Bookkeepers Great Torrington Devon (EX38) Area: You are entirely responsible for keeping "true and fair", accurate accounting and financial records for a minimum of 6 years, if you operate a small business, run an online store or are a sole trader in Great Torrington, according to the Companies Act (2006). If you cannot produce such records, you may face disqualification as a Company Director and get a hefty fine. It's often more cost-effective to use a professional bookkeeper or accountant to conduct this for you, since according to Accounting Today over 40% of small business owners spend 80 plus hours per year on their bookkeeping, which is a considerable investment of time, and may be more effectively spent on actually running your business.
The time has come to contact a bookkeeper in Great Torrington for assistance, if you're filled with terror simply thinking about preparing profit, loss and financial statements, compiling balance sheets, tracking liabilities and assets or writing ledgers.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that's asked by most people in Great Torrington is "Exactly what is the distinction between a bookkeeper and an accountant?" While in past times many accountants considered the bookkeeping process to be beneath their skill set, qualifications and experience, a lot of accountancy companies in Great Torrington will now undertake bookkeeping, because of software improvements over the past decade. For many accounting companies it's now fairly common to charge a set fee for bookkeeping services, to keep them in line with the normal charges of a typical bookkeeper in Great Torrington. This means the cost of bookkeeping is far more manageable than it previously was, and is excellent news for small businesses in Great Torrington because it gives a wider variety of competition within the industry.
The standard of training and qualification that's necessary is the biggest difference between a bookkeeper and an accountant. An accountant will, at the minimum, hold an accounting degree, and will have also had specialist training in business and fiscal management, and taxes. Whilst likely not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Great Torrington will have a good grasp of all these fiscal skills.
RESPONSIBILITIES OF A BOOKKEEPER
The recording of day to day financial transactions of any business or enterprise in Great Torrington, describes the act of bookkeeping in simple terms. This may include, but is not limited to;
- VAT submissions and recording.
- Payroll services.
- Monthly reconciliations and reporting.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Billing of customers for work completed or goods.
- Logging of all financial incomings; including electronic, cash and card payments.
- Recording the receipt of invoices and making certain that payment is completed punctually.
Contingent upon the level of service you require, a professional bookkeeper may just be needed to periodically double-check your accounts, if you're able to perform the majority of bookkeeping work yourself. As a bare minimum this really needs to be done monthly, to enable the quick detection and correcting of any problems or mistakes. This trade-off can sometimes be the most affordable compromise if it is possible to stay in control of your daily financial transactions and business operations.
If you're currently considering hiring a bookkeeper in Great Torrington, whatever your circumstances are, it's fairly likely that you may be stressed with your financial recording procedures. Offering advice on everything from stocktaking, creating expense reports and invoicing, a professional bookkeeping service will also be able to guide you through the process of linking your business accounts with the most up-to-date software application to enable the seamless processing of your business's data.
An extremely important element of a good bookkeeper is being able to reconcile cash flow with accounts payable. Which means that your bookkeeper will arrange bill payments to times when your accounts are buoyant and in good order, instead of paying a bill right away, or waiting on an overdue notice, which many small businesses in Great Torrington are guilty of doing. This is not merely to ensure your business enterprise is on a good financial footing at all times, but also to keep you in favour with those people who provide your materials or services. When you are inevitably focussed on the smooth running of your business, this is a juggling act that can be tough to accomplish on your own.
Having somebody who is not associated with the business cast an expert eye over your financial dealings, is another added benefit of employing a qualified bookkeeper in Great Torrington for your small business or if you are a sole trader. It could be that business patterns and trends that you have overlooked could thus be pinpointed. A bookkeeper recognising a new opportunity or noticing an area of the business which is plummeting in profits, is by no means unusual. It's crucial for powering growth in any business enterprise in Great Torrington, to spot these key performance indicators (KPI's).
It can sometimes be quite awkward to chase up a late payment if your business gives out invoices. Some of that apprehension can be removed by having somebody outside your business bubble visit your client or make that telephone call. To help deal with the matter, if you have problems with a repeating late payer, there are methods that can be used by a professional bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are fairly straightforward and easy to understand. Sole traders are expected to keep track of income and expenditure on a monthly basis and retain all receipts and invoices. Whilst this may sound simple it is still recommended that you hire the services of a competent bookkeeper. A specialist sole trader bookkeeper in Great Torrington will be able to give you advice on what you're able to claim back from HMRC as bonafide business expenses. This may include consumables, rent and bills if working from home, promotional advertising, items such as computers and stationery goods. If you'd like to get more comprehensive advice, and see how your small business can grow moving forward, talk to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialist bookkeepers are necessary now and again for certain niches in bookkeeping. If online payments, exchange rate transfers, multi-currency processing and international and cross-border taxes are involved, for example if you run a store online, you will want to hire a bookkeeper in Great Torrington who's familiar with these practices. If you hold or produce the merchandise that you sell on that outlet, then it's going to be a major priority for your bookkeeping services and software to monitor your stock on a 24 hours a day basis, because the internet doesn't sleep.
