Bookkeepers Eastwood Nottinghamshire (NG16): You are entirely responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 yrs, if you run an online store, are a sole trader or own a small business in Eastwood, in compliance with the Companies Act. Failure to produce these records might leave you faced with a fine of thousands of pounds and potentially Company Director disqualification. According to the magazine Accounting Today over forty percent of small businesses spend at least 80 hours each year on their bookkeeping tasks, therefore although you can complete these financial recordings on your own behalf, it can be more cost-effective to use a professional accountant or bookkeeping company to do them instead.
If you're filled with a sense of dread merely thinking about the possiblility of preparing profit, loss and fiscal reports, compiling balance sheets, filling out ledgers or tracking assets and liabilities, then the time to contact a bookkeeper in Eastwood for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between a bookkeeper and an accountant?" Is a question which is asked by a lot of people in Eastwood. The truth is that while in the past the bookkeeping process, was regarded as beneath the experience, qualifications and skill-sets of an accountant, due to software developments over the past decade, most accountancy firms in Eastwood will now take on bookkeeping tasks. Most accounting firms now charge a set rate for bookkeeping services, to keep them commensurate with what an independent bookkeeper in Eastwood would normally charge. This is great news for business owners in Eastwood because it generates a wider variety of competition within the marketplace and can make your bookkeeping cheaper than initially thought.
The main difference of an accountant over a bookkeeper is the level of qualification and training required. An accountant will, at the very least, hold a degree in accounting, and should have also had further training in financial and business management, and taxes. While having a fair grasp of these procedures, a bookkeeper in Eastwood might not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the bookkeeping process is the recording of the daily fiscal transactions of any enterprise or business in Eastwood. This will include, but is not limited to;
- Billing of clients for goods or work completed.
- VAT recording and submissions.
- Making sure that double-entry bookkeeping and accounting practices are followed.
- Monthly reporting and reconciliations.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Recording the receipt of invoices and ensuring payment is completed promptly.
- Payroll services.
If you're happy to carry out the majority of bookkeeping work yourself; a bookkeeper might just be needed to double check your accounts on a fixed schedule. So any mistakes or problems can be discovered and corrected quickly, at the bare minimum, this should be done from month to month. If you are able to stay on top of your day to day financial transactions and trading activities, this trade-off can often be the most economical.
It's a good bet that if you're looking to hire a bookkeeping company, you're currently having problems with the financial recording side of your small business in Eastwood. A decent bookkeeping service will be able to help you to link your business accounts with the most up-to-date software program to enable the seamless pull-through of financial data, and will give assistance with such things as stocktaking, invoicing and generating expense reports.
One of the most important aspects of good bookkeeping practice, is being able to correctly reconcile cash flow with accounts payable. This means that rather than paying an outstanding bill straight away, or waiting for an overdue notice, which a lot of small businesses in Eastwood are guilty of, your bookkeeper will schedule the payment of bills to times when your accounts are in the best possible position. In addition to keeping your business on a secure financial footing, this also maintains your reputation with your service providers and suppliers. Regrettably, this is one of those balancing acts that can be difficult to perform when you are focussed on the smooth running of your daily business activities.
Employing a professional bookkeeper in Eastwood, if you are a sole trader, or for your small business also gives them the chance to cast an independent eye over your business affairs. It is quite possible that an unprejudiced evaluation such as this will pinpoint business patterns and trends that you haven't previously noticed. It is not uncommon for a bookkeeper to recognise a new opportunity or flag up an area which is falling in profits. For powering growth in any business enterprise in Eastwood, it is important that such KPI's (key performance indicators) are spotted early.
Having to pursue a late payment can be an embarrassing scenario for you, if you give out invoices in your business operations. Some of that awkwardness can be taken away by having somebody outside your business situation visit your client or make that telephone call. A bookkeeper can make use of legal options to deal with a consistent late or non-payer, and without having to resort to court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are pretty straightforward and simple. In essence, sole traders should retain all invoices and receipts, and keep records of expenditure and income on a monthly basis. Now, this doesn't sound that hard does it? Yet, it's still good practice to retain the expert services of a competent bookkeeper to make certain that it is all done properly. A specialised sole trader bookkeeper in Eastwood can advise you on what you're able to claim back from HMRC as business expenses. This might include printer ink, items such as computing equipment, rent and bills if working from home, stationery goods and advertising expenses. Talk to your bookkeeper for more detailed advice and learn how they might help your business grow.
BOOKKEEPING FOR ONLINE TRADERS IN EASTWOOD
There are several business niches where a specialist bookkeeping service might be necessary. You'll require a bookkeeper in Eastwood who's familiar with international and cross-border taxes, online payments, exchange rate transfers and multi-currency processing, if you operate an online store for instance. If the same outlet sells goods that you hold or produce, then regulating stock on a 24/7 basis is a crucial priority, as I'm sure you're aware the internet doesn't sleep, so neither should your bookkeeping software or services.
