Bookkeepers Burnham-on-Sea Somerset (TA8): You're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years, if you operate an online store, are a sole trader or own a small business in Burnham-on-Sea, as stated by the Companies Act (2006). You could be disqualified as a Company Director and receive thousands of pounds in fines, if you cannot produce such records. There is a large time investment involved with preparing such financial records yourself, and it is often better to use a professional bookkeeping company or accountant, since according to Accounting Today magazine over forty percent of small businesses spend 80 plus hours every year doing their bookkeeping activities.
If just the thought of writing ledgers, tracking liabilities and assets, preparing profit, loss and fiscal reports or producing balance sheets fills you with panic, then the time has come to contact a bookkeeper in Burnham-on-Sea for assistance.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between an accountant and a bookkeeper?" Is a question that's asked by most small business owners in Burnham-on-Sea. The truth is that even though at one time the process of bookkeeping, was regarded as beneath the skill-sets, experience and qualifications of an accountant, due to improvements in software over the past 10 years, most accountancy companies in Burnham-on-Sea will now consider taking on bookkeeping tasks. It is now common practice for accounting firms to have a set rate for bookkeeping services commensurate with a dedicated bookkeeper's fee. Since it gives a wider range of competition within the marketplace, this is fantastic news for small business owners in Burnham-on-Sea, making their bookkeeping costs cheaper than they previously were.
When looking at the big difference between a bookkeeper and an accountant in Burnham-on-Sea, it's the standard of training and qualification that's necessary for each of these disciplines. Usually holding a degree in accounting, a professional accountant should also have had training in tax preparation and further qualifications in fiscal and business management. A bookkeeper in Burnham-on-Sea may not necessarily hold the qualifications or levels of training and experience, but will still have an understanding of such skills.
A BOOKKEEPER'S RESPONSIBILITIES
Essentially, the process of bookkeeping is the recording of the daily financial transactions of any enterprise or business in Burnham-on-Sea. This is likely to include, but is by no means limited to;
- Billing of clients for work completed or goods.
- Recording of all financial incomings; card, electronic and cash payments included.
- Highlighting and rectifying any discrepancies in financial accounts.
- Ensuring double-entry bookkeeping and accounting practices are followed.
- Payroll services.
- VAT recording and submissions.
- Monthly reconciliation and reports.
- Recording invoices received and ensuring payment is completed promptly.
Whilst it is dependent on the type of service you're looking for, if you are able to do the majority of your own bookkeeping work, a bookkeeper may only be needed to periodically double-check your figures. So that any mistakes or problems can be discovered and amended swiftly, at the bare minimum, this should really be done every month. This may be the most cost-effective trade-off, provided that you are confident of keeping on top of your financial transactions without compromising your day to day trading operations.
It's fairly likely that if you're thinking of hiring a bookkeeping company, you are currently having problems with the financial recording aspects of your business in Burnham-on-Sea. A professional bookkeeping service will be able to provide advice and guidance on everything from invoicing, preparing expense reports and stocktaking, to linking your business accounts with the most suitable software application to enable the seamless organisation of transactional data.
Being able to reconcile accounts payable with cash flow, is an especially important aspect of a good bookkeeper. Which means that your bookkeeper will optimise bill payments to times when your accounts are in good shape and buoyant, instead of paying off a bill straight away, or waiting on a final notice, which most small businesses in Burnham-on-Sea are guilty of at some time or other. This doesn't just keep your business on a sound financial footing, but keeps you in the good books of suppliers and those businesses who supply services to you. This is a juggling act that can be tricky to perform on your own when you are firmly focussed on running your business.
Employing a certified bookkeeper in Burnham-on-Sea, if you are a sole trader, or for your small business also gives them the opportunity to cast an impartial eye over your financial situation. This objective appraisal can enable them to discover business patterns and trends that you may have disregarded. A bookkeeper spotting a brand new opportunity or flagging an area of the business where profits are dropping, is not at all unusual. For the success of any business in Burnham-on-Sea, it is important that these key performance indicators are spotted as early as possible.
It can sometimes be awkward to chase up late payments if your company gives out invoices. If that visit to your clients or telephone call is made by someone outside your business bubble, it is possible for most of that awkwardness to be eliminated. A bookkeeper can employ legal strategies to take care of a consistent late or non-payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are reasonably uncomplicated and easy to understand. It is stipulated that sole traders must keep track of income and expenditure on a monthly basis and retain all receipts and invoices. While this may sound easy it is still recommended that you retain the expertise of a bookkeeper. So that you will be able to claim back all genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Burnham-on-Sea can advise you on what must be done. This could include bills and rent if you work from home, stationery goods, consumables, advertising expenses and items such as laptops. If you'd like to get more comprehensive advice, and learn how your business can grow moving forward, speak to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are certain niches in bookkeeping where the expertise of a specialist could be needed. If you run an online store for instance, you'll require a bookkeeper in Burnham-on-Sea who understands multi-currency processing, international and cross-border taxes, exchange rate transfers and online payments. Regulating your inventory and stock on a 24 hours a day basis is also a huge priority, if the same shop sells goods that you hold or produce, as I'm sure you'll realise the internet does not sleep, so neither should your bookkeeping software or services.