In combination with your bookkeeping service, a remote virtual office can also be supplied. This is handy in enabling an online only business or sole trader to have a telephone service and postal address to provide a physical link with their client base. It's certainly worth talking about this possibility if it is required, although not all Great Torrington bookkeepers will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate and Diploma level, and a certified bookkeeper in Great Torrington does not need to have a degree. There is a growing array of courses available online, although qualifications can still be gained through further education universities and colleges.
There are two principal training and certification organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): The largest organisation of its kind anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it provides accreditation to certified bookkeepers, along with reference material and training to keep their members current with the latest trends and developments.
The AAT or Association of Accounting Technicians: Providing advanced qualifications and a training schedule, the Association of Accounting Technicians (AAT), enables a fully trained bookkeeper to use the letters AATQB. This then permits them to become a authorised AAT bookkeeper and promises a minimum standard of service which is backed by the organisation. To protect the integrity and values of the AAT, an AAT bookkeeper can be liable to disciplinary and tribunal processes if it is found that they've contravened the code of conduct or had a complaint against them.
By visiting the register of AAT or ICB members on their respective websites, it's possible to determine the qualifications of any professional Great Torrington bookkeeper. Performing this check is strongly recommended before hiring any local bookkeeper in Great Torrington.
Bookkeeping services are available for people living in in Great Torrington and also in nearby places like: Littleham, Saltrens, Stibb Cross, Torrington, Beaford, Weare Gifford, Roborough, Buckland Brewer, Langtree, Monkleigh, Frithelstock, Little Torrington, Taddiport, Yarnscombe, as well as in these postcode areas: EX38 8AW, EX38 7NZ, EX38 7BG, EX38 8DR, EX38 8ET, EX38 8AY, EX38 7ED, EX38 7DD, EX38 7DT, EX38 8HR. Local Great Torrington bookkeeper services will most likely have the telephone code 01805 and the postcode EX38. Checking this will confirm you access local bookkeepers. Great Torrington sole traders and business owners can benefit from these and various other comparable services.
Year-End Tax Return Preparation
A bookkeeper helps take the pressure out of year-end tax return preparation by handling the detailed checks in advance. They'll go through income, expenses, and payments to ensure records are accurate and complete. Any missing information is flagged early so it can be resolved properly. As part of this review, they'll check which expenses can be claimed and which costs shouldn't be included. This prevents incorrect figures being passed on. The bookkeeper then prepares organised schedules for the next stage. This level of preparation saves time, reduces errors, and helps avoid rushed fixes when deadlines are already close. (Tags: Year-End Tax Return Preparation Great Torrington)
Sales and Purchase Ledger Management
A bookkeeper handling sales and purchase ledger management brings clarity to a business's finances. Sales invoices are raised and recorded consistently, with payments allocated to the correct accounts as they come in. Supplier invoices are logged, checked, and monitored so payments go out when they should. There are also moments where invoice discrepancies or credit notes need sorting to keep records accurate. This attention to detail helps avoid strained supplier relationships and confused customers. With both ledgers maintained properly, cash flow becomes easier to predict. It also saves time later on, as there's no need to untangle months of missing or incorrect entries when reports or accounts are required. (Tags: Sales and Purchase Ledger Management Great Torrington)
What Are the Main Advantages of Using a Bookkeeper in Great Torrington Instead of an Accountant?
There are numerous benefits to using a bookkeeper instead of an accountant, including:
- Time Savings: By outsourcing their bookkeeping tasks, small business owners can save time and concentrate on other areas of their business, for example marketing and sales.
- Cost: Bookkeeping services are often less expensive than accounting services. This makes them a cost-effective choice for small businesses and startups.
- Specialisation: Bookkeepers have got a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Accessibility: Bookkeepers are usually more available to provide support and answer questions on a regular basis than an accountant, who might only be available at specific times.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants might have a more general approach.
That being said, it's important to note that whilst bookkeepers can provide invaluable support, they may not have the same level of qualifications or expertise as an accountant in certain aspects such as tax preparation or financial planning. In these instances, it may be necessary to consult an accountant for more specialist services.
