Bookkeepers Ely Cambridgeshire (CB7): According to the Companies Act (2006), if you run an online store, are a sole trader or own a small business in Ely, you are responsible for maintaining accurate, "true and fair" financial and accounting records for a minimum of six years. Failure to produce these records may leave you faced with disqualification as a Company Director, as well as a hefty fine. It can pay to use a professional accountant or bookkeeper to undertake this for you, since according to the trade magazine Accounting Today over forty percent of small business owners spend eighty hours plus each year doing their bookkeeping duties, which is a substantial time investment, and could be more efficiently spent on actually running your business.
It's high time to get in touch with a bookkeeper in Ely for assistance, if the thought of filling out ledgers, compiling balance sheets, preparing profit, loss and financial statements or tracking assets and liabilities brings you feelings of terror.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by many small business owners in Ely is "What is the distinction between a bookkeeper and an accountant?" The truth is that while in past times many accountants considered the bookkeeping process to be beneath their experience, qualifications and skill set, a lot of accountancy firms in Ely will now take on bookkeeping, because of tremendous software improvements over the past decade. To make sure their bookkeeping services are consistent with a typical bookkeeper's fee, it is now common practice for accountancy firms to charge a set fee for these services. This is great news for business owners in Ely because it provides a greater variety of competition within the marketplace and can make the cost of your bookkeeping far more affordable than previously thought.
It is essentially the level of qualification and training that's required for each discipline, that indicates the big difference between a bookkeeper and an accountant in Ely. Typically holding an accounting degree, a professional accountant will also have had training in tax preparation and additional qualifications in financial and business management. Whilstin Ely will have a decent understanding of these fiscal procedures, they may not necessarily have the qualifications or levels of training and experience in this field.
RESPONSIBILITIES OF A BOOKKEEPER
The bookkeeping process put simply, is to record the daily transactions of any business or enterprise in Ely. This will likely include, but is in no way limited to;
- Monthly reconciliation and reports.
- VAT recording and submissions.
- Recording the receipt of invoices and making sure payment is completed promptly.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Documenting of all financial incomings; including cash, electronic and card payments.
- The billing of clients for work completed or goods.
- Payroll services.
Whilst it depends on the kind of service you are interested in, if you're in a position to undertake most of the bookkeeping work yourself, a bookkeeper may just be needed to periodically double-check your figures. To allow for any problems or mistakes to be identified and corrected quickly, this ought to be each month at the bare minimum. This can be an extremely cost-effective trade-off, providing that you're confident of keeping up-to-date with your financial transactions without compromising your day to day business activities.
It's fairly likely that if you're thinking of hiring a bookkeeper in Ely, you are currently struggling with the financial recording side of your small business. A professional bookkeeping company will help you with everything from invoicing, generating expense reports and stocktaking, to linking the latest software with your business accounts to seamlessly process all of your data.
An especially crucial element of good bookkeeping is the ability to reconcile cash flow with accounts payable. Which means that your bookkeeper will arrange bill payments to times when your accounts are in good shape and buoyant, instead of paying an outstanding bill immediately, or waiting on an overdue notice, which most small businesses are guilty of. This doesn't just keep you in good stead with suppliers and the businesses who supply you with services, but also makes certain that your enterprise or business is financially sound. Unfortunately, this is just one of those balancing acts that can be tough to accomplish when you are mainly focussed on the smooth running of your daily business activities.
Using an experienced bookkeeper in Ely, if you are a sole trader, or for your small business also gives them the opportunity to cast an impartial eye over your business finances. Business trends and patterns that might have otherwise gone unnoticed might be highlighted by this sort of objective evaluation. It is by no means unheard of for an intelligent bookkeeper to flag up an area of the business where profits are falling, or spot a new opportunity that could be lucrative. For enabling growth in any small business in Ely, it is crucial that such KPI's (key performance indicators) are spotted as early as possible.
If you send out invoices in your business operations, having to pursue a late payment can be really uncomfortable. If that visit to your customer or phone call is made by a person outside your business situation, it is possible for some of that embarrassment to be removed. A bookkeeper can employ legal techniques to handle a consistent late or non-payer, and without the need for claims court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some fairly basic bookkeeping requirements for sole traders, which are laid out by law. A sole trader is expected to keep track of income and expenditure on a monthly basis and retain all invoices and receipts. Now, this doesn't sound too hard does it? Yet, it is still recommended that you hire the expertise of a bookkeeping company to ensure that it's all done accurately. A dedicated sole trader bookkeeper in Ely can give you advice on what you may be able to claim back from HMRC as business expenses. This may include stationery, items such as computers, rent and bills if you work from home, advertising and consumables. To see how they can help your small business grow, speak to a trusted bookkeeper for more in-depth guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS IN ELY
There are several niche businesses where a specialist bookkeeper may be required. For instance, if you run a store online, you will want to employ a bookkeeper in Ely who understands multi-currency processing, online payments, international and cross-border taxes and exchange rate transfers. If you produce or hold the merchandise that you distribute through that outlet, then it's going to be a massive priority for your bookkeeping services and software to control your inventory on a 24 hours a day basis, because of course, the internet doesn't sleep.
