Bookkeepers Dundee Scotland (DD1): Regardless of whether you run a small business, are a sole trader or operate an online store in Dundee, you are responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 yrs according to the 2006 Companies Act. If you cannot produce this information, you might be disqualified as a Company Director and face thousands of pounds in fines. The trade magazine Accounting Today states that over 40% of small businesses spend at least 80 hours annually doing their bookkeeping, therefore whilst you can perform these financial records yourself, it is often better to employ a professional accountant or bookkeeping service to do them instead.
If the very thought of filling out ledgers, creating profit, loss and financial statements, producing balance sheets or tracking liabilities and assets fills you with a sense of terror, then it is time to get in touch with a bookkeeper in Dundee for advice.
BOOKKEEPER OR ACCOUNTANT?
Precisely what is the distinction between an accountant and a bookkeeper is the first question that springs to mind for many business owners in Dundee. In the old days it was normally looked at as to be beneath the experience, skill set and qualifications of an accountant to do bookkeeping, but because of improvements in software over the past ten years, many bookkeeping tasks will now be taken on by accountancy firms in the Dundee area. It is fairly common for many accountancy companies to charge a flat rate for bookkeeping services consistent with an independent bookkeeper's fee. This makes the cost of bookkeeping cheaper than it once was, and is fantastic news for small business owners in Dundee because it generates a wider variety of competition within this sector.
When you're considering the differences between an accountant and a bookkeeper, the main one is the amount of training and qualification that's required for each discipline. At least a degree in accounting with further training in the field of taxation and other fiscal and business management, will normally be held by an accountant. A bookkeeper in Dundee may not necessarily hold the qualifications or levels of experience and training, but will still have a decent understanding of these fiscal disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN DUNDEE
The bookkeeping process put in the simplest of terms, is to record the daily financial transactions of any business in Dundee. This will likely include, but is in no way limited to;
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- Documenting the receipt of invoices and making sure that payment is completed on time.
- VAT recording and submissions.
- Monthly reporting and reconciliations.
- Billing of clients for goods or work completed.
- Payroll services.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Logging of all financial incomings; including cash, card and electronic payments.
Dependant upon the level of service you need, e.g. you're prepared to do a large majority of your bookkeeping work; a professional bookkeeper may just be needed to double check your figures every once in a while. As a bare minimum this should be done every month, to facilitate the quick identification and correcting of any problems or mistakes. This trade-off can sometimes be the most cost-effective compromise if you are confident of keeping on top of your day by day trading and financial transactions.
Whatever your circumstances, if you are seriously looking at hiring a bookkeeper in Dundee, there is a fair chance that you may be struggling with the financial recording aspects of your small business. To enable the seamless processing of transactional data, a professional bookkeeper will help you to link the most suitable software application to your accounts, and will give assistance with procedures like producing expense reports, stocktaking and invoicing.
The ability to reconcile accounts payable with cash flow, is an especially important aspect of effective bookkeeping. This means that your bookkeeper will schedule the payment of bills to times when your accounts are in good shape and buoyant, instead of paying a bill immediately, or waiting for a final notice, which most small businesses in Dundee are guilty of doing. This does not just keep you in good stead with suppliers and those who supply services to you, but also makes sure that your enterprise or business is on a sound financial footing. Regrettably, this is just one of those balancing acts that can be challenging to perform when you're primarily focussed on the streamlined running of your daily business operations.
Employing a professional bookkeeper in Dundee, if you are a sole trader, or for your small business also gives them an opportunity to cast an independent eye over your financies. It may be that business trends and patterns that you may have overlooked will thus be pinpointed. A bookkeeper recognising a new opportunity or flagging up an area where profits are dropping, is by no means unheard of. Spotting these key performance indicators (KPI's) is crucial for the future growth of any business in Dundee.
It can often be rather uncomfortable to chase up late payments if your company gives out invoices. Having somebody from outside your normal business bubble, can take away the embarrassment of making that telephone call or visit to your customers. A professional bookkeeper can use legal options to take care of a consistent late or non-payer, and without the need for court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as laid out by law, start off relatively straightforward. Essentially, sole traders should keep all invoices and receipts, and monitor income and expenditure on a month by month basis. Although this may initially sound quite easy, hiring the expertise of a bookkeeper is still advisable. A professional sole trader bookkeeper in Dundee will be happy to advise you on what you are able to claim back from HMRC as valid business expenses. This could include printer ink, rent and bills if you work from home, items such as computers, advertising and stationery goods. To see how to help your business to prosper and grow, chat to a trusted bookkeeper for more detailed advice and guidance.