A remote virtual office can also be supplied together with your bookkeeping service. This allows an online only business or sole trader to provide a physical link with their customers, via a telephone service and postal address. Not all bookkeeping businesses in Burnham-on-Sea will be willing to provide this option, however it's worthwhile talking about the possibilities if it is something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Diploma or Certificate level, and it's not necessary for a professional bookkeeper in Burnham-on-Sea to have a degree in accounting. There is an ever-growing choice of courses available online, although qualifications can still be gained through further education universities and colleges.
To provide training and certification for bookkeepers, there are basically two principal organisations of interest:
The ICB or Institute of Certified Bookkeepers: The largest organisation in the world is the the Institute of Certified Bookkeepers or ICB, and it offers accreditation to certified bookkeepers, in addition to training and reference material to keep their associated members informed about the latest trends and innovations.
The AAT or Association of Accounting Technicians: The Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications allowing a fully trained bookkeeper to use the letters AATQB after their name. They then become licensed AAT bookkeepers, backed up by this organisation, which assures a decent level of service for their clients. If a bookkeeper who is affiliated with the AAT has a complaint against them or is found to have broken the code of conduct they will be subject to tribunal and disciplinary procedures to safeguard the trustworthiness of AAT membership.
You are able to check the qualifications of any bookkeeper on the register of ICB or ATT members on their websites. Performing these checks is generally advised before you actually hire any professional bookkeeper in Burnham-on-Sea.
Outsourced Bookkeeping Burnham-on-Sea
All businesses in Burnham-on-Sea should understand the significance of bookkeeping. It helps business people monitor the total value of their liabilities and assets, the money left in the bank, their outgoings and incomings, and so forth. With the owner of the business having to deal with a lot of concerns and issues while running a business, the task of doing the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Burnham-on-Sea.
If a company in Burnham-on-Sea hires a bookkeeper so as to become an employee, the company will be required to pay out a considerable amount of money in training the individual for the purpose of doing the bookkeeping duties. Furthermore, there's no guarantee that the individual will stay for long in the company. In those circumstances, the company can lose a considerable sum of money for very little return. Aside from that, businesses will have to seek out ways and means to provide incentives and benefits to keep the trained employee in place. These are just some of the reasons why companies quite often enlist the services of bookkeeping companies and professional bookkeepers in Burnham-on-Sea.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with out-of-date accounting practices. Again, they're not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial domain. You will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Burnham-on-Sea. 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-Sea bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
Tax Returns
In Burnham-on-Sea, self-employed people or those with small businesses may be required to file a self-assessment tax return. This task can be daunting, as the process can be complex if you are not familiar with it. On time and accurately, a good bookkeeper can help you prepare your tax return, as well as keeping your records in order.
Employing a bookkeeper to complete your tax returns can be beneficial in a variety of ways. First, they will have the expertise and experience to ensure that your return is completed correctly. This will help you to avoid any interest charges or penalties from HMRC. Second, a lot of time and effort can be saved by a bookkeeper. They'll take care of all of the calculations and paperwork, so you can focus on your business. Third, Burnham-on-Sea bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This can help to boost your profits and lower your tax liability. (70193)
Bookkeepers Near Burnham-on-Sea
Also find: Walrow bookkeepers, Huntspill bookkeepers, Mark bookkeepers, Lympsham bookkeepers, Edithmead bookkeepers, Berrow bookkeepers, Wedmore bookkeepers, Bason Bridge bookkeepers, Brent Knoll bookkeepers, East Huntspill bookkeepers, East Brent bookkeepers, Watchfield bookkeepers, Alstone bookkeepers and more. Companies specialising in bookkeeping services are available across pretty much all of these towns and villages. This level of accessibility makes it straightforward for businesses and individuals to secure the financial help required for managing their accounts effectively. By clicking here, residents in the area can obtain estimates for bookkeeping.
Burnham-on-Sea Bookkeeper Tasks
Most bookkeepers in Burnham-on-Sea will be ready to provide you with the following services: general bookkeeping services in Burnham-on-Sea, bookkeeping for freelancers, landlord bookkeeping Burnham-on-Sea, Kashflow bookkeeping services, bookkeeping services for organisations, cash flow analysis, accounting and bookkeeping in Burnham-on-Sea, credit control in Burnham-on-Sea, bookkeeping price quotes, bookkeeping for payroll, professional bookkeeping services Burnham-on-Sea, bookkeeping for societies, wages & PAYE in Burnham-on-Sea, bookkeeping for home-based businesses in Burnham-on-Sea, management reports, invoice processing, financial statement preparation, maintaining fixed asset registers, small business tax returns in Burnham-on-Sea, mobile bookkeeping services, Xero bookkeeping services Burnham-on-Sea, bookkeeping for shops, bookkeeping services for retail outlets in Burnham-on-Sea, bank reconciliations, bookkeeping services for startups, charity bookkeeping Burnham-on-Sea, bookkeeping services for limited companies, bookkeeping services for clubs, personal tax returns, off-site bookkeeping services, and more. Listed are just an example of the duties that are undertaken by local bookkeepers. Burnham-on-Sea providers will be happy to inform you of their entire range of bookkeeping services. If there happen to be additional Burnham-on-Sea bookkeeper requirements that you need but cannot see here, you can easily mention them on the QUOTE FORM provided. We'll be in touch with information just as soon as we are able.
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