Bookkeepers Dover Kent (CT16): As stated by the 2006 Companies Act, if you are a sole trader, own a small business or run an online store in Dover, you're responsible for keeping "true and fair", accurate accounting and financial records for a minimum of six years. If you can't produce such records, you may face disqualification as a Company Director and get a fine of thousands of pounds. You can accomplish these financial records on your own behalf, but when you think about the fact that according to the trade magazine Accounting Today over forty percent of small businesses spend at least 80 hours every year doing their bookkeeping tasks, it can be more economical to employ a professional bookkeeping company or accountant.
If you are filled with dread merely thinking about writing ledgers, tracking assets and liabilities, preparing profit, loss and fiscal reports or compiling balance sheets, then the time to get in touch within Dover for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by many people in Dover is "What is the difference between an accountant and a bookkeeper?" In truth, due to improvements in software over the past 10 years many accountants in the Dover area will undertake bookkeeping, which was previously deemed beneath their qualifications, experience and skill set. To keep their bookkeeping services consistent with a typical, it's now common practice for many accounting companies to have a flat rate for these services. As it gives a wider range of competition within the industry, this is excellent news for small business owners in Dover, making their bookkeeping costs more affordable than they previously were.
It is basically the standard of training that is needed for each of these disciplines, that indicates the main difference between an accountant and a bookkeeper in Dover. Anwill normally hold at least a degree in accounting with additional training in taxation and other financial and business management. Whilst likely not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Dover will invariably have a really good understanding of all these disciplines.
RESPONSIBILITIES OF A BOOKKEEPER
Essentially, the process of bookkeeping is the recording of the day by day monetary transactions of any enterprise or business in Dover. This will likely include, but is in no way limited to;
- Monthly reporting and reconciliation.
- Payroll services.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- VAT submissions and recording.
- Recording of all financial incomings; including card, electronic and cash payments.
- Billing of customers for work completed or goods.
- Logging invoices received and making sure payment is completed by the due date.
Dependant upon the level of service you are looking for, e.g. whether you're willing to carry out the vast majority of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your accounts on a set schedule. As a bare minimum this should be done from month to month, to enable the quick identification and correction of any mistakes or problems. If you're confident of staying up-to-date with your daily trading and financial transactions, this compromise can sometimes be the most economical.
Whatever the scenario is with your business, if you are currently looking to hire a bookkeeping firm in Dover, there is a fair chance that you may be having problems with the process of recording your financial information. A professional bookkeeping company will help you with everything from stocktaking, creating expense reports and invoicing, to linking your accounts with the latest software application to seamlessly of all your transaction data.
One of the most vital elements of good bookkeeping, is being able to correctly reconcile cash flow with accounts payable. This means that by arranging the payment of bills to a time when your accounts are buoyant and in good order, your bookkeeper will avoid the thing that most small businesses in Dover are guilty of at some time or other i.e. paying off a bill immediately, or waiting on a final notice. This doesn't just keep your business on a sound financial footing, but keeps you in good stead with suppliers and those who supply services to you. Unfortunately, this is one of those juggling acts that can be difficult to accomplish when you're completely focussed on the streamlined running of your everyday business operations.
If you're a sole trader, or own a small business, employing a competent bookkeeper in Dover, also gives them the opportunity to cast a fresh eye over the financial dealings of your business. It may be that business trends and patterns that you have overlooked could therefore be pinpointed. A scenario where a smart bookkeeper flags up an area of the business where profits are dropping, or identifies an opportunity that could be worthwhile, is not at all an unusual occurrence. For the success of any business enterprise in Dover, it is essential that such KPI's (key performance indicators) are spotted early.
Pursuing a late payment can be a fairly embarrassing situation for you, if you give out invoices as part of your business operations. Some of that embarrassment can be taken away by having someone outside your normal business situation visit your client or make that phone call. To help with resolving the situation, if you are troubled with a repeating late or non-payer, there are strategies that can be used by a professional bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you're a sole trader, are relatively straightforward and simple. It is required that a sole trader should keep track of expenditure and income on a month by month basis and keep all invoices and receipts. Whilst this might sound simple it is still good practice to hire the expertise of a bookkeeper. A specialised sole trader bookkeeper in Dover will be happy to advise you on what you can claim back from HMRC as business expenses. This may include items such as laptops, advertising expenses, consumables, bills and rent if working from home and stationery goods. If you would like to get more comprehensive advice, and discover how your business can develop and grow in the future, chat to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialisedare occasionally required for certain niches in bookkeeping. You are going to require a bookkeeper in Dover who understands international and cross-border taxes, exchange rate transfers, online payments and multi-currency processing, if you operate a store online for example. Keeping track of stock on a 24/7 basis is also a vital concern, if the same shop sells goods that you hold or produce, as I'm sure you'll be aware the internet doesn't sleep, therefore neither should your bookkeeping services and software.
It's also possible to provide a virtual office, which can be used together with your bookkeeping services and package. This allows a sole trader or online only business to have a telephone service and postal address to provide a physical connection to their buyers. Not all Dover bookkeepers will provide this service, however it is worthwhile discussing the possibilities if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Certificate and Diploma level, and a certified bookkeeper in Dover needn't have a degree. If the preferred route to qualification is through further education colleges and universities, this is still a possibility, whereas there there are an ever-growing range of bookkeeping courses available online.
