Bookkeepers Enfield Greater London (EN1): In accordance with the 2006 Companies Act, if you are a sole trader, run a small business or operate an online store in Enfield, you are entirely responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 yrs. Failure to produce these detailed records might leave you faced with a hefty fine and perhaps Company Director disqualification. You can undertake these financial recordings on your own behalf, but when you consider that according to the magazine Accounting Today over 40% of small business owners spend at least 80 hours annually on their bookkeeping tasks, it is often better to use a professional bookkeeping service or accountant.
If you're filled with dread merely thinking about the possiblility of compiling balance sheets, preparing profit, loss and fiscal reports, writing ledgers or tracking assets and liabilities, then the time to contactin Enfield for guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common question that's asked by most business owners in Enfield is "What exactly is the difference between a bookkeeper and an accountant?" In the old days it was typically considered to be beneath the skill set, experience and qualifications of an accountant to do the work of a bookkeper, but due to software developments over the past 10 years, many bookkeeping procedures will now be carried out by accountancy companies in Enfield. For many accounting companies it is now common practice to charge a fixed rate for bookkeeping services, so that they are in keeping with the normal fees of an independent bookkeeper in Enfield. Since it gives a greater variety of competition within this sector, this is good news for small businesses in Enfield, making the cost of their bookkeeping much more affordable than it previously was.
When considering the biggest difference between an accountant and a bookkeeper, it is the standard of qualification and training that's required for each discipline. Anwill, at the very least, hold a degree in accounting, and should have also had further training in fiscal and business management, and taxes. A bookkeeper in Enfield will certainly have an understanding of these disciplines, but may not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN ENFIELD
In the simplest of terms, bookkeeping involves the careful recording of day by day monetary transactions of any business in Enfield. This may include, but isn't limited to;
- Documenting of all financial incomings; electronic, card and cash payments included.
- Monthly reporting and reconciliation.
- Recording invoices received and making sure that payment is completed by the due date.
- The billing of customers for work completed or goods.
- VAT submissions and recording.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Highlighting any discrepancies in the financial accounts and rectifying them.
While it is dependent on the type of service you're looking for, if you are willing to undertake the vast majority of the bookkeeping work yourself, a bookkeeper might just be needed to periodically double-check your records. As a bare minimum this should really be done each month, to facilitate the rapid detection and rectifying of any problems or mistakes. This trade-off can sometimes be the most affordable option if it's possible to stay in control of your daily financial transactions and trading.
Whatever your situation, if you are seriously considering hiring a bookkeeper in Enfield, there is a fair chance that you may be having problems with the financial recording aspects of your small business. To facilitate the seamless sorting of transactional data, a professional bookkeeping company will help you to link the most suitable software program to your accounts, and will give advice on things like generating expense reports, invoicing and stocktaking.
The reconciliation of accounts payable with cash flow is one of the most important elements of good bookkeeping. This means that by optimising the payment of bills to times when your finances are in the best possible position, your bookkeeper will avoid the mistake that many small businesses in Enfield are guilty of at some time or other i.e. paying a bill straight away, or waiting on a final notice. This not only keeps you in good stead with suppliers and those people who supply you with services, but also makes certain that your business enterprise is financially stable. When you are completely focussed on the smooth running of your company, this is a juggling act that can be difficult to accomplish as an individual.
Employing a certified bookkeeper in Enfield, for your small business or if you are a sole trader also gives them an opportunity to cast an expert eye over your business finances. It's quite possible that a dispassionate evaluation like this will pinpoint business trends and patterns that you haven't previously noticed. It's not at all unusual for a smart bookkeeper to flag up an area which is falling in profits, or spot an opportunity which could be worth investigation. These key performance indicators (KPI's) are essential in driving growth for any business enterprise in Enfield.
It can often be quite humiliating to pursue a late payment if your company sends out invoices. By having somebody outside your business situation visit your customers or make that telephone call, some of that embarrassment can be eliminated. If you have a consistent late or non-payer there are legal options a bookkeeper can make use of to help resolve the situation before the matter ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are reasonably straightforward and simple. This involves retaining all invoices and receipts in relation to the business, and tracking income and expenditure from month to month. Now, this does not sound too tough does it? Yet, it's still a wise move to hire the expert services of a competent bookkeeper to ensure that it is all done properly. So that you will be able to claim back legitimate business expenses from HMRC, a specialist sole trader bookkeeper in Enfield can give you advice on what must be done. This may include advertising expenses, items such as computers, printer ink, bills and rent if working from home and stationery goods. Talk to your local bookkeeper for more detailed advice and discover how they can help your business to grow and prosper.
ONLINE TRADERS IN ENFIELD
Some businesses that operate in niche areas, may need to employ a specialised bookkeeper. By way of example, if you run a store online, you'll want to employ a bookkeeper in Enfield who's familiar with international and cross-border taxes, multi-currency processing, exchange rate transfers and online payments. Monitoring inventory on a 24/7 basis is also a huge concern, if the same outlet distributes goods that you hold or produce, after all the internet doesn't sleep, therefore nor should your bookkeeping services and software.