Together with bookkeeping service, it is also possible to provide a remote virtual office. Providing a physical connection to their buyers, this allows a sole trader or online only business to have a postal address and phone service. Although this solution might not be offered by all bookkeepers in Eastwood, it's definitely worth discussing the possibilities if this is something that is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping industry qualifications are at Diploma or Certificate level, and it isn't necessary for a qualified bookkeeper in Eastwood to hold a degree in accounting. If the preferred route to qualification is through further education universities and colleges, this is still a possibility, although there there is a number of online bookkeeping courses.
To provide certification and training for bookkeepers, there are basically two principal organisations of interest:
The Association of Accounting Technicians or AAT: The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications entitling a fully trained bookkeeper to use the letters AATQB after their name. They're then entitled to become registered AAT bookkeepers, which assures their customers a decent standard of service which is backed up by the organisation. To protect the integrity of AAT membership, if a bookkeeper who is affiliated with the AAT has a complaint against them or is found to have contravened the code of practice they may be subject to tribunal and disciplinary processes.
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation anywhere in the world is the the Institute of Certified Bookkeepers (ICB), and it supplies certification for qualified bookkeepers, along with reference material and training to keep their associated members informed about the latest trends.
By visiting their respective websites, it's possible to inspect the accreditations of any bookkeeper in Eastwood on the register of AAT or ICB members. Before employing any bookkeeper in Eastwood it's wise to carry out this check.
Tax Returns
If you are self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. This task can be daunting, especially if you're not familiar with the process. Your records can be kept in order and your tax return can be prepared accurately and on time with the help of a good bookkeeper.
There are several benefits to employing a bookkeeper for your tax returns. Your return will be completed correctly, thanks to their expertise and experience. This should help you to avoid penalties from HMRC, as well as interest charges. Second, bookkeepers can save you time and effort. You can leave the paperwork and calculations to them so you can focus your attention on your business. Third, invaluable advice on tax planning can be provided by bookkeepers in Eastwood. This can help to increase your bottom line and reduce your tax burden. (70193)
Bookkeepers Near Eastwood
Also find: Broxtowe bookkeepers, Old Basford bookkeepers, Watnall bookkeepers, Giltbrook bookkeepers, Langley Hill bookkeepers, Nutall bookkeepers, Newthorpe bookkeepers, Westwood bookkeepers, Brinsley bookkeepers, Ironville bookkeepers and more. In all of these places, companies that offer bookkeeping services are available. This level of accessibility makes it straightforward for businesses and individuals to secure the financial help needed for managing their accounts successfully. Bookkeeping price quotes are available to area residents and businesses with a click here.
More Eastwood Services: Of course, whenever you are in need of a bookkeeper in Eastwood, Nottinghamshire, you'll probably be in need of all kinds of different services and along with a bookkeeper in Eastwood, Nottinghamshire, you may also need digital marketing services in Eastwood, card processing in Eastwood, business consulting in Eastwood, financial advice in Eastwood, cloud & hosting services in Eastwood, web design in Eastwood, telephone system services in Eastwood, PPC advertising in Eastwood, social media marketing in Eastwood, EPOS in Eastwood, an accountant in Eastwood, Ecommerce in Eastwood, a marketing agency in Eastwood, promotional videos in Eastwood, telemarketing in Eastwood, network, database & IT support in Eastwood, HR consulting in Eastwood, and other different Eastwood specialists.
Eastwood Bookkeeper Tasks
Most Eastwood bookkeepers will be ready to provide you with the following accounting and bookkeeping services: payroll bookkeeping in Eastwood, wages & PAYE, maintaining fixed asset registers, cash flow analysis, bookkeeping for pubs, small business tax returns in Eastwood, charity bookkeeping Eastwood, Self-Assessment tax returns, Sage bookkeeping services, bookkeeping for small businesses, double-entry bookkeeping, bookkeeping for home-based businesses in Eastwood, profit & loss reports, credit control, payment services, bookkeeping price quotes, bookkeeping services for freelancers, tax returns Eastwood, personal tax returns, tax return preparation Eastwood, company cash books, management accounts, business bookkeeping in Eastwood, bookkeeping for restaurants, bookkeeping services for startups, mobile bookkeeping services, bookkeeping services for tradesmen, bookkeeping services for retail outlets, management reports, bookkeeping for the self-employed, and more. Listed are just an example of the activities that are performed by local bookkeepers. Eastwood companies will tell you about their whole range of services. If there happen to be different Eastwood bookkeeper requirements that you need but don't see here, you can list them on the QUOTE FORM provided. We'll get back to you with details just as soon as we are able.
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