Bookkeepers Enfield Greater London (EN1): In compliance with the Companies Act (2006), if you are a sole trader, own a small business or run an online store in Enfield, you are responsible for keeping "true and fair", accurate accounting and financial records for at least six years. Failure to produce such detailed records may leave you facing disqualification as a Company Director, as well as a hefty fine. There's a significant investment of time involved with compiling these financial records on your own, and it can pay you to use a professional accountant or bookkeeping service, particularly when you consider that according to Accounting Today over forty percent of small business owners spend over eighty hours per year on their bookkeeping.
If you're filled with dread just thinking about the possiblility of producing balance sheets, tracking liabilities and assets, preparing profit, loss and financial statements or filling out ledgers, then the time to get in touch with a bookkeeper in Enfield for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common question that is asked by many people in Enfield is "Exactly what is the distinction between a bookkeeper and an accountant?" To be honest, because of software developments over the past 10 years many accountants in Enfield will consider taking on bookkeeping, which was previously considered beneath their qualifications, experience and skill-sets. For many accounting firms it's now common practice to charge a fixed fee for bookkeeping services, so that they are comparable to the standard fees of an independent bookkeeper in Enfield. This means the cost of bookkeeping is cheaper than it previously was, and is excellent news for business owners in Enfield as it provides a greater variety of competition within this sector.
When you are considering the differences between a bookkeeper and an accountant, the main one is the standard of qualification and training that's required for each of these disciplines. An accountant will, at a minimum, hold an accounting degree, and will have also had specialist training in business and fiscal management, and taxes. Whilst having a good grasp of these procedures, a bookkeeper in Enfield might not have these qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
The process of bookkeeping in simple terms, is to record the daily transactions (financial) of any enterprise or business in Enfield. This can include;
- Logging invoices received and making certain payment is completed by the due date.
- Monthly reporting and reconciliations.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- VAT recording and submissions.
- Billing of clients for work completed or goods.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Documenting of all financial incomings; including electronic, cash and card payments.
- Payroll services.
If you're happy to do the larger part of bookkeeping work yourself; a professional bookkeeper might only be needed to double check your figures on a set schedule. So any problems or mistakes can be discovered and amended quickly, at the bare minimum, this ought to be each month. Providing you are able to stay up-to-date with your financial transactions without impacting on your day by day trading tasks, this option can be the most cost-effective trade-off.
If you are currently thinking of hiring a bookkeeper in Enfield, whatever your circumstances are, it's fairly likely that you could be having problems with your tax and financial procedures. A decent bookkeeping company will be able to give guidance and advice on everything from preparing expense reports, invoicing and stocktaking, to linking your accounts with the latest, most up-to-date software program to allow the seamless arrangement of data.
One of the most crucial aspects of good bookkeeping, is the ability to effectively reconcile accounts payable with cash flow. This means that instead of paying an outstanding bill straight away, or waiting on a final notice, which most small businesses are guilty of, your bookkeeper will prioritise bill payments to a time when your accounts are in good order. In addition to keeping your business or enterprise on a secure financial footing, this also stands you in good stead with your service providers and suppliers. This is just one of those juggling acts that can be tricky to perform when you are firmly focussed on the streamlined running of your everyday business operation.
Having somebody who isn't connected to the business cast an unrelated eye over your financial affairs, is another benefit of employing an experienced bookkeeper in Enfield if you are a sole trader, or for your small business. This impartial appraisal can enable them to notice business patterns and trends that you may have overlooked. It's by no means unusual for an astute bookkeeper to flag up an area of the business which is falling in profits, or spot a brand new opportunity that may prove worthwhile. It is important for the future growth of any business in Enfield, to spot such KPI's (key performance indicators).
If you give out invoices in your business operations, having to pursue a late payment can be quite uncomfortable. Some of that embarrassment can be removed by having someone outside your normal business bubble make that telephone call or visit to your client. There are legal options a professional bookkeeper can employ, if you are troubled with a persistent late payer, and these can help to resolve the issue before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are fairly straightforward and basic. It's stated that a sole trader must track income and expenditure on a monthly basis and save all receipts and invoices. While this might at first sound simple it is still recommended that you hire the services of a competent bookkeeper. A professional sole trader bookkeeper in Enfield can give you advice on what you might be able to claim back from HMRC as business expenses. This may include promotional advertising, items such as computers, stationery, rent and bills if you work from home and consumables. Talk to your local bookkeeper for more in-depth advice and learn how they might help your business to grow and prosper.
