Bookkeepers Epping Essex (CM16): For anybody in Epping who acts as a sole trader, owns a small business or operates an online store, it is their sole responsibility to keep "true and fair", accurate financial and accounting records for a minimum of six years. This is outlined by the Companies Act. If you are unable to produce this information you might face a fine of thousands of pounds and possibly disqualification as a Company Director. There's a large time investment involved with preparing these financial records yourself, and it's often more cost-effective to employ a professional bookkeeping service or accountant, since according to the trade magazine Accounting Today over forty percent of small businesses spend at least 80 hours every year doing their bookkeeping.
If you're filled with a sense of dread simply thinking about preparing profit, loss and financial statements, producing balance sheets, tracking assets and liabilities or filling out ledgers, then the time to get in touch with a bookkeeper in Epping for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
Just what is the distinction between an accountant and a bookkeeper is the first question that springs to mind for most people in Epping. In the old days it was frequently looked at as to be beneath the experience, qualifications and skill set of an accountant to do the work of a bookkeper, however due to tremendous software improvements over the past 10 years or so, many bookkeeping procedures will now be carried out by accounting companies in the Epping area. To keep their bookkeeping services in step with a typical bookkeeper's fee, it's now quite common for many accounting companies to have a set fee for such services. This makes the cost of bookkeeping cheaper than it was previously, and is fantastic news for small businesses in Epping as it provides a greater variety of competition within the industry.
When you're considering the differences between an accountant and a bookkeeper in Epping, the main one is the level of qualification and training that's necessary for each of these disciplines. Normally holding a degree in accounting, a professional accountant should also have had further training in tax essentials and have qualifications in business and fiscal management. Whilst possibly not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Epping will undoubtedly have a decent understanding of all such skills.
RESPONSIBILITIES OF A BOOKKEEPER IN EPPING
Basically, the bookkeeping process is the recording of the day to day transactions (financial) of any business enterprise in Epping. This may include, but is not limited to;
- The billing of clients for goods or work completed.
- VAT recording and submissions.
- Payroll services.
- Monthly reports and reconciliation.
- Recording the receipt of invoices and making sure payment is completed by the due date.
- Documenting of all financial incomings; electronic, card and cash payments included.
- Highlighting and rectifying any discrepancies in financial accounts.
- Ensuring accounting and double-entry bookkeeping practices are followed.
In accordance with service level you are looking for, e.g. you are happy to undertake the vast majority of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your records on a set schedule. At the bare minimum this should really be every month, to facilitate the swift identification and rectifying of any mistakes or problems. This could be the most cost-effective trade-off, provided that you're confident of remaining in control of your financial transactions without impacting on your daily business activities.
It is a good bet that if you are thinking of hiring a bookkeeping company, you are currently getting stressed about the financial recording side of your small business in Epping. To enable the seamless organisation of transactional data, a professional bookkeeping service will help you link the most suitable software application to your accounts, and will give advice and guidance on such things as creating expense reports, stocktaking and invoicing.
One of the most vital aspects of good bookkeeping practice, is the ability to correctly reconcile cash flow with accounts payable. Which means that your bookkeeper will prioritise bill payments to a time when your accounts are in good shape, instead of paying an outstanding bill right away, or waiting for an overdue notice, which most small businesses in Epping are guilty of doing. This not only keeps you in the good books of suppliers and those businesses who supply services to you, but also makes certain that your business is financially sound. This is just one of those juggling acts that can be tricky to perform when you are completely focussed on the smooth running of your everyday business operations.
Having somebody who is not associated with the business cast an impartial eye over your financial affairs, is another benefit of using an experienced bookkeeper in Epping if you are a sole trader, or for your small business. It may be that business patterns and trends that you have overlooked will therefore be highlighted. It's by no means unusual for a clever bookkeeper to flag up an area where profits are dropping off, or spot a brand new opportunity that could be worthwhile. Such key performance indicators are vital in driving growth for any business in Epping.
If you send out invoices in your business operations, needing to chase up late payments can be quite humiliating. If that telephone call or visit to your client is made by someone from outside your normal business situation, it is possible for most of that apprehension to be removed. There are legal strategies a professional bookkeeper can make use of, if you've got a repeating late payer, and they can help to resolve the situation before the issue winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty basic bookkeeping requirements for sole traders, which are laid out by law. It's stipulated that sole traders should keep records of expenditure and income on a month by month basis and save all invoices and receipts. Although this may at first sound really simple, hiring the expertise of a competent bookkeeper is still a wise move. Offering advice on what genuine business expenses you're able to claim back, a specialist sole trader bookkeeper in Epping will deal with HMRC on your behalf. This could include printer ink, stationery, items such as laptops, advertising expenses and bills and rent if you work from home. If you'd like to get more in-depth advice, and see how your business can develop and grow in the future, speak to your bookkeeper.
