Bookkeepers Chigwell Essex (IG7): In accordance with the Companies Act (2006), if you are a sole trader, operate an online store or run a small business in Chigwell, you're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years. You might be disqualified as a Company Director and receive a fine of thousands of pounds, if you're unable to produce these records. It can pay to employ a professional bookkeeping company or accountant to conduct this for you, because according to the trade magazine Accounting Today over 40% of small businesses spend 80 plus hours each year doing their bookkeeping tasks, which is a considerable investment of time, and may be better spent on actually running your business.
If just the thought of tracking liabilities and assets, creating profit, loss and fiscal reports, writing out ledgers or compiling balance sheets fills you with a sense of terror, then the time has come to get in touch within Chigwell for advice.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between a bookkeeper and an accountant?" Is a question which is asked by most business owners in Chigwell. While in the past many accountants considered the bookkeeping process to be beneath their skill set, experience and qualifications, many accountancy firms in Chigwell will now undertake most bookkeeping duties, due to massive software improvements over the past ten years or so. It is now common practice for accounting firms to charge a flat rate for bookkeeping services in line with a typical. This makes the cost of bookkeeping far more manageable than it previously was, and is fantastic news for business owners in Chigwell since it generates a wider variety of competition within the industry.
The biggest difference between a bookkeeper and an accountant is the standard of training required. Anwill typically hold at least a degree in accounting with additional training in the field of taxation and other business and fiscal management. While having a decent understanding of such procedures, a bookkeeper in Chigwell might not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the bookkeeping process is the recording of the day by day transactions (financial) of any business in Chigwell. This will include, but isn't limited to;
- Payroll services.
- VAT submissions and recording.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- The billing of clients for work completed or goods.
- Recording of all financial incomings; card, cash and electronic payments included.
- Logging invoices received and ensuring that payment is completed punctually.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reconciliation and reporting.
Contingent upon the level of service you need, e.g. you are prepared to carry out a large majority of your bookkeeping work; a bookkeeper may just be necessary for double-checking your figures on a fixed schedule. To make sure that any mistakes or problems can be found and amended speedily, as a bare minimum, this ought to be done every month. This can be the most cost-effective trade-off, as long as you are confident of staying on top of your financial transactions without impacting on your daily business operations.
If you're presently looking at hiring a bookkeeper in Chigwell, whatever your situation, it is fairly likely that you might be stressed with your tax and financial procedures. To enable the seamless pull-through of financial data, a good bookkeeping service will help you link the latest software program to your accounts, and will give assistance with procedures like stocktaking, generating expense reports and invoicing.
An extremely important element of a good bookkeeper is being able to reconcile accounts payable with cash flow. This means that rather than waiting on a final notice, which many small businesses in Chigwell are guilty of at some time or other, or paying an outstanding bill immediately, your bookkeeper will schedule the payment of bills to times when your finances are in good shape. This doesn't just keep you in good stead with suppliers and the businesses who supply services to you, but also makes sure that your enterprise or business is on a sound financial footing. This is just one of those balancing acts that can be tricky to accomplish when you're firmly focussed on the smooth running of your day to day business operations.
Employing a professional bookkeeper in Chigwell, for your small business or if you're a sole trader also gives them the chance to cast an unbiased eye over your financies. It could be that business patterns and trends that might have otherwise gone unnoticed could thus be pinpointed. A situation where a smart bookkeeper flags up an area which is dropping in profits, or spots an opportunity that may be worthwhile, is not at all an unheard of occurrence. Spotting these key performance indicators (KPI's) is crucial for the economic growth of any business enterprise in Chigwell.
