Bookkeepers Formby Merseyside (L37): You're responsible for keeping accurate, "true and fair" financial and accounting records for at least six years, if you are a sole trader, operate an online store or run a small business in Formby, in compliance with the Companies Act. Failure to produce such records could leave you facing disqualification as a Company Director, as well as thousands of pounds in fines. Accounting Today magazine reports that over forty percent of small business owners spend over 80 hours per year on their bookkeeping, so although you can do these financial recordings yourself, it is often better to employ a professional bookkeeper or accountant to do them instead.
If just the thought of writing ledgers, tracking liabilities and assets, creating profit, loss and fiscal reports or compiling balance sheets brings you feelings of panic, then it is time to contact a bookkeeper in Formby for guidance.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Formby, an obvious question when faced with this challenge is "Exactly what is the difference between a bookkeeper and an accountant?" The reality is that while at one time the bookkeeping process, was considered to be beneath the skill set, experience and qualifications of an accountant, due to software improvements over the past decade or so, a lot of accountancy firms in the Formby area will now take on bookkeeping tasks. For many accountancy firms it is now fairly common to charge a set rate for bookkeeping services, so that they're comparable to the usual fees of a dedicated bookkeeper in Formby. This makes the cost of bookkeeping much more affordable than it once was, and is great news for business owners in Formby since it offers a wider range of competition within this sector.
When you're thinking about the differences between an accountant and a bookkeeper, the most notable one is the standard of qualification and training that is required for each of these disciplines. An accountant will generally a least hold an accounting degree with further training in the field of taxes and other business and fiscal management. Although bookkeepers in Formby will undoubtedly have an understanding of such procedures, they might not hold the qualifications or levels of experience and training in this field.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, bookkeeping involves the logging of day to day fiscal transactions of any business in Formby. This could include, but isn't limited to;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Monthly reconciliations and reports.
- Logging invoices received and making sure that payment is completed punctually.
- Recording of all financial incomings; cash, card and electronic payments included.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- VAT recording and submissions.
- The billing of customers for goods or work completed.
- Payroll services.
Whilst it depends on the extent of the service you're looking for, if you're willing to carry out most of your own bookkeeping work, a bookkeeper might just be needed to double check your accounts periodically. To enable any mistakes or problems to be found and corrected quickly, this ought to be every month at the bare minimum. If it is possible to stay up-to-date with your daily trading and financial transactions, this trade-off can often be the most cost-effective compromise.
Whatever your current situation is, if you are seriously thinking of hiring a bookkeeper in Formby, it is a good bet that you may be struggling with the financial recording aspects of your small business. Offering assistance with everything from stocktaking, invoicing and producing expense reports, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the most up-to-date computer software to facilitate the seamless processing of your business's data.
An especially crucial element of good bookkeeping is being able to reconcile cash flow with accounts payable. Which means that rather than waiting on a final notice, which many small businesses are guilty of at some time or other, or paying off a bill immediately, your bookkeeper will organise bill payments to times when your finances are buoyant and in good shape. In addition to keeping your business or enterprise on a good financial footing, this also stands you in good stead with your service providers and suppliers. When you are focussed on running your company, this is a balancing act that you may find hard to perform on your own.
Having an individual who's unconnected to the business cast an eye over your financial transactions, is another good thing about using a qualified bookkeeper in Formby for your small business or if you're a sole trader. It might be that business patterns and trends that you have overlooked will therefore be brought to the fore. It's not at all unheard of for a clever bookkeeper to flag an area of the business which is dropping in profits, or spot a brand new opportunity that could be worthwhile. For the economic growth of any enterprise in Formby, it is crucial that such KPI's (key performance indicators) are spotted early.