ONLINE TRADERS IN EPPING
Some small businesses that operate in niche markets, may need to use a specialised bookkeeper. If international and cross-border taxes, exchange rate transfers, multi-currency processing and online payment procedures are involved, for instance if you operate a store online, you'll be wise to hire a bookkeeper in Epping who's familiar with these practices. As the internet does not sleep, if the same outlet sells goods that you hold or produce then keeping track of your inventory on a 24 hours a day basis is an important priority which will have to be addressed.
A remote virtual office can also be provided in combination with your bookkeeping service. This can be valuable in allowing a sole trader or online only business to have a telephone service and postal address to provide a physical link with their customer base. If this sort of service could be helpful, it's certainly worth discussing the possibilities, although this option won't be supplied by all Epping bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a certified bookkeeper in Epping to have a university degree, and a good number of the bookkeeping industry qualifications are held at Diploma and Certificate level. If the preferred route to qualification is through further education universities and colleges, this possibility is still available, whereas there there's an ever-increasing array of online bookkeeping courses.
There are 2 key certification and training organisations representing 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 provides certification for qualified bookkeepers, together with training and reference material to keep their members up-to-date with the latest trends and innovations.
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, allows a fully certified member to use the letters AATQB after their name. This then allows them to become a registered AAT bookkeeper and promises a high standard of service which is backed by the organisation. To protect the integrity and values of the AAT, an AAT bookkeeper can be liable to tribunal and disciplinary procedures if it is found that they have contravened the code of conduct or have had a complaint filed against them.
By going to their respective websites, you're able to examine the accreditations of any professional bookkeeper on the register of ICB or AAT members. Implementing this check is highly recommended before retaining the services of any professional bookkeeper in Epping.
Bookkeeping services are available for those living in in Epping and also in nearby places like: Theydon Bois, Fiddlers Hamlet, Chipping Ongar, Bobbingworth, Loughton, Thornwood, Harlow, Coopersale, Abridge, Nazeing, Hobbs Cross, Epping Green, Moreton, Waltham Abbey, North Weald Bassett, as well as in these postcodes CM16 5EE, CM16 4DS, CM16 4DZ, CM16 5EB, CM16 5AU, CM16 4JU, CM16 5ED, CM16 4EL, CM16 4WG, CM16 4WF. Local Epping Bookkeepers will likely have the telephone code 01992 and the postcode CM16. Checking this out will guarantee you are accessing locally based bookkeepers. Epping sole traders and business owners can benefit from these and various other related services.
Bookkeeping Epping - Outsourcing Options
All businesses in Epping should understand the significance of bookkeeping. It helps business people monitor the money left in their bank, the total value of their assets and liabilities, their incomings and outgoings, and so forth. With the owner of the business having to deal with the issues and concerns of running a business, the task of carrying out the bookkeeping is often outsourced to freelance bookkeepers or a bookkeeping company in Epping.
If a company in Epping hires a bookkeeper in order to become an employee, the company will need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay after the training is completed. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Epping.
Epping Bookkeeper Questions
Just last week I was going through the most common questions that folks ask with regards to bookkeepers in Epping. A number of you mailed in some understandable enquiries that are relevant to this discussion. Those which attracted my attention are, How much is a bookkeeper per hour? What are the benefits to hiring a bookkeeper? Why is bookkeeping important for a small business? What are a bookkeeper's duties? Are bookkeeping fees tax deductible? What is the difference between a bookkeeper and an accountant? Can you do bookkeeping without a licence? When should I outsource bookkeeping? Can bookkeeping be done remotely? Most of these queries hopefully have been covered in this short article, if there are any left to be answered we'll soon be adding a bookkeeping "Questions and Answers" section. Thanks a lot to Sam Robinson, Angus Rose, Mathew Nicholls and Hailey Humphreys from Epping, for submitting these questions. We also got queries from Zoey Mclaughlin in Hobbs Cross, Miguel Cassidy in Fiddlers Hamlet and Claire Humphrey in Coopersale.
