Bookkeepers Exeter Devon (EX1): To comply with the Companies Act, if you operate an online store, are a sole trader or run a small business in Exeter, you're responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of six years. You could face disqualification as a Company Director and get a hefty fine, if you cannot produce such information. There is a substantial investment of time involved with maintaining these financial records on your own, and it is often better to use a professional bookkeeping company or accountant, since according to Accounting Today magazine over forty percent of small businesses spend at least 80 hours each year on their accounts.
It's time to contact a bookkeeper in Exeter for advice, if the very thought of preparing profit, loss and financial statements, compiling balance sheets, filling out ledgers or tracking liabilities and assets fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between a bookkeeper and an accountant?" Is a question that is asked by most people in Exeter. The fact is, due to software improvements over the past decade or so many accountants in the Exeter area will consider taking on bookkeeping, which was previously considered beneath their experience, skill-sets and qualifications. For many accountancy companies it's now quite common to charge a set fee for bookkeeping services, so that they're in keeping with the standard fees of a typical bookkeeper in Exeter. Since it provides a greater variety of competition within this sector, this is good news for business owners in Exeter, making their bookkeeping costs more affordable than they previously were.
When you are considering the differences between an accountant and a bookkeeper, the most notable one is the amount of training that's needed for each of these disciplines. An accountant will normally hold at least an accounting degree with additional training in taxation and other business and fiscal management. Although possibly not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Exeter will definitely have a fair grasp of all these fiscal disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, the bookkeeping process involves the recording of daily transactions (financial) of any business or enterprise in Exeter. This will include;
- Recording the receipt of invoices and making sure payment is completed on time.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- Billing of customers for work completed or goods.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reconciliation and reports.
- Payroll services.
- VAT recording and submissions.
Depending on the level of service you're looking for, e.g. you are able to undertake a large majority of bookkeeping work; a professional bookkeeper might just be needed to double check your figures every once in a while. To allow for any mistakes or problems to be found and rectified promptly, this should be on a monthly basis at the bare minimum. Provided that you are confident of keeping up-to-date with your monetary transactions without impacting on your day by day trading operations, this solution can be an extremely economical trade-off.
If you are seriously considering hiring a bookkeeper in Exeter, whatever your circumstances, there's a fair chance that you could be fretting over your tax and financial procedures. A decent bookkeeping company will be able to provide advice and guidance on everything from invoicing, stocktaking and producing expense reports, to linking your business accounts with the latest, most up-to-date software to allow the seamless arrangement of transactional data.
One of the most crucial aspects of good bookkeeping practice, is being able to effectively reconcile accounts payable with cash flow. Which means that rather than waiting on a final notice, which many small businesses in Exeter are guilty of, or paying off a bill straight away, your bookkeeper will optimise bill payments to a time when your finances are in good shape. This doesn't just keep your enterprise or business on a secure financial footing, but keeps you in favour with suppliers and those people who provide you with services. This is a balancing act that you may find hard to perform on your own when you are purely focussed on running your business.
Having somebody who isn't associated with the business cast an eye over your financial affairs, is another good thing about employing a competent bookkeeper in Exeter for your small business or if you are a sole trader. It could be that business patterns and trends that you have overlooked could thus be highlighted. It isn't unheard of for a bookkeeper to identify an opportunity or flag an area of the business which is dropping off in profits. These key performance indicators are important in driving growth for any enterprise in Exeter.
It can sometimes be quite awkward to pursue late payments if your company sends out invoices. Some of that apprehension can be removed by having a person outside your business situation visit your customer or make that phone call. To help resolve the matter, if you've got a consistent late payer, there are legal procedures that can be made use of by a professional bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as laid out by law, start off relatively straightforward. It is required that sole traders must keep records of income and expenditure on a monthly basis and keep all receipts and invoices. Now, this does not sound too hard does it? But, it's still recommended that you hire the expertise of a competent bookkeeper to make certain that it is all done properly. When working through your tax returns, a dedicated sole trader bookkeeper in Exeter will be able to give you advice on what your legitimate business expenses are, and make certain these are claimed back from HMRC. This could include promotional advertising, stationery, consumables, rent and bills if working from home and items such as computing equipment. For more detailed advice, chat to a trusted bookkeeper, and discover how they might help your business to grow in the future.
There are certain niche areas in bookkeeping where the skills of a specialist might be needed. For instance, if you run a store online, you will be wise to employ a bookkeeper in Exeter who is familiar with cross-border and international taxes, online payment procedures, exchange rate transfers and multi-currency processing. If that same store sells goods that you produce or hold, then regulating inventory on a 24/7 basis is a crucial priority, as I'm sure you'll realise the internet never sleeps, therefore nor should your bookkeeping services and software.
It is also possible to provide a remote virtual office, which can be used together with your bookkeeping service and package. This allows an online only business or sole trader to have a postal address and telephone service to provide a physical link with their clients. Not all Exeter bookkeepers will supply this solution, however it is worth talking about the possibilities if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Certificate and Diploma level, and a professional Exeter bookkeeper need not hold a degree. Although there are an ever-growing selection of courses available online, bookkeeping qualifications can still be gained through further education universities and colleges, if that's the preferred route.
