Bookkeepers Burnham-on-Sea Somerset (TA8) Area: To comply with the 2006 Companies Act, if you are a sole trader, own a small business or operate an online store in Burnham-on-Sea, you're entirely responsible for keeping "true and fair", accurate accounting and financial records for a minimum of 6 years. If you can't produce such information you face a fine of thousands of pounds and possibly disqualification as a Company Director. The trade magazine Accounting Today says that over forty percent of small business owners spend over eighty hours each year doing their bookkeeping, so whilst you can carry out these financial records yourself, it is often better to use a professional accountant or bookkeeper to do them instead.
If the very thought of producing balance sheets, tracking assets and liabilities, preparing profit, loss and fiscal reports or writing ledgers fills you with terror, then it is high time to contact a bookkeeper in Burnham-on-Sea for help and advice.
BOOKKEEPER OR ACCOUNTANT?
For many people in Burnham-on-Sea, an obvious question when facing this dilemma is "Precisely what is the difference between a bookkeeper and an accountant?" In the past it was normally considered to be beneath the skill set, qualifications and experience of an accountant to do the work of a bookkeper, but because of massive software improvements over the past decade or so, many bookkeeping duties will now be undertaken by accountancy firms in the Burnham-on-Sea area. Many accounting companies now charge a flat rate for bookkeeping services, to keep them commensurate with what an independent bookkeeper in Burnham-on-Sea would usually charge. Business owners in Burnham-on-Sea are now cashing in on this, since it offers a greater variety of competition within the industry and can make bookkeeping way more affordable than it would previously have been.
When considering the main difference between an accountant and a bookkeeper, it's the standard of training and qualification that is necessary for each discipline. At least an accounting degree with specialist training in taxation and other business and fiscal management, will usually be held by an accountant. Whilst bookkeepers in Burnham-on-Sea will have a fair grasp of such disciplines, they might not have these qualifications or levels of training and experience in this field.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, bookkeeping involves the careful recording of day by day monetary transactions of any business or enterprise in Burnham-on-Sea. This will likely include, but is in no way limited to;
- Billing of clients for goods or work completed.
- Documenting invoices received and making sure that payment is completed on time.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Logging of all financial incomings; cash, card and electronic payments included.
- Monthly reporting and reconciliations.
- Payroll services.
- VAT recording and submissions.
- Highlighting and rectifying any discrepancies in financial accounts.
If you are happy to perform a large majority of bookkeeping work yourself; a professional bookkeeper might just be necessary for double-checking your accounts every once in a while. To allow for any mistakes or problems to be uncovered and corrected quickly, this should be monthly as a bare minimum. This trade-off can sometimes be the most cost-effective compromise if you are confident of remaining in control of your day to day financial transactions and trading.
Whatever the circumstances are with your business, if you're currently looking at hiring a bookkeeping firm in Burnham-on-Sea, there's a fair chance that you might be having problems with the process of recording your financial transactions. Offering advice on everything from generating expense reports, invoicing and stocktaking, a professional bookkeeper will also be able to help you link your accounts with the most up-to-date software program to enable the seamless processing of all your business's data.
The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of a good bookkeeper. This means that instead of waiting for an overdue notice, which many small businesses in Burnham-on-Sea are guilty of doing, or paying an outstanding bill straight away, your bookkeeper will prioritise the payment of bills to a time when your finances are buoyant and in good order. This doesn't just keep your enterprise or business on a secure financial footing, but keeps you in the good books of suppliers and those who supply you with services. When you're primarily focussed on the operation of your business, this is a balancing act that can be hard to accomplish on your own.
For your small business enterprise, or if you are a sole trader, using an experienced bookkeeper in Burnham-on-Sea, presents you with the chance to have an expert eye cast over your business affairs. It might be that business trends and patterns that you have overlooked could thus be brought to the fore. It's by no means unheard of for a clever bookkeeper to flag an area of the business where profits are decreasing, or spot an opportunity which could be worth looking into. For the growth of any small business in Burnham-on-Sea, it is vital that such key performance indicators (KPI's) are spotted as early as possible.