A remote virtual office can also be provided in combination with your bookkeeping service. Offering a physical link with their clients, this allows an online only business or sole trader to have a postal address and phone service. Not all Ely bookkeepers will be willing to provide this service, however it's worth discussing the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Diploma or Certificate level, and a professional Ely bookkeeper does not need to have a degree. There is an ever-increasing choice of courses available online, although bookkeeping qualifications can still be gained via further education colleges and universities.
To provide certification and training for bookkeepers, there are basically two main organisations of interest:
The ICB or Institute of Certified Bookkeepers: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world, providing certification for bookkeepers, in addition to training and reference material.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB, a certified member of the AAT (Association of Accounting Technicians) will have undergone a training schedule and advanced qualifications in bookkeeping. This promises a level of service to their clients which is backed by the organisation, and entitles them to become a authorised AAT bookkeeper. To preserve the trustworthiness of AAT membership, if an AAT bookkeeper is found to have violated the code of conduct or has a complaint against them, they may be liable to tribunal and disciplinary procedures.
You can check the qualifications of any bookkeeper in Ely on the register of AAT or ICB members on their websites. Carrying out these checks is generally advised before you actually hire any bookkeeper in Ely.
Bookkeeping services are available for people living in in Ely and also in: Little Downham, Burnt Fen, Prickwillow, Queen Adelaide, Isleham, Kennyhill, Chettisham, Mepal, Coveney, Witcham, Stretham, Little Thetford, Witchford, and in these postcodes CB6 3FY, CB6 1AX, CB6 3AR, CB6 2FG, CB6 2HL, CB6 3QR, CB6 1DX, CB6 1DH, CB6 3QX, CB6 2WZ. Local Ely bookkeeper services will probably have the phone code 01353 and the postcode CB7. Verifying this will ensure you are accessing locally based bookkeepers. Ely sole traders and business owners are able to benefit from these and lots of other comparable services.
Franchise bookkeeping Ely.
Ely Bookkeeper Tasks
Most bookkeepers in Ely will be ready to provide you with the following bookkeeping services: mobile bookkeeping services in Ely, general bookkeeping services in Ely, tax preparation, cash flow analysis, payment services in Ely, bookkeeping for home-based businesses Ely, QUOTE FORM provided. We will get back to you with specifics just as soon as we can., franchise bookkeeping Ely, management reports, Ely, bookkeeping for societies, bookkeeping services for startups Ely, Xero bookkeeping Ely, bookkeeping for organisations, management accounts, accounting and bookkeeping services, bookkeeping price quotes, bookkeeping services for shops Ely, bookkeeping and accounting, bookkeeping for pubs, off-site bookkeeping, Quickbook bookkeeping services, Kashflow bookkeeping Ely, charity bookkeeping Ely, , Self-Assessment tax returns in Ely, maintaining fixed asset registers, letting agent bookkeeping Ely, and more. Listed are just an example of the tasks that are undertaken by local bookkeepers. Ely providers will be happy to inform you of their entire range of bookkeeping services. If there happen to be some other Ely bookkeeper requirements that you need but can't see here, you can mention them on the
Bookkeepers Near Ely
Also here.: Witchford bookkeepers, Mepal bookkeepers, Queen Adelaide bookkeepers, Burnt Fen bookkeepers, Chettisham bookkeepers, Isleham bookkeepers, Prickwillow bookkeepers, Stretham bookkeepers, Little Thetford bookkeepers, Coveney bookkeepers, Kennyhill bookkeepers, Witcham bookkeepers, Little Downham and more. All these places are catered for by local bookeepers. Ely traders and businesses can get pricing for bookkeeping services by clicking
- Ely Bank Reconciliations
- Ely Small Business Bookkeeping
- Ely Profit and Loss Reporting
- Ely Self-Assessment Tax Returns
- Ely Tax Preparation
- Ely Bookkeeping Services
- Ely Payroll Services
- Ely Credit Control
- Ely Double-Entry Bookkeeping
- Ely Bookkeeping Quotations
- Ely Cash Flow Solutions
- Ely Sole Trader Bookkeeping
- Ely Self-Assessment Bookkeeping
- Ely VAT Returns
Bookkeepers Around Ely: People living in the following streets and roads have recently inquired about bookkeeping services - Coates Drove, The Gault, Sandys Crescent, Bishops Close, Dockings Lane, Chestnut Drive, Trinity Close, The Oakery, Bakery Close, Toates Close, The Warren, Brewhouse Lane, Chatteris Road, Aldreth Road, Cornmills Road, Churchill Close, The Row, The Close, Tower Court, Summerhayes, Bohemond Street, Thirlby Gardens, California, The Turnpike, Brick Lane, School Lane, The Borough, as well as the following local Ely postcodes: CB6 3FY, CB6 1AX, CB6 3AR, CB6 2FG, CB6 2HL, CB6 3QR, CB6 1DX, CB6 1DH, CB6 3QX, CB6 2WZ.
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Bookkeepers in CB7 area, (dialling code 01353).
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