Bookkeepers Burnley Lancashire (BB11): You're entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years, if you are a sole trader, run an online store or operate a small business in Burnley, to comply with the 2006 Companies Act. You may face disqualification as a Company Director and receive a hefty fine, if you can't produce such information. It is often better to employ a professional accountant or bookkeeping company to undertake this for you, because according to Accounting Today over 40% of small businesses spend eighty hours plus per year doing their accounts, which is a substantial time investment, and could be more effectively spent on your key business activities.
If just the thought of tracking liabilities and assets, creating profit, loss and fiscal reports, writing ledgers or producing balance sheets fills you with dread, then it's time to get in touch with a bookkeeper in Burnley for help and advice.
BOOKKEEPER OR ACCOUNTANT?
What is the distinction between a bookkeeper and an accountant is the first question that most small business owners in Burnley ask. At one time it was normally considered to be to be beneath the experience, qualifications and skill set of an accountant to do the work of a bookkeper, however because of software developments over the past decade or so, many bookkeeping duties will now be undertaken by accountancy companies in Burnley. To keep their bookkeeping services in step with a typical bookkeeper's fee, it's now quite common for many accountancy firms to have a set rate for these services. As it offers a broader range of competition within the marketplace, this is excellent news for business owners in Burnley, making their bookkeeping much more affordable than it was previously.
When looking at the big difference between an accountant and a bookkeeper, it is the standard of training that is required for each of these disciplines. An accountant will, at a minimum, hold an accounting degree, and will have also had further training in financial and business management, and taxes. While having an understanding of these fiscal skills, a bookkeeper in Burnley might not necessarily have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms possible, the bookkeeping process involves the recording of day to day transactions of any enterprise or business in Burnley. This will likely include, but is in no way limited to;
- Billing of customers for goods or work completed.
- Monthly reconciliations and reports.
- Payroll services.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Recording of all financial incomings; electronic, card and cash payments included.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Logging the receipt of invoices and making sure that payment is completed by the due date.
- VAT submissions and recording.
Contingent upon the level of service you need, e.g. you're willing to perform a large majority of your bookkeeping work; a bookkeeper may just be necessary for double-checking your accounts every once in a while. To enable any problems or mistakes to be uncovered and rectified swiftly, this ought to be on a monthly basis at the bare minimum. If you are confident of keeping on top of your everyday financial transactions and trading activities, this trade-off can sometimes be the most affordable option.
Whatever your scenario, if you are seriously thinking of hiring a bookkeeper in Burnley, there is a fair chance that you may be struggling with the financial recording aspects of your small business. To enable the seamless pull-through of transactional data, a professional bookkeeping company will help you to link the most up-to-date software application to your business accounts, and will offer assistance with stuff like invoicing, generating expense reports and stocktaking.
An extremely crucial element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. This means that rather than paying a bill right away, or waiting on an overdue notice, which a lot of small businesses in Burnley are guilty of, your bookkeeper will schedule bill payments to times when your finances are in the best possible position. This isn't simply to ensure your enterprise or business is on a good financial footing at all times, but also to keep you in favour with those businesses who provide your materials or services. When you're primarily focussed on the operation of your company, this is a balancing act that can be hard to accomplish as an individual.
Using a qualified bookkeeper in Burnley, if you are a sole trader, or for your small business also gives them the opportunity to cast an eagle eye over your financial situation. It may be that business patterns and trends that might have gone unnoticed could thus be highlighted. It isn't unheard of for a bookkeeper to spot a new opportunity or flag up an area where profits are decreasing. Such KPI's (key performance indicators) are crucial in driving growth for any enterprise in Burnley.
Chasing up late payments can be an awkward scenario for you, if you send out invoices in your business operations. Some of that embarrassment can be removed by having a professional outside your business bubble make that phone call or visit to your customer. A bookkeeper can employ legal techniques to take care of a persistent late or non-payer, and without the need for claims court proceedings, help to clear up the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as set out in law, start off relatively straightforward. This involves keeping all receipts and invoices concerning the business, and keeping a record of expenditure and income on a month by month basis. Whilst this may at first sound simple it is still a wise move to retain the services of a competent bookkeeper. So that you'll be able to claim back genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Burnley will be able to advise you on what you have to do. This might include printer ink, items such as computing equipment, bills and rent if working from home, advertising and stationery goods. If you would like to get more in-depth advice, and learn how your business can grow and develop going forward, speak to your bookkeeper.
There are various business niches where a specialist bookkeeping service might be essential. If, for instance, you manage an online store, you are going to require a bookkeeper in Burnley who understands exchange rate transfers, multi-currency processing, online payment procedures and international and cross-border taxes. If you hold or produce the goods that you distribute through that shop, then it is going to be a crucial concern for your bookkeeping services and software to regulate your your inventory on a 24/7 basis, because of course, the internet never sleeps.
