Bookkeepers Corringham Essex (SS17): Whether you own a small business, run an online store or are a sole trader in Corringham, you are entirely responsible for maintaining accurate, "true and fair" financial and accounting records for at least six years according to the Companies Act. If you can't produce these records you may face a hefty fine and possibly disqualification as a Company Director. You could complete these financial recordings on your own behalf, yet when you think about the fact that according to the trade magazine Accounting Today over forty percent of small businesses spend at least eighty hours annually on their accounts, it can pay you to use a professional accountant or bookkeeping service.
If you're overcome with a sense of terror just thinking about the possiblility of compiling balance sheets, tracking liabilities and assets, creating profit, loss and financial statements or filling out ledgers, then the time to contact a bookkeeper in Corringham for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between an accountant and a bookkeeper?" Is a question which is asked by many small business owners in Corringham. The reality is that even though in the past the process of bookkeeping, was considered to be beneath the skill-sets, qualifications and experience of an accountant, due to software developments over the past ten years or so, a lot of accountancy firms in the Corringham area will now consider taking on bookkeeping tasks. It is currently common practice for many accountancy firms to charge a flat rate for bookkeeping services as per a dedicated bookkeeper's fee. Because it generates a greater variety of competition within this sector, this is fantastic news for small business owners in Corringham, making the cost of their bookkeeping much more affordable than it was previously.
When considering the main difference between a bookkeeper and an accountant in Corringham, it is the standard of training that's necessary for each of these disciplines. An accountant will generally hold at least a degree in accounting with further training in the field of taxation and other business and fiscal management. Whilst possibly not having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Corringham will definitely have a good grasp of all these fiscal procedures.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping in simple terms, is to record the daily transactions (financial) of any business in Corringham. This is likely to include, but is by no means limited to;
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- Payroll services.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Documenting of all financial incomings; including card, cash and electronic payments.
- Monthly reconciliation and reporting.
- VAT recording and submissions.
- Logging invoices received and ensuring payment is completed on time.
- Billing of clients for work completed or goods.
Based upon the level of service you need, e.g. you are happy to perform the vast majority of bookkeeping work; a bookkeeper may only be needed to double check your figures on a set schedule. At the bare minimum this should be on a monthly basis, to facilitate the quick identification and rectifying of any mistakes or problems. If you're confident of keeping in control of your daily trading and financial transactions, this compromise can often be the most cost effective.
It is a good bet that if you're looking at hiring a bookkeeping company, you're currently fretting over the financial recording side of your small business in Corringham. A good bookkeeping company will be able to give assistance with everything from preparing expense reports, stocktaking and invoicing, to linking your accounts with the latest, most up-to-date software application to enable the seamless processing of transactional data.
One of the most crucial elements of good bookkeeping practice, is being able to correctly reconcile accounts payable with cash flow. Which means that rather than waiting on a final notice, which many small businesses are guilty of at some time or other, or paying an outstanding bill straight away, your bookkeeper will schedule bill payments to a time when your finances are buoyant and in good order. Along with keeping your business enterprise on a good financial footing, this also stands you in good stead with suppliers and companies who provide your business with services. When you are focussed on running your business, this is a balancing act that you may find tricky to accomplish on your own.
Employing a competent bookkeeper in Corringham, for your small business or if you are a sole trader also gives them an opportunity to cast an eagle eye over your financial situation. It could be that business trends and patterns that might have gone unnoticed will thus be brought to the fore. A situation where a smart bookkeeper flags up an area of the business which is plummeting in profits, or identifies a new opportunity which may be worthwhile, is by no means an unheard of occurrence. These key performance indicators are vital in driving growth for any business in Corringham.
If invoices are sent out by your business it can often be awkward having to pursue late payments. Having somebody from outside your business bubble, can take the awkwardness away from making that telephone call or visit to your customers. If you have problems with a persistent late or non-payer there are legal methods a professional bookkeeper can use to help resolve the situation before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you're a sole trader, are relatively straightforward and simple. It's stated that a sole trader should monitor income and expenditure on a month by month basis and save all receipts and invoices. Now, this doesn't sound too tough does it? However, it is still recommended that you retain the services of a competent bookkeeper to ensure that it's all done accurately. A dedicated sole trader bookkeeper in Corringham will be in a position to advise you on what you can claim back from HMRC as genuine business expenses. This might include consumables, items such as computers, stationery goods, rent and bills if working from home and advertising. If you'd like to get more detailed advice, and see how your small business can grow and develop going forward, speak to your local bookkeeper.
ONLINE TRADERS IN CORRINGHAM
Specialist bookkeepers are needed from time to time for certain bookkeeping niches. If online payments, multi-currency processing, cross-border and international taxes and exchange rate transfers are involved, for instance if you run an online store, you'll be wise to hire a bookkeeper in Corringham who understands these practices. Because the internet never sleeps, if the same shop sells goods you produce or hold then supervising inventory on a 24/7 basis is a major concern which will have to be addressed.
Together with your bookkeeping services, a virtual office can also be supplied. Providing a physical link with their clients, this allows a sole trader or online only business to have a telephone service and postal address. If this type of service could be helpful, it is definitely worth discussing the possibilities, although this option will not be offered by all bookkeeping companies in Corringham.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate or Diploma level, and it is not mandatory for a qualified bookkeeper in Corringham to hold a degree in accounting. Although there is an ever-growing array of bookkeeping courses available online, qualifications can still be gained through further education colleges and universities, if that's the chosen route.
