Bookkeepers Felixstowe Suffolk (IP11): If you are a sole trader, operate an online store or own a small business in Felixstowe, you are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of six years according to the Companies Act. You might face thousands of pounds in fines, and perhaps disqualification as a Company Director, if you can't produce such records. There's a significant time investment involved with keeping such financial recordings on your own behalf, and it's often more cost-effective to employ a professional bookkeeper or accountant, particularly if you consider the fact that according to Accounting Today over forty percent of small businesses spend at least 80 hours every year on their accounts.
The time has come to contact a bookkeeper in Felixstowe for advice and guidance, if you're filled with panic just thinking about the possiblility of tracking liabilities and assets, filling out ledgers, preparing profit, loss and fiscal reports or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by many business owners in Felixstowe is "Exactly what is the difference between a bookkeeper and an accountant?" The fact is, because of huge software improvements over the past decade many accountancy companies in Felixstowe will consider taking on the task of bookkeeping, which was previously considered to be beneath their experience, skill-sets and qualifications. It's currently quite common for accountancy firms to charge a set fee for bookkeeping services in keeping with a dedicated bookkeeper's fee. This makes the cost of bookkeeping cheaper than it was previously, and is great news for business owners in Felixstowe since it generates a wider variety of competition within this sector.
The standard of training that's needed is the biggest difference between an accountant and a bookkeeper. An accountant will generally hold at least a degree in accounting with additional training in the field of taxes and other business and fiscal management. Whilst possibly not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Felixstowe will undoubtedly have an understanding of all such disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the logging of day to day transactions of any enterprise or business in Felixstowe. This is likely to include, but is in no way limited to;
- Documenting invoices received and making certain that payment is completed punctually.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- VAT submissions and recording.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Monthly reporting and reconciliation.
- Payroll services.
- Billing of clients for goods or work completed.
- Highlighting and rectifying any discrepancies in financial accounts.
Contingent upon service level you're looking for, e.g. you are willing to perform the majority of your bookkeeping work; a bookkeeper may just be needed to double check your records on a fixed schedule. To enable any problems or mistakes to be identified and amended quickly, this should be on a monthly basis as a bare minimum. If you're confident of staying up-to-date with your daily financial transactions and trading activities, this trade-off can often be the most economical.
Whatever your circumstances, if you are seriously considering hiring a bookkeeper it's fairly likely that you might be fretting over the financial recording aspects of your business in Felixstowe. A good bookkeeping company will be able to provide guidance and advice on everything from invoicing, producing expense reports and stocktaking, to linking your accounts with the most up-to-date software program to facilitate the seamless pull-through of transactional data.
Being able to reconcile accounts payable with cash flow, is an especially important element of a good bookkeeper. This means that your bookkeeper will prioritise the payment of bills to times when your accounts are in good shape, rather than paying off a bill right away, or waiting on an overdue notice, which a lot of small businesses in Felixstowe are guilty of. This doesn't just keep your business or enterprise financially secure, but keeps you in the good books of suppliers and the businesses who supply you with services. This is a juggling act that can be hard to accomplish on your own when you are purely focussed on the smooth running of your company.
For your small business, or if you're a sole trader, employing a professional bookkeeper in Felixstowe, gives you the opportunity to have an unbiased eye cast over your business affairs. It is entirely possible that an unbiased evaluation like this will pinpoint business patterns and trends that have been missed previously. A bookkeeper recognising an opportunity or flagging up an area of the business where profits are falling, is not at all uncommon. It is vital for the economic growth of any enterprise in Felixstowe, to spot these key performance indicators (KPI's).
If you give out invoices as part of your business operations, having to chase up a late payment can be really embarrassing. Having a professional from outside your business bubble, can take away the embarrassment of visiting your customer or making that telephone call. If you've got problems with a consistent late payer there are legal procedures that a bookkeeper can make use of to help resolve the issue before the matter ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively straightforward sole trader bookkeeping requirements, that are set out in law. In essence, sole traders must keep all invoices and receipts, and keep track of income and expenditure from month to month. It is still recommended that you hire the services of a bookkeeper, even if this might sound easy. So that you can claim back any bonafide business expenses from HMRC, a specialised sole trader bookkeeper in Felixstowe will be happy to advise you on what you have to do. This may include promotional advertising, printer ink, bills and rent if you work from home, stationery and items such as laptops. For more comprehensive advice, talk to a trusted bookkeeper, and discover how they might help your business to thrive and grow going forward.
ONLINE TRADERS
There are various niche businesses where a specialist bookkeeping service may be essential. You'll require a bookkeeper in Felixstowe who understands multi-currency processing, cross-border and international taxes, online payments and exchange rate transfers, if you operate a store online for example. If that same shop sells goods that you produce or hold, then supervising stock on a 24 hours a day basis is a major priority, as I'm sure you will be aware the internet doesn't sleep, therefore nor should your bookkeeping services and software.
