Bookkeepers Epsom Surrey (KT17): Irrespective of whether you run a small business, operate an online store or are a sole trader in Epsom, you're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of 6 years to comply with the Companies Act (2006). You may face a fine of thousands of pounds, and perhaps Company Director disqualification, if you're unable to produce such records. There is a significant time investment involved with compiling these financial records on your own, and it can be more cost-effective to use a professional bookkeeping service or accountant, particularly when you consider the fact that according to Accounting Today over 40% of small businesses spend eighty hours plus each year doing their bookkeeping.
If just the thought of producing balance sheets, writing out ledgers, preparing profit, loss and financial statements or tracking assets and liabilities brings you feelings of panic, then it's time to contactin Epsom for assistance.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between an accountant and a bookkeeper is the first question that springs to mind for many small business owners in Epsom. The fact is that while in the past the bookkeeping process, was considered beneath the skill-sets, qualifications and experience of an accountant, due to improvements in software over the past 10 yrs or so, a lot of accountancy companies in the Epsom area will now consider taking on bookkeeping. To make certain their bookkeeping services are consistent with a typical, it's now quite common for many accounting firms to have a set fee for such services. This makes the cost of bookkeeping cheaper than it was previously, and is great news for business owners in Epsom because it offers a wider variety of competition within this sector.
It is essentially the level of training that is needed for each discipline, that demonstrates the main difference between a bookkeeper and an accountant in Epsom. Anwill, at the very least, hold a degree in accounting, and will have also had additional training in financial and business management, and taxes. Whilst having a decent understanding of these disciplines, a bookkeeper in Epsom may not have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily financial transactions of any business in Epsom, describes the process of bookkeeping in the simplest of terms. This can include, but isn't limited to;
- VAT recording and submissions.
- The billing of customers for work completed or goods.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Logging invoices received and making certain payment is completed by the due date.
- Logging of all financial incomings; cash, card and electronic payments included.
- Monthly reporting and reconciliation.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
Subject to service level you require, a professional bookkeeper may only be needed to double check your accounts every so often, if you're willing to do the larger part of bookkeeping work yourself. This really needs to be done on a monthly basis at the bare minimum, since this allows for any mistakes or problems to be identified and amended swiftly. This trade-off can sometimes be the most affordable compromise if you are confident of keeping on top of your day by day financial transactions and business operations.
Whatever the scenario is with your small business, if you are currently considering hiring a bookkeeping service in Epsom, there's a fair chance that you could be fretting over the process of recording your financial data. To facilitate the seamless arrangement of transactional data, a good bookkeeping company will help you to link the most suitable software to your accounts, and will provide guidance and advice on such things as stocktaking, producing expense reports and invoicing.
An extremely crucial aspect of a good bookkeeper is the ability to reconcile cash flow with accounts payable. This means that your bookkeeper will optimise the payment of bills to times when your finances are in the best possible position, instead of paying off a bill straight away, or waiting on a final notice, which many small businesses are guilty of. This not only keeps you in good stead with suppliers and those people who supply you with services, but also makes sure that your business enterprise is on a sound financial footing. This is a balancing act that can be tricky to accomplish as an individual when you are inevitably focussed on the smooth running of your company.
Using an experienced bookkeeper in Epsom, if you are a sole trader, or for your small business also gives them the chance to cast an unrelated eye over your financial situation. Business patterns and trends that you may have disregarded may be highlighted by this kind of unprejudiced appraisal. It is not unheard of for a bookkeeper to recognise an opportunity or flag up an area where profits are falling. For the long-term growth of any enterprise in Epsom, it is vital that these key performance indicators (KPI's) are spotted early on.
Having to pursue a late payment can be an awkward scenario for you, if you give out invoices as part of your business operations. Some of that apprehension can be removed by having a person outside your business bubble visit your customers or make that telephone call. A professional bookkeeper can make use of legal options to deal with a persistent late or non-payer, and without the need for court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as laid out by law, start off really straightforward. This involves keeping all invoices and receipts in relation to the business, and keeping track of expenditure and income on a month by month basis. It's still a wise move to retain the expert services of a bookkeeping company, even though this may at first sound simple. When working through your Self-Assessment tax returns, a specialised sole trader bookkeeper in Epsom will be able to advise you on what your valid business expenses are, and make sure these are claimed back from HMRC each year. This could include advertising expenses, items such as computers, stationery, bills and rent if working from home and printer ink. To discover how they can help your small business grow, talk to your bookkeeper for more comprehensive guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS
Specialistare needed now and again for certain niches in bookkeeping. If international and cross-border taxes, exchange rate transfers, online payments and multi-currency processing are involved, for instance if you operate an online store, you will be wise to hire a bookkeeper in Epsom who is familiar with these practices. If you hold or produce the goods that you sell on that shop, then it's going to be a crucial concern for your bookkeeping services and software to regulate your your inventory on a 24 hours a day basis, because the internet does not sleep.
