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.
Bookkeeping services are available for those living in in Eastwood and also in nearby places like: Ironville, Giltbrook, Westwood, Langley Hill, Watnall, Nutall, Broxtowe, Newthorpe, Old Basford, Brinsley, as well as in these postcodes NG16 2GD, NG16 3AR, NG16 3JS, NG16 3EF, NG16 3DX, NG16 3AX, NG16 3AG, NG16 3AB, NG16 3BH, and NG16 3JL. Locally based Eastwood bookkeeping services will likely have the postcode NG16 and the telephone code 01773. Checking this can guarantee you access local bookkeepers. Eastwood sole traders and business owners are able to benefit from these and numerous other bookkeeping related services.
Using a Bookkeeper for Tax Returns
You may be required to file a self-assessment tax return if you are self-employed or have a small business in Eastwood. Especially if you're not acquainted with the process, this task can be daunting. Keeping your records organised and preparing your tax return on time and accurately are both things that a trained bookkeeper can help you with.
To complete your tax returns, using a bookkeeper can be beneficial in several ways. They have the expertise and experience to make sure that your return is completed correctly. This should help you to avoid any interest charges or penalties from HMRC. Secondly, the use of a bookkeeper can save you a lot of time, hassle and stress. They'll look after all of the paperwork and calculations, so you can focus on running your business. Thirdly, valuable advice on tax planning can be provided by a bookkeeper in Eastwood. This enables you to boost your profits and lower your tax liability. (83543 - Tax Returns Eastwood)
Bookkeepers Near Eastwood
Also find: Ironville bookkeepers, Broxtowe bookkeepers, Langley Hill bookkeepers, Old Basford bookkeepers, Newthorpe bookkeepers, Brinsley bookkeepers, Westwood bookkeepers, Giltbrook bookkeepers, Nutall bookkeepers, Watnall bookkeepers and more. In all these locations, companies that offer bookkeeping services are available. With this level of accessibility, finding the required financial support to manage accounts effectively becomes easy for both businesses and individuals. For bookkeeping estimates, residents in the area simply need to click here
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Eastwood Bookkeeping Tasks
Most Eastwood bookkeepers will be able to provide you with the following services: corporation tax returns, Xero bookkeeping, bookkeeping for freelancers, landlord bookkeeping services, bookkeeping for home-based businesses, assistance with registering for self-employment, bookkeeping services for sole traders, Kashflow bookkeeping, personal tax returns, bookkeeping services for pubs in Eastwood, bookkeeping services for limited companies, Self-Assessment tax returns, cheap bookkeeping services, payment services, bookkeeping for shops, bank reconciliation, bookkeeping and accounting, bookkeeping services for clubs, bookkeeping for small businesses, financial statement preparation, credit control, charity bookkeeping, bookkeeping and accounting services, VAT returns, independent bookkeeping services, cash flow analysis, Quickbook bookkeeping services, cash books, bookkeeping services for societies, management accounts, and more. Listed are just a selection of the tasks that are conducted by local bookkeepers. Eastwood professionals will be happy to tell you about their full range of bookkeeping services. If there are some other Eastwood 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 as soon as we can.
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