Bookkeepers Exmouth Devon (EX8): Regardless of whether you own a small business, operate an online store or are a sole trader in Exmouth, you're entirely responsible for keeping "true and fair", accurate financial and accounting records for at least six years to comply with the Companies Act (2006). Failing to produce such detailed records might leave you faced with Company Director disqualification, as well as thousands of pounds in fines. There's a considerable time investment involved with maintaining these financial records yourself, and it is often better to use a professional bookkeeper or accountant, as according to Accounting Today over 40% of small business owners spend at least 80 hours per year on their bookkeeping.
If you're filled with panic just thinking about the possiblility of filling out ledgers, compiling balance sheets, preparing profit, loss and fiscal reports or tracking liabilities and assets, then the time to contact a bookkeeper in Exmouth for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most small business owners ask is "Exactly what is the distinction between an accountant and a bookkeeper?" The truth is that while in past times many accountants considered the task of bookkeeping to be beneath their skill set, experience and qualifications, a lot of accountancy firms in Exmouth will now undertake the task of bookkeeping, due to software improvements over the past 10 yrs or so. For many accounting companies it's now quite common to charge a fixed rate for bookkeeping services, so that they're in keeping with the usual charges of an independent bookkeeper in Exmouth. Business owners are now benefiting from this, because it provides a greater variety of competition within this sector and can make the cost of bookkeeping much more manageable than it would have been in the past.
The main difference of an accountant over a bookkeeper is the standard of training required. An accountant will, at the minimum, hold an accounting degree, and will have also had further training in business and financial management, and taxes. A bookkeeper in Exmouth might not necessarily have the same levels of experience and training, or hold these qualifications, but will still have a decent understanding of such procedures.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily transactions of any business in Exmouth, describes the act of bookkeeping in simple terms. This is likely to include, but is in no way limited to;
- Documenting the receipt of invoices and making sure that payment is completed by the due date.
- VAT recording and submissions.
- Documenting of all financial incomings; card, electronic and cash payments included.
- Monthly reconciliation and reporting.
- Payroll services.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Highlighting and rectifying any discrepancies in the financial accounts.
- The billing of customers for goods or work completed.
In accordance with service level you require, a professional bookkeeper might just be needed to periodically double-check your records, if you're willing to undertake a large majority of bookkeeping work yourself. This ought to be every month at the bare minimum, since this will allow any mistakes or problems to be uncovered and rectified quickly. If you're able to stay up-to-date with your day by day trading and financial transactions, this compromise can sometimes be the most economical solution.
Whatever your current situation is, if you are thinking of hiring a bookkeeper in Exmouth, it's fairly likely that you may be struggling with the financial recording aspects of your small business. Offering assistance with everything from preparing expense reports, stocktaking and invoicing, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the most suitable software application to facilitate the seamless processing of your business's financial data.
One of the most vital aspects of good bookkeeping, is the ability to correctly reconcile accounts payable with cash flow. Which means that your bookkeeper will arrange bill payments to a time when your finances are in good shape, rather than paying off a bill right away, or waiting for a final notice, which most small businesses are guilty of at some time or other. As well as keeping your business on a sound financial footing, this also stands you in good stead with your service providers and suppliers. When you're focussed on the smooth running of your company, this is a balancing act that can be tricky to perform on your own.
If you are a sole trader, or run a small business, employing a professional bookkeeper in Exmouth, also gives them the chance to cast an unbiased eye over the financial dealings of your business. It might be that business patterns and trends that you have overlooked will therefore be pinpointed. It is not at all unheard of for a keen eyed bookkeeper to flag up an area of the business where profits are plummeting, or spot a brand new opportunity that could be lucrative. For enabling growth in any enterprise in Exmouth, it is vital that such KPI's (key performance indicators) are spotted early.