To provide certification and training for bookkeepers, there are basically two main organisations of interest:
The Association of Accounting Technicians (AAT): With fully trained bookkeepers entitled to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications. They then become registered AAT bookkeepers, approved by this association, which promises a minimum level of service for their customers. To protect the trustworthiness of AAT membership, a bookkeeper who is a member of the AAT can be liable to tribunal and disciplinary procedures if they have a complaint filed against them or are found to have breached the code of conduct.
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers or ICB is the largest organisation on the planet and supplies accreditation to bookkeepers, along with training and reference material to keep their associated members up-to-date.
The accreditations of any bookkeeper can be verified on the register of ICB or ATT members on their respective websites. Undertaking such checks is always advised before you actually hire any bookkeeper in Dover.
Bookkeeping services are available for people living in in Dover and also nearby in: Shepherdswell, Tower Hamlets, Swingate, St Margarets at Cliffe, Temple Ewell, West Hougham, Buckland, Church Hougham, Alkham, Capel le Ferne, Guston, Maxton, Farthingloe, River, Ringwould, and in these postcodes CT16 1PF, CT16 1QP, CT16 1JW, CT16 1NT, CT15 7WA, CT15 6GD, CT16 1BE, CT16 1NW, CT16 1HJ, CT16 1NY. Locally based Dover Bookkeepers will most likely have the dialling code 01304 and the postcode CT16. Checking this out should guarantee you're accessing locally based bookkeepers. Dover sole traders and business owners are able to benefit from these and countless other similar services.
Cash Flow Analysis
Businesses cannot gauge their financial wellbeing without utilising cash flow analysis, which is an essential tool. One of the significant duties of a bookkeeper is to carry out a cash flow analysis for a company. The process involves monitoring the cash movement of the company within a set period, usually monthly or quarterly. By doing so, a bookkeeper can help the businessperson understand their current financial situation, identify anyproblems, and plan for the future.
By categorizing and reconciling all cash transactions, such as investments, expenses and sales, in the analysis, the bookkeeper creates a clear picture of the company's financial health. It also involves forecasting the business's cash flow for the next few months or years to help the company make informed decisions and avoid potential cash flow difficulties.
In addition, thecan provide recommendations to improve cash flow, including adopting more efficient payment methods or reassessing the pricing strategy. For businesses that want to manage their finances effectively, an accurate and thorough is essential.
Using a Bookkeeper for Tax Returns
The United Kingdom requires those with small businesses or self-employed people to file a self-assessment tax return if necessary. The process can make this task challenging, especially if you aren't familiar with it. A trained bookkeeper can help you to prepare your tax return accurately and on time, as well as keeping your records in order.
Employing a bookkeeper to do your tax returns can be beneficial in a number of ways. They will make sure that your return is completed correctly, with their expertise and experience. This should help you to avoid any penalties or interest charges from HMRC. Second, a lot of time and hassle can be saved by a bookkeeper. All of the paperwork and calculations will be taken care of by them, so you can focus on your business. Third, Dover bookkeepers can provide you with essential advice on tax planning and financial strategy. This can help you to minimise your tax liability and maximise your profits. (70193)
Dover Bookkeeper Tasks
Most Dover bookkeepers will be willing to offer you the following accounting and bookkeeping services: letting agent bookkeeping, bookkeeping for restaurants, invoice processing, tax preparation, QUOTE FORM provided. We will get back to you with specifics just as soon as we can.in Dover, bookkeeping for sole traders in Dover, Xero bookkeeping services, bookkeeping services for clubs, accountancy packages, independent bookkeeping services, mobile bookkeeping services, professional bookkeeping services, bookkeeping prices, financial statement preparation, tax returns, , , Self-Assessment tax returns, maintaining fixed asset registers, bookkeeping for home-based businesses, bookkeeping services for small business Dover, bank reconciliation, charity bookkeeping Dover, bookkeeping services for shops, bookkeeping for societies, company cash books in Dover, bookkeeping for tradesmen Dover, Sage bookkeeping services, bookkeeping services for pubs in Dover, bookkeeping for retail outlets, and more. These are just a small portion of the tasks that are carried out by local bookkeepers. Dover professionals will be happy to inform you of their full range of bookkeeping services. If there are other Dover bookkeeper requirements that you need but can't see here, you can easily list them on the
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Bookkeepers Near Dover
Also: Alkham bookkeepers, Shepherdswell bookkeepers, Swingate bookkeepers, Maxton bookkeepers, River bookkeepers, Tower Hamlets bookkeepers, West Hougham bookkeepers, Farthingloe bookkeepers, St Margarets at Cliffe bookkeepers, Buckland bookkeepers, Capel le Ferne bookkeepers, Guston bookkeepers, Ringwould bookkeepers, Church Hougham bookkeepers and more.
- Bookkeeping Services
- Self-Assessment Bookkeeping
- Double-Entry Bookkeeping
- Profit and Loss Reporting
- Tax Returns
- Bookkeeping Estimates
- VAT Returns
- Small Business Bookkeeping
- Credit Control
- Cheap Bookkeeping
- Cash Flow Solutions
- PAYE and Wages
- Payroll Services
- Sole Trader Bookkeeping
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Dover Kent: For details on Dover look here
Bookkeepers in CT16 area, (dialling code 01304).
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