Bookkeepers Burntwood Staffordshire (WS7): According to the 2006 Companies Act, if you are a sole trader, run an online store or operate a small business in Burntwood, you are responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 yrs. Failure to produce these records may leave you facing Company Director disqualification, along with a fine of thousands of pounds. According to Accounting Today over forty percent of small business owners spend over eighty hours each year on their bookkeeping, therefore although you can carry out these financial recordings on your own, it can pay to employ a professional bookkeeper or accountant to do them for you.
The time has come to contact a bookkeeper in Burntwood for help and advice, if you are filled with terror just thinking about the possiblility of writing ledgers, tracking liabilities and assets, producing balance sheets or preparing profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the distinction between a bookkeeper and an accountant is the first question that springs to mind for a lot of people in Burntwood. To be honest, due to software developments over the past 10 years or so many accountants in the Burntwood area will consider taking on bookkeeping, which at one time was regarded as beneath their experience, skill set and qualifications. Most accounting firms now charge a flat rate for bookkeeping services, to keep them in step with what a typical bookkeeper in Burntwood would usually charge. Because it generates a broader range of competition within the industry, this is fantastic news for business owners in Burntwood, making their bookkeeping much more affordable than it previously was.
It is basically the level of qualification and training that's required for each of these disciplines, that demonstrates the main difference between a bookkeeper and an accountant in Burntwood. An accountant will, at the minimum, hold an accounting degree, and should have also had further training in fiscal and business management, and taxes. While possibly not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Burntwood will still have a fair grasp of all these fiscal disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the act of bookkeeping is to record the day by day monetary transactions of any business in Burntwood. This will likely include, but is by no means limited to;
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Highlighting and rectifying any discrepancies in financial accounts.
- Logging of all financial incomings; card, cash and electronic payments included.
- Monthly reconciliation and reporting.
- Payroll services.
- The billing of customers for goods or work completed.
- Logging the receipt of invoices and making sure payment is completed promptly.
- VAT recording and submissions.
Contingent upon the level of service you're looking for, e.g. whether you are able to undertake a large majority of your bookkeeping work; a professional bookkeeper may just be necessary for double-checking your accounts on a fixed schedule. So that any problems or mistakes can be uncovered and amended quickly, as a bare minimum, this ought to be done every month. This trade-off can often be the most affordable option if you are confident of remaining up-to-date with your daily trading and financial transactions.
It's a good bet that if you are considering hiring a bookkeeping firm in Burntwood, you are currently fretting over the financial recording side of your small business. A good bookkeeping company will be able to assist you in linking the most up-to-date computer software with your accounts to enable the seamless pull-through of financial data, and will offer advice and guidance on such things as producing expense reports, invoicing and stocktaking.
The ability to reconcile accounts payable with cash flow, is an especially important element of a good bookkeeper. This means that rather than paying off a bill immediately, or waiting on an overdue notice, which many small businesses in Burntwood are guilty of doing, your bookkeeper will optimise bill payments to times when your finances are buoyant and in good order. This does not just keep your business on a sound financial footing, but keeps you in the good books of suppliers and the businesses who provide you with services. This is a balancing act that can be tricky to perform on your own when you are completely focussed on the smooth running of your business.
For your small business enterprise, or if you are a sole trader, using an experienced bookkeeper in Burntwood, presents you with the opportunity to have a critical eye cast over your financial situation. This unbiased assessment can enable them to notice business trends and patterns that you may have overlooked. A situation where a clever bookkeeper flags up an area of the business where profits are dropping, or spots a new opportunity that could be lucrative, is not at all an unusual occurrence. It's crucial for driving the growth of any enterprise in Burntwood, to spot these key performance indicators (KPI's).
If you give out invoices in your business operations, having to chase up late payments can be quite uncomfortable. Having an individual from outside your normal business situation, can take away the embarrassment of visiting your customers or making that phone call. To help with resolving the matter, if you've got a repeating late or non-payer, there are legal procedures that can be used by a bookkeeper, so legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively basic sole trader bookkeeping requirements, which are laid out by law. This involves saving all receipts and invoices in relation to the business, and keeping a record of expenditure and income from month to month. It is still recommended that you retain the services of a competent bookkeeper, although this may at first sound simple. A specialised sole trader bookkeeper in Burntwood can advise you on what you may be able to claim back from HMRC as legitimate business expenses. This may include stationery, printer ink, advertising expenses, items such as laptops and bills and rent if you work from home. For more detailed advice, speak to a trusted bookkeeper, and learn how they may be able to help your business to flourish and grow moving forward.
ONLINE TRADERS
There are a number of business niches where a specialist bookkeeping service could be essential. If you manage an online store for instance, you're going to require a bookkeeper in Burntwood who understands multi-currency processing, cross-border and international taxes, exchange rate transfers and online payment procedures. If the same store sells goods that you hold or produce, then overseeing your inventory and stock on a 24 hours a day basis is a massive priority, after all the internet never sleeps, therefore neither should your bookkeeping software or services.