If invoices are sent out by your business it can sometimes be embarrassing to chase up a late payment. If that visit to your customer or phone call is carried out by an individual outside your normal business situation, it is possible for most of that embarrassment to be removed. To help with resolving the matter, if you have a repeating late payer, there are legal techniques that can be employed by a professional bookkeeper, so that legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are reasonably uncomplicated and easily understood. It's stipulated that sole traders must keep track of income and expenditure on a monthly basis and save all invoices and receipts. Although this might at first sound quite easy, hiring the expert services of a bookkeeper is still advisable. A professional sole trader bookkeeper in Exmouth will be able to give you advice on what you are able to claim back from HMRC as business expenses. This could include promotional advertising, consumables, items such as laptops, stationery goods and rent and bills if working from home. Chat to your local bookkeeper for more comprehensive advice and learn how they can help your business to grow and prosper.
ONLINE TRADERS IN EXMOUTH
Certain small businesses that work in niche areas, may need to hire a specialised bookkeeping service. As an example, if you run a store online, you'll be wise to employ a bookkeeper in Exmouth who understands multi-currency processing, exchange rate transfers, international and cross-border taxes and online payment procedures. Overseeing your inventory and stock on a 24/7 basis is also a crucial priority, if the same outlet sells goods that you hold or produce, as I'm sure you are aware the internet never sleeps, therefore neither should your bookkeeping software or services.
A remote virtual office can also be supplied together with bookkeeping service. This enables an online only business or sole trader to provide a physical connection to their customers, via a postal address and phone service. It's certainly worth talking about this possibility if it's something that could be of benefit, although not all bookkeepers in Exmouth will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate or Diploma level, and a qualified Exmouth bookkeeper does not need to hold a degree. There's a growing range of courses available online, although bookkeeping qualifications can still be obtained through further education colleges and universities.
There are two key training and certification organisations representing bookkeepers:
The AAT or Association of Accounting Technicians: The AAT or Association of Accounting Technicians provides advanced qualifications and training enabling fully trained bookkeepers to use the letters AATQB. This promises a decent standard of service to their clients which is backed by the association, and entitles them to become a authorised AAT bookkeeper. To preserve the trustworthiness of the AAT membership, an AAT bookkeeper can be liable to disciplinary and tribunal procedures if it's found that they've violated the code of practice or had a complaint against them.
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers (ICB) is the largest in the world and supplies accreditation to certified bookkeepers, along with reference material and training to keep their members up-to-date.
By going to their websites, you can confirm the accreditations of any Exmouth bookkeeper on the register of ICB or AAT members. Before getting involved with any local bookkeeper in Exmouth it's generally a good idea to implement this check.
Bookkeeping services are available in Exmouth and also nearby in: Courtlands Cross, Budleigh Salterton, Brixington, Topsham, Littleham, Exeter, Bystock, Lympstone, Hulham, Knowle Village, Exton, Woodbury, Woodmanton, Sandy Bay, Withycombe Raleigh, together with these postcodes EX8 1HQ, EX8 1QN, EX8 1HL, EX8 1DJ, EX8 1PL, EX8 1AX, EX8 1PN, EX8 1NS, EX8 1JL, EX8. Local Exmouth bookkeeper services will likely have the phone code 01395 and the postcode EX8. Verifying this will guarantee that you access local bookkeepers. Exmouth sole traders and business owners are able to benefit from these and lots of other comparable services.
Exmouth Bookkeeper Tasks
Most Exmouth bookkeepers will be willing to offer you the following accounting and bookkeeping services: independent bookkeeping services Exmouth, bookkeeping for limited companies, tax preparation, Self-Assessment tax returns Exmouth, general bookkeeping services, Xero bookkeeping in Exmouth, payment services, credit control, landlord bookkeeping Exmouth, bookkeeping for retail outlets, bookkeeping for sole traders Exmouth, letting agent bookkeeping Exmouth, bank reconciliations, double-entry bookkeeping, bookkeeping for small business Exmouth, bookkeeping prices in Exmouth, profit & loss reports, bookkeeping for tradesmen, bookkeeping for clubs, cash books in Exmouth, business bookkeeping, bookkeeping and accounting services Exmouth, franchise bookkeeping Exmouth, charity bookkeeping Exmouth, tax returns, Sage bookkeeping Exmouth, bookkeeping for home-based businesses, off-site bookkeeping services, payroll bookkeeping Exmouth, personal tax returns Exmouth, and more. Listed are just a selection of the tasks that are accomplished by local bookkeepers. Exmouth professionals will be happy to tell you about their full range of services. If there happen to be different Exmouth bookkeeper requirements that you want but can't see here, you can mention them on the QUOTE FORM provided. We'll get back to you with details as soon as we are able.
