Bookkeepers Corringham Essex (SS17): As stated by the Companies Act, if you own a small business, are a sole trader or run an online store in Corringham, you're responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 yrs. If you're unable to produce this information you could face a fine of thousands of pounds and possible Company Director disqualification. According to the trade magazine Accounting Today over 40% of small business owners spend at least 80 hours every year doing their bookkeeping activities, therefore although you can accomplish these financial recordings on your own, it can be more economical to use a professional accountant or bookkeeping service to do them instead.
It is high time to get in touch with a bookkeeper in Corringham for help and advice, if just the thought of tracking liabilities and assets, filling out ledgers, preparing profit, loss and fiscal reports or compiling balance sheets fills you with a sense of dread.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the distinction between a bookkeeper and an accountant is the first question that springs to mind for many small business owners in Corringham. The truth is that even though at one time the bookkeeping process, was considered to be beneath the qualifications, experience and skill set of an accountant, because of improvements in software over the past decade, many accountancy companies in the Corringham area will now consider taking on bookkeeping. To keep their bookkeeping services consistent with a typical bookkeeper's fee, it is now fairly common for many accounting companies to have a flat rate for such services. As it provides a greater variety of competition within the marketplace, this is good news for small business owners in Corringham, making their bookkeeping costs much more affordable than they previously were.
The amount of training required is the big difference between a bookkeeper and an accountant. At least an accounting degree with specialist training in the field of taxation and other business and financial management, will generally be held by an accountant. While having a decent understanding of these fiscal procedures, a bookkeeper in Corringham may not have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN CORRINGHAM
The act of bookkeeping put in the simplest of terms, is the recording of the day by day transactions of any business in Corringham. This is likely to include, but is in no way limited to;
- The billing of customers for work completed or goods.
- VAT submissions and recording.
- Recording the receipt of invoices and making sure that payment is completed punctually.
- Monthly reconciliations and reporting.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Highlighting and rectifying any discrepancies in financial accounts.
- Logging of all financial incomings; card, cash and electronic payments included.
If you are prepared to carry out a large majority of your bookkeeping work yourself; a bookkeeper may just be needed to double check your records every once in a while. To enable any problems or mistakes to be detected and rectified quickly, this ought to be done every month as a bare minimum. This may be an extremely cost-effective trade-off, provided that you are confident of staying up-to-date with your financial transactions without affecting your day by day business activities.
Whatever your scenario, if you are looking to hire a bookkeeper in Corringham, it's fairly likely that you may be fretting over the financial recording aspects of your small business. Offering guidance and advice on everything from stocktaking, invoicing and preparing expense reports, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the most suitable computer software to facilitate the seamless processing of all your business's transaction information.
One of the most vital elements of good bookkeeping, is being able to effectively reconcile cash flow with accounts payable. This means that your bookkeeper will optimise bill payments to times when your accounts are in good shape, rather than paying an outstanding bill immediately, or waiting for a final notice, which most small businesses in Corringham are guilty of doing. This doesn't just keep you in good stead with suppliers and those people who supply you with services, but also ensures that your enterprise or business is on a secure financial footing. This is a balancing act that you may find tough to accomplish as an individual when you're inevitably focussed on running your company.
If you are a sole trader, or run a small business, using a competent bookkeeper in Corringham, also gives them the opportunity to cast an eagle eye over the financial dealings of your business. It may be that business patterns and trends that you have overlooked will thus be pinpointed. A bookkeeper recognising an opportunity or flagging an area where profits are decreasing, is not at all uncommon. It is crucial for the long-term growth of any business in Corringham, to spot such key performance indicators.
If you send out invoices in your business operations, having to chase up a late payment can be fairly humiliating. If that visit to your customers or phone call is carried out by someone from outside your normal business situation, it is possible for some of that apprehension to be removed. A bookkeeper can employ legal methods to deal with a consistent late payer, and without having to resort to claims court proceedings, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as laid out by law, start off really straightforward. This involves saving all receipts and invoices relating to the business, and keeping track of income and expenditure on a month by month basis. Whilst this might sound simple it is still advisable to retain the services of a bookkeeping company. When working through your Self-Assessment tax returns, a specialist sole trader bookkeeper in Corringham will be in a position to advise you on what your bonafide business expenses are, and make certain these are claimed back from HMRC each year. This might include printer ink, items such as laptops, bills and rent if you work from home, advertising expenses and stationery goods. For more detailed advice, chat to a trusted bookkeeper, and discover how they might help your business to thrive and grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS IN CORRINGHAM
Some business enterprises that operate in niche areas, might need to hire a specialised bookkeeping service. If, for instance, you manage an online store, you'll require a bookkeeper in Corringham who's familiar with cross-border and international taxes, multi-currency processing, online payment procedures and exchange rate transfers. Regulating inventory on a 24/7 basis is also a vital concern, if the same store distributes goods that you produce or hold, as I'm sure you'll realise the internet never sleeps, therefore nor should your bookkeeping services and software.