A virtual office can also be provided in combination with your bookkeeping services. This is valuable in enabling an online only business or sole trader to have a telephone service and postal address to provide a physical link with their customer base. Although this option might not be supplied by all Felixstowe bookkeepers, it's definitely worth a discussion if this is something which is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Felixstowe doesn't need to hold a university degree and many qualifications in this field are at Certificate or Diploma level. If the preferred route to qualification is via further education colleges and universities, this is still a possibility, whereas there there's a range of online bookkeeping courses.
There are 2 main certification and training organisations representing bookkeepers:
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB, a certified member of the Association of Accounting Technicians (AAT) will have undergone a training schedule and advanced qualifications in bookkeeping practice. They can then become authorised AAT bookkeepers, approved by this well-respected organisation, which guarantees a certain level of service for their customers. To preserve the integrity of AAT membership, a bookkeeper who is affiliated with the AAT can be subject to disciplinary and tribunal processes if a complaint is made against them or they are found to have broken the code of conduct.
The Institute of Certified Bookkeepers or ICB: Offering accreditation to bookkeepers, in addition to training and reference material to keep their associated members current with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation anywhere in the world.
By viewing the register of ICB or ATT members on their websites, you are able to verify the qualifications of any bookkeeper in Felixstowe. Undertaking such checks is always a good idea before actually retaining the services of any local bookkeeper in Felixstowe.
VAT Returns
A bookkeeper in Felixstowe can provide small business owners with a convenient and efficient solution for their VAT return needs, allowing them to focus on other essential areas of their business. Your VAT return can be handled entirely by a bookkeeper, who will manage everything from calculating your VAT obligations or credits to preparing and submitting your return to HMRC, and keeping an accurate account of all your transactions. Additionally, a local 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. By enlisting the aid of a bookkeeper, you can relax with the knowledge that your VAT returns are being managed with efficiency and precision, enabling you to dedicate more time to expanding your business in Felixstowe. Engaging a bookkeeper can prove to be cost-effective since it can prevent you from incurring penalties or fines from HMRC caused by inaccurate VAT returns or delayed submissions, which may lead to long-term savings. To summarise, a bookkeeper in Felixstowe can provide small business owners with a dependable, affordable, and efficient solution for managing their VAT returns, enabling them to comply with tax regulations, minimize their tax obligation, and focus on the growth of their business. To conclude, a bookkeeper in Felixstowe can provide small business owners with an affordable, dependable, and efficient solution for managing their VAT returns, enabling them to comply with tax regulations, minimize their tax obligation, and focus on the growth of their business.
Felixstowe Bookkeeper Tasks
Most bookkeepers in Felixstowe will be willing to provide you with the following accounting and bookkeeping services: bookkeeping for payroll, management accounts, bookkeeping services for sole traders, franchise bookkeeping, bookkeeping services for societies, landlord bookkeeping, partnership tax returns, double-entry bookkeeping, bookkeeping for shops, letting agent bookkeeping, bank reconciliations Felixstowe, bookkeeping services for freelancers in Felixstowe, off-site bookkeeping services in Felixstowe, bookkeeping services for charities, bookkeeping for retail outlets, VAT returns Felixstowe, tax return preparation in Felixstowe, Quickbook bookkeeping services, bookkeeping quotations, financial statement preparation, payment services, professional bookkeeping services in Felixstowe, corporation tax returns, bookkeeping for organisations in Felixstowe, small business tax returns, bookkeeping and accounting Felixstowe, management reports, bookkeeping services for restaurants, mobile bookkeeping services, maintaining fixed asset registers Felixstowe, and more. Listed are just a handful of the tasks that are performed by local bookkeepers. Felixstowe providers will keep you informed about their entire range of bookkeeping services. If there are some other Felixstowe bookkeeper requirements that you want but cannot see here, you should mention them on the QUOTE FORM provided. We will get back to you with information as soon as we are able.
Bookkeepers Near Felixstowe
Also find: Trimley St Martin bookkeepers, Alderton bookkeepers, Old Felixstowe bookkeepers, Nacton bookkeepers, Trimley bookkeepers, Shotley bookkeepers, Trimley Saint Mary bookkeepers, Bucklesham bookkeepers, Chelmondiston bookkeepers, Warren Heath bookkeepers, Walton bookkeepers, Brightwell bookkeepers, Levington bookkeepers, Newbourne bookkeepers and more. Bookkeeping services are provided to the majority of these villages and towns by local companies. With this level of accessibility, finding the required financial support to manage accounts successfully becomes easy for both individuals and businesses. For bookkeeping estimates, residents and businesses in the area simply need to click here
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