Bookkeepers Chester Cheshire (CH1): You're responsible for maintaining accurate, "true and fair" financial and accounting records for at least six years, if you operate an online store, run a small business or are a sole trader in Chester, to comply with the Companies Act. You may face disqualification as a Company Director and get a hefty fine, if you can't produce these records. According to Accounting Today magazine over forty percent of small business owners spend over eighty hours per year doing their bookkeeping, so while you can complete these financial records on your own behalf, it can be more cost-effective to employ a professional to do them instead.
If you are overcome with a sense of terror just thinking about compiling balance sheets, tracking liabilities and assets, preparing profit, loss and financial statements or writing ledgers, then the time to get in touch within Chester for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many people in Chester, an obvious question when facing this predicament is "What exactly is the distinction between a bookkeeper and an accountant?" The truth is that while in the past a lot of accountants considered the task of bookkeeping to be beneath their experience, skill set and qualifications, a lot of accountancy firms in the Chester area will now undertake the task of bookkeeping, due to substantial software improvements over the past 10 yrs or so. A lot of accounting companies now charge a flat rate for bookkeeping services, to keep them commensurate with what an independent bookkeeper in Chester would routinely charge. Business owners in Chester are now cashing in on this, as it generates a broader range of competition within the marketplace and can make the cost of bookkeeping much more affordable than it would previously have been.
The main difference between a bookkeeper and an accountant is the amount of qualification and training needed. Usually holding an accounting degree, a professionalwill also have had additional training in tax law and have qualifications in business and fiscal management. A bookkeeper in Chester will certainly have an understanding of these skills, but might not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the logging of daily fiscal transactions of any business enterprise in Chester. This may include;
- VAT recording and submissions.
- Logging of all financial incomings; including cash, card and electronic payments.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- The billing of customers for work completed or goods.
- Logging the receipt of invoices and making certain payment is completed by the due date.
- Monthly reconciliation and reporting.
If you're in a position to undertake a large majority of your bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your accounts every once in a while. To enable any mistakes or problems to be uncovered and corrected quickly, this ought to be monthly at the bare minimum. Providing that it is possible to stay up-to-date with your monetary transactions without negatively affecting your daily business operations, this trade-off can be the most cost-effective solution.
It is fairly likely that if you're looking to hire a bookkeeping company, you're currently fretting over the financial recording side of your small business in Chester. To facilitate the seamless sorting of transactional data, a good bookkeeping service will help you link the latest computer software to your business accounts, and will offer assistance with things like preparing expense reports, stocktaking and invoicing.
The reconciliation of cash flow with accounts payable is one of the most vital aspects of good bookkeeping. Which means that rather than paying an outstanding bill right away, or waiting for a final notice, which a lot of small businesses are guilty of doing, your bookkeeper will organise the payment of bills to a time when your accounts are in good shape. In addition to keeping your enterprise or business financially stable, this also maintains your reputation with service providers and suppliers. This is a juggling act that you may find difficult to accomplish on your own when you are completely focussed on the operation of your company.
Employing a certified bookkeeper in Chester, for your small business or if you are a sole trader also gives them the opportunity to cast a critical eye over your financial situation. This nonpartisan appraisal can allow them to notice business trends and patterns that you might have disregarded. A bookkeeper identifying a new opportunity or noticing an area of the business which is dropping in profits, is by no means uncommon. For the success of any small business in Chester, it is important that such KPI's (key performance indicators) are spotted as early as possible.
If you give out invoices in your business operations, having to pursue late payments can be fairly embarrassing. Having someone outside your normal business situation, can take the apprehension out of making that telephone call or visit to your clients. There are legal techniques that a professional bookkeeper can use, if you are troubled with a consistent late payer, and they can help to clear up the issue before the situation ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are relatively straightforward. This involves retaining all receipts and invoices in relation to the business, and keeping track of income and expenditure on a monthly basis. Now, this doesn't sound too hard does it? But, it is still good practice to hire the services of a bookkeeping company to make certain that it is all done right. When preparing your tax returns, a professional sole trader bookkeeper in Chester can advise you on what your valid business expenses are, and claim these back from HMRC. This may include printer ink, advertising, items such as computing equipment, stationery and rent and bills if working from home. To see how they can help your small business to prosper and grow, talk to your bookkeeper for more in-depth advice and guidance.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the expertise of a specialist could be needed. If, for instance, you run an online store, you will need a bookkeeper in Chester who is familiar with exchange rate transfers, online payments, cross-border and international taxes and multi-currency processing. If you hold or produce the goods that you sell on that outlet, then it will be a huge concern for your bookkeeping services and software to deal with your inventory on a 24/7 basis, because of course, the internet doesn't sleep.
