Bookkeepers Godalming Surrey (GU7): Whether you run an online store, operate a small business or are a sole trader in Godalming, you're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for at least 6 years in compliance with the Companies Act (2006). If you cannot produce such records you may face thousands of pounds in fines and possible Company Director disqualification. The trade magazine Accounting Today states that over forty percent of small businesses spend at least 80 hours per year doing their accounts, therefore although you can carry out these financial recordings on your own, it's often more cost-effective to use a professional bookkeeping company or accountant to do them instead.
If you are filled with panic merely thinking about tracking assets and liabilities, filling out ledgers, compiling balance sheets or creating profit, loss and fiscal reports, then the time to get in touch with a bookkeeper in Godalming for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the difference between a bookkeeper and an accountant is the first question that springs to mind for many business owners in Godalming. While in past times a lot of accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill-sets, many accountancy firms in Godalming will now undertake bookkeeping, due to software developments over the past decade. It's fairly common for accounting firms to charge a flat rate for bookkeeping services in keeping with a dedicated bookkeeper's fee. This is excellent news for business owners in Godalming as it generates a wider range of competition within the industry and can make your bookkeeping costs much more affordable than previously imagined.
The standard of training and qualification that's required is the biggest difference between an accountant and a bookkeeper. An accountant will, at the very least, hold a degree in accounting, and will have also had additional training in fiscal and business management, and taxes. Although bookkeepers in Godalming will undoubtedly have a good understanding of these procedures, they may not have the same levels of experience and training in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, bookkeeping involves the careful recording of day to day transactions (financial) of any business or enterprise in Godalming. This may include, but isn't limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- VAT recording and submissions.
- Logging of all financial incomings; cash, electronic and card payments included.
- Payroll services.
- Monthly reconciliations and reports.
- Billing of customers for work completed or goods.
- Documenting invoices received and ensuring that payment is completed by the due date.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
If you're prepared to undertake the vast majority of your bookkeeping work yourself; a bookkeeper might only be necessary for double-checking your records every once in a while. To ensure that any mistakes or problems can be found and amended speedily, at the bare minimum, this should really be on a monthly basis. This trade-off can sometimes be the most affordable compromise if you're confident of staying up-to-date with your everyday trading and financial transactions.
Whatever the circumstances are with your small business, if you are currently looking at hiring a bookkeeping service in Godalming, it's fairly likely that you might be having problems with the process of financial recording and taxes. A decent bookkeeping service will help you with everything from stocktaking, invoicing and creating expense reports, to linking your business accounts with the latest software application to seamlessly process all of your data.
One of the most vital elements of good bookkeeping, is the ability to efficiently reconcile cash flow with accounts payable. Which means that by optimising the payment of bills to a time when your finances are in good order, your bookkeeper will avoid the thing that most small businesses are guilty of at some time or other i.e. paying off a bill immediately, or waiting on an overdue notice. This not only keeps you in the good books of suppliers and the businesses who supply services to you, but also ensures that your business enterprise is financially secure. When you're mostly focussed on running your business, this is a juggling act that you may find difficult to perform as an individual.
Having somebody who's unconnected to the business cast a critical eye over your financial affairs, is another added benefit of employing a qualified bookkeeper in Godalming for your small business or if you're a sole trader. It could be that business trends and patterns that you may have disregarded will thus be highlighted. A bookkeeper spotting a new opportunity or noticing an area of the business which is dropping in profits, is not at all unheard of. For driving the growth of any small business in Godalming, it is crucial that such KPI's (key performance indicators) are spotted early.
It can sometimes be uncomfortable to pursue late payments if your company gives out invoices. Having an individual outside your business bubble, can take away the awkwardness of making that telephone call or visit to your clients. To help resolve the issue, if you have a persistent late or non-payer, there are legal strategies that can be made use of by a bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are comparatively straightforward and basic. In essence, sole traders should retain all invoices and receipts, and keep a record of income and expenditure on a month by month basis. While this may sound easy it is still a wise move to hire the expert services of a competent bookkeeper. Offering advice on what bonafide business expenses you might be able to claim back, a dedicated sole trader bookkeeper in Godalming will deal with HMRC on your behalf. This may include promotional advertising, stationery goods, items such as computing equipment, rent and bills if working from home and printer ink. To learn how they can help your business to grow and prosper, chat to a trusted bookkeeper for more comprehensive guidance and advice.
