Bookkeepers Hanley Staffordshire (ST1): To comply with the 2006 Companies Act, if you operate an online store, run a small business or are a sole trader in Hanley, you're responsible for keeping accurate, "true and fair" accounting and financial records for at least 6 yrs. You might face a fine of thousands of pounds, and possibly disqualification as a Company Director, if you cannot produce these records. According to the trade magazine Accounting Today over forty percent of small business owners spend eighty hours plus annually on their bookkeeping tasks, so while you can do these financial records yourself, it can pay you to use a professional accountant or bookkeeping service to do them instead.
The time has come to get in touch with a bookkeeper in Hanley for assistance, if you're filled with a sense of dread merely thinking about preparing profit, loss and financial statements, compiling balance sheets, tracking liabilities and assets or writing out ledgers.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between an accountant and a bookkeeper?" Is a question that's asked by many people in Hanley. While in the past many accountants considered the bookkeeping process to be beneath their experience, skill set and qualifications, many accountancy companies in Hanley will now take on bookkeeping, due to significant software improvements over the past decade. For many accounting companies it is now quite common to charge a fixed rate for bookkeeping services, so that they're in line with the standard fees of an independent bookkeeper in Hanley. This makes the cost of bookkeeping more affordable than it previously was, and is fantastic news for small businesses in Hanley as it provides a greater variety of competition within this sector.
The biggest difference between an accountant and a bookkeeper is the amount of training needed. At least a degree in accounting with specialist training in the field of taxation and other financial and business management, will usually be held by an accountant. While having a decent understanding of these disciplines, a bookkeeper in Hanley may not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the logging of daily transactions of any business enterprise in Hanley. This will likely include, but is in no way limited to;
- Documenting of all financial incomings; including electronic, cash and card payments.
- Monthly reports and reconciliation.
- VAT recording and submissions.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Billing of customers for goods or work completed.
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- Payroll services.
- Recording the receipt of invoices and making sure that payment is completed on time.
Dependant upon service level you require, a professional bookkeeper might just be needed to double check your figures on a set schedule, if you are willing to undertake the majority of your own bookkeeping work. As a bare minimum this really needs to be done from month to month, to facilitate the rapid detection and rectifying of any mistakes or problems. So long as you are able to stay on top of your financial transactions without compromising your everyday business operations, this trade-off can be the most cost-effective solution.
Whatever the situation is with your company or business, if you are currently considering hiring a bookkeeper in Hanley, it's a good bet that you may be stressed with the process of recording your financial information. To facilitate the seamless organisation of financial data, a decent bookkeeping company will help you to link the most up-to-date computer software to your accounts, and will provide advice and guidance on stuff like invoicing, stocktaking and preparing expense reports.
The ability to reconcile accounts payable with cash flow, is an extremely important aspect of a good bookkeeper. Which means that instead of paying a bill immediately, or waiting for an overdue notice, which many small businesses are guilty of doing, your bookkeeper will prioritise bill payments to times when your finances are buoyant. As well as keeping your business financially sound, this also keeps you in the good books of suppliers and companies who provide services to your business. When, as an individual, you're inevitably focussed on running your business, this is a balancing act that can be difficult to accomplish.
Having someone who is not connected to the business cast a fresh eye over your financial transactions, is another added advantage of employing a qualified bookkeeper in Hanley if you are a sole trader, or for your small business. It is entirely possible that a nonpartisan appraisal such as this will highlight business trends and patterns that you haven't previously noticed. It is by no means unheard of for a clever bookkeeper to flag up an area of the business where profits are plummeting, or spot an opportunity that could be worthwhile. For driving the growth of any business enterprise in Hanley, it is vital that these key performance indicators (KPI's) are spotted early on.
Having to chase up late payments can be an awkward scenario for you, if you give out invoices in your business operations. If that visit to your customer or telephone call is done by a professional outside your business situation, it is possible for most of that apprehension to be removed. There are legal procedures that a professional bookkeeper can employ, if you've got a consistent late or non-payer, and they can help to clear up the issue before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably straightforward bookkeeping requirements for sole traders, that are set out in law. Essentially, sole traders should save all receipts and invoices, and keep a record of expenditure and income from month to month. Now, this does not sound that hard does it? Yet, it's still good practice to hire the services of a bookkeeping company to make certain that it is all done correctly. When working through your Self-Assessment tax returns, a professional sole trader bookkeeper in Hanley can give you advice on what your valid business expenses are, and ensure these are claimed back from HMRC every year. This could include advertising expenses, items such as computing equipment, stationery, bills and rent if you work from home and consumables. To see how to help your small business to prosper and grow, chat to a trusted bookkeeper for more comprehensive advice and guidance.