It can sometimes be rather awkward to chase up a late payment if your business sends out invoices. By having a person outside your normal business bubble make that telephone call or visit to your customer, some of that embarrassment can be eliminated. If you've got a persistent late or non-payer there are legal options a bookkeeper can make use of to help to clear up the situation before the issue ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as set out in law, are comparatively straightforward. Sole traders are expected to keep a record of income and expenditure from month to month and save all receipts and invoices. Now, this does not seem too hard does it? But, it's still recommended that you hire the expert services of a bookkeeping company to ensure that it is all done accurately. Advising you on what bonafide business expenses you are able to claim back, a dedicated sole trader bookkeeper in Chigwell will look after your financial dealings with HMRC. This may include promotional advertising, consumables, stationery goods, bills and rent if you work from home and items such as computing equipment. To discover how they can help your small business to grow, chat to a trusted bookkeeper for more comprehensive guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS
Specialistare required from time to time for particular bookkeeping niches. If multi-currency processing, exchange rate transfers, cross-border and international taxes and online payment procedures are involved, for example if you run an online store, you will want to hire a bookkeeper in Chigwell who's familiar with these practices. Since the internet does not sleep, if that same store sells goods that you hold or produce then controlling stock on a 24/7 basis is an important concern which will need to be addressed.
Together with your bookkeeping services, a virtual office can also be supplied. This is useful in allowing an online only business or sole trader to have a telephone service and postal address to offer a physical connection to their client base. It's definitely worth talking about this possibility if it is needed, although not all bookkeepers in Chigwell will supply this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Chigwell bookkeeper does not need to hold a university degree and many qualifications in this sector are at Diploma or Certificate level. If the preferred route to qualification is through further education universities and colleges, this is still a possibility, although there there's an ever-growing number of online bookkeeping courses.
There are basically two main organisations that offer training and certification to bookkeepers:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a fully trained member of the Association of Accounting Technicians (AAT) will have undergone a training schedule and advanced qualifications in bookkeeping. They can then become authorised AAT bookkeepers, approved by this respected association, which assures a decent level of service for their customers. Bookkeepers who are associated with the AAT can can be subject to tribunal and disciplinary processes if a complaint is filed against them or they are found to have breached the code of practice. This helps to safeguard the values and integrity of the AAT.
The ICB or Institute of Certified Bookkeepers: Offering accreditation to certified bookkeepers, together with training and reference material to keep their members current with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation in the world.
By going to their respective websites, it's possible to check the accreditations of any bookkeeper in Chigwell on the register of AAT or ICB members. Carrying out such checks is usually a good idea before you actually hire any local bookkeeper in Chigwell.
Using a Bookkeeper for Tax Returns
A self-assessment tax return may be required for self-employed people or those with small businesses in the UK. The process can make this task challenging, especially if you're not familiar with it. Keeping your records in order and preparing your tax return on time and accurately are both things that a decent bookkeeper can help you with.
Employing a bookkeeper to complete your tax returns has numerous benefits. Experience and expertise will ensure that they complete your return correctly. This should help you avoid any penalties or interest that HMRC may charge. Second, bookkeepers can save you time and hassle. They will take care of all of the paperwork and calculations, so you can focus on the running of your business. Third, Chigwell bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This can help you to maximise your earnings and minimise your tax bill. (70193)
Chigwell Bookkeeper Tasks
Most Chigwell bookkeepers will be prepared to provide you with the following bookkeeping and accounting services: bookkeeping and accounting services Chigwell, charity bookkeeping Chigwell, corporation tax returns, bookkeeping for charities, Sage bookkeeping, bookkeeping services for societies, bookkeeping for freelancers, Self-Assessment tax returns in Chigwell, payment services in Chigwell, bank reconciliation, bookkeeping services for restaurants in Chigwell, accountancy packages, QUOTE FORM provided. We'll be in touch with details just as soon as we are able.Chigwell, payroll bookkeeping, profit & loss reports, partnership returns, maintaining fixed asset registers in Chigwell, , financial statement preparation, Chigwell, company cash books, bookkeeping quotes, cash flow analysis, bookkeeping services for clubs, Xero bookkeeping services, Quickbook bookkeeping services in Chigwell, in Chigwell, accounting and bookkeeping, VAT returns, , and more. Listed are just a few of the tasks that are undertaken by local bookkeepers. Chigwell providers will inform you of their whole range of services. If there are other Chigwell bookkeeper requirements that you want but cannot see here, you can list them on the
Bookkeepers Near Chigwell
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