Representing bookkeepers, there are two primary certification and training organisations:
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind on the planet and supplies accreditation to bookkeepers, in addition to reference material and training to keep their associated members informed about the latest trends and innovations.
The AAT (Association of Accounting Technicians): The Association of Accounting Technicians (AAT) provides advanced qualifications and a training schedule enabling fully trained members to use the letters AATQB. They're then allowed to become registered AAT bookkeepers, which guarantees their customers a decent level of service which is backed up by the association. AAT bookkeepers can can be liable to disciplinary and tribunal procedures if a complaint is made against them or they are found to have contravened the code of practice. This helps to safeguard the integrity and values of the AAT.
By visiting their websites, it's possible to inspect the register of ICB or ATT members, to verify the qualifications of any Corringham bookkeeper. Undertaking such checks is usually advised before you actually hire any professional bookkeeper in Corringham.
Outsourced Bookkeeping Corringham
All businesses in Corringham should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the total value of their liabilities and assets, the money left in their bank account, and so on. With the business owner having to deal with the concerns and issues of running a business, the task of carrying out the bookkeeping is sometimes outsourced to a bookkeeping company or freelance bookkeepers in Corringham.
If a company in Corringham hires a bookkeeper in order to join their ranks, the company will need to spend a substantial sum of money in training the individual for the purpose of working on the bookkeeping work. In addition to that, there's no guarantee that he or she will stay for long in the company. In that situation, the company will have thrown away a significant sum of money. As well as that, companies will need to seek out ways and means to offer incentives and benefits to keep the fully trained employee there. These are just some of the reasons behind business organisations enlisting the services of professional bookkeepers and bookkeeping companies in Corringham.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they aren't under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial sector. One will find many companies offering financial bookkeeping services catering to all kinds of clients and industries in Corringham. The majority of these companies promise and deliver quality service. It assumes importance for a business to look into the reputation of these Corringham bookkeeping companies when it comes to employing a 3rd party company for bookkeeping purposes.
Business owners in Corringham can look for the following options with the bookkeeping company that provides outsourcing services. Find out and check how much savings can be enjoyed by outsourcing the bookkeeping work. Seeing as the expenses relating to hiring and training the in-house staff is a significant concern, it would be sensible on the part of business owner in Corringham to focus on an outsourcing company that can offer savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's extremely important to get good quality accounting services and greater security for your financial data. By quality, we mean precise, reliable, and real-time bookkeeping data delivered within the agreed time. In a nutshell, the company that offers bookkeeping services in Corringham should have a well protected system that can be relied on and trusted.
These specialist bookkeeping companies in Corringham should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
Using a Bookkeeper for Tax Returns
If you are self-employed or have a small business in Corringham, you may be required to file a self-assessment tax return. This can be a challenging task, especially if you aren't acquainted with the process. Accurately and on time, a bookkeeper can help you prepare your tax return, as well as keeping your records organised.
Many benefits can be gained by using a bookkeeper to do your tax returns. They'll have expertise and experience to ensure the correct completion of your return. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, a lot of hassle and time can be saved by a bookkeeper. So that you can concentrate on running your business, they'll take care of all of the calculations and paperwork. Thirdly, Corringham bookkeepers can provide you with essential advice on tax planning and financial strategy. This can help to minimise your tax bill and maximise your earnings. (70193)
Corringham Bookkeeper Tasks
Most Corringham bookkeepers will be prepared to provide you with the following bookkeeping services: cash flow analysis, tax return preparation, bookkeeping for tradesmen, double-entry bookkeeping, assistance with registering for self-employment in Corringham, bookkeeping services for charities, bookkeeping for clubs, bookkeeping services for limited companies, payment services, accounting and bookkeeping services in Corringham, general bookkeeping services in Corringham, partnership tax returns in Corringham, independent bookkeeping services, Xero bookkeeping services, bookkeeping services for societies, Sage bookkeeping, bookkeeping for retail outlets, bookkeeping for shops, bookkeeping services for organisations in Corringham, corporation tax returns, profit & loss reports in Corringham, off-site bookkeeping Corringham, credit control Corringham, letting agent bookkeeping in Corringham, bookkeeping services for pubs, bookkeeping for payroll, charity bookkeeping Corringham, small business tax returns Corringham, bookkeeping estimates Corringham, maintaining fixed asset registers, and more. These are just a handful of the duties that are carried out by local bookkeepers. Corringham providers will inform you of their full range of services. If there are some other Corringham bookkeeper requirements that you want but don't see here, you can mention them on the QUOTE FORM provided. We will be in touch with information just as soon as we are able.
Bookkeepers Near Corringham
Also find: Horndon-on-the-Hill bookkeepers, West Horndon bookkeepers, Dunton bookkeepers, Mucking bookkeepers, Bulphan bookkeepers, Dunton Wayletts bookkeepers, Orsett bookkeepers, Vange bookkeepers, Thames Haven bookkeepers, Fobbing bookkeepers, Linford bookkeepers and more. Bookkeeping services are available in pretty much all of these localities. As a result of this accessibility, the financial support essential for effective account management is readily available to both businesses and individuals. Clicking here allows area residents and businesses to receive bookkeeping quotes.
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