Bookkeepers Burnham-on-Crouch Essex (CM0): Regardless of whether you are a sole trader, own a small business or operate an online store in Burnham-on-Crouch, you are entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 yrs as stated by the Companies Act (2006). You could face a hefty fine, and possibly Company Director disqualification, if you can't produce this information. There is a considerable investment of time involved with keeping such financial recordings on your own, and it is often better to employ a professional bookkeeper or accountant, because according to Accounting Today over forty percent of small business owners spend at least eighty hours annually on their accounts.
If the very thought of preparing profit, loss and financial statements, tracking liabilities and assets, filling out ledgers or compiling balance sheets fills you with a sense of panic, then it is high time to get in touch with a bookkeeper in Burnham-on-Crouch for assistance.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Burnham-on-Crouch, an obvious question when facing this challenge is "Precisely what is the difference between a bookkeeper and an accountant?" The reality is that whilst in the past the bookkeeping process, was considered to be beneath the experience, qualifications and skill set of an accountant, because of huge software improvements over the past ten years or so, a lot of accountancy companies in the Burnham-on-Crouch area will now take on bookkeeping. To make certain their bookkeeping services are commensurate with a typical bookkeeper's fee, it is now fairly common for accountancy firms to charge a fixed rate for such services. Business owners are now cashing in on this, since it gives a wider variety of competition within this sector and can make bookkeeping much more affordable than it would have been previously.
The level of qualification and training that's necessary is the big difference between a bookkeeper and an accountant. At least a degree in accounting with further training in the field of taxation and other business and financial management, will typically be held by an accountant. A bookkeeper in Burnham-on-Crouch might not have the same levels of training and experience, or hold these qualifications, but should still have a good understanding of such skills.
RESPONSIBILITIES OF A BOOKKEEPER
The recording of day to day financial transactions of any business enterprise in Burnham-on-Crouch, describes the process of bookkeeping in the simplest of terms. This could include, but isn't limited to;
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Billing of customers for work completed or goods.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Documenting the receipt of invoices and making certain that payment is completed punctually.
- Monthly reconciliation and reporting.
- Documenting of all financial incomings; card, cash and electronic payments included.
If you're able to perform the vast majority of your bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your records every once in a while. To ensure that any problems or mistakes can be detected and corrected speedily, at the bare minimum, this should be done on a monthly basis. This may be the most cost-effective trade-off, providing that you are confident of remaining on top of your monetary transactions without compromising your day to day business activities.
Whatever your current situation is, if you are looking at hiring a bookkeeper in Burnham-on-Crouch, it's fairly likely that you may be fretting over the financial recording aspects of your small business. A professional bookkeeper will be able to give guidance and advice on everything from producing expense reports, invoicing and stocktaking, to linking the most up-to-date software program with your accounts to allow the seamless arrangement of transactional data.
An extremely important aspect of good bookkeeping is being able to reconcile cash flow with accounts payable. Which means that rather than waiting for a final notice, which many small businesses are guilty of at some time or other, or paying an outstanding bill right away, your bookkeeper will schedule bill payments to times when your finances are buoyant and in good order. This is not simply to make certain that your business or enterprise is financially secure all the time, but also to keep you in the good books of those people who provide your services or materials. When you're mostly focussed on the smooth running of your business, this is a balancing act that can be tricky to perform on your own.
If you are a sole trader, or operate a small business, employing a competent bookkeeper in Burnham-on-Crouch, also gives them the chance to cast an unrelated eye over the operation of your business. It is entirely possible that a dispassionate assessment such as this will highlight business trends and patterns that have been missed previously. It's not at all unheard of for a keen eyed bookkeeper to flag up an area of the business which is dropping off in profits, or spot a brand new opportunity which may prove lucrative. It's vital for the future growth of any small business in Burnham-on-Crouch, to spot these key performance indicators (KPI's).
It can often be awkward to pursue late payments if your business sends out invoices. Some of that apprehension can be removed by having someone outside your business situation make that telephone call or visit to your client. If you have a consistent late payer there are legal solutions that a bookkeeper can make use of to help to clear up the issue before the situation ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some fairly uncomplicated bookkeeping requirements for sole traders, that are set out in law. This involves saving all invoices and receipts concerning the business, and keeping track of income and expenditure on a month by month basis. Although this may initially sound easy, retaining the services of a competent bookkeeper is still advisable. A specialised sole trader bookkeeper in Burnham-on-Crouch will be in a position to advise you on what you can claim back from HMRC as business expenses. This could include items such as laptops, promotional advertising, bills and rent if working from home, stationery goods and consumables. Talk to your local bookkeeper for more comprehensive advice and learn how they can help your small business grow.
BOOKKEEPING FOR ONLINE TRADERS
There are some niche businesses where a specialist bookkeeper might be necessary. If you manage an online store for example, you will need a bookkeeper in Burnham-on-Crouch who is familiar with exchange rate transfers, online payments, cross-border and international taxes and multi-currency processing. Because the internet never sleeps, if that same shop sells goods you produce or hold then keeping track of inventory on a 24 hours a day basis is a crucial concern which will need to be managed.
