Bookkeepers Eastleigh Hampshire (SO50): Whether you are a sole trader, operate an online store or run a small business in Eastleigh, you are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least six years in compliance with the 2006 Companies Act. If you can't produce such information, you may be disqualified as a Company Director and face a hefty fine. There is a considerable investment of time involved with preparing such financial recordings on your own, and it's often more cost-effective to employ a professional , particularly if you consider the fact that according to the magazine Accounting Today over forty percent of small businesses spend at least eighty hours each year doing their bookkeeping tasks.
It is high time to get in touch within Eastleigh for advice, if the thought of creating profit, loss and fiscal reports, producing balance sheets, tracking liabilities and assets or writing ledgers brings you feelings of dread.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between a bookkeeper and an accountant is the first question that springs to mind for many small business owners in Eastleigh. While in the past many accountants considered the task of bookkeeping to be beneath their skill-sets, qualifications and experience, a lot of accountancy companies in Eastleigh will now take on bookkeeping, due to huge improvements in software over the past ten years. To ensure their bookkeeping services are commensurate with a typical, it is now common practice for many accountancy companies to charge a flat rate for these services. Business owners in Eastleigh are now benefiting from this, as it gives a greater variety of competition within the marketplace and can mean that the cost of bookkeeping is much more affordable than it would previously have been.
The amount of training required is the biggest difference between an accountant and a bookkeeper. Usually holding an accounting degree, a professionalshould also have had training in tax preparation and further qualifications in financial and business management. A bookkeeper in Eastleigh may not have the same levels of training and experience, or hold these qualifications, but should still have a good grasp of these procedures.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the recording of daily monetary transactions of any enterprise or business in Eastleigh. This may include, but isn't limited to;
- Documenting of all financial incomings; cash, card and electronic payments included.
- Payroll services.
- The billing of customers for work completed or goods.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reconciliations and reporting.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- VAT submissions and recording.
- Recording invoices received and making certain that payment is completed promptly.
Based upon the level of service you require, e.g. you're prepared to perform the majority of your bookkeeping work; a professional bookkeeper may just be necessary for double-checking your records every once in a while. This should be done each month at the bare minimum, as this will allow any problems or mistakes to be uncovered and rectified promptly. Provided that you're able to stay in control of your monetary transactions without having a negative impact on your day by day trading activities, this trade-off can be the most economical solution.
Whatever the situation is with your company or business, if you're seriously looking at hiring a bookkeeper in Eastleigh, there is a fair chance that you may be fretting over the process of recording your financial information. A good bookkeeping company will be able to provide guidance and advice on everything from invoicing, stocktaking and generating expense reports, to linking your accounts with the most suitable software program to enable the seamless processing of financial data.
The ability to reconcile accounts payable with cash flow, is an extremely crucial aspect of a good bookkeeper. This means that instead of waiting on an overdue notice, which many small businesses in Eastleigh are guilty of at some time or other, or paying an outstanding bill immediately, your bookkeeper will arrange bill payments to a time when your accounts are in good order. This is not just to make sure that your business or enterprise is on a good financial footing at all times, but also to keep you in the good books of the businesses who supply your services or materials. When, as an individual, you are primarily focussed on the smooth running of your everyday business activities, this can be a juggling act that is difficult to perform.
For your small business, or if you are a sole trader, employing a certified bookkeeper in Eastleigh, gives you the chance to have an independent eye cast over your financies. It's quite possible that an independent evaluation like this will showcase business trends and patterns that you haven't previously noticed. It is not at all uncommon for a clever bookkeeper to flag up an area of the business which is falling in profits, or spot a brand new opportunity that may prove lucrative. These KPI's (key performance indicators) are vital in driving growth for any enterprise in Eastleigh.
If invoices are sent out by your business it can sometimes be uncomfortable having to chase up a late payment. If that visit to your clients or phone call is made by an individual from outside your normal business bubble, it's possible for most of that embarrassment to be taken away. There are legal options a professional bookkeeper can make use of, if you have a repeating late or non-payer, and these can help to resolve the issue before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably straightforward sole trader bookkeeping requirements, which are set out in law. It's required that a sole trader should keep track of income and expenditure on a monthly basis and retain all invoices and receipts. Whilst this may at first sound simple it is still a wise move to retain the services of a competent bookkeeper. So that you will be able to claim back all valid business expenses from HMRC, a specialised sole trader bookkeeper in Eastleigh will be in a position to advise you on what you need to do. This may include bills and rent if working from home, advertising expenses, printer ink, items such as computers and stationery goods. To discover how they can help your business to grow, chat to your bookkeeper for more comprehensive advice and guidance.