It can often be quite embarrassing to pursue a late payment if your company sends out invoices. Having a person outside your business situation, can take the apprehension out of visiting your client or making that phone call. There are legal solutions a bookkeeper can make use of, if you've got problems with a persistent late or non-payer, and they can help to clear up the situation before the issue winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are reasonably straightforward and easy to understand. This involves retaining all receipts and invoices in relation to the business, and keeping a record of expenditure and income on a month by month basis. While this may sound easy it is still recommended to hire the services of a competent bookkeeper. Offering advice on what legitimate business expenses you might be able to claim back, a professional sole trader bookkeeper in Formby will deal with HMRC on your behalf. This may include items such as computers, stationery goods, consumables, promotional advertising and bills and rent if working from home. If you would like to get more in-depth advice, and learn how your small business can grow going forward, speak to your local bookkeeper.
There are niche areas in bookkeeping where a specialist could be necessary. You'll require a bookkeeper in Formby who understands multi-currency processing, online payments, exchange rate transfers and international and cross-border taxes, if you operate a store online for instance. If that same outlet sells goods you produce or hold, then keeping track of stock on a 24 hours a day basis is a major concern, as I'm sure you'll be aware the internet does not sleep, so nor should your bookkeeping software or services.
It's also possible to provide a remote virtual office, that can be used in combination with your bookkeeping service. This allows an online only business or sole trader to provide a physical connection to their customers, via a postal address and phone service. It's worth talking about this possibility if it is needed, although not all Formby bookkeeping businesses will offer this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping industry qualifications are at Diploma and Certificate level, and it's not mandatory for a professional bookkeeper in Formby to have a degree in accounting. There is a range of courses available online, although qualifications can still be obtained via further education colleges and universities.
Certification and training for bookkeepers is mostly provided by two major organisations:
The Association of Accounting Technicians (AAT): The AAT or Association of Accounting Technicians provides advanced qualifications and training entitling fully certified bookkeepers to use the letters AATQB. This promises a high level of service to their clients which is backed up by the association, and enables them to become a registered AAT bookkeeper. AAT bookkeepers can can be liable to disciplinary and tribunal processes if a complaint is made against them or they are found to have breached the code of practice. This helps to protect the values and integrity of the AAT.
The Institute of Certified Bookkeepers or ICB: Providing accreditation to bookkeepers, in addition to reference material and training to ensure their members are informed about the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation on the planet.
By visiting the register of ICB or ATT members on their websites, you are able to inspect the qualifications of any bookkeeper. Before using the services of any local bookkeeper in Formby it's wise to carry out this check.
Bookkeeping services are available in Formby and also nearby in: Birkdale, Liverpool, Great Crosby, Church Town, Hightown, Scarisbrick, Little Altcar, Snape Green, Little Crosby, Ince Blundell, Thornton, Downholland, Carr Cross, Freshfield, Ainsdale on Sea, together with these postcodes L37 2LE, L37 1LY, L37 1NF, L37 2HA, L37 1NQ, L37 2EN, L37, L37 1YB, L37 2DH, L37 1YJ. Locally based Formby Bookkeepers will probably have the phone code 01704 and the postcode L37. Verifying this will confirm you are accessing locally based bookkeepers. Formby sole traders and business owners are able to benefit from these and lots of other related services.
Formby Bookkeeper Questions
Over the last couple of days I have been taking a look at the sorts of questions that folks ask in relation to bookkeepers in Formby. A good few of our web visitors mailed in obvious enquiries that I considered to be relevant to this article. The most germane ones appeared to be, How does bookkeeping differ from accounting? How can a bookkeeper help my business in Formby? Do bookkeepers do adjustment? How much will a bookkeeper charge? When should I hire a bookkeeper? What makes a great bookkeeper? What are the advantages of a bookkeeper over an accountant? Does a bookkeeper need a license? What does bookkeeping involve? I hope the majority of these queries have been tackled somewhere on this webpage, if not a bookkeeping "Questions and Answers" section is presently being introduced. Our thanks go to these folks in Formby for finding the time to send in their excellent questions; Ashton James, Troy Wells, Emanuel Osborne and Ivy Farrell. Contributions were also put forward by Jocelyn Hurst in Snape Green, Jonathan Kenny in Little Crosby and Hayden Lister in Great Crosby.
