Bookkeepers Gravesend Kent (DA11): To comply with the Companies Act, if you are a sole trader, own a small business or operate an online store in Gravesend, you are responsible for keeping accurate, "true and fair" accounting and financial records for at least 6 years. You might face a fine of thousands of pounds, and possibly Company Director disqualification, if you cannot produce this information. It can be more economical to use a professional accountant or bookkeeping service to conduct this for you, given that according to Accounting Today magazine over forty percent of small business owners spend at least 80 hours each year doing their bookkeeping, which is a substantial investment of time, and might be more efficiently spent on your primary business activities.
The time has come to get in touch within Gravesend for advice and guidance, if you're filled with terror just thinking about writing ledgers, creating profit, loss and fiscal reports, tracking assets and liabilities or producing balance sheets.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the difference between a bookkeeper and an accountant?" Is a question that's asked by many small business owners in Gravesend. The truth is that although at one time the bookkeeping process, was deemed beneath the experience, skill set and qualifications of an accountant, because of improvements in software over the past decade, a lot of accountancy firms in Gravesend will now undertake bookkeeping. For many accounting companies it's now fairly common to charge a set rate for bookkeeping services, to keep them commensurate with the normal charges of an independent bookkeeper in Gravesend. This is good news for business owners in Gravesend since it generates a wider range of competition within the industry and can make your bookkeeping cheaper than initially thought.
When considering the big difference between an accountant and a bookkeeper in Gravesend, it's the amount of training and qualification that's necessary for each of these disciplines. Anwill usually a least hold a degree in accounting with specialist training in taxation and other business and fiscal management. Although in Gravesend will definitely have a good grasp of these skills, they may not have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN GRAVESEND
The bookkeeping process in simple terms, is to record the day to day transactions of any enterprise or business in Gravesend. This will likely include, but is in no way limited to;
- Making sure that double-entry bookkeeping and accounting practices are followed.
- VAT recording and submissions.
- Billing of clients for work completed or goods.
- Payroll services.
- Monthly reports and reconciliation.
- Recording invoices received and ensuring that payment is completed on time.
- Logging of all financial incomings; cash, card and electronic payments included.
- Highlighting any discrepancies in financial accounts and rectifying them.
Depending on service level you need, e.g. whether you are in a position to carry out most of your bookkeeping work; a bookkeeper may only be necessary for double-checking your records on a fixed schedule. So that any mistakes or problems can be identified and amended speedily, at the bare minimum, this ought to be done from month to month. As long as it's possible to stay in control of your financial transactions without affecting your daily business activities, this option can be the most cost-effective trade-off.
Whatever the situation is with your small business, if you're currently considering hiring a bookkeeper in Gravesend, there's a fair chance that you might be getting stressed about the process of financial records and tax returns. To facilitate the seamless processing of transactional data, a professional bookkeeping service will help you to link the latest software to your accounts, and will offer advice and guidance on things such as producing expense reports, invoicing and stocktaking.
One of the most vital elements of good bookkeeping, is the ability to correctly reconcile accounts payable with cash flow. Which means that your bookkeeper will schedule bill payments to a time when your accounts are buoyant and in good order, rather than paying an outstanding bill immediately, or waiting on an overdue notice, which many small businesses in Gravesend are guilty of at some time or other. Together with keeping your business enterprise financially secure, this also maintains your good standing with service providers and suppliers. This is a balancing act that you may find challenging to perform on your own when you're purely focussed on the operation of your business.
If you are a sole trader, or operate a small business, employing a competent bookkeeper in Gravesend, also gives them the opportunity to cast a critical eye over the operation of your business. It is quite possible that an unprejudiced appraisal such as this will showcase business trends and patterns that have been missed previously. A scenario where a clever bookkeeper flags up an area which is dropping in profits, or spots an opportunity which could be lucrative, is not at all an unusual occurrence. For the growth and success of any small business in Gravesend, it is crucial that these key performance indicators are spotted early.
Chasing up a late payment can be a fairly uncomfortable scenario for you, if you give out invoices in your business operations. Some of that embarrassment can be taken away by having an independent person outside your normal business bubble make that telephone call or visit to your customers. A bookkeeper can make use of legal options to handle a repeating late payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you are a sole trader, are relatively straightforward and basic. In essence, sole traders must keep all receipts and invoices, and keep a record of expenditure and income from month to month. While this may sound simple it is still recommended that you retain the expertise of a bookkeeping company. Offering advice on what legitimate business expenses you can claim back, a specialised sole trader bookkeeper in Gravesend will look after your financial dealings with HMRC. This may include consumables, advertising expenses, stationery, items such as computers and bills and rent if you work from home. If you would like to get more comprehensive advice, and see how your business can grow and develop moving forward, chat to your bookkeeper.