Bookkeeping Great Torrington - Outsourcing Options
All businesses in Great Torrington should understand the significance of bookkeeping. It helps business people monitor the money left in their bank, their incomings and outgoings, the total value of their assets and liabilities, and more. With the business owner having to handle the concerns and issues of running a business, the task of carrying out the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Great Torrington.
If a company in Great Torrington hires a bookkeeper in order to join their ranks, the company will have to pay out a substantial sum of money in training the individual for the purpose of working on the bookkeeping work. In addition, there is no guarantee that the individual will stay after the training is concluded. In that case, the company will have thrown away a considerable amount of money. As well as that, firms will have to seek out solutions to offer incentives and benefits to keep the trained employee in house. These are just a taste of the reasons behind companies enlisting the services of professional bookkeepers and bookkeeping companies in Great Torrington.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who might continue with out-of-date accounting practices. Again, they aren't under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial sector. One will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Great Torrington. The majority of these companies promise and deliver top quality service. It assumes importance for a business to look into the background of these Great Torrington bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
These professional bookkeeping companies in Great Torrington should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
Bookkeeping Tasks
Most Great Torrington bookkeepers will be able to provide you with the following bookkeeping and accounting services: double-entry bookkeeping, bookkeeping services for pubs, management accounts, bookkeeping for self-employed, partnership returns, bookkeeping for payroll, data entry & cleanup of historic records, bookkeeping services, payslips & payroll processing, producing basic profit & loss reports, cash flow monitoring & reporting, bookkeeping for charities, small business tax returns, maintaining fixed asset registers, bookkeeping services for clubs in Great Torrington, Sage bookkeeping, bookkeeping for limited companies, bookkeeping services for shops, assistance with registering for self-employment in Great Torrington, bookkeeping services for freelancers, landlord bookkeeping, bookkeeping services for organisations, processing supplier bills & payments, bookkeeping services for societies, recording day-to-day financial transactions, payroll processing & payslip preparation, and more. These are just some of the tasks that are handled by local bookkeepers. Great Torrington providers will be happy to tell you about their whole range of services. If there happen to be some other Great Torrington bookkeeper requirements that you need but don't see here, you should list them on the QUOTE FORM provided. We'll be in touch with information as soon as we are able.
Bookkeepers in Nearby Areas
Also find: Beaford bookkeepers, Langtree bookkeepers, Yarnscombe bookkeepers, Monkleigh bookkeepers, Buckland Brewer bookkeepers, Roborough bookkeepers, Little Torrington bookkeepers, Weare Gifford bookkeepers, Torrington bookkeepers, Stibb Cross bookkeepers, Littleham bookkeepers, Saltrens bookkeepers, Frithelstock bookkeepers, Taddiport bookkeeper and more. All of these places are served by local bookeepers. Great Torrington people can get prices for bookkeeping services by going here.
Bookkeeping Services Great Torrington
- Bookkeeping Services
- Wages and PAYE
- Bookkeeping Quotations
- Credit Control
- Self-Assessment Tax Returns
- VAT Returns
- Self-Assessment Bookkeeping
- Cheap Bookkeeping
- Profit and Loss Reporting
- Sole Trader Bookkeeping
- Bank Reconciliations
- Tax Preparation
- Double-Entry Bookkeeping
- Cash Flow Management
More Local Services: Needless to say, when you are in need of a bookkeeper in Great Torrington, Devon, you will probably need all sorts of different services and together with a bookkeeper you may also need a financial adviser in Great Torrington, Ecommerce in the area, telemarketing in the vicinity, a business consultant in Great Torrington, card processing in the area, social media marketing in the area, HR consulting in Great Torrington, a marketing agency in the immediate area, pay per click advertising in the area, digital marketing services in the local area, cloud & hosting services in the immediate area, EPOS in the local area, an accountant in your locality, web design in the immediate area, network, database & IT support in the local area, video production in your locality, telephone system services in the vicinity, and other different local specialists.
Planned Bookkeeping Articles: Here are some of our bookkeeping articles that we plan to publish in the near future. So, if you are interested in any of these, please call back again: Bank and credit card reconciliation in Great Torrington. Accounts receivable management in Great Torrington. Management reporting in Great Torrington. Business startup advice and support in Great Torrington. Budget preparation and analysis in Great Torrington. Cash flow management in Great Torrington. Accounts payable management in Great Torrington. General ledger maintenance in Great Torrington. Bookkeeping clean-up in Great Torrington.
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Bookkeeping Great TorringtonBookkeepers in EX38 area, and dialling code 01805.
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