on what your bonafide business expenses are, and claim these back from HMRC. This could include rent and bills if working from home, advertising, consumables, items such as computing equipment and stationery. For more detailed advice, chat to a trusted bookkeeper, and discover how they might help your small business to flourish and grow going forward.
BOOKKEEPING FOR ONLINE TRADERS
There are various niche businesses where a specialist bookkeeping service might be needed. If online payment procedures, multi-currency processing, exchange rate transfers and international and cross-border taxes are involved, for example if you operate a store online, you'll be wise to hire a bookkeeper in Bromley who is familiar with these practices. If that same store sells goods you produce or hold, then controlling your inventory and stock on a 24/7 basis is a crucial concern, after all the internet never sleeps, so neither should your bookkeeping services and software.
In combination with your bookkeeping service, a virtual office can also be provided. Providing a physical link with their customers, this enables an online only business or sole trader to have a postal address and phone service. If this type of service is needed, it's definitely worth talking about the possibilities, although this option will not be offered by all bookkeepers in Bromley.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a certified Bromley bookkeeper to have a university degree, and a good number of the bookkeeping qualifications are held at Diploma and Certificate level. If the preferred route to qualification is through further education universities and colleges, this alternative is still available, although there there's an ever-growing choice of online bookkeeping courses.
Certification and training for bookkeepers is mostly provided by 2 organisations:
The AAT or Association of Accounting Technicians: With certified bookkeepers being able to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides advanced qualifications and training. They're then entitled to become registered AAT bookkeepers, which guarantees their customers a high standard of service which is backed by the association. If a bookkeeper who is a member of the AAT has a complaint filed against them or is found to have violated the code of practice they may be subject to disciplinary and tribunal processes to preserve the credibility of AAT membership.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest organisation in the world and offers accreditation to certified bookkeepers, together with training and reference material to keep their members up-to-date.
By going to their websites, you can examine the qualifications of any bookkeeper in Bromley on the register of AAT or ICB members. Prior to retaining the services of any bookkeeping company in Bromley, it is clearly wise to complete these checks.
Outsourced Bookkeeping Bromley
All businesses in Bromley should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, the sum total of their liabilities and assets, their incomings and outgoings, and so on. With the owner of the business having to deal with a lot of concerns and issues while operating a business, the task of carrying out the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Bromley.
If a company in Bromley employs a bookkeeper so as to join their ranks, the company will be required to pay out a considerable sum of money in training that person for the purpose of doing the bookkeeping work. In addition, there is no guarantee that the person will stay after the training is completed. In circumstances like that, the company stands to lose a considerable sum of money. Apart from that, companies will need to look for ways and means to provide benefits and incentives to keep the employee in house. These are a few of the reasons behind businesses enlisting the services of professional bookkeepers and bookkeeping companies in Bromley.
With the advent of new technology and the internet there's no need for business owners to stick to a freelance bookkeeper who might continue with out-of-date accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial domain. You will find many companies offering financial bookkeeping services catering to all kinds of clients and industries in Bromley. The majority of these companies promise and deliver high quality service. It assumes importance for a business to look into the track record of these Bromley bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
These specialist bookkeeping companies in Bromley should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
Self-employed people or those with small businesses in the United Kingdom may be required to file a self-assessment tax return. If you aren't acquainted with the process, this task can be especially challenging. Your records can be kept organised and your tax return can be prepared on time and accurately with the help of a trained bookkeeper.
Many benefits can be gained by using a bookkeeper to do your tax returns. Your return will be completed correctly, thanks to their expertise and experience. This should help you to avoid penalties from HMRC, as well as interest charges. Second, the use of a bookkeeper can save you a lot of stress, time and hassle. You can leave the calculations and paperwork to them so you can focus on the running of your business. Thirdly, a bookkeeper in Bromley can provide you with valuable advice on tax planning. This can help to reduce your tax burden and increase your bottom line. (70193)
Bromley Bookkeeper Tasks
Most Bromley bookkeepers will be able to offer you the following services: business bookkeeping in Bromley, QUOTE FORM provided. We'll get back to you with information as soon as we are able., invoice processing, VAT returns, independent bookkeeping services, financial statement preparation, , general bookkeeping services, in Bromley, Kashflow bookkeeping services, tax preparation, management reports, tax returns, accounting and bookkeeping services, accountancy packages, Sage bookkeeping services in Bromley, bookkeeping for tradesmen, bookkeeping for charities in Bromley, maintaining fixed asset registers in Bromley, letting agent bookkeeping Bromley, bookkeeping services for restaurants, bookkeeping services for retail outlets, bookkeeping for home-based businesses, profit & loss reports, charity bookkeeping Bromley, landlord bookkeeping, bookkeeping services for shops, bookkeeping services for the self-employed in Bromley, bookkeeping and accounting, bookkeeping services for sole traders, and more. These are just a selection of the tasks that are accomplished by local bookkeepers. Bromley providers will be delighted to keep you abreast of their whole range of services. If there are some other Bromley bookkeeper requirements that you need but don't see here, you can mention them on the
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