BOOKKEEPING FOR ONLINE TRADERS IN ENFIELD
There are certain niche areas in bookkeeping where the expertise of a specialist might be required. You'll require a bookkeeper in Enfield who understands online payments, multi-currency processing, international and cross-border taxes and exchange rate transfers, if you operate a store online for example. Managing your stock on a 24 hours a day basis is also a crucial concern, if the same store distributes goods that you hold or produce, after all the internet doesn't sleep, therefore neither should your bookkeeping software or services.
A remote virtual office can also be provided together with your bookkeeping service. This can be handy in allowing a sole trader or online only business to have a postal address and phone service to provide a physical connection to their customer base. Not all Enfield bookkeepers will be able to provide this option, but it is worthwhile discussing if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a professional bookkeeper in Enfield to hold a degree, and a good number of the bookkeeping qualifications are held at Certificate and Diploma level. Although there is an ever-increasing array of online courses available, bookkeeping qualifications can still be gained via further education universities and colleges, if that's the chosen route.
Representing bookkeepers, there are two key training and certification organisations:
The Association of Accounting Technicians or AAT: Providing advanced qualifications and a training schedule, the AAT (Association of Accounting Technicians), enables a fully trained bookkeeper to use the letters AATQB. This assures a high standard of service to their clients which is backed by the association, and permits them to become a registered AAT bookkeeper. To protect the credibility of the AAT membership, an AAT bookkeeper can be subject to disciplinary and tribunal procedures if they have a complaint against them or are found to have violated the code of practice.
The ICB or Institute of Certified Bookkeepers: Providing accreditation to bookkeepers, together with reference material and training to keep their associated members up-to-speed with the latest trends and innovations, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation in the world.
By visiting their respective websites, you're able to inspect the register of AAT or ICB members, to confirm the qualifications of any Enfield bookkeeper. Undertaking such checks is usually advised before actually getting involved with any professional bookkeeper in Enfield.
Bookkeeping services are available for those living in in Enfield and also nearby in: Bullsmoor, Osidge, Gordon Hill, Bush Hill Park, World's End, Enfield Wash, New Southgate, Chase Side, East Barnet, Cockfosters, High Beech, and in these postcodes EN1 1LF, EN1 1PB, EN1 1EF, EN1 1JU, EN1 1RN, EN1 1GD, EN1 1QB, EN1 1QA, EN1 1SJ, EN1 1RT. Local Enfield Bookkeepers will likely have the postcode EN1 and the telephone code 020. Verifying this can guarantee you access local bookkeepers. Enfield sole traders and business owners are able to benefit from these and numerous other similar services.
Outsourced Bookkeeping Enfield
All businesses in Enfield should understand the significance of bookkeeping. It helps business people monitor the total value of their liabilities and assets, the money left in their bank, their incomings and outgoings, and the like. With the owner of the business having to handle a lot of concerns and issues while operating a business, the task of performing the bookkeeping is typically outsourced to freelance bookkeepers or a bookkeeping company in Enfield.
If a company in Enfield employs a bookkeeper in order to become an employee, the company will need to commit a considerable sum of money in training that individual for the purpose of working on the bookkeeping tasks. On top of that, there is no guarantee that he or she will stay for long in the company. In circumstances like that, the company stands to lose a considerable sum of money for very little return. Aside from that, businesses will need to seek out ways and means to provide incentives and benefits to keep the trained employee in place. These are a few of the reasons why business organisations often enlist the services of professional bookkeepers and bookkeeping companies in Enfield.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find a lot many companies offering financial bookkeeping services catering to all kinds of clients and industries in Enfield. A majority of these companies promise and deliver quality service. It assumes importance for a business to look into the track record of these Enfield bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
These professional bookkeeping companies in Enfield should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
Franchise bookkeeping Enfield.
