Bookkeepers Greenwich Greater London (SE10): To comply with the Companies Act, if you are a sole trader, own a small business or operate an online store in Greenwich, you're entirely responsible for maintaining "true and fair", accurate financial and accounting records for a minimum of six years. If you cannot produce such records you could face thousands of pounds in fines and possibly disqualification as a Company Director. It can be more cost-effective to employ a professional accountant or bookkeeping company to conduct this for you, since according to the trade magazine Accounting Today over forty percent of small businesses spend 80 plus hours each year on their bookkeeping, which is a substantial time investment, and could be more efficiently spent on your key business activities.
If you're overcome with a sense of panic simply thinking about tracking assets and liabilities, filling out ledgers, producing balance sheets or preparing profit, loss and financial statements, then the time to get in touch with a bookkeeper in Greenwich for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the distinction between an accountant and a bookkeeper is the first question that many folks in Greenwich ask. The fact is, because of significant improvements in software over the past decade many accountancy companies in the Greenwich area will undertake bookkeeping, which was previously regarded as beneath their skill-sets, qualifications and experience. To keep their bookkeeping services in step with a dedicated bookkeeper's fee, it's now common practice for many accounting firms to charge a set rate for these services. This means that the cost of bookkeeping is cheaper than it previously was, and is great news for small business owners in Greenwich since it provides a greater variety of competition within the industry.
When thinking about the biggest difference between a bookkeeper and an accountant in Greenwich, it is the amount of training and qualification that's required for each discipline. At least an accounting degree with additional training in taxation and other fiscal and business management, will normally be held by an accountant. A bookkeeper in Greenwich may not have the same levels of training and experience, or hold these qualifications, but will still have a good grasp of these skills.
RESPONSIBILITIES OF A BOOKKEEPER IN GREENWICH
In the simplest of terms, bookkeeping involves the recording of day by day transactions of any business enterprise in Greenwich. This will include, but is not limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reports and reconciliations.
- VAT submissions and recording.
- Documenting invoices received and making certain payment is completed promptly.
- Recording of all financial incomings; card, cash and electronic payments included.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- Billing of clients for work completed or goods.
While it is dependent on the kind of service you're interested in, if you are happy to do the vast majority of the bookkeeping work yourself, a professional bookkeeper may just be needed to periodically double-check your records. This ought to be done monthly as a bare minimum, as this will allow any problems or mistakes to be detected and corrected speedily. This may be an extremely cost-effective trade-off, as long as you're able to stay on top of your financial transactions without compromising your day by day trading operations.
Whatever the situation is with your business, if you are seriously thinking of hiring a bookkeeper in Greenwich, there is a fair chance that you could be stressed with the process of recording your financial information. A good bookkeeping service will be able to give advice on everything from stocktaking, invoicing and creating expense reports, to linking your accounts with the most up-to-date software to enable the seamless sorting of financial data.
One of the most vital elements of good bookkeeping practice, is being able to efficiently reconcile accounts payable with cash flow. Which means that rather than waiting on an overdue notice, which many small businesses in Greenwich are guilty of at some time or other, or paying an outstanding bill immediately, your bookkeeper will prioritise bill payments to a time when your finances are in good order. Together with keeping your business financially secure, this also maintains your good standing with your service providers and suppliers. This is just one of those juggling acts that can be tough to perform when you're primarily focussed on the smooth running of your daily business activities.
For your small business, or if you are a sole trader, employing an experienced bookkeeper in Greenwich, presents you with the chance to have an impartial eye cast over your business affairs. This unprejudiced assessment can allow them to see business patterns and trends that might have gone unnoticed. It's not uncommon for a bookkeeper to spot an opportunity or flag an area which is decreasing in profits. Spotting such KPI's (key performance indicators) is important for the growth of any small business in Greenwich.
Having to pursue a late payment can be a fairly embarrassing scenario for you, if you send out invoices as part of your business operations. Some of that awkwardness can be removed by having a person outside your normal business bubble make that telephone call or visit to your clients. If you've got problems with a repeating late payer there are legal techniques a bookkeeper can use to help to clear up the situation before the issue winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the bookkeeping requirements, as set out in law, start off relatively straightforward. It is required that sole traders should keep records of expenditure and income from month to month and retain all receipts and invoices. Although this might initially sound quite simple, hiring the expert services of a bookkeeper is still good practice. When working through your Self-Assessment tax returns, a specialist sole trader bookkeeper in Greenwich can give you advice on what your valid business expenses are, and ensure these are claimed back from HMRC each year. This might include bills and rent if you work from home, printer ink, stationery, items such as computing equipment and advertising. For more in-depth advice, talk to your bookkeeper, and learn how they may be able to help your business to flourish and grow going forward.