Formby Bookkeeper Tasks
Most Formby bookkeepers will be able to provide you with the following services: landlord bookkeeping Formby, VAT returns, bookkeeping services for charities in Formby, letting agent bookkeeping Formby, franchise bookkeeping Formby, bookkeeping for tradesmen, mobile bookkeeping services in Formby, Xero bookkeeping, bookkeeping for pubs Formby, invoice processing, bookkeeping for limited companies, tax returns in Formby, general bookkeeping services, bookkeeping for societies, independent bookkeeping services, personal tax returns Formby, professional bookkeeping services Formby, Self-Assessment tax returns Formby, cash flow analysis, bookkeeping for sole traders in Formby, Quickbook bookkeeping, bookkeeping services for self-employed people, bank reconciliations, Kashflow bookkeeping Formby, double-entry bookkeeping in Formby, bookkeeping services for organisations, company cash books, management reports, and more. Listed are just a handful of the tasks that are performed by local bookkeepers. Formby professionals will let you know their whole range of bookkeeping services. If there are other Formby bookkeeper requirements that you want but don't see here, you should mention them on the QUOTE FORM provided. We will be in touch with information as soon as we are able.
Bookkeepers Near Formby
Also here.: Carr Cross bookkeepers, Freshfield bookkeepers, Little Crosby bookkeepers, Hightown bookkeepers, Ince Blundell bookkeepers, Little Altcar bookkeepers, Thornton bookkeepers, Great Crosby bookkeepers, Birkdale bookkeepers, Downholland bookkeepers, Liverpool bookkeepers, Scarisbrick bookkeepers, Ainsdale on Sea bookkeepers, Snape Green bookkeepers, Church Town and more. Most of these towns and villages are catered for by local bookeepers. Formby residents can get rates for bookkeeping services by clicking
- Formby Credit Control
- Formby Bookkeeping Services
- Formby PAYE Wages and CIS
- Formby Tax Returns
- Formby Sole Trader Bookkeeping
- Formby Small Business Bookkeeping
- Formby Bookkeeping Price Quotes
- Formby Cheap Bookkeeping
- Formby Tax Preparation
- Formby Cash Flow Analysis
- Formby Double-Entry Bookkeeping
- Formby Self-Assessment Bookkeeping
- Formby Profit and Loss Reporting
- Formby Payroll Services
Bookkeepers Around Formby: People living in the following streets have just recently requested bookkeeping services - Kent Avenue, Lingdales, Southport Road, The Copse, Pasture Lane, St. Lukes Church Road, Longfield, Broad Lane, Formby Street, Lime Tree Way, Eccles Road, Timms Close, Weld Drive, Priesthouse Lane, Lytles Close, Alderson Crescent, Chestnut Way, Barkfield Lane, Graburn Road, Queens Croft, Moss Side, Kew Road, Cheapside, York Road, Lovelady Grove, The Evergreens, Park Close, Eight Acre Lane, Priory Close, Brackenway, as well as the following local Formby postcodes: L37 2LE, L37 1LY, L37 1NF, L37 2HA, L37 1NQ, L37 2EN, L37, L37 1YB, L37 2DH, L37 1YJ.
More Merseyside Bookkeepers: More Heswall, Litherland, Liverpool, Crosby, Maghull, St Helens, Newton-le-Willows, Formby, Prescot, Bootle, Birkenhead, Bebington, Haydock, Kirkby, Halewood, Wallasey and Southport.:
Bookkeeping Jobs Formby: See bookkeeping jobs near Formby here: Bookkeeping Jobs Formby
To read local Formby information look here
Bookkeepers in L37 area, 01704.
VAT Returns Formby - Small Business Bookkeeping Formby - Double-Entry Bookkeeping Formby - Quickbooks Bookkeeping Formby - Bookkeeping Quotations Formby - Self-Assessment Tax Returns Formby - Bookkeepers Near Formby - Bookkeeping Services Formby - Bookkeeper Formby