Bookkeepers Cottingham East Yorkshire (HU16): Whether you run an online store, own a small business or are a sole trader in Cottingham, you're entirely responsible for maintaining "true and fair", accurate accounting and financial records for at least six years in compliance with the Companies Act. Failing to produce these detailed records might leave you faced with thousands of pounds in fines and perhaps Company Director disqualification. According to Accounting Today over 40% of small businesses spend over 80 hours every year doing their bookkeeping duties, so whilst you can do these financial recordings on your own, it can pay to employ a professional bookkeeper or accountant to do them for you.
The time has come to get in touch with a bookkeeper in Cottingham for assistance, if you are overcome with a sense of panic just thinking about the possiblility of filling out ledgers, compiling balance sheets, tracking liabilities and assets or creating profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the distinction between an accountant and a bookkeeper is the first question that springs to mind for many small business owners in Cottingham. While in the past a lot of accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill set, a lot of accountancy firms in Cottingham will now take on most bookkeeping duties, because of huge improvements in software over the past decade. It's currently quite common for many accountancy companies to charge a fixed fee for bookkeeping services based on a dedicated bookkeeper's fee. This is good news for business owners since it generates a wider range of competition within the industry and can make the cost of your bookkeeping cheaper than initially thought.
When you are thinking about the differences between an accountant and a bookkeeper, the most notable one is the level of qualification and training that is needed for each discipline. An accountant will, at the minimum, hold an accounting degree, and should have also had specialist training in business and financial management, and taxes. Whilst bookkeepers in Cottingham will definitely have a decent understanding of such disciplines, they might not have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
Basically, the bookkeeping process is to record the day to day fiscal transactions of any business or enterprise in Cottingham. This may include;
- Highlighting and rectifying any discrepancies in financial accounts.
- The billing of customers for goods or work completed.
- Recording invoices received and making certain that payment is completed on time.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Monthly reconciliations and reports.
- Payroll services.
- Documenting of all financial incomings; cash, electronic and card payments included.
- VAT recording and submissions.
If you are in a position to perform most of your bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your figures on a fixed schedule. At the bare minimum this should really be done monthly, to enable the swift detection and correction of any problems or mistakes. This may be an extremely cost-effective trade-off, so long as it is possible to stay on top of your financial transactions without affecting your day to day trading tasks.
Whatever the circumstances are with your business, if you are seriously thinking of hiring a bookkeeper in Cottingham, it is a good bet that you may be fretting over the process of financial recording and tax returns. Offering advice and guidance on everything from generating expense reports, invoicing and stocktaking, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the most suitable software program to enable the seamless processing of your business's data.
An especially important aspect of good bookkeeping is being able to reconcile accounts payable with cash flow. Which means that rather than waiting for a final notice, which many small businesses are guilty of at some time or other, or paying off a bill right away, your bookkeeper will schedule the payment of bills to a time when your accounts are in good shape. This doesn't just keep you in the good books of suppliers and those people who supply you with services, but also ensures your business is on a good financial footing. When you are purely focussed on the smooth running of your company, this is a balancing act that can be tough to accomplish on your own.
If you are a sole trader, or operate a small business, using a certified bookkeeper in Cottingham, also gives them the chance to cast a critical eye over the financial dealings of your business. It's entirely possible that an impartial appraisal like this will highlight business patterns and trends that you haven't previously noticed. A situation where an astute bookkeeper flags an area which is falling in profits, or identifies an opportunity that could prove worthwhile, is not at all an uncommon occurrence. Such KPI's (key performance indicators) are important in driving growth for any enterprise in Cottingham.
It can often be rather awkward to chase up a late payment if your company gives out invoices. If that phone call or visit to your customers is made by somebody from outside your normal business bubble, it is possible for some of that embarrassment to be taken away. To help with resolving the matter, if you've got a consistent late or non-payer, there are strategies that can be made use of by a bookkeeper, so court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as set out in law, are really straightforward. It is stated that a sole trader should keep a record of expenditure and income on a month by month basis and keep all invoices and receipts. Even though this may at first sound easy, retaining the expert services of a competent bookkeeper is still recommended. Advising you on what valid business expenses you're able to claim back, a specialised sole trader bookkeeper in Cottingham will deal with HMRC on your behalf. This may include bills and rent if you work from home, stationery, advertising expenses, printer ink and items such as computers. For more detailed advice, talk to your local bookkeeper, and learn how they can help your business to flourish and grow in the future.
ONLINE TRADERS IN COTTINGHAM
Some businesses that operate in niche markets, might need to hire a specialist bookkeeping service. You'll require a bookkeeper in Cottingham who is familiar with multi-currency processing, cross-border and international taxes, online payments and exchange rate transfers, if you run a store online for example. If you produce or hold the goods that you sell with that outlet, then it is going to be a crucial concern for your bookkeeping software or services to regulate your inventory on a 24/7 basis, given that the internet doesn't sleep.