ONLINE TRADERS IN GODALMING
Specialist bookkeepers are occasionally necessary for certain niches in bookkeeping. For example, if you run an online store, you will need to employ a bookkeeper in Godalming who is familiar with online payments, exchange rate transfers, multi-currency processing and cross-border and international taxes. If that same shop sells goods that you produce or hold, then supervising stock on a 24/7 basis is a vital concern, after all the internet does not sleep, therefore nor should your bookkeeping services and software.
A remote virtual office can also be provided together with bookkeeping services. This can be useful in enabling an online only business or sole trader to have a phone service and postal address to provide a physical link with their client base. Not all bookkeeping businesses in Godalming will be in a position to supply this option, however it's worth discussing the possibilities if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Godalming bookkeeper needn't have a degree and many the industry qualifications are at Diploma and Certificate level. Qualifications can be obtained via further education colleges and universities but there is also an ever-growing array of online courses available.
There are essentially two primary organisations that offer training and certification to bookkeepers:
The AAT (Association of Accounting Technicians): The Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications allowing fully trained bookkeepers to use the letters AATQB after their name. They're then entitled to become authorised AAT bookkeepers, which guarantees their clients a decent level of service which is backed by the organisation. To preserve the values and integrity of AAT membership, if an AAT bookkeeper is found to have breached the code of practice or has a complaint against them, they could be subject to disciplinary and tribunal processes.
The ICB or Institute of Certified Bookkeepers: The ICB or Institute of Certified Bookkeepers is the largest in the world and supplies accreditation to certified bookkeepers, in addition to training and reference material to keep their associated members up-to-date.
By going to their websites, you are able to check the register of AAT or ICB members, to confirm the qualifications of any professional bookkeeper. Implementing this check is strongly recommended before retaining the services of any bookkeeper in Godalming.
Bookkeeping services are available in Godalming and also nearby in: Wanborough, Charterhouse, Catteshall, Shackleford, Compton, Hurtmore, Puttenham, Milford, Farncombe, Busbridge, Wormley, Chiddingfold, Brook, Hambledon, and in these postcodes GU7 1GF, GU7 1HF, GU7 1PH, GU7 1LB, GU7 1HH, GU7 1AH, GU7 1AA, GU7 1JU, GU7 1EX, and GU7 1LE. Local Godalming bookkeepers will most likely have the postcode GU7 and the telephone dialling code 01483. Checking this can ensure that you access locally based bookkeepers. Godalming sole traders and business owners can utilise these and many other similar services.
VAT Returns by a Bookkeeper
Getting your VAT returns done by a bookkeeper in Godalming can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by a bookkeeper. Moreover, 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. By enlisting the aid of a bookkeeper, you can relax with the knowledge that your VAT returns are being managed with precision and efficiency, enabling you to dedicate more time to expanding your business in Godalming. Choosing to hire a bookkeeper can offer you a cost-effective strategy that can help you steer clear of any HMRC penalties or fines resulting from late submissions or incorrect vat returns, potentially resulting in savings over the long run. To summarise, small business owners in Godalming can enjoy a reliable, cost-effective, and efficient way of managing their VAT returns by hiring a bookkeeper, which can help them stay compliant with tax regulations, reduce their tax liability, and allocate more time to growing their business.
What Are the Main Advantages of Using a Bookkeeper in Godalming Over an Accountant?
The following are some reasons why you may choose to use a bookkeeper in Godalming, instead of an accountant:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Affordability: Bookkeeping services are generally more budget-friendly when compared with accounting services, meaning they are an economical option for sole traders, small businesses and startups.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants may have a more general approach.
- Time Savings: By choosing to outsource their bookkeeping tasks, businesses can save time and focus on other areas of their business, for instance sales and marketing.