Exmouth Bookkeeper Questions
Over the last few months I have been analysing the popular questions that folks in Exmouth ask with regards to bookkeepers. A good few of you have emailed in some insightful enquiries that I thought would be applicable to this blog post. The ones I picked are, Where can I hire a bookkeeper in Exmouth? What makes a great bookkeeper? What are the advantages of a bookkeeper over an accountant? How much do bookkeepers charge per hour? Should I use a bookkeeper or an accountant? Can a bookkeeper do payroll? How can I get bookkeeper in Exmouth? How can bookkeeping help your business? Can you do bookkeeping without a licence? Hopefully nearly all of those questions have been covered somewhere on this page, and if some still need to be addressed a bookkeeping "Q&A" section is the next thing to be implemented. Many thanks to Rory Rogers, Martin Hudson, Yasin Stephenson and Avery Boyle from Exmouth, for posing these questions. Enquiries were also put forward by Jordyn Sweeney in Knowle Village, Alan Hirst in Brixington and Aria Haines in Courtlands Cross.
Bookkeepers Near Exmouth
Also here.: Woodbury bookkeepers, Withycombe Raleigh bookkeepers, Sandy Bay bookkeepers, Lympstone bookkeepers, Bystock bookkeepers, Courtlands Cross bookkeepers, Exeter bookkeepers, Woodmanton bookkeepers, Brixington bookkeepers, Littleham bookkeepers, Exton bookkeepers, Knowle Village bookkeepers, Hulham bookkeepers, Budleigh Salterton bookkeepers, Topsham and more. The majority of these locations are serviced by local bookeepers. Exmouth traders and businesses can get fees for bookkeeping services by going
- Exmouth Tax Returns
- Exmouth Cash Flow Analysis
- Exmouth Credit Control
- Exmouth Wages and PAYE
- Exmouth Small Business Bookkeeping
- Exmouth Payroll Services
- Exmouth Tax Preparation
- Exmouth Sole Trader Bookkeeping
- Exmouth Self-Assessment Bookkeeping
- Exmouth VAT Returns
- Exmouth Bookkeeping Price Quotes
- Exmouth Profit and Loss Analysis
- Exmouth Cheap Bookkeeping
- Exmouth Double-Entry Bookkeeping
Bookkeepers Around Exmouth: People who live in these local Exmouth streets and areas have just recently enquired about bookkeeping services - Albion Street, Albert Place, Barrowdale Close, Colleton Way, Stevenstone Road, Denmark Road, Sadler Close, Shelly Court, Cherry Close, Chapel Road, Claremont Lane, Cranford View, Concorde Road, Senate Way, Cliston Avenue, Bapton Close, Swiss Close, Berry Close, Shirley Close, Canterbury Way, Brittany Road, Brooklands Road, Church Road, Comilla Close, Colleton Close, Douglas Avenue, The Broadway, Bradham Lane, as well as the following Exmouth area postcodes: EX8 1HQ, EX8 1QN, EX8 1HL, EX8 1DJ, EX8 1PL, EX8 1AX, EX8 1PN, EX8 1NS, EX8 1JL, EX8.
If you would like to get local information on Exmouth, Devon look here
Exmouth Bookkeeping Jobs: Browse bookkeeping jobs near Exmouth here: Exmouth Bookkeeping Jobs
Bookkeepers in EX8 area, (dialling code 01395).
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