Some business enterprises that work in niche areas, may need to use a specialised bookkeeper. For example, if you run a store online, you'll need to employ a bookkeeper in Eastleigh who understands online payments, cross-border and international taxes, multi-currency processing and exchange rate transfers. As the internet doesn't sleep, if the same store sells goods that you produce or hold then supervising inventory on a 24/7 basis is a massive concern which will need to be managed.
In combination with bookkeeping services, a remote virtual office can also be provided. This allows an online only business or sole trader to have a postal address and telephone service to offer a physical link with their customers. It's worth discussing this possibility if it's needed, although not all bookkeepers in Eastleigh will provide this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Eastleigh bookkeeper needn't hold a university degree and many this sector's qualifications are at Diploma or Certificate level. There is an ever-growing selection of online courses available, although bookkeeping qualifications can still be obtained via further education universities and colleges.
Representing bookkeepers, there are two primary training and certification organisations:
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-speed with the latest trends and developments, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
The Association of Accounting Technicians or AAT: With fully trained bookkeepers entitled to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides advanced qualifications and training. This then enables them to become a certified AAT bookkeeper and promises a decent standard of service which is backed by the organisation. If a bookkeeper who's associated with the AAT has a complaint against them or is found to have contravened the code of practice they could be liable to tribunal and disciplinary procedures to preserve the integrity and values of the AAT membership.
It is possible to check the accreditations of any professional Eastleigh bookkeeper on the register of ICB or ATT members on their respective websites. Before you retain the services of any bookkeeper in Eastleigh it is a good idea to implement this check.
Bookkeeping Eastleigh - Outsourcing Options
All businesses in Eastleigh should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, the money left in their bank account, their outgoings and incomings, and more. With the owner of the business having to deal with the issues and concerns of running a business, the task of carrying out the bookkeeping is typically outsourced to freelance bookkeepers or a bookkeeping company in Eastleigh.
If a company in Eastleigh employs a bookkeeper in order to join their ranks, the company will need to pay out a substantial amount of money in training that person for the purpose of doing the bookkeeping work. In addition to that, there's no guarantee that the person will stay for long in the company. In that situation, the company will have wasted a substantial amount of money. Aside from that, firms will need to look for ways and means to provide benefits and incentives to keep the fully trained employee there. These are just some of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Eastleigh.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who may continue with out-of-date accounting practices. Again, they aren't under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You will find many companies offering financial bookkeeping services catering to all kinds of industries and clients in Eastleigh. The majority of these companies promise and deliver good quality service. It is important for a business to look into the reputation of these Eastleigh bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
Business owners in Eastleigh can look for the following options with the bookkeeping company that delivers outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Given that the expenses related to hiring and training in-house staff is a great concern, it would be sensible on the part of business owner in Eastleigh to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very important to get top quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Eastleigh should have a well protected system that can be relied on and trusted.
These professional bookkeeping companies in Eastleigh 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
A self-assessment tax return may be required for self-employed people or those with small businesses in the United Kingdom. This task can be especially challenging if you are not acquainted with the process. Accurately and on time, a decent bookkeeper can help you prepare your tax return, as well as keeping your records organised.
Many benefits can be gained by employing a bookkeeper to do your tax returns. First, they will have the expertise and experience to make certain that your return is completed correctly. This should help you avoid any penalties or interest that HMRC may charge. Secondly, a lot of time and effort can be saved by a bookkeeper. You can focus on your business while they take care of all of the calculations and paperwork. Third, essential advice on tax planning can be provided by a bookkeeper in Eastleigh. This enables you to reduce your tax liability and increase your profits. (70193)
Eastleigh Bookkeeper Tasks
Most Eastleigh bookkeepers will be ready to offer you the following services: bookkeeping services for startups in Eastleigh, bookkeeping services for sole traders Eastleigh, maintaining fixed asset registers, partnership tax returns, bank reconciliations, tax returns, charity bookkeeping Eastleigh, bookkeeping for charities in Eastleigh, landlord bookkeeping, corporation tax returns, franchise bookkeeping, bookkeeping services for restaurants Eastleigh, bookkeeping services for small business, QUOTE FORM provided. We'll be in touch with information just as soon as we can., accountancy packages in Eastleigh, bookkeeping quotes, bookkeeping and accounting, Self-Assessment tax returns, PAYE & wages in Eastleigh, payment services, payroll bookkeeping, VAT returns, bookkeeping for societies Eastleigh, bookkeeping for home-based businesses, bookkeeping services for tradesmen in Eastleigh, off-site bookkeeping services, , in Eastleigh, management reports, bookkeeping for shops, and more. These are just a selection of the activities that are handled by local bookkeepers. Eastleigh companies will keep you informed about their entire range of bookkeeping services. If there happen to be some other Eastleigh bookkeeper requirements that you need but can't see here, you should list them on the
Bookkeepers Near Eastleigh
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