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Epping Bookkeeper Tasks
Most Epping bookkeepers will be willing to offer you the following accounting and bookkeeping services: charity bookkeeping Epping, profit & loss reports, Self-Assessment tax returns Epping, bookkeeping services for restaurants, management accounts, QUOTE FORM provided. We will get back to you with information as soon as we can.in Epping, accounting and bookkeeping services, bookkeeping services for shops, bookkeeping rates, tax return preparation in Epping, general bookkeeping services, personal tax returns Epping, letting agent bookkeeping Epping, bank reconciliation, landlord bookkeeping Epping, maintaining fixed asset registers, bookkeeping services for self-employed people in Epping, off-site bookkeeping services, bookkeeping services for tradesmen, partnership returns, bookkeeping services for pubs in Epping, bookkeeping services, VAT returns, franchise bookkeeping Epping, bookkeeping for small business, bookkeeping for charities, business bookkeeping, invoice processing, payment services Epping, bookkeeping for societies, and more. Listed are just a few of the duties that are handled by local bookkeepers. Epping professionals will inform you of their entire range of services. If there are other Epping bookkeeper requirements that you need but cannot see here, you should list them on the
Bookkeepers Near Epping
Also here.: Theydon Bois bookkeepers, Harlow bookkeepers, Coopersale bookkeepers, Chipping Ongar bookkeepers, Waltham Abbey bookkeepers, Abridge bookkeepers, Moreton bookkeepers, Hobbs Cross bookkeepers, Epping Green bookkeepers, Bobbingworth bookkeepers, Nazeing bookkeepers, Loughton bookkeepers, North Weald Bassett bookkeepers, Fiddlers Hamlet bookkeepers, Thornwood and more. All these locations are served by local bookeepers. Epping residents can get quotes for bookkeeping services by going
- Epping Bookkeeping Services
- Epping Payroll Services
- Epping Self-Assessment Bookkeeping
- Epping Cash Flow Analysis
- Epping Tax Preparation
- Epping Sole Trader Bookkeeping
- Epping Double-Entry Bookkeeping
- Epping Cheap Bookkeeping
- Epping Profit and Loss Analysis
- Epping Credit Control
- Epping Bookkeeping Estimates
- Epping VAT Returns
- Epping Tax Returns
- Epping Small Business Bookkeeping
Bookkeepers Around Epping: People living in these Epping areas and roads have recently enquired about bookkeeping services - Crossing Road, Egg Hall, Pelly Court, Bodley Close, Ashlyns Road, Beech Place, Oak Road, Ivy Chimneys Road, Palmers Hill, Institute Road, Station Road, Beaconfield Way, Oak Glade, Beaconfield Avenue, Grove Lane, Centre Avenue, Broadoaks, Bury Road, Wedgewood Close, Winch View, Allnutts Road, High Street, Theydon Road, Centre Drive, Kings Wood Park, Amesbury Road, Homefield Close, Wheelers, Flux's Lane, as well as these local Epping postcodes: CM16 5EE, CM16 4DS, CM16 4DZ, CM16 5EB, CM16 5AU, CM16 4JU, CM16 5ED, CM16 4EL, CM16 4WG, CM16 4WF.
Bookkeeping Jobs Epping: Find bookkeeping jobs in Epping here: Bookkeeping Jobs Epping
More Essex Bookkeepers: More Great Dunmow, Holland-on-Sea, Saffron Walden, Tilbury, Barking, Chingford, Corringham, Loughton, Southend-on-Sea, Parkeston, Maldon, Dagenham, Heybridge, Chelmsford, Billericay, Burnham-on-Crouch, Upminster, Braintree, Hornchurch, Hockley, Stanford-le-Hope, Rochford, Harwich, Chipping Ongar, Great Baddow, South Woodham Ferrers, Walton-on-the-Naze, South Ockendon, Langdon Hills, South Benfleet, Stanway, Purfleet, Harlow, Ilford, Romford, Brightlingsea, West Mersea, Great Wakering, Hullbridge, Danbury, Ingatestone, Colchester, Tiptree, North Weald Bassett, Wickford, Manningtree, Halstead, Epping, West Thurrock, Westcliff-on-Sea, Southchurch, Laindon, Pitsea, Hawkwell, Chigwell, Coggeshall, Basildon, Rainham, Stansted Mountfitchet, Brentwood, Rayleigh, Canvey Island, Grays, Clacton-on-Sea, Writtle, Buckhurst Hill, Frinton-on-Sea, Witham, Shoeburyness, Galleywood, Waltham Abbey, Hadleigh, Wivenhoe, Leigh-on-Sea, Chafford Hundred and Southminster.:
To find out local Epping information check here
Bookkeepers in CM16 area, phone code 01992.
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