Bookkeepers Folkestone Kent (CT18): For anyone in Folkestone who acts as a sole trader, runs an online store or owns a small business, it's their sole responsibility to keep accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is outlined by the Companies Act (2006). You might face disqualification as a Company Director and receive a hefty fine, if you're unable to produce such information. According to the magazine Accounting Today over 40% of small business owners spend 80 plus hours every year on their bookkeeping activities, therefore while you can undertake these financial records on your own behalf, it is often better to use a professional bookkeeper or accountant to do them for you.
If you're filled with a sense of terror simply thinking about tracking liabilities and assets, producing balance sheets, filling out ledgers or preparing profit, loss and financial statements, then the time to get in touch with a bookkeeper in Folkestone for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the difference between an accountant and a bookkeeper?" Is a question that's asked by a lot of people in Folkestone. In former days it was often considered to be beneath the skill set, experience and qualifications of an accountant to do bookkeeping, however because of massive software improvements over the past 10 yrs, many bookkeeping tasks will now be undertaken by accountancy companies in the Folkestone area. To make sure their bookkeeping services are commensurate with an independent bookkeeper's fee, it's now common practice for many accounting companies to charge a fixed fee for such services. This makes the cost of bookkeeping more manageable than it once was, and is great news for business owners in Folkestone as it gives a wider range of competition within the industry.
The main difference between a bookkeeper and an accountant is the level of training needed. At least an accounting degree with specialist training in the field of taxation and other business and financial management, will typically be held by an accountant. Although probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Folkestone will still have a decent understanding of all these procedures.
RESPONSIBILITIES OF A BOOKKEEPER
In simple terms, the act of bookkeeping is the recording of the day to day transactions (financial) of any business or enterprise in Folkestone. This will likely include, but is in no way limited to;
- Ensuring double-entry bookkeeping and accounting practices are followed.
- Monthly reports and reconciliation.
- VAT recording and submissions.
- Recording of all financial incomings; cash, electronic and card payments included.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Billing of customers for work completed or goods.
- Payroll services.
- Recording the receipt of invoices and ensuring payment is completed on time.
Depending on service level you're looking for, e.g. whether you're in a position to undertake most of bookkeeping work; a bookkeeper might just be necessary for double-checking your figures on a fixed schedule. As a bare minimum this should really be done each month, to facilitate the rapid identification and rectifying of any problems or mistakes. If it is possible to stay in control of your everyday trading and financial transactions, this trade-off can often be the most affordable option.
If you're presently thinking of hiring a bookkeeper in Folkestone, whatever your situation, it's fairly likely that you might be fretting over your financial recording procedures. A professional bookkeeper will be able to help you to link the most up-to-date software program with your business accounts to facilitate the seamless pull-through of financial data, and will give advice on things such as invoicing, stocktaking and producing expense reports.
One of the most vital elements of good bookkeeping, is being able to efficiently reconcile accounts payable with cash flow. Which means that instead of paying a bill straight away, or waiting for a final notice, which most small businesses are guilty of at some time or other, your bookkeeper will schedule the payment of bills to a time when your finances are in good shape and buoyant. This is not just to ensure your enterprise or business is financially secure all the time, but also to keep you in good stead with those who provide your materials or services. This is just one of those balancing acts that can be challenging to perform when you're purely focussed on the streamlined running of your everyday business operation.
For your small business enterprise, or if you're a sole trader, employing an experienced bookkeeper in Folkestone, presents you with the opportunity to have an unrelated eye cast over your financies. It is entirely possible that an unbiased assessment like this will showcase business trends and patterns that have been missed previously. A situation where a clever bookkeeper flags up an area which is decreasing in profits, or spots an opportunity which may be worthwhile, is by no means an uncommon occurrence. Spotting such key performance indicators is important for enabling growth in any enterprise in Folkestone.
It can sometimes be rather embarrassing to pursue a late payment if your business sends out invoices. By having someone outside your normal business situation make that telephone call or visit to your customer, some of that apprehension can be eliminated. To help deal with the situation, if you've got problems with a consistent late payer, there are strategies that can be used by a professional bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are relatively straightforward and basic. This involves retaining all receipts and invoices concerning the business, and keeping track of income and expenditure on a month by month basis. Now, this does not seem too hard does it? Yet, it is still recommended that you retain the expertise of a bookkeeper to make sure that it's all done accurately. Advising you on what genuine business expenses you may be able to claim back, a professional sole trader bookkeeper in Folkestone will deal with HMRC on your behalf. This could include stationery, items such as computing equipment, rent and bills if working from home, advertising and printer ink. If you'd like to get more in-depth advice, and learn how your small business can grow and develop moving forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the skills of a specialist might be necessary. You'll require a bookkeeper in Folkestone who understands multi-currency processing, exchange rate transfers, cross-border and international taxes and online payment procedures, if you operate a store online for example. Monitoring stock on a 24/7 basis is also a massive priority, if that same store distributes goods that you produce or hold, as I'm sure you'll be aware the internet does not sleep, so neither should your bookkeeping software or services.
It is also possible to establish a virtual office, that can be used together with your bookkeeping package. This can be useful in enabling an online only business or sole trader to have a postal address and phone service to offer a physical connection to their client base. Although this solution might not be provided by all bookkeeping businesses in Folkestone, it's certainly worth a discussion if this service is something which is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Folkestone needn't hold a university degree and a number of this sector's qualifications are at Diploma and Certificate level. If the chosen route to qualification is via further education universities and colleges, this possibility is still available, although there there's an ever-increasing choice of bookkeeping courses available online.
Bookkeepers are represented by 2 principal training and certification organisations:
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers or ICB is the largest in the world and offers certification for qualified bookkeepers, in addition to reference material and training to keep their members up-to-date.
