Bookkeepers Ely Cambridgeshire (CB7): You are responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years, if you are a sole trader, own a small business or operate an online store in Ely, in accordance with the Companies Act. If you are unable to produce such information, you may be disqualified as a Company Director and face thousands of pounds in fines. You could do these financial recordings on your own, however when you consider that according to Accounting Today over forty percent of small business owners spend over 80 hours each year doing their accounts, it can pay to employ a professional bookkeeping service or accountant.
If you're filled with terror just thinking about tracking assets and liabilities, filling out ledgers, preparing profit, loss and financial statements or compiling balance sheets, then the time to get in touch with a bookkeeper in Ely for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by most people in Ely is "Exactly what is the distinction between a bookkeeper and an accountant?" In the old days it was often regarded as to be beneath the qualifications, experience and skill-sets of an accountant to do bookkeeping, but because of software developments over the past 10 years or so, many bookkeeping tasks will now be taken on by accountancy firms in Ely. A lot of accounting companies now have a set rate for bookkeeping services, to keep them in line with what an independent bookkeeper in Ely would usually charge. This makes the cost of bookkeeping much more affordable than it was previously, and is fantastic news for small business owners in Ely since it provides a broader range of competition within this sector.
The amount of qualification and training required is the main difference between a bookkeeper and an accountant. An accountant will generally a least hold an accounting degree with specialist training in the field of taxes and other financial and business management. Whilst having a really good understanding of such skills, a bookkeeper in Ely may not necessarily have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN ELY
The bookkeeping process in the simplest of terms, is the recording of the day by day monetary transactions of any enterprise or business in Ely. This can include, but is not limited to;
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- The billing of clients for goods or work completed.
- Documenting invoices received and making certain payment is completed punctually.
- Monthly reporting and reconciliations.
- Logging of all financial incomings; including card, electronic and cash payments.
- Payroll services.
If you are happy to carry out a large majority of bookkeeping work yourself; a professional bookkeeper may just be necessary for double-checking your figures every once in a while. This ought to be done monthly at the bare minimum, as this will allow any mistakes or problems to be discovered and corrected promptly. This might be the most cost-effective trade-off, so long as you're able to stay up-to-date with your monetary transactions without affecting your everyday trading operations.
Whatever the situation is with your company or small business, if you're seriously looking to hire a bookkeeper in Ely, there is a fair chance that you may be fretting over the process of financial records and tax returns. Offering assistance with everything from stocktaking, generating expense reports and invoicing, a decent bookkeeping company will also be able to guide you through the process of linking your accounts with the latest computer software to enable the seamless processing of all your business's transaction information.
The ability to reconcile accounts payable with cash flow, is an especially important element of a good bookkeeper. This means that instead of waiting for a final notice, which many small businesses are guilty of doing, or paying off a bill straight away, your bookkeeper will arrange bill payments to times when your finances are buoyant and in good shape. This isn't merely to make sure that your business enterprise is financially secure at all times, but also to keep you in good stead with those who supply you with materials or services. When, as an individual, you're mainly focussed on the operation of your everyday business activities, this is a balancing act that can be tough to perform.
Using a certified bookkeeper in Ely, for your small business or if you're a sole trader also gives them an opportunity to cast an expert eye over your financial situation. It's entirely possible that an unprejudiced assessment such as this will pinpoint business trends and patterns that have been missed previously. A bookkeeper spotting a new opportunity or flagging up an area of the business where profits are falling, is by no means uncommon. For the success of any business in Ely, it is essential that such key performance indicators are spotted early on.
