Bookkeepers Chorley Lancashire (PR7): If you operate an online store, own a small business or are a sole trader in Chorley, you are entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of six years in accordance with the Companies Act. If you cannot produce this information, you may face disqualification as a Company Director and receive a hefty fine. There's a significant investment of time involved with maintaining such financial recordings yourself, and it can pay to use a professional bookkeeping service or accountant, as according to Accounting Today over forty percent of small business owners spend over eighty hours every year on their bookkeeping.
It's high time to get in touch with a bookkeeper in Chorley for guidance, if the idea of preparing profit, loss and fiscal reports, writing ledgers, producing balance sheets or tracking liabilities and assets fills you with panic.
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 Chorley. To be honest, because of software improvements over the past 10 years many accountancy firms in Chorley will consider taking on bookkeeping, which at one time was deemed beneath their experience, qualifications and skill-sets. For many accountancy firms it is now fairly common to charge a flat rate for bookkeeping services, so that they are comparable to the normal fees of a dedicated bookkeeper in Chorley. This is fantastic news for business owners in Chorley as it offers a broader range of competition within this sector and can make your bookkeeping much more affordable than initially thought.
When you're looking at the differences between a bookkeeper and an accountant, the most notable one is the level of training and qualification that is required for each discipline. Generally holding a degree in accounting, a professional accountant should also have had additional training in tax essentials and have qualifications in fiscal and business management. Whilein Chorley will have a good grasp of such disciplines, they may not have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN CHORLEY
To explain in the simplest of forms possible, bookkeeping involves the careful recording of day by day financial transactions of any business or enterprise in Chorley. This can include, but is not limited to;
- Monthly reports and reconciliations.
- Logging the receipt of invoices and making sure payment is completed punctually.
- Payroll services.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- VAT recording and submissions.
- Logging of all financial incomings; card, electronic and cash payments included.
- Highlighting and rectifying any discrepancies in the financial accounts.
- The billing of clients for work completed or goods.
In accordance with the level of service you require, e.g. you're in a position to undertake most of your bookkeeping work; a bookkeeper might only be necessary for double-checking your figures every once in a while. At the bare minimum this should really be each month, to enable the quick identification and rectification of any mistakes or problems. If you're confident of keeping in control of your daily financial transactions and trading, this trade-off can sometimes be the most affordable compromise.
It is a good bet that if you are looking to hire a bookkeeping company, you are currently having problems with the financial recording aspects of your business in Chorley. Offering advice on everything from invoicing, stocktaking and generating expense reports, a professional bookkeeper will also be able to guide you through the process of linking your accounts with the most suitable software program to enable the seamless processing of your business's financial data.
The ability to reconcile cash flow with accounts payable, is an especially crucial aspect of a good bookkeeper. Which means that your bookkeeper will arrange the payment of bills to a time when your accounts are in the best possible position, rather than paying an outstanding bill straight away, or waiting for a final notice, which most small businesses in Chorley are guilty of. This doesn't just keep your business on a good financial footing, but keeps you in good stead with suppliers and those who provide you with services. When you're focussed on the smooth running of your company, this is a juggling act that you may find challenging to accomplish as an individual.
Employing a competent bookkeeper in Chorley, if you're a sole trader, or for your small business also gives them the opportunity to cast an unrelated eye over your business affairs. Business trends and patterns that might have gone unnoticed may be pinpointed by this type of independent assessment. A scenario where an intelligent bookkeeper flags up an area where profits are falling, or identifies an opportunity which could be lucrative, is not at all an uncommon occurrence. Spotting such key performance indicators (KPI's) is crucial for the growth of any business in Chorley.
If your business sends out invoices it can sometimes be uncomfortable to chase up late payments. If that visit to your customers or phone call is carried out by an individual from outside your normal business bubble, it's possible for most of that awkwardness to be taken away. To help with resolving the situation, if you have problems with a consistent late payer, there are options that can be used by a professional bookkeeper, so that legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are reasonably straightforward and basic. A sole trader is required to keep a record of income and expenditure on a monthly basis and keep all invoices and receipts. It's still recommended that you retain the expertise of a bookkeeping company, even though this might sound simple enough. Advising you on what legitimate business expenses you are able to claim back, a specialist sole trader bookkeeper in Chorley will look after your dealings with HMRC. This could include rent and bills if working from home, printer ink, items such as laptops, stationery goods and advertising. Chat to your bookkeeper for more in-depth advice and see how they might help your small business to grow and prosper.
There are niche areas in bookkeeping where the expertise of a specialist could be required. You'll require a bookkeeper in Chorley who's familiar with online payments, international and cross-border taxes, exchange rate transfers and multi-currency processing, if you operate a store online for example. If that same outlet sells goods you hold or produce, then supervising stock on a 24/7 basis is a massive concern, after all the internet never sleeps, so neither should your bookkeeping software or services.