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB after their name, a certified member of the AAT (Association of Accounting Technicians) will have been provided with a training schedule and advanced qualifications in bookkeeping. This then allows them to become a approved AAT bookkeeper and promises a certain level of service which is backed by the association. If a bookkeeper who's associated with the AAT is found to have contravened the code of conduct or has a complaint filed against them, they could be subject to disciplinary and tribunal procedures to protect the integrity of the aat.
By going to their respective websites, it's possible to confirm the accreditations of any Folkestone bookkeeper on the register of ICB or AAT members. It is advised to implement this check, before hiring any local bookkeeper in Folkestone.
What Are the Main Advantages of Using a Bookkeeper in Folkestone Over an Accountant?
There are numerous benefits to using a bookkeeper as opposed to an accountant, including:
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who might have a more standard approach.
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in these tasks.
- Availability: Bookkeepers are generally more accessible and on hand to provide support and answer questions compared to an accountant, who may sometimes be hard to reach.
- Affordability: Bookkeeping services are normally more budget-friendly in comparison to accounting services, meaning that they are an inexpensive option for startups, sole traders and small businesses.
- Time: By outsourcing bookkeeping, businesses can save a bit of time and focus on other important aspects of their business like sales and marketing.
It's vital to note that although bookkeepers offer valuable support, they may not have the same level of qualifications or expertise as an accountant in areas such tax preparation or financial planning. In cases like this, seeking the services of an accountant may be essential.
VAT Returns
A bookkeeper based in Folkestone can offer small business owners a reliable and time-saving solution for their VAT returns, freeing them up to concentrate on other important aspects of their business. When you engage a bookkeeper, they can manage every detail of your VAT return, such as computing your VAT liability or refund, preparing and submitting your return to HMRC, and maintaining precise records of your transactions. Furthermore, a local bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. With the help of a bookkeeper, you can have peace of mind knowing that your VAT returns are being handled accurately and efficiently, giving you more time to focus on growing your business in Folkestone. A bookkeeper can provide you with a cost-effective solution as it can help you evade any HMRC penalties or fines arising from incorrect vat returns or late submissions, which may help you save money over time.
Bookkeeping Folkestone - Outsourcing Options
All businesses in Folkestone should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the sum total of their assets and liabilities, the money left in the bank account, and the like. With the owner of the business having to handle the concerns and issues of operating a business, the task of performing the bookkeeping is frequently outsourced to a bookkeeping company or freelance bookkeepers in Folkestone.
If a company in Folkestone employs a bookkeeper so as to join their ranks, the company will have to spend a substantial amount of money in training that individual for the purpose of working on the bookkeeping tasks. Moreover, there is no guarantee that the individual will stay for long in the company. In that case, the company can lose a significant amount of money for very little return. Besides that, companies will have to seek out solutions to provide benefits and incentives to keep the employee in place. These are just a handful of the reasons why businesses quite often enlist the services of professional bookkeepers and bookkeeping companies in Folkestone.
Tax Returns
You may be required to file a self-assessment tax return if you are self-employed or have a small business in the United Kingdom. This task can be challenging, especially if you aren't acquainted with the process. A qualified bookkeeper can help you to prepare your tax return accurately and on time, as well as keeping your records organised.
For your tax returns, using a bookkeeper can be beneficial in many ways. First and foremost, they will have the experience and expertise to make certain that your return is completed correctly. This should help you to stay clear of penalties or interest charges from HMRC. Second, a lot of time and hassle can be saved by a bookkeeper. They will take care of all of the calculations and paperwork, so you can focus on the running of your business. Thirdly, valuable advice on tax planning can be provided by bookkeepers in Folkestone. This can help you to minimise your tax liability and maximise your profits. (70193)
Bookkeepers Near Folkestone
Also find: Lyminge bookkeepers, Saltwood bookkeepers, Alkham bookkeepers, Densole bookkeepers, Capel le Ferne bookkeepers, Lower Standen bookkeepers, Elham bookkeepers, Palmarsh bookkeepers, Seabrook bookkeepers, Cheriton bookkeepers, Etchinghill bookkeepers, Sandgate bookkeepers, West Hougham bookkeepers, Church Hougham bookkeepers, Stanford bookkeepers and more. Bookkeeping services are available in all these towns and areas. The ease of access ensures businesses and individuals alike have the capability to find the necessary financial support for effective account management. Clicking here allows area residents to receive bookkeeping quotes.
Folkestone Bookkeeper Tasks
Most Folkestone bookkeepers will be ready to offer you the following services: bookkeeping services for restaurants, off-site bookkeeping, bookkeeping services for organisations, bookkeeping services for retail outlets Folkestone, bookkeeping quotations, tax return preparation Folkestone, double-entry bookkeeping, Xero bookkeeping, bookkeeping services for sole traders, VAT returns, Kashflow bookkeeping in Folkestone, professional bookkeeping services, charity bookkeeping Folkestone, invoice processing, cash flow analysis, bookkeeping services for freelancers Folkestone, cash books Folkestone, bookkeeping services, maintaining fixed asset registers Folkestone, payment services, bank reconciliations, Quickbook bookkeeping, bookkeeping for tradesmen, bookkeeping for the self-employed, management accounts, bookkeeping and accounting, payroll bookkeeping, bookkeeping for home-based businesses, bookkeeping for limited companies, bookkeeping services for clubs, and more. Listed are just a few of the tasks that are accomplished by local bookkeepers. Folkestone companies will be delighted to keep you abreast of their entire range of services. If there happen to be different Folkestone bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We'll be in touch with specifics just as soon as we can.
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