BOOKKEEPING FOR ONLINE TRADERS
Certain small businesses that work in niche markets, may need to use a specialist bookkeeper. As an example, if you run an online store, you'll be wise to employ a bookkeeper in Greenwich who's familiar with cross-border and international taxes, online payment procedures, multi-currency processing and exchange rate transfers. Overseeing inventory on a 24 hours a day basis is also a huge concern, if that same shop sells goods that you hold or produce, as I'm sure you are aware the internet doesn't sleep, therefore neither should your bookkeeping services and software.
In combination with bookkeeping service, a remote virtual office can also be provided. Offering a physical link with their customers, this allows an online only business or sole trader to have a telephone service and postal address. Although this option might not be provided by all bookkeepers in Greenwich, it is certainly worth discussing the possibilities if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a professional Greenwich bookkeeper to have a university degree, and many of the bookkeeping industry qualifications are held at Diploma and Certificate level. Although there's an ever-increasing selection of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that's the chosen route.
Training and certification for bookkeepers is mostly provided by two organisations:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest organisation on the planet and provides certification for qualified bookkeepers, in addition to reference material and training to keep their associated members up-to-date.
The Association of Accounting Technicians or AAT: With fully trained members entitled to use the letters AATQB, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. This then entitles them to become a certified AAT bookkeeper and assures a high standard of service which is backed by the association. Bookkeepers who are affiliated with the AAT can can be subject to tribunal and disciplinary processes if a complaint is made against them or they are found to have contravened the code of practice. This helps to protect the values and integrity of AAT membership.
The accreditations of any professional bookkeeper can be verified on the register of AAT or ICB members on their websites. Carrying out such checks is usually advised before actually using the services of any local bookkeeper in Greenwich.
Outsourced Bookkeeping Greenwich
All businesses in Greenwich should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, their incomings and outgoings, the money left in their bank, and more. With the owner of the business having to handle the concerns and issues of running a business, the task of carrying out the bookkeeping is sometimes outsourced to freelance bookkeepers or a bookkeeping company in Greenwich.
If a company in Greenwich employs a bookkeeper in order to become an employee, the company will have to pay out a considerable sum of money in training the individual for the purpose of working on the bookkeeping work. In addition, there's no guarantee that he or she will stay after the training is finished. In circumstances like that, the company can lose a significant sum of money for very little return. Aside from that, businesses will need to seek out ways and means to provide incentives and benefits to keep the fully trained employee within the business. These are just a taste of the reasons why companies quite often enlist the services of bookkeeping companies and professional bookkeepers in Greenwich.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who might continue with outdated 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. You will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Greenwich. The majority of these companies promise and deliver good quality service. It assumes importance for a business to look into the reputation of these Greenwich bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
Greenwich Bookkeeper Tasks
Most bookkeepers in Greenwich will be prepared to provide you with the following accounting and bookkeeping services: off-site bookkeeping, bookkeeping for limited companies, bookkeeping for payroll, Kashflow bookkeeping services in Greenwich, bank reconciliation, bookkeeping for home-based businesses, bookkeeping and accounting, bookkeeping services for societies, bookkeeping for small businesses, cash flow analysis, Self-Assessment tax returns, bookkeeping services, tax returns, financial statement preparation, landlord bookkeeping, cheap bookkeeping services, bookkeeping services for charities, bookkeeping for sole traders in Greenwich, bookkeeping for pubs, bookkeeping services for freelancers, Xero bookkeeping, partnership returns, bookkeeping services for self-employed, franchise bookkeeping, bookkeeping services for shops, bookkeeping estimates in Greenwich, credit control, company cash books, bookkeeping for restaurants, tax return preparation Greenwich, and more. Listed are just an example of the activities that are accomplished by local bookkeepers. Greenwich providers will keep you informed about their whole range of services. If there are different Greenwich bookkeeper requirements that you need but can't see here, you should list them on the QUOTE FORM provided. We'll be in touch with information just as soon as we can.
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Bookkeepers Near Greenwich
Also find: Vanbrugh Park bookkeepers, Isle of Dogs bookkeepers, Royal Arsenal bookkeepers, Maze Hill bookkeepers, Newlands bookkeepers, Welling bookkeepers, Polthorne Estate bookkeepers, Surrey Quays bookkeepers, Silvertown bookkeepers, Lee bookkeepers, North Greenwich bookkeepers, Southfields bookkeepers and more. Practically all of these locations has access to companies providing bookkeeping services. With this level of accessibility, finding the required financial support to manage accounts successfully becomes easy for both individuals and businesses. By clicking here, residents and businesses in the area can obtain price quotes for bookkeeping.
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