ONLINE TRADERS IN GRAVESEND
Some business enterprises that operate in niche areas, might need to employ a specialised bookkeeper. If you manage an online store for example, you're going to need a bookkeeper in Gravesend who understands online payment procedures, cross-border and international taxes, multi-currency processing and exchange rate transfers. If you produce or hold the goods that you distribute through that store, then it's going to be a major concern for your bookkeeping software or services to monitor your your inventory and stock on a 24 hours a day basis, because the internet never sleeps.
A remote virtual office can also be provided together with bookkeeping service. Providing a physical connection to their clients, this enables a sole trader or online only business to have a telephone service and postal address. It is certainly worth discussing this possibility if it is something that could benefit you, although not all bookkeeping companies in Gravesend will supply this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Gravesend bookkeeper need not have a university degree and most this sector's qualifications are at Certificate or Diploma level. There are an ever-growing number of courses available online, although qualifications can still be obtained via further education colleges and universities.
Training and certification for bookkeepers is mainly provided by 2 key organisations:
The Association of Accounting Technicians or AAT: With fully trained members being able to use the letters AATQB after their name, the AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications. They are then permitted to become approved AAT bookkeepers, which guarantees their clients a level of service which is backed by the organisation. If an AAT bookkeeper has a complaint against them or is found to have breached the code of practice they could be subject to disciplinary and tribunal procedures to protect the integrity and values of AAT membership.
The Institute of Certified Bookkeepers or ICB: Keeping their associated members up-to-date with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world, providing certification for qualified bookkeepers, along with reference material and training.
By going to their websites, you are able to check the register of ICB or ATT members, to verify the qualifications of any professional Gravesend bookkeeper. Before retaining the services of any professional bookkeeper in Gravesend it is recommended that you perform this check.
Bookkeeping services are available for those living in in Gravesend and also in nearby places like: Cliffe Woods, Riverview Park, New Barn, Pinden, Higham, Chalk, Singlewell, Milton, Istead Rise, Bean, Shorne, Ebbsfleet, Southfleet, Green Street Green, Cooling Street, Longfield, and in these postcodes DA11 0SD, DA11, DA11 0DN, DA11 0BA, DA11 0EP, DA11 0JZ, DA11 0QS, DA11 0RS, DA11 0BS, DA11 0HE. Locally based Gravesend bookkeeper services will most likely have the telephone code 01474 and the postcode DA11. Checking this will confirm that you access locally based bookkeepers. Gravesend sole traders and business owners can utilise these and various other similar services.
Bookkeeping Gravesend - Outsourcing Options
All businesses in Gravesend should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, the money left in their bank account, their outgoings and incomings, and the like. With the business owner having to contend with the concerns and issues of operating a business, the task of carrying out the bookkeeping is usually outsourced to freelance bookkeepers or a bookkeeping company in Gravesend.
If a company in Gravesend employs a bookkeeper in order to join their ranks, the company will have to spend a substantial sum of money in training that individual for the purpose of carrying out the bookkeeping work. Furthermore, there's no guarantee that the individual will stay for long in the company. In circumstances like that, the company will have squandered a considerable amount of money for very little return. Aside from that, firms will have to seek out solutions to offer benefits and incentives to keep the trained employee in house. These are a few of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Gravesend.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with out-of-date accounting practices. Again, they're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Gravesend. The majority of these companies promise and deliver good quality service. It assumes importance for a business to look into the background of these Gravesend bookkeeping companies when it comes to hiring a 3rd party company for bookkeeping purposes.
The business owner in Gravesend can look for the following options with the bookkeeping company that offers outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Seeing that the expenses relating to hiring and training the in-house staff is an enormous concern, it would be sensible on the part of business owner in Gravesend to look for an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's very important to get good quality accounting services and greater security for your financial data. By quality, we mean reliable, precise, and real-time bookkeeping data delivered within the agreed time. In a nutshell, the company that offers bookkeeping services in Gravesend should have a well protected system that can be relied on and trusted.
The United Kingdom requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. Especially if you are not acquainted with the process, this task can be challenging. A bookkeeper can help you to keep your records in order and prepare your tax return on time and accurately.