It's also possible to establish a remote virtual office, that can be utilised together with your bookkeeping package. This enables a sole trader or online only business to have a postal address and phone service to offer a physical link with their clients. Not all Burntwood bookkeeping companies will be able to provide this solution, but it's worth talking about if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Burntwood bookkeeper needn't have a university degree and a number of this sector's qualifications are at Diploma and Certificate level. There is an ever-growing selection of courses available online, although bookkeeping qualifications can still be obtained via further education colleges and universities.
To provide training and certification for bookkeepers, there are basically two main organisations of interest:
The Association of Accounting Technicians (AAT): Able to use the letters AATQB after their name, a fully trained member of the AAT or Association of Accounting Technicians will have completed a training schedule and advanced qualifications in bookkeeping practice. This then entitles them to become a licensed AAT bookkeeper and assures a minimum level of service which is backed by the association. To protect the credibility of the AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of practice they will be liable to disciplinary and tribunal processes.
The Institute of Certified Bookkeepers or ICB: Providing accreditation to certified bookkeepers, together with training and reference material to keep their members up-to-speed with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world.
By going to their respective websites, you are able to examine the register of ICB or ATT members, to find the accreditations of any Burntwood bookkeeper. It is advised to perform this check, before using the services of any local bookkeeper in Burntwood.
What Are the Main Advantages of Using a Bookkeeper in Burntwood Over an Accountant?
The following are some reasons why you may want to use a bookkeeper in Burntwood, as opposed to an accountant:
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save a bit of time and concentrate on other areas of their business, for instance sales and marketing.
- Cost: Bookkeeping services are generally less costly than accounting services. This makes them a cost-effective alternative for small businesses and startups.
- Accessibility: Bookkeepers are often more available to provide support and answer questions on a regular basis than an accountant, who may only be available at certain times.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more efficient and effective in such tasks.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereby accountants may have a more general approach.
That being said, it is important to note that while bookkeepers can provide invaluable support, they might not have the same level of qualifications or expertise as an accountant in certain aspects such as tax preparation or financial planning. In such cases, it may be necessary to go to an accountant for more specialised services.
Cash Flow Analysis
Cash flow analysis is an important instrument by which businesses can gauge their financial health. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. The task involves keeping tabs on the amount of cash entering and leaving the business within a set period of time, generally quarterly or monthly. 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.
To create a clear picture of a company's financial health, the bookkeeper categorizes and reconciles all cash transactions, including expenses, investments and sales. Part of the analysis also involves predicting the company's cash flow for the upcoming months or years, allowing the company to make informed decisions and avoid potential cash flow problems.
What's more, a comprehensive cash flow analysis can be advantageous for businesses seeking to secure financing by providing lenders with a clear view of the company's financial status and capacity to repay loans. A comprehensive and accurate cash flow analysis is vital for any company that wants to effectively manage their finances.
Bookkeepers Near Burntwood
Also find: Pipehill bookkeepers, Woodhouses bookkeepers, Hammerwich bookkeepers, Chase Terrace bookkeepers, Longdon bookkeepers, Chasetown bookkeepers, Little Norton bookkeepers, Clayhanger bookkeepers, Burntwood Green bookkeepers, Wimblebury bookkeepers and more. Most of these locations are catered for by local bookkeepers. Ensuring such easy access allows both individuals and businesses to readily obtain the financial support they need for successful account management. Clicking here allows area residents to receive bookkeeping price quotes.
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Burntwood Bookkeeper Tasks
Most Burntwood bookkeepers will be able to offer you the following accounting and bookkeeping services: cash books Burntwood, partnership returns in Burntwood, tax returns, tax preparation, invoice processing, Quickbook bookkeeping services Burntwood, small business tax returns Burntwood, Self-Assessment tax returns, bookkeeping for clubs, maintaining fixed asset registers, personal tax returns in Burntwood, bookkeeping services for limited companies, bookkeeping for organisations, assistance with registering for self-employment in Burntwood, double-entry bookkeeping, bookkeeping price quotes, charity bookkeeping Burntwood, payroll bookkeeping in Burntwood, credit control, bookkeeping for startups, professional bookkeeping services, general bookkeeping services in Burntwood, bookkeeping services for retail outlets, accounting and bookkeeping services, accountancy packages, bookkeeping services for self-employed in Burntwood, bookkeeping for home-based businesses, bookkeeping services for tradesmen, mobile bookkeeping services in Burntwood, management reports, and more. These are just a selection of the duties that are undertaken by local bookkeepers. Burntwood professionals will be happy to inform you of their entire range of bookkeeping services. If there happen to be other Burntwood bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We will be in touch with details as soon as we can.
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