BOOKKEEPING FOR ONLINE TRADERS IN HANLEY
Certain small businesses that operate in niche markets, might need to employ a specialist bookkeeping service. You're going to need a bookkeeper in Hanley who is familiar with exchange rate transfers, online payment procedures, cross-border and international taxes and multi-currency processing, if you manage an online store for example. Regulating your inventory and stock on a 24/7 basis is also a massive priority, if the same outlet distributes goods that you hold or produce, as I'm sure you'll appreciate the internet never sleeps, therefore neither should your bookkeeping software or services.
In combination with bookkeeping service, a virtual office can also be supplied. This enables an online only business or sole trader to offer a physical link with their customers, via a postal address and telephone service. It's worth discussing this possibility if it's something that could benefit you, although not all bookkeeping companies in Hanley will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping qualifications are at Certificate and Diploma level, and it's not necessary for a qualified bookkeeper in Hanley to hold a degree in accounting. If the chosen route to qualification is via further education colleges and universities, this option is still available, whereas there there's an ever-increasing selection of bookkeeping courses available online.
There are 2 principal certification and training organisations representing bookkeepers:
The Institute of Certified Bookkeepers or ICB: Providing accreditation to bookkeepers, along with training and reference material to keep their associated members current with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world.
The Association of Accounting Technicians or AAT: With fully trained bookkeepers being able to use the letters AATQB, the AAT or Association of Accounting Technicians provides advanced qualifications and training. This promises a decent level of service to their clients which is backed up by the association, and enables them to become a approved AAT bookkeeper. To safeguard the trustworthiness of AAT membership, an AAT bookkeeper can be subject to tribunal and disciplinary procedures if they are found to have breached the code of conduct or have had a complaint made against them.
By viewing the register of AAT or ICB members on their respective websites, you are able to check out the accreditations of any bookkeeper. Prior to retaining any bookkeeping service in Hanley, it is generally a great idea to complete these checks.
VAT Returns in Hanley
Getting your VAT returns done by a bookkeeper in Hanley 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. A bookkeeper can take care of all aspects of your VAT return, including calculating the amount of VAT you owe or are owed, preparing and submitting your return to HMRC, and keeping accurate records of your transactions. Likewise, a bookkeeper can offer you significant counsel on ways to lower your VAT liability and ensure that you are obtaining all the allowable VAT reimbursements. A bookkeeper can ensure that your VAT returns are dealt with effectively and accurately, which can help you feel secure and allow you to invest more time in the development of your business in Hanley. All in all,by enlisting the services of a bookkeeper in Hanley, small business owners can benefit from a cost-effective, efficient, and trustworthy way of managing their VAT returns, ensuring compliance with tax rules, reducing their tax liability, and freeing up time to focus on business development.
Financial statement preparation - article 211.
Hanley Bookkeeper Tasks
Most bookkeepers in Hanley will be prepared to offer you the following accounting and bookkeeping services: tax returns, assistance with registering for self-employment in Hanley, bookkeeping services for retail outlets Hanley, Xero bookkeeping, maintaining fixed asset registers, VAT returns Hanley, general bookkeeping services in Hanley, double-entry bookkeeping Hanley, letting agent bookkeeping, corporation tax returns Hanley, payment services, small business tax returns, accounting and bookkeeping, financial statement preparation, bookkeeping services for self-employed, bookkeeping for restaurants, management accounts Hanley, bookkeeping services for tradesmen in Hanley, landlord bookkeeping in Hanley, Sage bookkeeping services, bookkeeping services for shops, bookkeeping services for organisations in Hanley, bookkeeping for limited companies in Hanley, cash books, management reports, Self-Assessment tax returns, bookkeeping services, PAYE & wages, charity bookkeeping Hanley, franchise bookkeeping, and more. Listed are just a few of the tasks that are handled by local bookkeepers. Hanley providers will inform you of their entire range of services. If there are additional Hanley bookkeeper requirements that you want but can't see here, you can list them on the QUOTE FORM provided. We'll be in touch with specifics as soon as we are able.
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Bookkeepers Near Hanley
Also find: Abbey Hulton bookkeepers, Bucknall bookkeepers, Smallthorne bookkeepers, Cliffe Vale bookkeepers, Basford bookkeepers, Etruria bookkeepers, Baddeley Edge bookkeepers, Milton bookkeepers, Shelton bookkeepers, Ash Bank bookkeepers, Sneyd Green bookkeeper and more. The majority of these towns and villages are covered by local bookeepers. Hanley businesses can get quotes for bookkeeping services by going here.
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