If invoices are sent out by your business it can sometimes be embarrassing to pursue a late payment. If that telephone call or visit to your customer is carried out by an individual from outside your business situation, it is possible for some of that embarrassment to be eliminated. A bookkeeper can make use of legal options to take care of a repeating late payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as set out in law, are really straightforward. Sole traders are required to keep a record of expenditure and income on a month by month basis and retain all receipts and invoices. Now, this doesn't sound too tough does it? Yet, it is still recommended that you hire the expertise of a competent bookkeeper to make sure that it's all done correctly. So that you can claim back any genuine business expenses from HMRC, a professional sole trader bookkeeper in Ely will be happy to advise you on what must be done. This may include consumables, items such as computing equipment, bills and rent if you work from home, stationery goods and advertising. To see how to help your small business grow, talk to a trusted bookkeeper for more comprehensive advice.
ONLINE TRADERS IN ELY
Specialist bookkeepers are necessary from time to time for specific niches in bookkeeping. You will need a bookkeeper in Ely who understands multi-currency processing, exchange rate transfers, cross-border and international taxes and online payments, if you operate an online store for example. As the internet doesn't sleep, if the same outlet sells goods you produce or hold then monitoring your stock on a 24/7 basis is a major priority which will have to be dealt with.
In combination with bookkeeping services, it's also possible to provide a remote virtual office. Providing a physical link with their buyers, this allows a sole trader or online only business to have a phone service and postal address. It is certainly worth discussing this possibility if it is required, although not all bookkeeping businesses in Ely will supply this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a certified bookkeeper in Ely to hold a degree, and many of the bookkeeping industry qualifications are held at Diploma and Certificate level. Bookkeeping qualifications can be gained via further education universities and colleges but there are also a growing variety of courses available online.
There are two principal training and certification organisations which represent bookkeepers:
The ICB or Institute of Certified Bookkeepers: The largest organisation of its kind in the world is the the Institute of Certified Bookkeepers (ICB), and it supplies accreditation to qualified bookkeepers, along with training and reference material to keep their members informed about the latest trends and developments.
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides advanced qualifications and training entitling a fully trained member to use the letters AATQB. They are then able to become registered AAT bookkeepers, which assures their clients a certain level of service which is backed by the association. To protect the integrity and values of the AAT, if an AAT bookkeeper has a complaint against them or is found to have violated the code of practice they could be subject to tribunal and disciplinary procedures.
By visiting their respective websites, you can check out the register of ICB or ATT members, to verify the qualifications of any Ely bookkeeper. Undertaking these checks is usually advised before actually retaining the services of any professional bookkeeper in Ely.
Bookkeeping services are available in Ely and also in: Burnt Fen, Mepal, Stretham, Witcham, Witchford, Little Thetford, Littleport, Haddenham, Little Downham, Chettisham, Queen Adelaide, Prickwillow, Isleham, Soham, Kennyhill, Coveney, together with these postcodes CB6 2WE, CB6 3BA, CB6, CB6 1SD, CB6 2XH, CB6 2XJ, CB6 1BQ, CB6 1BU, CB6 3EB, CB6 1DJ. Local Ely Bookkeepers will likely have the postcode CB7 and the telephone dialling code 01353. Verifying this should make sure that you're accessing locally based bookkeepers. Ely sole traders and business owners are able to utilise these and many other similar services.
Ely Bookkeeper Questions
In recent days I have been checking out the most common questions folks in Ely ask with regards to bookkeepers. A couple of you tendered insightful enquiries that I thought might be worth a mention. The ones I singled out were, Do bookkeepers do adjustment? Can a bookkeeper become an accountant? Who would a bookkeeper work with? Does a bookkeeper need a degree? Where can I hire a bookkeeper in Ely? What do bookkeeping services charge? What are the advantages of an accountant over a bookkeeper? Why is bookkeeping important? Can a bookkeeper be held liable? The majority of these questions will have hopefully been dealt with on this page, if not a bookkeeping "Q&A" section is going to be added quite soon. Many thanks to Jaxon Green, Zayn Kaur, Yaseen Alexander and Valentina Vaughan from Ely, for submitting these questions. It was also fantastic to receive questions from Victoria Hogg in Isleham, Jayden Mcmahon in Kennyhill and Eden Parr in Littleport.