Certain business enterprises that work in niche areas, may need to retain the services of a specialised bookkeeping service. For instance, if you run a store online, you will be better off employing a bookkeeper in Dundee who understands cross-border and international taxes, online payment procedures, multi-currency processing and exchange rate transfers. Because the internet doesn't sleep, if the same store sells goods you produce or hold then supervising inventory on a 24/7 basis is an important concern which will need to be addressed.
It is also possible to establish a remote virtual office, which can be utilised in combination with your bookkeeping services and package. This enables an online only business or sole trader to have a telephone service and postal address to offer a physical link with their clients. If this type of service could be helpful, it's certainly worth discussing, although this solution will not be offered by all bookkeepers in Dundee.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Diploma and Certificate level, and it's not mandatory for a professional Dundee bookkeeper to hold an accounting degree. Although there's a range of online bookkeeping courses available, qualifications can still be gained via further education colleges and universities, if that is the preferred route.
There are basically 2 principal organisations that offer training and certification to bookkeepers:
The AAT or Association of Accounting Technicians: Providing advanced qualifications and a training schedule, the AAT (Association of Accounting Technicians), entitles a fully certified bookkeeper to use the letters AATQB after their name. They can then become authorised AAT bookkeepers, backed up by this well-respected association, which promises a high level of service for their clients. To protect the integrity of the AAT, if an AAT bookkeeper is found to have breached the code of conduct or has a complaint against them, they can be liable to disciplinary and tribunal procedures.
The ICB or Institute of Certified Bookkeepers: The ICB or Institute of Certified Bookkeepers is the largest organisation of its kind on the planet and offers accreditation to certified bookkeepers, along with reference material and training to keep their associated members up-to-date with the latest trends and developments.
By visiting the register of ICB or ATT members on their websites, it is possible to confirm the accreditations of any professional Dundee bookkeeper. Before you retain the services of any professional bookkeeper in Dundee it is wise to carry out this check.
Bookkeeping services are available in Dundee and also in nearby places like: Craigie, Baldovan, Kingoodie, Bridgefoot, Marketgait, Baldovie, Ballumbie, Trottick, Broughty Ferry, Monifieth, Longforgan, Invergowrie, West Ferry, Downfield, Barnhill, Birkhill, and in these postcodes DD1 1PE, DD1 2EJ, DD1 1NN, DD1 1NG, DD1 2HP, DD1 1QA, DD1 1XA, DD1 1UE, DD1 1DA, DD1 1EN. Locally based Dundee Bookkeepers will probably have the telephone dialling code 01382 and the postcode DD1. Checking this will make certain that you are accessing locally based bookkeepers. Dundee sole traders and business owners are able to utilise these and lots of other comparable services.
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Dundee Bookkeeper Tasks
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Bookkeepers Near Dundee
Also here.: West Ferry bookkeepers, Ballumbie bookkeepers, Baldovie bookkeepers, Invergowrie bookkeepers, Downfield bookkeepers, Trottick bookkeepers, Marketgait bookkeepers, Craigie bookkeepers, Broughty Ferry bookkeepers, Longforgan bookkeepers, Birkhill bookkeepers, Bridgefoot bookkeepers, Monifieth bookkeepers, Kingoodie bookkeepers, Baldovan bookkeepers, Barnhill and more. All of these villages and towns are serviced by local bookeepers. Dundee people can get pricing for bookkeeping services by going
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Bookkeepers Around Dundee: People living in these nearby Dundee streets have recently inquired about bookkeeping services - South Powrie, Dickson Avenue, Magdalen Yard Road, Montgomerie Avenue, Balgarthno Terrace, Rosebank Place, Woodside Terrace, Harefield Grove, Troon Terrace, Keith Place, Bonnybank Road, Robertson Street, Hazel Drive, Castle Street, Hilltown Court, Dura Street, Strathgray Gardens, Earlston Avenue, Bradbury Street, Byron Crescent, Minto Place, Ancrum Court, Crombie Terrace, Keswick Terrace, Gauldie Crescent, Step Row, Rodd Road, Campbell Street, Beauly Crescent, Viscounts Pend, as well as these local Dundee postcodes: DD1 1PE, DD1 2EJ, DD1 1NN, DD1 1NG, DD1 2HP, DD1 1QA, DD1 1XA, DD1 1UE, DD1 1DA, DD1 1EN.
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Bookkeepers in DD1 area, 01382.
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