Bookkeepers Havant Hampshire (PO9): For anybody in Havant who acts as a sole trader, owns a small business or operates an online store, it is their sole responsibility to keep accurate, "true and fair" financial and accounting records for a minimum of 6 years. This is in accordance with the Companies Act. You could face disqualification as a Company Director and get thousands of pounds in fines, if you can't produce such information. It can pay you to employ a professional accountant or bookkeeper to accomplish this for you, because according to Accounting Today over 40% of small businesses spend at least 80 hours every year doing their bookkeeping, which is a large investment of time, and could be more effectively spent on actually running your business.
The time has come to get in touch with a bookkeeper in Havant for guidance and advice, if you are filled with dread simply thinking about producing balance sheets, writing out ledgers, tracking liabilities and assets or creating profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
The first question that a lot of folks ask is "What exactly is the difference between a bookkeeper and an accountant?" While in the past many accountants considered the task of bookkeeping to be beneath their qualifications, skill set and experience, many accountancy firms in Havant will now undertake bookkeeping, due to improvements in software over the past 10 yrs or so. To ensure their bookkeeping services are in line with an independent bookkeeper's fee, it's now quite common for accountancy firms to have a fixed rate for these services. This is great news for business owners since it generates a wider variety of competition within the industry and can make the cost of your bookkeeping much more affordable than initially thought.
When you are considering the differences between an accountant and a bookkeeper, the main one is the level of training and qualification that's required for each of these disciplines. An accountant will normally hold at least a degree in accounting with additional training in the field of taxation and other business and fiscal management. While possibly not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Havant will still have a fair grasp of all these fiscal procedures.
A BOOKKEEPER'S RESPONSIBILITIES
Put simply, the bookkeeping process is the recording of the daily fiscal transactions of any business in Havant. This can include, but isn't limited to;
- Logging invoices received and ensuring that payment is completed promptly.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- The billing of customers for work completed or goods.
- Monthly reports and reconciliations.
- Logging of all financial incomings; card, electronic and cash payments included.
- VAT recording and submissions.
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
If you are in a position to undertake the bulk of your bookkeeping work yourself; a bookkeeper might only be needed to double check your figures on a set schedule. This should really be monthly as a bare minimum, as this allows for any problems or mistakes to be found and amended promptly. This trade-off can often be the most cost-effective option if you're confident of keeping on top of your daily financial transactions and trading activities.
Whatever your situation, if you are thinking of hiring a bookkeeper it's fairly likely that you might be having problems with the financial recording side of your small business in Havant. Offering assistance with everything from stocktaking, preparing expense reports and invoicing, a decent bookkeeping company will also be able to help you link your accounts with the most suitable software application to facilitate the seamless processing of all your business's financial information.
One of the most crucial aspects of good bookkeeping practice, is the ability to efficiently reconcile accounts payable with cash flow. Which means that rather than waiting for a final notice, which many small businesses are guilty of doing, or paying a bill straight away, your bookkeeper will arrange the payment of bills to times when your accounts are in the best possible position. As well as keeping your business enterprise financially sound, this also maintains your good standing with your service providers and suppliers. This is one of those juggling acts that can be tricky to accomplish when you are completely focussed on the streamlined running of your daily business operations.
Employing a professional bookkeeper in Havant, if you're a sole trader, or for your small business also gives them an opportunity to cast an independent eye over your business. It is quite possible that a dispassionate evaluation such as this will highlight business trends and patterns that have been missed previously. It's by no means unusual for a keen eyed bookkeeper to flag an area where profits are decreasing, or spot an opportunity which could be worthwhile. For the growth and success of any business in Havant, it is important that such key performance indicators are spotted early.
Pursuing late payments can be an humiliating scenario for you, if you give out invoices as part of your business operations. By having somebody outside your normal business situation make that telephone call or visit to your client, some of that embarrassment can be taken away. There are legal procedures a professional bookkeeper can make use of, if you are troubled with a persistent late payer, and these can help to clear up the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty basic bookkeeping requirements for sole traders, that are laid out by law. This involves saving all receipts and invoices in relation to the business, and tracking expenditure and income on a month by month basis. It's still recommended that you hire the services of a competent bookkeeper, even if this might sound easy. A specialised sole trader bookkeeper in Havant will be able to advise you on what you can claim back from HMRC as bonafide business expenses. This could include bills and rent if you work from home, items such as computers, consumables, advertising expenses and stationery goods. To discover how to help your small business to grow and prosper, speak to your bookkeeper for more in-depth advice.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the skills of a specialist may be necessary. By way of example, if you run an online store, you will want to employ a bookkeeper in Havant who understands cross-border and international taxes, multi-currency processing, exchange rate transfers and online payments. Overseeing inventory on a 24/7 basis is also an important priority, if the same store distributes goods that you hold or produce, after all the internet never sleeps, so nor should your bookkeeping services and software.
It's also possible to provide a remote virtual office, which can be utilised together with your bookkeeping services and package. Providing a physical connection to their customers, this allows an online only business or sole trader to have a postal address and phone service. Although this option might not be offered by all Havant bookkeeping companies, it's certainly worth discussing the possibilities if this is something that's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not mandatory for a qualified Havant bookkeeper to hold a degree, and a good number of the bookkeeping sector qualifications are held at Diploma and Certificate level. If the preferred route to qualification is through further education universities and colleges, this possibility is still available, although there there are an ever-growing selection of online bookkeeping courses.