Together with bookkeeping services, it's also possible to establish a remote virtual office. Providing a physical link with their buyers, this enables an online only business or sole trader to have a postal address and telephone service. It's definitely worth talking about this possibility if it is something that could be of benefit, although not all bookkeepers in Chester will provide this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping sector qualifications are at Certificate and Diploma level, and it isn't necessary for a professional Chester bookkeeper to have an accounting degree. Although there are a array of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that is the chosen route.
There are essentially 2 main organisations that provide training and certification for bookkeepers:
The AAT (Association of Accounting Technicians): Providing advanced qualifications and training, the AAT or Association of Accounting Technicians, entitles a fully trained member to use the letters AATQB after their name. They are then able to become accredited AAT bookkeepers, which assures their clients a level of service which is backed up by the association. To protect the credibility of AAT membership, if an AAT bookkeeper is found to have contravened the code of practice or has a complaint against them, they can be liable to disciplinary and tribunal processes.
The ICB or Institute of Certified Bookkeepers: The ICB or Institute of Certified Bookkeepers is the largest in the world and offers accreditation to certified bookkeepers, in addition to reference material and training to keep their associated members up-to-date.
It is possible to check the qualifications of any bookkeeper on the register of ICB or ATT members on their websites. Prior to hiring any bookkeeping service in Chester, it's always a wise idea to carry out these necessary checks.
Bookkeeping Chester - Outsourcing Options
All businesses in Chester should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the money left in the bank account, the sum total of their liabilities and assets, and more. With the business owner having to deal with the concerns and issues of running a business, the task of performing the bookkeeping is frequently outsourced to freelance bookkeepers or a bookkeeping company in Chester.
If a company in Chester employs a bookkeeper so as to become an employee, the company will need to fork out a considerable sum of money in training the individual for the purpose of carrying out the bookkeeping tasks. In addition, there's no guarantee that the person will stay after the training is concluded. In those circumstances, the company will lose a substantial amount of money for very little return. As well as that, businesses will need to seek out solutions to offer incentives and benefits to keep the employee in house. These are just a taste of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Chester.
With the advent of new technology and the internet there's 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 pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial domain. You will find many companies offering financial bookkeeping services catering to all kinds of industries and clients in Chester. The majority of these companies promise and deliver top quality service. It assumes importance for a business to look into the reputation of these Chester bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
Cash Flow Analysis
Any business must use cash flow analysis as a vital tool to assess its financial wellbeing. Bookkeepers play a critical role in performing cash flow analysis for businesses. To do this, it is necessary to follow the cash flow in and out of the business for a specific time frame, generally quarterly or monthly. By doing so, a bookkeeper can help the businessperson understand their current financial situation, identify anyproblems, and plan 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 forthcoming months or years, allowing the business to make informed decisions and avoid potential cash flow problems.
In addition, the bookkeeper can advise on ways to improve cash flow, such as reevaluating pricing strategies or refining payment processes. For companies that want to manage their finances effectively, an accurate and thoroughis essential.
Bookkeepers Near Chester
Also: Boughton bookkeepers, Newton bookkeepers, Handbridge bookkeepers, Deeside bookkeepers, Rowton bookkeepers, Huntington bookkeepers, Lache bookkeepers, Hoole bookkeepers, Vicars Cross bookkeepers, Waverton bookkeepers, Mickle Trafford bookkeepers, Bretton bookkeepers, Upton bookkeepers, Christleton bookkeepers and more.
Chester Bookkeeper Tasks
Most bookkeepers in Chester will be ready to provide you with the following bookkeeping and accounting services: QUOTE FORM provided. We'll be in touch with specifics as soon as we are able.in Chester, bookkeeping services for charities Chester, Kashflow bookkeeping services, bookkeeping services for retail outlets Chester, corporation tax returns in Chester, professional bookkeeping services, invoice processing Chester, accounting and bookkeeping, partnership tax returns, small business bookkeeping, tax returns Chester, bookkeeping for payroll, franchise bookkeeping Chester, Sage bookkeeping, bookkeeping for societies, bookkeeping services for shops in Chester, bookkeeping for freelancers Chester, bank reconciliation, bookkeeping services for the self-employed, , tax return preparation, Quickbook bookkeeping services, bookkeeping services for sole traders, Self-Assessment tax returns, profit & loss reports Chester, bookkeeping services, independent bookkeeping services, management reports in Chester, company cash books, PAYE & wages in Chester, and more. Listed are just some of the activities that are undertaken by local bookkeepers. Chester professionals will inform you of their whole range of services. If there happen to be different Chester bookkeeper requirements that you need but can't see here, you can mention them on the
Bookkeeper Chester - Small Business Bookkeepers Chester - VAT Returns Chester - Cheap Bookkeeping Chester - Bookkeeping Services Chester - Kashflow Bookkeeping Chester - Tax Returns Chester - Double-Entry Bookkeeping Chester - Small Business Bookkeeping Chester