It's also possible to provide a virtual office, that can be utilised together with your bookkeeping service and package. This can be handy in enabling an online only business or sole trader to have a phone service and postal address to provide a physical connection to their customer base. Not all Corringham bookkeeping businesses will be able to supply this option, but it is worthwhile discussing if it is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Certificate and Diploma level, and it isn't mandatory for a professional bookkeeper in Corringham to have an accounting degree. There's a number of courses available online, although qualifications can still be gained via further education universities and colleges.
To provide training and certification for bookkeepers, there are basically 2 principal organisations of interest:
The Institute of Certified Bookkeepers or ICB: The largest organisation of its kind on the planet is the the ICB or Institute of Certified Bookkeepers, and it offers accreditation to certified bookkeepers, together with reference material and training to ensure their members are up-to-date with the latest trends and innovations.
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the AAT or Association of Accounting Technicians, entitles a fully certified bookkeeper to use the letters AATQB after their name. This guarantees a high level of service to their customers which is backed up by the organisation, and allows them to become a approved AAT bookkeeper. To protect the integrity and values of AAT membership, if a bookkeeper who is associated with the AAT is found to have breached the code of practice or has a complaint filed against them, they will be subject to tribunal and disciplinary procedures.
By visiting the register of AAT or ICB members on their websites, it is possible to check out the qualifications of any bookkeeper in Corringham. Undertaking such checks is generally advised before you actually hire any local bookkeeper in Corringham.
Bookkeeping services are available in Corringham and also nearby in: Laindon, Basildon, Canvey Island, Stanford-le-Hope, Linford, Langdon Hills, South Benfleet, Bulphan, Horndon-on-the-Hill, Thames Haven, West Tilbury, Vange, Orsett, Fobbing, Mucking, as well as in these postcodes SS17 7RR, SS17 7SF, SS17 9AL, SS17 7WN, SS17 8HZ, SS17 7QB, SS17 7QQ, SS17 9AJ, SS17 1AL, SS17 8JS. Locally based Corringham bookkeeper services will probably have the dialling code 01375 and the postcode SS17. Verifying this can make sure that you're accessing locally based bookkeepers. Corringham sole traders and business owners will be able to benefit from these and various other related services.
Corringham Bookkeeper Tasks
Most Corringham bookkeepers will be ready to offer you the following bookkeeping and accounting services: bookkeeping for limited companies, Self-Assessment tax returns, general bookkeeping services, tax returns, bookkeeping services for restaurants, payment services, independent bookkeeping services, bookkeeping services for tradesmen, profit & loss reports, mobile bookkeeping services, cash flow analysis, bookkeeping services, payroll bookkeeping, Quickbook bookkeeping in Corringham, bookkeeping for startups, bookkeeping services for organisations, bookkeeping and accounting, management accounts, Sage bookkeeping Corringham, double-entry bookkeeping in Corringham, wages & PAYE, Xero bookkeeping services, accountancy packages, professional bookkeeping services, management reports, bookkeeping estimates, off-site bookkeeping in Corringham, bookkeeping for small businesses, and more. Listed are just some of the tasks that are accomplished by local bookkeepers. Corringham providers will inform you of their full range of bookkeeping services. If there are other Corringham bookkeeper requirements that you want but can't see here, you should list them on the QUOTE FORM provided. We'll be in touch with information just as soon as we can.
Bookkeepers Near Corringham
Also here.: West Tilbury bookkeepers, Fobbing bookkeepers, Stanford-le-Hope bookkeepers, Canvey Island bookkeepers, Horndon-on-the-Hill bookkeepers, Linford bookkeepers, Bulphan bookkeepers, Vange bookkeepers, Orsett bookkeepers, Basildon bookkeepers, Laindon bookkeepers, Thames Haven bookkeepers, South Benfleet bookkeepers, Mucking bookkeepers, Langdon Hills and more. All these areas are serviced by local bookeepers. Corringham businesses and traders can get fees for bookkeeping services by going
- Corringham Small Business Bookkeeping
- Corringham Bookkeeping Services
- Corringham Tax Preparation
- Corringham Double-Entry Bookkeeping
- Corringham VAT Returns
- Corringham Profit and Loss Reporting
- Corringham Credit Control
- Corringham Payroll Services
- Corringham Bookkeeping Estimates
- Corringham PAYE and Wages
- Corringham Cheap Bookkeeping
- Corringham Cash Flow Analysis
- Corringham Tax Returns
- Corringham Self-Assessment Bookkeeping
Bookkeepers Around Corringham: People who live in the following areas have recently enquired about bookkeeping services - Brampton Close, One Tree Hill, Greathouse Chase, The Avenue, Langdon Way, Weydale, Oakwood Road, Church Road, Lampits Hill Avenue, Central Avenue, Marie Close, Kenwood Road, High Road, Larkfield, Vange Park Road, Springhouse Lane, The Manorway, Clarence Road, Elmstead Close, Sheldon Close, Woolifers Avenue, Inglefield Road, Wheatley Road, Recreation Avenue, Thames Crescent, as well as the following local Corringham postcodes: SS17 7RR, SS17 7SF, SS17 9AL, SS17 7WN, SS17 8HZ, SS17 7QB, SS17 7QQ, SS17 9AJ, SS17 1AL, SS17 8JS.
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Bookkeepers in SS17 area, (dialling code 01375).
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