There are two primary training and certification organisations which represent bookkeepers:
The AAT (Association of Accounting Technicians): Providing advanced qualifications and a training schedule, the AAT or Association of Accounting Technicians, entitles a fully trained bookkeeper to use the letters AATQB after their name. They can then become licensed AAT bookkeepers, backed up by this well-respected association, which assures a high level of service for their customers. To protect the trustworthiness of AAT membership, a bookkeeper who's affiliated with the AAT can be subject to tribunal and disciplinary processes if they have a complaint filed against them or are found to have breached the code of conduct.
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation on the planet is the the Institute of Certified Bookkeepers (ICB), and it provides accreditation to bookkeepers, together with reference material and training to keep their associated members informed about the latest trends.
By visiting their respective websites, it's possible to examine the register of AAT or ICB members, to confirm the qualifications of any bookkeeper in Havant. Carrying out such checks is usually a good idea before you actually employ any professional bookkeeper in Havant.
Bookkeeping Havant - Outsourcing Options
All businesses in Havant should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, the money left in the bank account, their outgoings and incomings, and so on. With the business owner having to deal with the concerns and issues of running a business, the task of doing the bookkeeping is frequently outsourced to freelance bookkeepers or a bookkeeping company in Havant.
If a company in Havant employs a bookkeeper so as to join their ranks, the company will need to commit a considerable amount of money in training the individual for the purpose of working on the bookkeeping tasks. Furthermore, there is no guarantee that the individual will stay after the training is finished. In those circumstances, the company will have wasted a considerable sum of money for very little return. Apart from that, businesses will have to seek out ways and means to provide incentives and benefits to keep the trained employee within the business. These are just a taste of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Havant.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who might continue with outdated accounting practices. Again, they are not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial sector. You will find a lot of companies offering financial bookkeeping services catering to all kinds of clients and industries in Havant. The majority of these companies promise and deliver top quality service. It is important for a business to look into the reputation of these Havant bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
The business owner in Havant 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 as the expenses relating to hiring and training the in-house staff is a significant concern, it would be prudent on the part of business owner in Havant to look for an outsourcing company that can offer savings. Try to get first hand information regarding the methods and systems employed by the company involved in bookkeeping services. It's very important to get high quality accounting services and greater security for your financial data. By quality, one means precise, reliable, and real-time bookkeeping data delivered within the agreed time. In short, the company that offers bookkeeping services in Havant should have a well protected system that can be trusted and relied on.
These specialist bookkeeping companies in Havant 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 necessary back-up and support.
Using a Bookkeeper for Tax Returns
If you're self-employed or have a small business in Havant, you may be required to file a self-assessment tax return. This task can be daunting, especially if you're not familiar with the process. A bookkeeper can help you with keeping your records organised and preparing your tax return on time and accurately.
Employing a bookkeeper to do your tax returns has many benefits. They have the experience and expertise to make sure that your return is completed correctly. This will help you avoid any penalties or interest that HMRC may charge. Second, the use of a bookkeeper can save you a lot of stress, hassle and time. They'll take care of all of the calculations and paperwork, so you can focus on the running of your business. Third, Havant bookkeepers can provide you with valuable advice on tax planning and financial strategy. This enables you to maximise your profits and minimise your tax liability. (70193)
Havant Bookkeeper Tasks
Most bookkeepers in Havant will be able to offer you the following services: tax preparation, bookkeeping services for restaurants in Havant, bookkeeping for payroll, invoice processing Havant, bookkeeping and accounting in Havant, bookkeeping services, management accounts, letting agent bookkeeping, bookkeeping quotations, bookkeeping services for clubs, bookkeeping services for tradesmen, mobile bookkeeping services, personal tax returns, profit & loss reports in Havant, Sage bookkeeping, small business tax returns, accounting and bookkeeping services, corporation tax returns, cash flow analysis, payment services, bookkeeping for societies, partnership returns, business bookkeeping Havant, Self-Assessment tax returns in Havant, bookkeeping services for charities, bookkeeping services for retail outlets, off-site bookkeeping, bookkeeping services for freelancers, Quickbook bookkeeping, bookkeeping services for sole traders, and more. Listed are just an example of the tasks that are accomplished by local bookkeepers. Havant professionals will let you know their entire range of services. If there are some other Havant bookkeeper requirements that you want but don't see here, you should list them on the QUOTE FORM provided. We will get back to you with information just as soon as we can.
Bookkeepers Near Havant
Also find: Bedhampton bookkeepers, Widley bookkeepers, Denvilles bookkeepers, Prinsted bookkeepers, Farlington bookkeepers, Westbourne bookkeepers, Hayling Island bookkeepers, Langstone bookkeepers, Warblington bookkeepers, New Brighton bookkeepers and more. Bookkeeping services are provided to practically all of these areas by companies. Ensuring such easy access allows both businesses and individuals to readily obtain the financial support they need for successful account management. By clicking here, residents in the area can obtain quotes for bookkeeping.
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