Bookkeeping Enquiries Cambridgeshire
Recently posted Cambridgeshire bookkeeping enquiries: Brendan Mcgill from Fulbourn was looking for a bookkeeper for his sports shop. Prince Ashworth from Wicken was searching for a bookkeeper to do his tax returns. Daniela Biddle in Balsham, Cambridgeshire was trying to find bookkeeping services for her garment company. Maeve Maclean from Elm was enquiring about bookkeeping for her hairdressing business. Tegan Mace in Ramsey St Marys, Cambridgeshire was enquiring about a bookkeeper to do her Self-Assessment tax returns. Felicity Lang in Bretton, Cambridgeshire was interested in bookkeeping services for her internet sales business. Jonathan Readman from Sawston was searching for bookkeeping services for his literary club. Alan Sayers from Elm was interested in a bookkeeper for his online business. These local people conducted a search for "Bookkeepers Cambridgeshire" and came across this page on either Google, Bing or Yahoo.
Ely Bookkeeper Tasks
Most Ely bookkeepers will be prepared to provide you with the following accounting and bookkeeping services: accounting and bookkeeping, independent bookkeeping services, bookkeeping services for shops, small business bookkeeping, bank reconciliation Ely, bookkeeping for sole traders, personal tax returns Ely, bookkeeping services Ely, accountancy packages, profit & loss reports, professional bookkeeping services Ely, bookkeeping for charities in Ely, invoice processing, tax return preparation Ely, bookkeeping for organisations, landlord bookkeeping Ely, management reports, bookkeeping for societies, bookkeeping for startups, payment services, VAT returns, credit control, bookkeeping for restaurants in Ely, bookkeeping for home-based businesses in Ely, cash books, Quickbook bookkeeping, bookkeeping prices, letting agent bookkeeping Ely, and more. Listed are just some of the tasks that are performed by local bookkeepers. Ely companies will inform you of their full range of services. If there happen to be other Ely bookkeeper requirements that you want but can't see here, you can easily mention them on the QUOTE FORM provided. We'll get back to you with specifics as soon as we are able.
Bookkeepers Near Ely
Also here.: Soham bookkeepers, Littleport bookkeepers, Witcham bookkeepers, Kennyhill bookkeepers, Little Downham bookkeepers, Haddenham bookkeepers, Little Thetford bookkeepers, Burnt Fen bookkeepers, Chettisham bookkeepers, Stretham bookkeepers, Isleham bookkeepers, Witchford bookkeepers, Coveney bookkeepers, Mepal bookkeepers, Prickwillow bookkeepers, Queen Adelaide and more. All of these towns and villages are served by local bookeepers. Ely people can get prices for bookkeeping services by going
- Ely Tax Returns
- Ely Small Business Bookkeeping
- Ely Bookkeeping Quotations
- Ely Bookkeeping Services
- Ely Self-Assessment Bookkeeping
- Ely Payroll Services
- Ely VAT Returns
- Ely Sole Trader Bookkeeping
- Ely Tax Preparation
- Ely Profit and Loss Reporting
- Ely PAYE Wages and CIS
- Ely Cash Flow Analysis
- Ely Cheap Bookkeeping
- Ely Credit Control
Bookkeepers Around Ely: People who live in the following streets and roads have recently inquired about bookkeeping services - Second Drove, Croft Park Road, Angle Common, Seppings Close, Astley Close, Churchgate Street, Summerhayes, Trinity Close, St Andrews Way, Chapel Close, Branch Bank, Silver Street, Barcham Road, Chewells Close, The Brook, Brookside Grove, Church Close, Buckingham Drive, Briery Fields, St Johns Road, Stretham Station Road, St Andrews Close, St Martins Walk, The Green, Deacons Lane, Third Drove, The Slade, as well as these local Ely postcodes: CB6 2WE, CB6 3BA, CB6, CB6 1SD, CB6 2XH, CB6 2XJ, CB6 1BQ, CB6 1BU, CB6 3EB, CB6 1DJ.
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Bookkeepers in CB7 area, 01353.
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