Bookkeepers Faversham Kent (ME13): You are entirely responsible for keeping accurate, "true and fair" accounting and financial records for at least 6 years, if you are a sole trader, operate a small business or run an online store in Faversham, in accordance with the Companies Act (2006). You could face disqualification as a Company Director and get a fine of thousands of pounds, if you are unable to produce these records. You could carry out these financial records on your own, yet when you think about the fact that according to Accounting Today magazine over forty percent of small business owners spend at least eighty hours per year on their accounts, it can be more economical to employ a professional accountant or bookkeeper.
The time has come to contactin Faversham for advice, if the thought of creating profit, loss and fiscal reports, tracking liabilities and assets, compiling balance sheets or filling out ledgers fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
For many people in Faversham, an obvious question when faced with this challenge is "Just what is the difference between a bookkeeper and an accountant?" In the old days it was generally considered to be beneath the qualifications, experience and skill set of an accountant to do bookkeeping, however due to software developments over the past decade or so, many bookkeeping procedures will now be undertaken by accounting firms in the Faversham area. It is fairly common for many accounting companies to have a flat rate for bookkeeping services consistent with a typical. Since it generates a greater variety of competition within this sector, this is fantastic news for small businesses in Faversham, making the cost of their bookkeeping much more affordable than it previously was.
The amount of training that's needed is the big difference between an accountant and a bookkeeper. At least an accounting degree with additional training in the field of taxation and other business and fiscal management, will normally be held by an. Although possibly not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Faversham will still have a good grasp of all these fiscal disciplines.
RESPONSIBILITIES OF A BOOKKEEPER
The bookkeeping process put simply, is to record the day to day fiscal transactions of any business in Faversham. This will include, but isn't limited to;
- Logging the receipt of invoices and making certain that payment is completed punctually.
- Recording of all financial incomings; including electronic, card and cash payments.
- Monthly reports and reconciliation.
- Payroll services.
- The billing of customers for goods or work completed.
- VAT recording and submissions.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Ensuring double-entry bookkeeping and accounting practices are followed.
Whilst it is dependent on the extent of the service you are interested in, if you're willing to perform the majority of your own bookkeeping work, a bookkeeper may only be needed to double check your records periodically. This should really be done each month at the bare minimum, since this will allow any mistakes or problems to be uncovered and rectified quickly. Providing that you're confident of keeping in control of your financial transactions without compromising your day by day business activities, this option can be the most cost-effective solution.
It's a good bet that if you're thinking of hiring a bookkeeping company, you are currently getting stressed about the financial recording aspects of your business in Faversham. Offering advice on everything from invoicing, stocktaking and producing expense reports, a decent bookkeeping service will also be able to walk you through the process of linking your accounts with the most suitable software program to facilitate the seamless processing of all your business's financial information.
The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of effective bookkeeping. Which means that rather than waiting on an overdue notice, which many small businesses in Faversham are guilty of doing, or paying a bill straight away, your bookkeeper will organise the payment of bills to times when your accounts are in good shape. This is not only to make certain that your business is on a good financial footing all the time, but also to keep you in the good books of the businesses who provide your materials or services. When you are firmly focussed on the smooth running of your business, this is a juggling act that you may find challenging to perform as an individual.
Having somebody who is not affiliated with the business cast an expert eye over your financial transactions, is another good thing about employing a professional bookkeeper in Faversham if you are a sole trader, or for your small business. It may be that business patterns and trends that you have overlooked could therefore be pinpointed. It isn't unheard of for a bookkeeper to recognise an opportunity or flag up an area which is dropping in profits. For enabling growth in any small business in Faversham, 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 awkward having to chase up a late payment. If that telephone call or visit to your customers is made by an individual from outside your normal business situation, it's possible for most of that awkwardness to be removed. A bookkeeper can employ legal techniques to handle a persistent late payer, and without having to resort to court proceedings, help to clear up the situation.
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 a sole trader should keep track of expenditure and income on a month by month basis and keep all invoices and receipts. While this may sound simple enough it is still recommended that you hire the expert services of a competent bookkeeper. A professional sole trader bookkeeper in Faversham will be able to give you advice on what you can claim back from HMRC as valid business expenses. This may include items such as laptops, consumables, stationery, bills and rent if working from home and advertising expenses. To learn how they can help your small business to grow and prosper, speak to your local bookkeeper for more in-depth advice.
There are several niche businesses where a specialist bookkeeping service may be needed. If you run an online store for example, you are going to need a bookkeeper in Faversham who's familiar with multi-currency processing, online payments, exchange rate transfers and international and cross-border taxes. If you produce or hold the goods that you distribute with that outlet, then it is going to be a huge priority for your bookkeeping services and software to monitor your stock on a 24 hours a day basis, because the internet never sleeps.
In combination with bookkeeping service, a virtual office can also be provided. This enables a sole trader or online only business to have a postal address and telephone service to offer a physical link with their clients. Although this solution may not be supplied by all Faversham bookkeepers, it is certainly worth talking about the possibilities if this service is something that is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not mandatory for a professional bookkeeper in Faversham to have a degree, and a good number of the bookkeeping qualifications are held at Certificate or Diploma level. Qualifications can be gained via further education colleges and universities but there's also an ever-growing range of courses offered online.
Certification and training for bookkeepers is mainly provided by two organisations:
The Institute of Certified Bookkeepers (ICB): Providing accreditation to certified bookkeepers, along with training and reference material to ensure their members are current with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind on the planet.
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the AAT (Association of Accounting Technicians), entitles a fully trained bookkeeper to use the letters AATQB. This guarantees a minimum level of service to their clients which is backed up by the association, and permits them to become a authorised AAT bookkeeper. To protect the integrity and values of AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of conduct they can be liable to disciplinary and tribunal processes.
It is possible to check the accreditations of any bookkeeper on the register of AAT or ICB members on their respective websites. Prior to using the services of any bookkeeping company in Faversham, it is clearly a wise idea to carry out these necessary checks.
Cash Flow Analysis
Any business must use cash flow analysis as a vital tool to assess its financial health. One of the significant duties of a bookkeeper is to carry out a cash flow analysis for a company. The task involves keeping tabs on the amount of cash entering and leaving the business within a particular period of time, generally a quarter or a month. Conducting a cash flow analysis enables the bookkeeper to help the business owner understand their current financial situation, detect any cash flow issues, and plan for the future.
The creation of a clear picture of a company's financial health involves reconciling and categorizing all cash transactions, such as sales, investments and expenses, by the bookkeeper in the analysis. Estimating the business's cash flow for the next few months or years is a vital component of the analysis and helps the business make informed decisions whilst avoiding potential cash flow issues.
In addition, acan suggest measures to bolster the business's cash flow, such as improving payment systems or adjusting pricing models. A cash flow analysis that is accurate and thorough is a vital tool for any business that wishes to manage their finances effectively.
What Are the Main Advantages of Using a Bookkeeper in Faversham Over an Accountant?
There are several advantages to using a bookkeeper instead of an accountant, including:
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who might only be available at specific times.
- Time Savings: By choosing to outsource their bookkeeping tasks, businesses can save a bit of time and focus on other aspects of their business, such as marketing and sales.
- Cost: Bookkeeping services are generally less costly than accounting services. This makes them a cost-effective alternative for startups and small businesses.
- Expertise: Bookkeepers sometimes have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in such tasks.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's specific needs, whereby accountants whose approach may be more general.
It's vital to note that even thoughoffer valuable support, they might not have the same level of qualifications or expertise as an in aspects such financial planning or tax preparation. In cases like this, seeking the services of an accountant might become necessary.
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Faversham Bookkeeper Tasks
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