A virtual office can also be provided in conjunction with your bookkeeping service. This allows a sole trader or online only business to have a postal address and phone service to provide a physical link with their customers. Not all bookkeepers in Cottingham will be in a position to supply this option, however it is worthwhile discussing the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Diploma and Certificate level, and a professional Cottingham bookkeeper needn't hold a degree. Qualifications can be gained via further education colleges and universities but there is also an ever-growing choice of online courses available.
There are two key certification and training organisations representing bookkeepers:
The ICB or Institute of Certified Bookkeepers: Offering accreditation to certified bookkeepers, along with training and reference material to ensure their members are up-to-date with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation anywhere in the world.
The AAT (Association of Accounting Technicians): The Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications enabling fully trained bookkeepers to use the letters AATQB after their name. This assures a minimum standard of service to their customers which is backed up by the organisation, and enables them to become a certified AAT bookkeeper. To preserve the values and integrity of the AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have broken the code of practice they will be subject to tribunal and disciplinary procedures.
By going to their websites, you can confirm the qualifications of any professional bookkeeper on the register of AAT or ICB members. Carrying out this check is highly recommended before you retain the services of any professional bookkeeper in Cottingham.
Outsourced Bookkeeping Cottingham
All businesses in Cottingham should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, their outgoings and incomings, the money left in their bank account, and so forth. With the business owner having to deal with the concerns and issues of operating a business, the task of performing the bookkeeping is normally outsourced to a bookkeeping company or freelance bookkeepers in Cottingham.
If a company in Cottingham employs a bookkeeper so as to become an employee, the company will be required to pay out a substantial amount of money in training that person for the purpose of carrying out the bookkeeping duties. Furthermore, there's no guarantee that the person will stay for long in the company. In that case, the company will have thrown away a significant amount of money for very little return. As well as that, companies will need to seek out ways and means to provide benefits and incentives to keep the fully trained employee in place. These are just a taste of the reasons behind companies enlisting the services of professional bookkeepers and bookkeeping companies in Cottingham.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who might continue with outdated accounting practices. Again, they're not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You will find a lot of companies offering financial bookkeeping services catering to all kinds of clients and industries in Cottingham. A majority of these companies promise and deliver good quality service. It assumes importance for a business to look into the reputation of these Cottingham bookkeeping companies when it comes to employing a 3rd party company for bookkeeping purposes.
Business owners in Cottingham can look for the following options with the bookkeeping company that offers outsourcing services. Find out and check how much savings can be enjoyed by outsourcing the bookkeeping work. Seeing that the expenses related to hiring and training the in-house staff is a significant concern, it would be wise on the part of business owner in Cottingham 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 very important to get high quality accounting services and greater security for your financial data. By quality, we mean precise, reliable, and real-time bookkeeping data delivered within the set time. In a nutshell, the company that offers bookkeeping services in Cottingham should have a well protected system that can be trusted and relied on.
These specialist bookkeeping companies in Cottingham should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
Financial statement preparation - article 211.
Bookkeepers Near Cottingham
Also find: Bransholme bookkeepers, Wawne bookkeepers, Melton bookkeepers, Tickton bookkeepers, Walkington bookkeepers, Sutton-on-Hull bookkeepers, Dunswell bookkeepers, Anlaby Common bookkeepers, Skidby bookkeepers, Swanland bookkeeper and more. All of these locations are serviced by local bookeepers. Cottingham traders and businesses can get prices for bookkeeping services by going here.
Cottingham Bookkeeper Tasks
Most Cottingham bookkeepers will be able to provide you with the following accounting and bookkeeping services: bookkeeping for clubs, professional bookkeeping services, payment services Cottingham, bookkeeping services for limited companies, credit control, bookkeeping and accounting in Cottingham, charity bookkeeping Cottingham, bookkeeping for startups Cottingham, corporation tax returns, management reports, Quickbook bookkeeping, letting agent bookkeeping, personal tax returns, bookkeeping services for small businesses, mobile bookkeeping services in Cottingham, business bookkeeping in Cottingham, tax return preparation, bookkeeping for home-based businesses, bookkeeping services for pubs, financial statement preparation, bank reconciliation in Cottingham, profit & loss reports, bookkeeping for societies, bookkeeping quotations Cottingham, bookkeeping for organisations in Cottingham, Self-Assessment tax returns, small business tax returns, cheap bookkeeping services, bookkeeping for restaurants, bookkeeping services for charities, and more. These are just some of the tasks that are undertaken by local bookkeepers. Cottingham professionals will be happy to tell you about their whole range of bookkeeping services. If there happen to be different Cottingham bookkeeper requirements that you need but don't see here, you should list them on the QUOTE FORM provided. We'll be in touch with information just as soon as we are able.
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