- Availability: Bookkeepers are often more accessible and readily available to provide support and answer questions compared to an accountant, who may only be reachable during certain times of the year.
It is important 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 financial planning or tax preparation. In these cases, seeking the specialist services of an accountant may become necessary.
Cash Flow Analysis
Cash flow analysis is an important instrument by which businesses can gauge their financial health. The responsibility of undertaking cash flow analysis for businesses lies with bookkeepers. To do this, it is necessary to track the inflow and outflow of cash for the business over a specific period of time, typically monthly or quarterly. The bookkeeper's task is to assist the businessperson in comprehending their current financial condition, detecting any cash flow issues, and planning for the future.
Categorizing and reconciling all cash transactions, such as investments, sales and expenses, is part of the analysis that creates a clear picture of the company's financial health. 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.
Furthermore, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. Any business that wants to manage their finances effectively must have a precise and comprehensive cash flow analysis.
Tax Returns
The United Kingdom requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. If you're not acquainted with the process, this task can be especially challenging. A bookkeeper can help you keep your records in order and prepare your tax return on time and accurately.
Many benefits can be gained by employing a bookkeeper for your tax returns. To make certain that your return is completed correctly, they will have expertise and experience. This should help you avoid any penalties or interest that HMRC may charge. Second, bookkeepers can save you time and hassle. All of the paperwork and calculations will be taken care of by them, so you can concentrate on your business. Thirdly, invaluable advice on tax planning can be provided by bookkeepers in Godalming. This can help you to boost your profits and lower your tax liability. (83543 - Tax Returns Godalming)
Godalming Bookkeeping Tasks
Most bookkeepers in Godalming will be ready to provide you with the following accounting and bookkeeping services: franchise bookkeeping services, tax returns, bookkeeping services, Self-Assessment tax returns, profit & loss reports, bookkeeping for societies in Godalming, bookkeeping services for retail outlets, professional bookkeeping services, small business tax returns, accounting and bookkeeping in Godalming, bookkeeping quotes, Sage bookkeeping, company cash books, accountancy packages in Godalming, credit control in Godalming, off-site bookkeeping, payment services, invoice processing in Godalming, charity bookkeeping services in Godalming, landlord bookkeeping, independent bookkeeping services, VAT returns, management accounts, bookkeeping services for small businesses, bookkeeping services for startups, bookkeeping services for shops, maintaining fixed asset registers, bookkeeping for home-based businesses, cash flow analysis in Godalming, payroll bookkeeping, and more. Listed are just an example of the duties that are undertaken by local bookkeepers. Godalming providers will be delighted to keep you abreast of their full range of bookkeeping services. If there happen to be other Godalming bookkeeper requirements that you need but can't see here, you should mention them on the QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able.
Bookkeepers Near Godalming
Also find: Milford bookkeepers, Puttenham bookkeepers, Busbridge bookkeepers, Compton bookkeepers, Catteshall bookkeepers, Chiddingfold bookkeepers, Brook bookkeepers, Hurtmore bookkeepers, Hambledon bookkeepers, Shackleford bookkeepers, Wormley bookkeepers, Charterhouse bookkeepers, Farncombe bookkeepers, Wanborough bookkeepers and more. Individuals specialising in bookkeeping services are accessible across almost all of these locations. With this level of accessibility, finding the required financial support to manage accounts successfully becomes easy for both businesses and individuals. Residents and businesses in these places can get price quotes for bookkeeping by clicking here.
Bookkeeping Services Godalming
- PAYE and Wages
- Tax Preparation
- VAT Returns
- Sole Trader Bookkeeping
- Payroll Services
- Small Business Bookkeeping
- Bank Reconciliations
- Bookkeeping Estimates
- Bookkeeping Services
- Self-Assessment Bookkeeping
- Profit and Loss Analysis
- Cash Flow Management
- Cheap Bookkeeping
- Self-Assessment Tax Returns
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To obtain local Godalming information go here
Bookkeepers in GU7 area, 01483.
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