In conjunction with your bookkeeping service, a virtual office can also be provided. This is beneficial in allowing a sole trader or online only business to have a postal address and phone service to provide a physical connection to their client base. If this sort of service could be useful, it's definitely worth talking about the possibilities, although this option won't be provided by all Enfield bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Enfield needn't have a degree and a great many qualifications for the industry are at Diploma or Certificate level. There's an ever-growing selection of online courses available, although bookkeeping qualifications can still be obtained through further education colleges and universities.
There are 2 primary training and certification organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): Keeping their members informed about the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation in the world, providing accreditation to certified bookkeepers, together with reference material and training.
The AAT or Association of Accounting Technicians: With fully trained bookkeepers entitled to use the letters AATQB, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. They then become licensed AAT bookkeepers, approved by this respected association, which guarantees a minimum standard of service for their customers. To safeguard the trustworthiness of the AAT, a bookkeeper who's affiliated with the AAT can be subject to tribunal and disciplinary procedures if it is found that they've violated the code of conduct or have had a complaint against them.
The accreditations of any bookkeeper can be verified on the register of AAT or ICB members on their websites. Prior to retaining the services of any bookkeeping company in Enfield, it's generally a wise idea to undertake these checks.
What Are the Main Advantages of Using a Bookkeeper in Enfield Instead of an Accountant?
The following are a few reasons why you might opt to use a bookkeeper in Enfield, instead of an accountant:
- Availability: Bookkeepers are generally more accessible and on hand to provide support and answer questions in comparison to an accountant, who may sometimes be hard to reach.
- Time: By choosing to outsource bookkeeping, small business owners can save time and concentrate on other important aspects of their business such as sales and marketing.
- Expertise: Bookkeepers typically have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
- Affordability: Bookkeeping services are often more budget-friendly when compared with accounting services, making them an inexpensive option for sole traders, startups and small businesses.
- Customisation: Bookkeepers can provide services that are tailored to a business's specific needs, unlike accountants who may have a more standard approach.
It is important to note that althoughoffer valuable support, they might not have the same level of expertise or qualifications as an in areas such tax preparation or financial planning. In these cases, seeking the specialised services of an accountant might be essential.
Cash Flow Analysis
To comprehend its financial wellbeing, any business must employ cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. To do this, it is necessary to track the inflow and outflow of cash for the business over a set time frame, generally quarterly or monthly. Conducting a cash flow analysis enables the bookkeeper to help the business owner understand their current financial situation, detect any cash flow issues, and make plans for the future.
A clear picture of a company's financial health is created through categorizing and reconciling all cash transactions, including investments, sales and expenses, in the analysis. Predicting cash flow for the upcoming months or years is a significant aspect of the process, and it assists companies in making well-informed decisions and avoiding future cash flow difficulties.
The analysis of cash flow can also help businesses acquire funding by demonstrating to lenders that the company has a sound financial standing and can meet its loan obligations. Managing finances effectively is impossible without an accurate and thorough, which is a necessary tool for any business.
VAT Returns by a Bookkeeper in Enfield
Getting your VAT returns done by a bookkeeper in Enfield can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. With the assistance of, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. In addition, a local bookkeeper can provide you with valuable guidance on how to minimize your VAT liability and ensure that you are taking advantage of all eligible VAT claims. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with accuracy and efficiency, enabling you to concentrate on the advancement of your business in Enfield. To summarise, partnering with a bookkeeper in Enfield can offer small business owners an economical, dependable, and effective solution for their VAT return needs, which can help them stay tax-compliant, minimize their tax liability, and concentrate on business growth. To conclude, small business owners in Enfield can enjoy a reliable, cost-effective, and efficient way of managing their VAT returns by hiring a bookkeeper, which can help them stay compliant with tax regulations, reduce their tax liability, and allocate more time to growing their business.
Using a Bookkeeper for Tax Returns
Self-employed people or those with small businesses in Enfield may be required to file a self-assessment tax return. This can be a daunting task, especially if you aren't acquainted with the process. On time and accurately, a trained bookkeeper can help you prepare your tax return, as well as keeping your records in order.
There are a number of benefits to employing a bookkeeper to do your tax returns. To make certain that your return is completed correctly, they will have expertise and experience. This will help you to avoid penalties from HMRC, as well as interest charges. Secondly, a lot of time and hassle can be saved by a bookkeeper. All of the paperwork and calculations will be taken care of by them, so you can concentrate on your business. Thirdly, invaluable advice on tax planning can be provided by a bookkeeper in Enfield. This can help to minimise your tax liability and maximise your profits. (70193)
Bookkeepers Near Enfield
Also here, residents and businesses in the area can obtain quotations for .: New Southgate bookkeepers, High Beech bookkeepers, World's End bookkeepers, Bush Hill Park bookkeepers, Osidge bookkeepers, Enfield Wash bookkeepers, Chase Side bookkeepers, Gordon Hill bookkeepers, Cockfosters bookkeepers, Bullsmoor bookkeepers, East Barnet bookkeepers and more. All of these towns and villages are serviced by local . As a result of this accessibility, the support essential for effective account management is readily available to both businesses and individuals. By clicking
Enfield Bookkeeper Tasks
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