It's also possible to establish a virtual office, that can be used in combination with your bookkeeping package. This can be handy in allowing an online only business or sole trader to have a postal address and telephone service to provide a physical connection to their customer base. Although this solution may not be supplied by all Burnley bookkeeping companies, it's definitely worth discussing the possibilities if this is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the field of bookkeeping are at Diploma and Certificate level, and a certified Burnley bookkeeper doesn't need to hold a degree. Although there is a range of online courses available, bookkeeping qualifications can still be obtained via further education colleges and universities, if that's the chosen route.
There are essentially two key organisations that provide certification and training for bookkeepers:
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world and supplies accreditation to certified bookkeepers, along with training and reference material to keep their associated members up-to-date.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a certified member of the Association of Accounting Technicians (AAT) will have completed advanced qualifications and a training schedule in bookkeeping. They're then entitled to become approved AAT bookkeepers, which assures their clients a minimum level of service which is backed up by the organisation. AAT bookkeepers can can be liable to tribunal and disciplinary procedures if they have a complaint filed against them or are found to have breached the code of practice. This helps to safeguard the integrity of the AAT membership.
You're able to check the accreditations of any professional bookkeeper on the register of ICB or ATT members on their websites. Performing such checks is usually advisable before actually hiring the services of any bookkeeper in Burnley.
What Are the Main Advantages of Using a Bookkeeper in Burnley Rather Than an Accountant?
There are a number of advantages to using a bookkeeper rather than an accountant, including:
- Customisation: Bookkeepers can provide services that are tailored to a business's specific needs, unlike accountants who might have a more standard approach.
- Accessibility: Bookkeepers are normally more available to answer questions and provide support on a regular basis than an accountant, who might only be available at certain times.
- Time Savings: By outsourcing their bookkeeping tasks, business owners can save time and concentrate on other aspects of their business, for instance marketing and sales.
- Expertise: Bookkeepers typically have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more efficient and effective in these tasks.
- Cost: Bookkeeping services are often cheaper than accounting services. This makes them a cost-effective choice for startups and small businesses.
It's vital to note that while bookkeepers offer valuable support, they may not have the same level of qualifications or expertise as an accountant in aspects such tax preparation or financial planning. In these cases, seeking the services of an accountant may become necessary.
In Burnley, small business owners can enlist the services of a bookkeeper to handle their VAT returns, which can provide them with peace of mind about tax compliance and allow them to prioritize other business priorities. A bookkeeper can take care of all aspects of your VAT return, including calculating the amount of VAT you owe or are owed, preparing and submitting your return to HMRC, and keeping accurate records of your transactions. Furthermore, a bookkeeper can furnish you with beneficial suggestions on how to decrease your VAT obligation and ensure that you are receiving all the permissible VAT reimbursements. With the help of a bookkeeper, you can have peace of mind knowing that your VAT returns are being handled accurately and efficiently, giving you more time to focus on growing your business in Burnley. Having a bookkeeper can be a wise financial decision as it can help you avoid any HMRC penalties or fines due to errors in your VAT returns or late submissions, potentially saving you money in the future. All in all, hiring a bookkeeper in Burnley can provide small business owners with a cost-effective, efficient, and reliable solution for managing their VAT returns, which can help them stay compliant with tax regulations, minimize their tax liability, and free up their time to concentrate on business growth.
Financial statement preparation - article 211.
Bookkeepers Near Burnley
Also find: Higham bookkeepers, Reedley bookkeepers, Cornholme bookkeepers, Pike Hill bookkeepers, Worsthorne bookkeepers, Lowerhouse bookkeepers, Rose Hill bookkeepers, Fence bookkeepers, Hapton bookkeepers, Briercliffe bookkeepers, Crawshawbooth bookkeepers, Huncoat bookkeeper and more. All of these towns and villages are covered by local bookeepers. Burnley businesses can get rates for bookkeeping services by clicking here.
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Burnley Bookkeeper Tasks
Most bookkeepers in Burnley will be willing to offer you the following accounting and bookkeeping services: partnership returns, maintaining fixed asset registers, VAT returns, Xero bookkeeping services Burnley, independent bookkeeping services, bookkeeping for payroll, double-entry bookkeeping, bookkeeping services for limited companies, payment services, profit & loss reports, Kashflow bookkeeping services, bookkeeping for restaurants, bookkeeping for home-based businesses in Burnley, bookkeeping services for shops, small business tax returns, accountancy packages Burnley, management reports, bookkeeping for sole traders in Burnley, general bookkeeping services in Burnley, wages & PAYE, landlord bookkeeping, charity bookkeeping Burnley, company cash books, franchise bookkeeping, tax return preparation, bookkeeping services for organisations in Burnley, letting agent bookkeeping, bookkeeping for pubs, bookkeeping services, management accounts, and more. Listed are just some of the tasks that are accomplished by local bookkeepers. Burnley companies will be happy to inform you of their whole range of bookkeeping services. If there are some other Burnley bookkeeper requirements that you want but cannot see here, you can easily mention them on the QUOTE FORM provided. We'll be in touch with details just as soon as we are able.
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