For your tax returns, using a bookkeeper can be beneficial in several ways. To ensure that your return is completed correctly, they will have expertise and experience. This should help you to avoid penalties from HMRC, as well as interest charges. Secondly, the use of a bookkeeper can save you a lot of hassle, stress and time. They will look after all of the paperwork and calculations, so you can focus on running your business. Thirdly, essential advice on tax planning can be provided by a bookkeeper in Gravesend. This can help you to minimise your tax liability and maximise your profits. (70193)
Gravesend Bookkeeper Tasks
Most Gravesend bookkeepers will be prepared to offer you the following accounting and bookkeeping services: Sage bookkeeping services, maintaining fixed asset registers, Kashflow bookkeeping, bookkeeping quotations in Gravesend, bookkeeping for shops, bookkeeping services for retail outlets in Gravesend, Self-Assessment tax returns, wages & PAYE Gravesend, bookkeeping for home-based businesses in Gravesend, bookkeeping services for pubs, bookkeeping for small business, accountancy packages, cash flow analysis in Gravesend, bookkeeping services for limited companies, company cash books, Quickbook bookkeeping services, bookkeeping services for restaurants, bank reconciliation, tax returns, mobile bookkeeping services, bookkeeping services for tradesmen, bookkeeping services for self-employed, independent bookkeeping services, accounting and bookkeeping services, VAT returns, financial statement preparation, partnership returns in Gravesend, profit & loss reports, accounting and bookkeeping, charity bookkeeping Gravesend, and more. These are just a handful of the tasks that are accomplished by local bookkeepers. Gravesend professionals will be happy to inform you of their whole range of services. If there are different Gravesend bookkeeper requirements that you want but don't see here, you should list them on the QUOTE FORM provided. We'll be in touch with details just as soon as we are able.
Bookkeepers Near Gravesend
Also: Southfleet bookkeepers, Riverview Park bookkeepers, Longfield bookkeepers, Singlewell bookkeepers, Cooling Street bookkeepers, Chalk bookkeepers, Bean bookkeepers, New Barn bookkeepers, Pinden bookkeepers, Milton bookkeepers, Cliffe Woods bookkeepers, Ebbsfleet bookkeepers, Shorne bookkeepers, Green Street Green bookkeepers, Istead Rise bookkeepers, Higham bookkeepers and more.
- Tax Returns
- Self-Assessment Bookkeeping
- Payroll Services
- Bookkeeping Services
- Invoice Processing
- Cheap Bookkeeping
- Sole Trader Bookkeeping
- Tax Preparation
- Small Business Bookkeeping
- Bookkeeping Estimates
- VAT Returns
- Credit Control
- Wages PAYE and CIS
- Cash Flow Solutions
Bookkeepers Around Gravesend: People who live in these nearby Gravesend areas and streets have recently enquired about bookkeeping services - Alfred Place, Commercial Place, Christchurch Road, Butchers Hill, Clarendon Road, Abbots Field, Southfleet Road, Brown Road, Battle Street, Bader Walk, Camer Park Road, St Davids Crescent, Saddington Street, Bernard Street, The Curlews, Copperfield Close, Saunders Close, Snelling Avenue, Timberbank, Dowding Walk, Broadwood, Camer Street, Burnaby Road, Darnley Road, Axtane, Sheppy Place, The Parade, as well as these local Gravesend postcodes: DA11 0SD, DA11, DA11 0DN, DA11 0BA, DA11 0EP, DA11 0JZ, DA11 0QS, DA11 0RS, DA11 0BS, DA11 0HE.
More Kent Bookkeepers: More Dartford, Deal, Birchington-on-Sea, Cranbrook, Broadstairs, Biggin Hill, Staplehurst, Northfleet, Sevenoaks, Boxley, Sheerness, Snodland, Gillingham, Gravesend, New Romney, Tenterden, East Malling, Sturry, Tonbridge, Walmer, Meopham, Margate, Southborough, Dover, Canterbury, Westgate-on-Sea, Hartley, Strood, Ramsgate, Faversham, Maidstone, Sittingbourne, Wilmington, Paddock Wood, Sandwich, Bearsted, Minster, Swanscombe, Westerham, Kingsnorth, Swanley, Folkestone, Herne Bay, Aylesford, Tunbridge Wells, Ashford, Rochester, Pembury, Chatham, West Kingsdown, Lydd, Edenbridge and Whitstable.:
Bookkeepers in DA11 area, phone code 01474.
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