In combination with bookkeeping service, a remote virtual office can also be provided. This enables an online only business or sole trader to have a postal address and phone service to provide a physical link with their customers. Although this solution may not be offered by all bookkeepers in Burnham-on-Crouch, it is definitely worth a discussion if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate or Diploma level, and it is not mandatory for a certified bookkeeper in Burnham-on-Crouch to hold an accounting degree. Qualifications can be obtained through further education colleges and universities but there's also a growing selection of online courses available.
Certification and training for bookkeepers is mostly provided by 2 organisations:
The AAT or Association of Accounting Technicians: With fully certified bookkeepers being able to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. They are then permitted to become licensed AAT bookkeepers, which assures their customers a standard of service which is backed up by the association. If an AAT bookkeeper is found to have violated the code of practice or has a complaint filed against them, they may be subject to disciplinary and tribunal procedures to preserve the values and integrity of aat membership.
The Institute of Certified Bookkeepers or ICB: Keeping their associated members up-to-date with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, along with training and reference material.
By visiting their websites, you are able to check out the register of ICB or ATT members, to verify the qualifications of any bookkeeper in Burnham-on-Crouch. Carrying out this check is strongly recommended before you employ any bookkeeper in Burnham-on-Crouch.
Outsourced Bookkeeping Burnham-on-Crouch
All businesses in Burnham-on-Crouch 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 payables/receivables, and so on. With the business owner having to deal with a lot of concerns and issues while operating a business, the task of performing the bookkeeping is sometimes outsourced to a bookkeeping company or freelance bookkeepers in Burnham-on-Crouch.
If a company in Burnham-on-Crouch hires a bookkeeper in order to join their ranks, the company will have to pay out a considerable sum of money in training that individual for the purpose of working on the bookkeeping duties. Moreover, there is no guarantee that the individual will stay after the training is concluded. In those circumstances, the company will have thrown away a considerable sum of money for very little return. Apart from that, companies will need to look for solutions to offer benefits and incentives to keep the trained employee in house. These are just a taste of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Burnham-on-Crouch.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who may 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 sector. You will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Burnham-on-Crouch. A majority of these companies promise and deliver top quality service. It is important for a business to look into the background of these Burnham-on-Crouch bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
The business owner in Burnham-on-Crouch can look for the following options with the bookkeeping company that offers outsourcing services. Find out and check how much savings he can enjoy by outsourcing the bookkeeping work. Because the expenses related to hiring and training in-house staff is a great concern, it would be sensible on the part of business owner in Burnham-on-Crouch to look for an outsourcing company that can offer 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 a nutshell, the company that offers bookkeeping services in Burnham-on-Crouch should have a well protected system that can be trusted and relied on.
Financial statement preparation - article 211.
Bookkeepers Near Burnham-on-Crouch
Also find: Steeple bookkeepers, Eves Corner bookkeepers, Stoneyhills bookkeepers, Althorne bookkeepers, Wallasea bookkeepers, Mundon bookkeepers, St Lawrence bookkeepers, North End bookkeepers, Cold Norton bookkeepers, Purleigh bookkeepers, Tillingham bookkeepers, Maylandsea bookkeepers, Bradwell-on-Sea bookkeepers, Ostend bookkeeper and more. Most of these villages and towns are covered by local bookeepers. Burnham-on-Crouch businesses and traders can get pricing for bookkeeping services by clicking here.
Burnham-on-Crouch Bookkeeper Tasks
Most bookkeepers in Burnham-on-Crouch will be prepared to provide you with the following bookkeeping services: mobile bookkeeping services, charity bookkeeping Burnham-on-Crouch, cash flow analysis, assistance with registering for self-employment in Burnham-on-Crouch, bookkeeping for home-based businesses, company cash books, Quickbook bookkeeping, corporation tax returns, bookkeeping services for tradesmen, profit & loss reports, off-site bookkeeping, bookkeeping for organisations, bookkeeping for payroll in Burnham-on-Crouch, franchise bookkeeping, invoice processing, tax returns, bookkeeping for startups, PAYE & wages, partnership returns Burnham-on-Crouch, financial statement preparation, bookkeeping for sole traders in Burnham-on-Crouch, landlord bookkeeping, independent bookkeeping services Burnham-on-Crouch, small business tax returns, bookkeeping services for retail outlets, bookkeeping services for freelancers, accounting and bookkeeping services in Burnham-on-Crouch, bookkeeping for shops in Burnham-on-Crouch, business bookkeeping, tax return preparation, and more. Listed are just an example of the duties that are carried out by local bookkeepers. Burnham-on-Crouch companies will tell you about their full range of bookkeeping services. If there happen to be different Burnham-on-Crouch bookkeeper requirements that you want but cannot see here, you should list them on the QUOTE FORM provided. We'll be in touch with details just as soon as we can.
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