Bookkeepers Chigwell Essex (IG7): You're responsible for maintaining "true and fair", accurate accounting and financial records for at least six years, if you are a sole trader, run a small business or operate an online store in Chigwell, as stated by the Companies Act. If you can't produce such records, you may be disqualified as a Company Director and face thousands of pounds in fines. The trade magazine Accounting Today claims that over forty percent of small business owners spend over 80 hours annually on their bookkeeping, so although you can accomplish these financial records yourself, it can be more cost-effective to employ a professional accountant or bookkeeping company to do them instead.
If you are overcome with a sense of panic merely thinking about the possiblility of tracking liabilities and assets, compiling balance sheets, preparing profit, loss and fiscal reports or writing ledgers, then the time to get in touch with a bookkeeper in Chigwell for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Chigwell, an obvious question when facing this challenge is "Precisely what is the difference between a bookkeeper and an accountant?" While in past times many accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill set, many accountancy firms in Chigwell will now undertake bookkeeping, because of tremendous software improvements over the past decade. For many accountancy firms it is now fairly common to charge a fixed fee for bookkeeping services, so that they are in line with the normal charges of an independent bookkeeper in Chigwell. This is excellent news for business owners because it offers a wider variety of competition within the industry and can make your bookkeeping far more affordable than previously thought.
The level of qualification and training required is the biggest difference between an accountant and a bookkeeper. Usually holding a degree in accounting, a professional accountant should also have had further training in tax matters and have qualifications in financial and business management. A bookkeeper in Chigwell will definitely have an understanding of these fiscal disciplines, but may not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day to day fiscal transactions of any business in Chigwell, describes the act of bookkeeping in simple terms. This will likely include, but is in no way limited to;
- Monthly reporting and reconciliation.
- Documenting of all financial incomings; cash, card and electronic payments included.
- Payroll services.
- VAT recording and submissions.
- Billing of customers for goods or work completed.
- Documenting invoices received and making sure that payment is completed by the due date.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
Subject to service level you are looking for, e.g. you're able to carry out the majority of bookkeeping work; a bookkeeper might just be necessary for double-checking your accounts on a fixed schedule. To make certain that any problems or mistakes can be uncovered and corrected swiftly, at the bare minimum, this should be every month. Providing that you're confident of remaining up-to-date with your monetary transactions without having a negative impact on your daily trading operations, this trade-off can be the most affordable solution.
Whatever your circumstances, if you are seriously looking at hiring a bookkeeper in Chigwell, it's fairly likely that you may be getting stressed about the financial recording aspects of your small business. A professional bookkeeping service will be able to assist you in linking the most up-to-date software application with your business accounts to enable the seamless sorting of financial data, and will give guidance and advice on things like invoicing, creating expense reports and stocktaking.
One of the most crucial elements of good bookkeeping practice, is the ability to correctly reconcile cash flow with accounts payable. This means that your bookkeeper will prioritise the payment of bills to a time when your finances are buoyant and in good shape, instead of paying a bill immediately, or waiting on a final notice, which a lot of small businesses are guilty of doing. This isn't only to ensure your business is on a sound financial footing all the time, but also to keep you in good stead with those businesses who supply you with materials or services. This is a balancing act that you may find tricky to perform on your own when you're purely focussed on the smooth running of your company.
If you are a sole trader, or operate a small business, using a qualified bookkeeper in Chigwell, also gives them an opportunity to cast an unbiased eye over the financial dealings of your business. This nonpartisan evaluation can enable them to discover business patterns and trends that might have otherwise gone unnoticed. A scenario where a clever bookkeeper flags an area of the business where profits are dropping, or identifies an opportunity which could be worthwhile, is by no means an unheard of occurrence. These key performance indicators (KPI's) are important in enabling growth in any business enterprise in Chigwell.
It can often be quite uncomfortable to pursue a late payment if your company sends out invoices. By having an independent person outside your business situation make that telephone call or visit to your customer, some of that apprehension can be eliminated. A professional bookkeeper can make use of legal procedures to deal with a persistent late or non-payer, and without having to resort to court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as set out in law, start off fairly straightforward. It's required that a sole trader must monitor income and expenditure from month to month and retain all invoices and receipts. While this may sound easy it is still recommended to hire the services of a bookkeeper. A professional sole trader bookkeeper in Chigwell will be happy to advise you on what you can claim back from HMRC as business expenses. This may include items such as computing equipment, promotional advertising, printer ink, rent and bills if you work from home and stationery goods. If you would like to get more comprehensive advice, and discover how your small business can grow going forward, talk to your local bookkeeper.