If you send out invoices in your business operations, needing to chase up late payments can be fairly embarrassing. Having a professional outside your normal business bubble, can take away the apprehension of visiting your customers or making that telephone call. A bookkeeper can make use of legal techniques to take care of a persistent late or non-payer, and without the need for claims court proceedings, help to resolve the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively basic bookkeeping requirements for sole traders, that are laid out by law. This involves saving all invoices and receipts concerning the business, and tracking income and expenditure on a month by month basis. Although this might at first sound really easy, retaining the expertise of a competent bookkeeper is still recommended. So that you will be able to claim back all genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Burnham-on-Sea will be in a position to advise you on what must be done. This might include advertising expenses, stationery, items such as computing equipment, bills and rent if working from home and printer ink. To see how to help your small business to prosper and grow, talk to a trusted bookkeeper for more in-depth guidance and advice.
ONLINE TRADERS
Certain businesses that operate in niche areas, might need to hire a specialised bookkeeper. If you manage an online store for example, you'll need a bookkeeper in Burnham-on-Sea who understands multi-currency processing, exchange rate transfers, online payment procedures and international and cross-border taxes. Controlling your stock on a 24 hours a day basis is also a massive priority, if that same store distributes goods that you produce or hold, as I'm sure you're aware the internet does not sleep, therefore neither should your bookkeeping services and software.
In combination with bookkeeping services, a virtual office can also be provided. This allows an online only business or sole trader to provide a physical link with their buyers, via a telephone service and postal address. Not all Burnham-on-Sea bookkeepers will be able to provide this service, but it is worth talking about if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Certificate and Diploma level, and a professional bookkeeper in Burnham-on-Sea need not hold a degree. Although there are a number of bookkeeping courses available online, qualifications can still be obtained via further education colleges and universities, if that is the chosen route.
To provide certification and training for bookkeepers, there are basically 2 principal organisations of interest:
The Association of Accounting Technicians or AAT: The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications enabling fully trained members to use the letters AATQB after their name. This then entitles them to become a approved AAT bookkeeper and guarantees a standard of service which is backed by the organisation. To protect the integrity and values of the AAT, a bookkeeper who's associated with the AAT can be subject to tribunal and disciplinary procedures if they are found to have broken the code of conduct or had a complaint against them.
The Institute of Certified Bookkeepers (ICB): Providing certification for bookkeepers, together with training and reference material to ensure their members are current with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind in the world.
By visiting the register of ICB or ATT members on their websites, you can inspect the accreditations of any professional Burnham-on-Sea bookkeeper. It is strongly advised to carry out this check, before you hire the services of any bookkeeper in Burnham-on-Sea.
Bookkeeping services are available in Burnham-on-Sea and also in: Berrow, Mark, Edithmead, Watchfield, Walrow, Lympsham, Southwick, East Huntspill, Highbridge, Weston-super-Mare, Huntspill, Brent Knoll, East Brent, Bason Bridge, Wedmore, Alstone, as well as in these postcode areas: TA8 1LE, TA8 1ED, TA8 1BA, TA8 1EL, TA8 1PE, TA8 1JL, TA8 2AT, TA8 1AL, TA8 1LX, TA8 1LR. Local Burnham-on-Sea bookkeeper services will most likely have the postcode TA8 and the telephone code 01278. Verifying this will ensure you access locally based bookkeepers. Burnham-on-Sea sole traders and business owners are able to benefit from these and lots of other related services.
Sales and Purchase Ledger Management
Managing sales and purchase ledgers is about maintaining clear and dependable records. A bookkeeper ensures sales invoices are entered consistently, payments are allocated properly, and customer balances remain visible. On the purchase ledger, supplier invoices are recorded, checked, and organised for timely payment. The role may also involve integration with accounting or invoicing software to keep everything aligned. This helps reduce mistakes and keeps data consistent. Accurate ledgers support smoother reporting and better financial control. Business owners can rely on up to date information when planning spending or reviewing performance. (Tags: Sales and Purchase Ledger Management Burnham-on-Sea)
Year-End Tax Return Preparation
Year-end tax return preparation is where a bookkeeper helps make sure nothing from the year gets overlooked. They'll review income and expenses, check figures against bank statements, and tidy up any errors before the return is finalised. Records are brought fully up to date so the numbers actually reflect what's happened. One important step is checking that any figures carried forward from the previous year are correct and still apply. This avoids issues rolling into the new tax period. Once everything has been reviewed, the bookkeeper prepares clear summaries ready for submission or accountant review. This careful preparation reduces stress and helps ensure the tax return is accurate, supported, and far less likely to cause problems later on. (Tags: Year-End Tax Return Preparation Burnham-on-Sea)
Cash Flow Analysis
A significant tool that businesses must use to understand their financial wellbeing is cash flow analysis. As a bookkeeper, one of the key responsibilities is to perform a cash flow analysis for businesses. It requires monitoring the cash movements of the company during a set period, commonly monthly or quarterly. Through this, a bookkeeper can aid the business proprietor in grasping their present financial state, spotting any cash flow difficulties, and preparing for the future.