A virtual office can also be provided in combination with your bookkeeping services. Offering a physical link with their clients, this enables an online only business or sole trader to have a postal address and phone service. It's worth talking about this possibility if it is something that could benefit you, although not all bookkeepers in Chorley will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Chorley bookkeeper doesn't need to have a university degree and a good many the industry qualifications are at Certificate or Diploma level. There's an ever-increasing selection of online courses available, although qualifications can still be obtained through further education colleges and universities.
There are essentially 2 key organisations that provide training and certification for bookkeepers:
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians (AAT), allows fully certified bookkeepers to use the letters AATQB after their name. They can then become certified AAT bookkeepers, backed up by this organisation, which promises a decent level of service for their customers. To safeguard the integrity of the AAT, a bookkeeper who is associated with the AAT can be liable to disciplinary and tribunal processes if they are found to have contravened the code of conduct or have had a complaint filed against them.
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-speed with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation anywhere in the world, providing accreditation to certified bookkeepers, in addition to training and reference material.
The qualifications of any bookkeeper in Chorley can be verified on the register of ICB or ATT members on their respective websites. It is a good idea to carry out this check, before using the services of any bookkeeper in Chorley.
Bookkeeping services are available in Chorley and also in: Heath Charnock, Fishwick, Cowling, Ribbleton, Brindle, Thorpe Green, Whittle-le-Woods, Wheelton, Brinscall, Birkacre, Limbrick, Heapey, Charnock Richard, together with these postcodes PR6 0NR, PR6 0QL, PR6 0NB, PR6 0ES, PR6 0DN, PR6 0LS, PR6 0EG, PR6 0EJ, PR6 0HW, PR6 0BL. Local Chorley bookkeeper services will probably have the postcode PR7 and the dialling code 01257. Verifying this will confirm you access locally based bookkeepers. Chorley sole traders and business owners will be able to utilise these and countless other similar services.
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Chorley Bookkeeper Tasks
Most Chorley bookkeepers will be able to provide you with the following bookkeeping and accounting services: QUOTE FORM provided. We'll be in touch with specifics just as soon as we can.Chorley, mobile bookkeeping services, bookkeeping services for shops, tax returns Chorley, independent bookkeeping services, profit & loss reports, management reports Chorley, professional bookkeeping services, franchise bookkeeping Chorley, Xero bookkeeping, cash flow analysis, general bookkeeping services Chorley, in Chorley, Kashflow bookkeeping, management accounts, bookkeeping for limited companies, maintaining fixed asset registers, accounting and bookkeeping, bookkeeping and accounting services Chorley, payroll bookkeeping Chorley, landlord bookkeeping Chorley, bookkeeping for retail outlets Chorley, bank reconciliations, wages & PAYE, Quickbook bookkeeping, invoice processing, off-site bookkeeping, bookkeeping services for small businesses in Chorley, and more. These are just a few of the duties that are conducted by local bookkeepers. Chorley companies will let you know their whole range of services. If there are some other Chorley bookkeeper requirements that you want but don't see here, you should list them on the
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Bookkeepers Near Chorley
Also here.: Cowling bookkeepers, Wheelton bookkeepers, Ribbleton bookkeepers, Brindle bookkeepers, Charnock Richard bookkeepers, Thorpe Green bookkeepers, Heath Charnock bookkeepers, Brinscall bookkeepers, Heapey bookkeepers, Whittle-le-Woods bookkeepers, Fishwick bookkeepers, Birkacre bookkeepers, Limbrick and more. All of these locations are catered for by local bookeepers. Chorley businesses and traders can get rates for bookkeeping services by going
- Chorley Self-Assessment Returns
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- Chorley Profit and Loss Reporting
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Bookkeepers Around Chorley: People living in the following areas have just recently enquired about bookkeeping services - Colyton Road East, Bradley Lane, Alder Drive, Chapel Lane, Stump Lane, Sunny View, Arcon Road, Sandgate, Dunrobin Drive, Smithy Close, Station Terrace, Springfield Road North, The Moorings, Common Bank Lane, Bank Terrace, St James Street, Belfry Close, Thirlmere Close, Tintern Avenue, Central Terrace, Cobden Street, Bannister Green, Cavendish Street, Alma Drive, Bromley Green, Springs Road, Seymour Street, Clayburn Close, Sunny Brow, as well as these Chorley area postcodes: PR6 0NR, PR6 0QL, PR6 0NB, PR6 0ES, PR6 0DN, PR6 0LS, PR6 0EG, PR6 0EJ, PR6 0HW, PR6 0BL.
To get local info on Chorley, Lancashire check here
More Lancashire Bookkeepers: More Leyland, Heysham, Lancaster, Bacup, Ormskirk, Blackburn, Nelson, Haslingden, Fleetwood, Rawtenstall, Fulwood, Morecambe, Accrington, Clitheroe, Poulton, Blackpool, Lytham St Annes, Chorley, Skelmersdale, Preston, Darwen, Burnley, Colne and Penwortham.:
Bookkeepers in PR7 area, 01257.
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