Specialistare often required for specific niches in bookkeeping. You're going to need a bookkeeper in Chigwell who is familiar with multi-currency processing, exchange rate transfers, cross-border and international taxes and online payment procedures, if you run an online store for example. If you hold or produce the goods that you sell with that store, then it is going to be a crucial concern for your bookkeeping services and software to manage your inventory on a 24/7 basis, since the internet doesn't sleep.
In conjunction with your bookkeeping service, a virtual office can also be provided. Offering a physical connection to their clients, this enables a sole trader or online only business to have a phone service and postal address. Not all Chigwell bookkeeping companies will supply this option, but it's worthwhile discussing if it is something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a professional Chigwell bookkeeper to have a university degree, and a good number of the bookkeeping industry qualifications are held at Certificate and Diploma level. Bookkeeping qualifications can be obtained via further education universities and colleges but there is also a array of courses available online.
To provide certification and training for bookkeepers, there are basically two principal organisations of interest:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB after their name, a fully trained member of the AAT (Association of Accounting Technicians) will have undergone a training schedule and advanced qualifications in bookkeeping. They then become accredited AAT bookkeepers, backed up by this organisation, which guarantees a high level of service for their clients. AAT bookkeepers can can be liable to tribunal and disciplinary processes if they have a complaint filed against them or are found to have contravened the code of conduct. This helps to preserve the integrity of AAT membership.
The Institute of Certified Bookkeepers (ICB): Keeping their associated members informed about the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation on the planet, providing accreditation to bookkeepers, along with training and reference material.
By visiting the register of ICB or ATT members on their respective websites, it is possible to examine the accreditations of any professional bookkeeper. Before you use any bookkeeper in Chigwell it is recommended that you implement this check.
Bookkeeping services are available for those living in in Chigwell and also nearby in: Little Heath, Stapleford Abbotts, Redbridge, Abridge, Sewardstone, Lambourne End, Hainault, Barkingside, Bournebridge, Woodford Green, Woodford Bridge, and in these postcodes IG7 4HQ, IG7 4AX, IG7 4EY, IG7 5AE, IG7 4BJ, IG7 4DE, IG7 5AZ, IG6 2RZ, IG7 4DJ, IG7 4QZ. Local Chigwell bookkeeper services will likely have the postcode IG7 and the telephone dialling code 020. Checking this will ensure you access local bookkeepers. Chigwell sole traders and business owners are able to utilise these and countless other similar services.
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Chigwell Bookkeeper Tasks
Most Chigwell bookkeepers will be able to offer you the following bookkeeping and accounting services: invoice processing Chigwell, bookkeeping services for shops Chigwell, bookkeeping for sole traders, general bookkeeping services, off-site bookkeeping, bookkeeping services for organisations, maintaining fixed asset registers, Xero bookkeeping in Chigwell, partnership tax returns in Chigwell, accountancy packages, bookkeeping services, bookkeeping for restaurants, bookkeeping for tradesmen Chigwell, cash flow analysis, bookkeeping services for clubs, independent bookkeeping services in Chigwell, Self-Assessment tax returns, payment services Chigwell, QUOTE FORM provided. We will get back to you with information just as soon as we can.in Chigwell, bookkeeping services for limited companies, Quickbook bookkeeping, Kashflow bookkeeping services, bookkeeping for charities, cash books, charity bookkeeping Chigwell, management accounts Chigwell, , bookkeeping for pubs, and more. These are just a small portion of the duties that are conducted by local bookkeepers. Chigwell professionals will be happy to inform you of their entire range of bookkeeping services. If there are different Chigwell bookkeeper requirements that you want but cannot see here, you can list them on the
Bookkeepers Near Chigwell
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Bookkeepers Around Chigwell: People who live in these local Chigwell streets have just recently enquired about bookkeeping services - Linkside, Lee Grove, High Road, Chigwell Road, Bramble Close, Kings Mews, High Meadows, Ingleby Gardens, Dacre Close, Regency Close, Forest Lane, Brunel Road, Froghall Lane, Gravel Lane, Forest Avenue, Hainault Road, Clayside, All Saints Close, Woolhampton Way, High Elms, Sylvan Way, View Close, Millwell Crescent, Stradbroke Park, Dacre Gardens, Willowmead, as well as the following Chigwell area postcodes: IG7 4HQ, IG7 4AX, IG7 4EY, IG7 5AE, IG7 4BJ, IG7 4DE, IG7 5AZ, IG6 2RZ, IG7 4DJ, IG7 4QZ.
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Bookkeepers in IG7 area, telephone code 020.
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