A clear picture of a company's financial health is created through categorizing and reconciling all cash transactions, including expenses, sales and investments, in the analysis. Predicting cash flow for the upcoming months or years is a significant aspect of the process, and it assists companies in making well-informed decisions and avoiding future cash flow difficulties.
Furthermore, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. Any company that wants to manage their finances effectively must have a precise and comprehensive cash flow analysis.
Bookkeeping Tasks
Most bookkeepers in Burnham-on-Sea will be willing to provide you with the following bookkeeping services: bookkeeping services for shops, processing supplier bills & payments, payroll bookkeeping, bookkeeping services for limited companies, double-entry bookkeeping in Burnham-on-Sea, Sage bookkeeping services, bookkeeping for organisations, bookkeeping services for freelancers in Burnham-on-Sea, bank reconciliation, profit & loss reports, bookkeeping services for clubs, management reports, bookkeeping for societies, small business tax returns, credit control, financial statement preparation, preparing balance sheet information for accountants, expense tracking & categorisation, professional bookkeeping services, cheap bookkeeping services, cash flow monitoring & reporting, cash flow analysis, accountancy packages in Burnham-on-Sea, assistance with registering for self-employment in Burnham-on-Sea, liaising with accountants & tax advisers, preparing trial balances, and more. Listed are just a few of the duties that are conducted by local bookkeepers. Burnham-on-Sea providers will let you know their whole range of services. If there happen to be different Burnham-on-Sea bookkeeper requirements that you want but don't see here, you can mention them on the QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able.
Bookkeepers in Nearby Areas
Also find: Walrow bookkeepers, East Huntspill bookkeepers, Huntspill bookkeepers, Mark bookkeepers, Berrow bookkeepers, Wedmore bookkeepers, Southwick bookkeepers, Bason Bridge bookkeepers, Lympsham bookkeepers, Brent Knoll bookkeepers, Alstone bookkeepers, Watchfield bookkeepers, Highbridge bookkeepers, Weston-super-Mare bookkeepers, East Brent bookkeepers, Edithmead bookkeeper and more. All of these areas are served by local bookeepers. Burnham-on-Sea businesses and traders can get prices for bookkeeping services by clicking here.
Bookkeeping Services Burnham-on-Sea
- Self-Assessment Tax Returns
- Self-Assessment Bookkeeping
- Tax Preparation
- Credit Control
- Profit and Loss Reports
- Bookkeeping Price Quotes
- Cash Flow Analysis
- Wages PAYE and CIS
- Bank Reconciliations
- VAT Returns
- Double-Entry Bookkeeping
- Bookkeeping Services
- Small Business Bookkeeping
- Cheap Bookkeeping
More Local Services: Of course, whenever you're in need of a bookkeeper in Burnham-on-Sea, Somerset, you will likely need all kinds of different services and together with a bookkeeper you might also need EPOS in the immediate area, telephone system installation in the vicinity, a financial adviser in your locality, card processing in the local area, video production in the local area, cloud & hosting services in the local area, business consulting in the immediate area, Ecommerce assistance in the Burnham-on-Sea area, an accountant in your local area, social media marketing in the area, telemarketing in the local area, digital marketing services in the Burnham-on-Sea area, website design in the local area, PPC advertising in the immediate area, network, database & IT support in the immediate area, HR consulting in the local area, a marketing agency in your local area, and other different local specialists.
Planned Bookkeeping Articles: Here are some of our bookkeeping articles that we plan to publish in the near future. So, if you are interested in any of these, please call back again: Accounts payable management in Burnham-on-Sea. General ledger maintenance in Burnham-on-Sea. Accounts receivable management in Burnham-on-Sea. Business startup advice and support in Burnham-on-Sea. Cash flow management in Burnham-on-Sea. Budget preparation and analysis in Burnham-on-Sea. Bookkeeping clean-up in Burnham-on-Sea. Management reporting in Burnham-on-Sea. Bank and credit card reconciliation in Burnham-on-Sea.
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Bookkeepers in TA8 area, and dialling code 01278.
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