There are essentially two key organisations that provide training and certification for bookkeepers:
The AAT (Association of Accounting Technicians): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians (AAT), enables fully trained members to use the letters AATQB. They then become authorised AAT bookkeepers, backed up by this organisation, which guarantees a decent standard of service for their clients. AAT bookkeepers can can be subject to disciplinary and tribunal processes if a complaint is filed against them or they are found to have breached the code of conduct. This helps to preserve the values and integrity of the AAT membership.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation in the world and offers certification for qualified bookkeepers, along with training and reference material to keep their associated members up-to-speed with the latest trends and developments.
By viewing the register of ICB or ATT members on their respective websites, you can check the accreditations of any bookkeeper. Prior to employing the services of any bookkeeping company in Exeter, it is clearly a good idea to undertake these checks.
Bookkeeping services are available for people living in in Exeter and also in nearby places like: Marsh Barton, Heavitree, Alphington, Cowley, Whipton, Stoke Hill, Poltimore, Pocombe Bridge, Whitestone, Nadderwater, Birchy Barton, Wonford, Ide, Longdown, Exwick, St Thomas, and in these postcodes EX1 2BE, EX1 1GL, EX1, EX1 1RR, EX1 1AL, EX1 1GQ, EX1 1BL, EX1 1PR, EX1 1DY, EX1 2AQ. Locally based Exeter bookkeeper services will most likely have the postcode EX1 and the telephone dialling code 01392. Verifying this can guarantee that you're accessing locally based bookkeepers. Exeter sole traders and business owners can utilise these and countless other bookkeeping related services.
Exeter Bookkeeper Tasks
Most bookkeepers in Exeter will be able to provide you with the following bookkeeping and accounting services: bookkeeping for retail outlets, bookkeeping for home-based businesses, bookkeeping services, mobile bookkeeping services in Exeter, bookkeeping services for charities, small business bookkeeping, bookkeeping for shops, QUOTE FORM provided. We'll be in touch with specifics as soon as we can.in Exeter, Sage bookkeeping in Exeter, corporation tax returns in Exeter, bookkeeping and accounting services, cash books, bookkeeping for restaurants, partnership tax returns Exeter, Xero bookkeeping, Self-Assessment tax returns, letting agent bookkeeping, bookkeeping quotations Exeter, bookkeeping for small business, in Exeter, bookkeeping for sole traders, invoice processing, cash flow analysis, accounting and bookkeeping, bookkeeping services for societies, , professional bookkeeping services, independent bookkeeping services, and more. These are just a selection of the duties that are carried out by local bookkeepers. Exeter companies will let you know their full range of services. If there happen to be some other Exeter bookkeeper requirements that you need but don't see here, you can mention them on the
Exeter Bookkeeper Questions
In recent days I've been going through the most common questions that folks ask in regard to bookkeeping in Exeter. A number of you have posted some important enquiries that I thought would be worth mentioning. Those that I singled out are, What are the benefits of a bookkeeping services? Why do Exeter businesses need a bookkeeper? Which bookkeeping certification is best in the UK? What qualifications does a bookkeeper need? What does bookkeeping consist of? Do bookkeepers do accounts payable? How much does a bookkeeper charge per hour? Are bookkeeping and accounting the same? What makes a good bookkeeper? We hope that most of these queries have been addressed in this blog post, if not a bookkeeping "Questions and Answers" feature is presently being created. Our thanks go out to the following folks for taking the time to present their excellent questions; Jonathan Clark, Finnley Rose, Gethin Kemp and Mariah Little. We also got enquiries from Adeline Hooper in Marsh Barton, Jeremy Fry in Alphington and Destiny Devlin in Exwick.
Bookkeepers Near Exeter
Also: Whitestone bookkeepers, Cowley bookkeepers, Exwick bookkeepers, Nadderwater bookkeepers, Whipton bookkeepers, Longdown bookkeepers, Poltimore bookkeepers, Alphington bookkeepers, Marsh Barton bookkeepers, Heavitree bookkeepers, Ide bookkeepers, Birchy Barton bookkeepers, Stoke Hill bookkeepers, St Thomas bookkeepers, Pocombe Bridge bookkeepers, Wonford bookkeepers and more.
- VAT Returns
- Bookkeeping Services
- Profit and Loss Reports
- Self-Assessment Bookkeeping
- Tax Preparation
- Cheap Bookkeeping
- Payroll Services
- Bookkeeping Quotes
- Double-Entry Bookkeeping
- Sole Trader Bookkeeping
- Cash Flow Management
- Credit Control
- Wages and PAYE
- Tax Returns
Bookkeepers Around Exeter: People living in these Exeter areas have recently enquired about bookkeeping services - Scott Avenue, Cecil Road, Ashford Road, Apple Farm Grange, Codrington Street, Summer Lane, College Avenue, Sunnymoor Close, Charnley Avenue, Clifton Road, Cottles Lane, The College, St Loyes Terrace, Abbeville Close, Sanson Close, Cypress Drive, Streatham Drive, Summerfield, Tower Walk, Alford Close, Baring Crescent, Tuckfield Close, St Marks Avenue, Denbury Court, Bartholomew Street East, Barnfield, Strand View, Saxon Avenue, Stoneylands, Church Path Road, as well as the following Exeter area postcodes: EX1 2BE, EX1 1GL, EX1, EX1 1RR, EX1 1AL, EX1 1GQ, EX1 1BL, EX1 1PR, EX1 1DY, EX1 2AQ.
To find local Exeter information take a look here
Exeter Bookkeeping Jobs: Browse bookkeeping jobs in Exeter here: Bookkeeping Jobs Exeter
Bookkeepers in EX1 area, phone code 01392.
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