Enfield Bookkeeper Tasks
Most Enfield bookkeepers will be able to provide you with the following bookkeeping services: letting agent bookkeeping Enfield, credit control Enfield, bookkeeping for restaurants, bookkeeping services for tradesmen, bookkeeping for self-employed people, bookkeeping services for sole traders Enfield, bookkeeping services, QUOTE FORM provided. We will get back to you with details as soon as we can., cash books Enfield, bookkeeping services for organisations Enfield, bookkeeping for charities, maintaining fixed asset registers in Enfield, bookkeeping services for limited companies Enfield, general bookkeeping services, payment services, invoice processing, bank reconciliations, accountancy packages, Sage bookkeeping services, VAT returns, charity bookkeeping Enfield, tax returns in Enfield, profit & loss reports Enfield, mobile bookkeeping services, Enfield, Quickbook bookkeeping, independent bookkeeping services, bookkeeping for home-based businesses, and more. These are just a selection of the activities that are performed by local bookkeepers. Enfield providers will inform you of their entire range of bookkeeping services. If there happen to be other Enfield bookkeeper requirements that you want but cannot see here, you can list them on the
Greater London Bookkeeping Enquiries
Recent Greater London bookkeeping enquiries: Essa Meakin in Elephant and Castle, Greater London was searching for bookkeeping for his public house. Kaelan Bone from Hainault, Greater London was hunting for bookkeeping services for his plumber's business. Conrad Gould in Totteridge was searching for bookkeeping services for his soccer club. Klara Darlington from The Hale, Greater London was hunting for a bookkeeper for her internet sales business. Emmy Windsor from Rush Green, Greater London was searching forfor her bistro. Pranav Sheldon in Norbiton asked "are there any qualified ?". Aamina Tennant from Newham, Greater London was looking for a bookkeeper for her hockey club. Aaron Mcfadden in Kensington, Greater London was asking about bookkeeping services for his construction firm. All these local people searched for "Bookkeepers Greater London" and located this webpage on either Google, Bing or Yahoo.
Enfield Bookkeeper Questions
The other day I was contemplating the questions that folks ask on the topic of bookkeepers in Enfield. A couple of our web visitors posted compelling questions that are relevant to this article. The ones that leaped out are, What are the benefits of a bookkeeper? Where can a bookkeeper work? Who needs a bookkeeper in Enfield? What do bookkeeping services charge? Should a bookkeeper be bonded? Do bookkeepers do income statements? What makes a great bookkeeper? Can a bookkeeper be held liable? How does bookkeeping differ from accounting? Hopefully nearly all of those queries have been addressed on this page, and if some are still to be answered a bookkeeping "Q&A" section will be included quite soon. My appreciation goes out to these people for taking the time to send in these questions; Eli Watson, Lorenzo Harding, Mathew Nash and Nora Skinner. Contributions were also submitted by Mckenzie Smyth in High Beech, Amir Thorne in Chase Side and Michelle Waite in Enfield Wash.
Bookkeepers Near Enfield
Also here.: New Southgate bookkeepers, Bush Hill Park bookkeepers, East Barnet bookkeepers, Cockfosters bookkeepers, Gordon Hill bookkeepers, Osidge bookkeepers, Chase Side bookkeepers, High Beech bookkeepers, Bullsmoor bookkeepers, Enfield Wash bookkeepers, World's End and more. The majority of these villages and towns are served by local bookeepers. Enfield people can get pricing for bookkeeping services by going
- Enfield Small Business Bookkeeping
- Enfield Tax Returns
- Enfield Self-Assessment Bookkeeping
- Enfield VAT Returns
- Enfield Tax Preparation
- Enfield Bookkeeping Quotes
- Enfield Sole Trader Bookkeeping
- Enfield Credit Control
- Enfield PAYE and Wages
- Enfield Double-Entry Bookkeeping
- Enfield Payroll Services
- Enfield Accountancy Packages
- Enfield Cash Flow Analysis
- Enfield Cheap Bookkeeping
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Bookkeepers Around Enfield: People living in these Enfield areas and streets have just recently requested bookkeeping services - Carterhatch Road, The Brightside, Brimsdown Avenue, Chailey Avenue, Downs Road, Shirley Road, Crossway, Slades Gardens, South Ordnance Road, Bertram Road, Saville Row, Celadon Close, Chase Side Avenue, St Stephens Road, Brookside Gardens, Calder Close, Brantwood Gardens, Borden Avenue, Cambridge Parade, The Grove, Dendridge Close, Central Avenue, St Nicholas Houses, Blossom Lane, The Town, Dimsdale Drive, Broadoak Avenue, Chase Green Avenue, Bullsmoor Lane, as well as these local Enfield postcodes: EN1 1LF, EN1 1PB, EN1 1EF, EN1 1JU, EN1 1RN, EN1 1GD, EN1 1QB, EN1 1QA, EN1 1SJ, EN1 1RT.
To read local info regarding Enfield, Greater London take a look here
Bookkeepers in EN1 area, telephone code 020.
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