In conjunction with bookkeeping service, it is also possible to establish a remote virtual office. This is beneficial in enabling a sole trader or online only business to have a postal address and telephone service to offer a physical connection to their customer base. Although this solution might not be supplied by all Epsom bookkeepers, it's definitely worth discussing the possibilities if this is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Diploma and Certificate level, and a qualified Epsom bookkeeper does not need to have a degree. Qualifications can be obtained via further education colleges and universities but there's also an ever-increasing choice of online courses available.
Representing bookkeepers, there are 2 primary training and certification organisations:
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides advanced qualifications and training enabling a fully trained bookkeeper to use the letters AATQB. This then enables them to become a approved AAT bookkeeper and promises a decent level of service which is backed up by the organisation. To safeguard the integrity of AAT membership, an AAT bookkeeper can be liable to disciplinary and tribunal procedures if they have a complaint filed against them or are found to have breached the code of practice.
The ICB or Institute of Certified Bookkeepers: Offering accreditation to certified bookkeepers, in addition to training and reference material to ensure their members are up-to-date with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation on the planet.
By visiting their respective websites, you can check out the register of AAT or ICB members, to find the qualifications of any professional Epsom bookkeeper. It is strongly advised to implement this check, before getting involved with any professional bookkeeper in Epsom.
Cash Flow Analysis
Any business must utilise cash flow analysis as a vital tool to assess its financial health. A cash flow analysis is an essential task that bookkeepers need to perform for businesses. To do this, it is necessary to follow the cash flow in and out of the business for a specific time frame, typically quarterly or monthly. The bookkeeper can aid the businessperson in comprehending their current financial position, recognising anyissues, and planning for the future by conducting a cash flow analysis.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as investments, sales and expenses, to offer a clear picture of the company's financial health. A crucial aspect of cash flow analysis is to predict the cash flow for the coming months or years, enabling companies to make informed decisions and avoid potential cash flow issues.
Moreover, lenders may be more inclined to provide financing if a company's cash flow analysis demonstrates that it has the ability to pay back the loan. Any company that desires to manage their finances effectively must have a complete and accurate cash flow analysis as a crucial tool.
Outsourced Bookkeeping Epsom
All businesses in Epsom should understand the significance of bookkeeping. It helps business people monitor the total value of their liabilities and assets, their outgoings and incomings, the money left in their bank, and so forth. With the business owner having to deal with the concerns and issues of operating a business, the task of carrying out the bookkeeping is usually outsourced to a bookkeeping company or freelance bookkeepers in Epsom.
If a company in Epsom employs a bookkeeper so as to become an employee, the company will have to fork out a substantial sum of money in training the person for the purpose of carrying out the bookkeeping work. Furthermore, there's no guarantee that he or she will stay for long in the company. In that case, the company stands to lose a substantial amount of money. As well as that, companies will have to seek out solutions to provide benefits and incentives to keep the fully trained employee within the company. These are just some of the reasons why companies often enlist the services of professional bookkeepers and bookkeeping companies in Epsom.
With the advent of new technology there's 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 of companies offering financial bookkeeping services catering to all kinds of clients and industries in Epsom. The majority of these companies promise and deliver quality service. It assumes importance for a business to look into the track record of these Epsom bookkeeping companies when it comes to hiring a 3rd party company for bookkeeping purposes.
These professional bookkeeping companies in Epsom should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
VAT Returns by a Bookkeeper in Epsom
For small business owners in Epsom who wish to stay on top of their tax obligations while minimizing administrative tasks, outsourcing VAT return preparation to a bookkeeper may be a wise decision. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by. Additionally, a bookkeeper can offer you useful advice on ways to minimize your VAT obligation and ensure that you are claiming all the eligible VAT that you are entitled to. A bookkeeper can ensure that your VAT returns are dealt with effectively and accurately, which can help you feel secure and allow you to invest more time in the development of your business in Epsom. All in all, partnering with a bookkeeper in Epsom can offer small business owners a dependable, economical, and effective solution for their VAT return needs, which can help them stay tax-compliant, minimize their tax liability, and concentrate on business growth.
Those with small businesses or self-employed people in Epsom may be required to file a self-assessment tax return. This task can be daunting, as the process can be complex if you aren't familiar with it. Your records can be kept in order and your tax return can be prepared on time and accurately with the help of a good bookkeeper.
Many benefits can be gained by using a bookkeeper for your tax returns. First, they will have the expertise and experience to make certain that your return is completed correctly. This will help you to avoid any penalties or interest charges from HMRC. Secondly, bookkeepers can save you time and hassle. They'll look after all of the calculations and paperwork, so you can focus your attention on your business. Thirdly, essential advice on tax planning can be provided by bookkeepers in Epsom. This can enable you to boost your profits and lower your tax liability. (70193)
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Bookkeepers Near Epsom
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Epsom Bookkeeper Tasks
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