Bookkeepers Cardiff Wales (CF1): You are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 yrs, if you are a sole trader, run an online store or own a small business in Cardiff, according to the Companies Act. You might face disqualification as a Company Director and receive a hefty fine, if you cannot produce this information. You could undertake these financial records on your own behalf, although when you think about the fact that according to Accounting Today over 40% of small business owners spend over 80 hours every year on their bookkeeping tasks, it can be more cost-effective to employ a professional accountant or bookkeeper.
If you are overcome with a sense of panic merely thinking about producing balance sheets, tracking liabilities and assets, preparing profit, loss and fiscal reports or writing out ledgers, then the time to contactin Cardiff for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the difference between an accountant and a bookkeeper?" Is a question that is asked by a lot of people in Cardiff. The fact is, due to software developments over the past decade many accountancy firms in Cardiff will take on the task of bookkeeping, which was previously deemed beneath their qualifications, experience and skill-sets. To make sure their bookkeeping services are in line with an independent, it's now fairly common for many accounting firms to have a set fee for these services. This is fantastic news for business owners because it provides a wider variety of competition within this sector and can make the cost of your bookkeeping more affordable than initially thought.
When you're thinking about the differences between a bookkeeper and an accountant, the main one is the standard of training and qualification that is necessary for each discipline. Normally holding a degree in accounting, a professionalshould also have had training in tax matters and further qualifications in business and financial management. A bookkeeper in Cardiff might not have the same levels of training and experience, or hold these qualifications, but will still have a decent understanding of these procedures.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, the bookkeeping process involves the recording of daily transactions of any business or enterprise in Cardiff. This is likely to include, but is in no way limited to;
- VAT recording and submissions.
- Recording of all financial incomings; including card, cash and electronic payments.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Payroll services.
- Recording invoices received and making sure that payment is completed punctually.
- Highlighting any discrepancies in financial accounts and rectifying them.
- The billing of clients for goods or work completed.
- Monthly reports and reconciliations.
If you are able to carry out the larger part of your bookkeeping work yourself; a professional bookkeeper might only be necessary for double-checking your accounts every once in a while. This should really be each month at the bare minimum, since this will allow any mistakes or problems to be uncovered and rectified promptly. If you're confident of staying on top of your everyday trading and financial transactions, this trade-off can often be the most affordable option.
If you are presently looking at hiring a bookkeeper in Cardiff, whatever your circumstances, it's a good bet that you might be getting stressed about your tax and financial procedures. A professional bookkeeping service will be able to give advice on everything from stocktaking, invoicing and creating expense reports, to linking your accounts with the most up-to-date software application to facilitate the seamless pull-through of data.
The ability to reconcile accounts payable with cash flow, is an especially important element of good bookkeeping. This means that your bookkeeper will optimise bill payments to times when your finances are buoyant and in good order, instead of paying off a bill straight away, or waiting for an overdue notice, which many small businesses are guilty of. This does not just keep you in good stead with suppliers and those businesses who supply you with services, but also makes sure that your business or enterprise is financially sound. This is a balancing act that you may find tricky to accomplish on your own when you are mostly focussed on the operation of your business.
If you are a sole trader, or run a small business, employing a professional bookkeeper in Cardiff, also gives them the chance to cast an expert eye over the financial dealings of your business. It might be that business patterns and trends that you might have disregarded will thus be pinpointed. It is by no means uncommon for an astute bookkeeper to flag an area which is plummeting in profits, or spot a brand new opportunity that could be worthwhile. Spotting these key performance indicators is important for the growth and success of any business in Cardiff.
If your business sends out invoices it can sometimes be humiliating to chase up a late payment. If that phone call or visit to your customers is made by someone outside your normal business bubble, it's possible for most of that embarrassment to be removed. A professional bookkeeper can make use of legal procedures to take care of a persistent late payer, and without the need for a claims court proceeding, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, start off really straightforward. Sole traders are required to monitor income and expenditure from month to month and keep all receipts and invoices. It is still a wise move to hire the expertise of a competent bookkeeper, even though this may sound simple enough. So that you'll be able to claim back all genuine business expenses from HMRC, a specialised sole trader bookkeeper in Cardiff can give you advice on what needs to be done. This may include bills and rent if you work from home, items such as computers, advertising, stationery and printer ink. If you'd like to get more in-depth advice, and discover how your small business can grow and develop in the future, speak to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Certain business enterprises that operate in niche markets, may need to use a specialised bookkeeping service. You'll require a bookkeeper in Cardiff who understands cross-border and international taxes, exchange rate transfers, online payments and multi-currency processing, if you run an online store for example. Because the internet does not sleep, if that same outlet sells goods you hold or produce then overseeing stock on a 24 hours a day basis is an important concern which will need to be addressed.
A virtual office can also be supplied together with your bookkeeping service. Providing a physical link with their buyers, this allows a sole trader or online only business to have a phone service and postal address. If this kind of service is needed, it's certainly worth discussing the possibilities, although this solution won't be supplied by all Cardiff bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Diploma and Certificate level, and it is not necessary for a qualified bookkeeper in Cardiff to hold a degree in accounting. If the chosen route to qualification is through further education colleges and universities, this is still a possibility, whereas there there is an ever-growing range of online bookkeeping courses.
Certification and training for bookkeepers is mostly provided by two key organisations:
The Association of Accounting Technicians or AAT: Entitled to use the letters AATQB, a fully trained member of the Association of Accounting Technicians or AAT will have undergone a training schedule and advanced qualifications in bookkeeping. This promises a high standard of service to their customers which is backed by the association, and permits them to become a certified AAT bookkeeper. To preserve the values and integrity of the AAT, if an AAT bookkeeper is found to have contravened the code of conduct or has a complaint filed against them, they will be liable to disciplinary and tribunal procedures.
The Institute of Certified Bookkeepers (ICB): Providing accreditation to certified bookkeepers, together with reference material and training to keep their members current with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation in the world.
By visiting their respective websites, it is possible to confirm the accreditations of any bookkeeper in Cardiff on the register of ICB or AAT members. Carrying out this check is highly recommended before hiring the services of any professional bookkeeper in Cardiff.
Cardiff Bookkeeper Tasks
Most Cardiff bookkeepers will be ready to offer you the following bookkeeping services: independent bookkeeping services Cardiff, Sage bookkeeping, VAT returns in Cardiff, bookkeeping for restaurants, general bookkeeping services Cardiff, PAYE & wages in Cardiff, Quickbook bookkeeping services, maintaining fixed asset registers, bookkeeping services for self-employed people, bookkeeping services for sole traders, letting agent bookkeeping Cardiff, Self-Assessment tax returns in Cardiff, accounting and bookkeeping Cardiff, invoice processing, bookkeeping services for organisations, accounting and bookkeeping services, cash flow analysis, off-site bookkeeping, Kashflow bookkeeping services, tax preparation, QUOTE FORM provided. We will get back to you with information as soon as we can., in Cardiff, landlord bookkeeping, bookkeeping for home-based businesses, , bookkeeping for retail outlets in Cardiff, bookkeeping services for startups, partnership tax returns, in Cardiff, company cash books, and more. Listed are just some of the duties that are accomplished by local bookkeepers. Cardiff providers will inform you of their whole range of bookkeeping services. If there are some other Cardiff bookkeeper requirements that you need but can't see here, you can easily mention them on the
Bookkeepers Near Cardiff
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