Bookkeepers Herne Bay Kent (CT6): You're responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years, if you operate an online store, own a small business or are a sole trader in Herne Bay, in compliance with the Companies Act (2006). You could be disqualified as a Company Director and receive a fine of thousands of pounds, if you cannot produce this information. You can carry out these financial recordings on your own behalf, however when you think about the fact that according to Accounting Today magazine over forty percent of small business owners spend 80 plus hours every year on their bookkeeping duties, it can be more economical to use a professional accountant or bookkeeping company.
The time has come to get in touch within Herne Bay for assistance, if you are filled with a sense of terror simply thinking about the possiblility of creating profit, loss and financial statements, compiling balance sheets, tracking assets and liabilities or writing ledgers.
BOOKKEEPER OR ACCOUNTANT?
The first question that many small business owners ask is "Precisely what is the difference between a bookkeeper and an accountant?" In truth, because of improvements in software over the past decade many accountancy firms in the Herne Bay area will take on bookkeeping, which was at one time considered to be beneath their skill set, qualifications and experience. To keep their bookkeeping services in step with a typical, it's now fairly common for accounting companies to have a flat rate for these services. Business owners are now benefiting from this, since it provides a broader range of competition within the marketplace and can make bookkeeping way more manageable than it would previously have been.
When thinking about the main difference between an accountant and a bookkeeper in Herne Bay, it is the amount of training and qualification that's needed for each of these disciplines. Anwill typically a least hold a degree in accounting with specialist training in taxation and other business and financial management. While probably not holding the same financial qualifications, or having this level of training and experience, a bookkeeper in Herne Bay will certainly have a good grasp of all these skills.
RESPONSIBILITIES OF A BOOKKEEPER IN HERNE BAY
The process of bookkeeping in simple terms, is to record the daily monetary transactions of any business or enterprise in Herne Bay. This will likely include, but is in no way limited to;
- VAT submissions and recording.
- Monthly reconciliations and reports.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Documenting the receipt of invoices and making certain that payment is completed punctually.
- Recording of all financial incomings; electronic, card and cash payments included.
- The billing of customers for work completed or goods.
Dependant upon service level you are looking for, e.g. whether you're prepared to carry out most of bookkeeping work; a bookkeeper might just be necessary for double-checking your accounts on a fixed schedule. This should be done on a monthly basis as a bare minimum, since this allows for any mistakes or problems to be identified and rectified promptly. This compromise can sometimes be the most cost effective if you are confident of remaining up-to-date with your day by day financial transactions and business operations.
Whatever your circumstances, if you're considering hiring a bookkeeper there's a fair chance that you might be fretting over the financial recording aspects of your business in Herne Bay. A professional bookkeeper will be able to offer guidance and advice on everything from stocktaking, invoicing and generating expense reports, to linking your business accounts with the most up-to-date computer software to facilitate the seamless sorting of transactional data.
One of the most important aspects of good bookkeeping, is being able to correctly reconcile accounts payable with cash flow. This means that rather than paying an outstanding bill immediately, or waiting for a final notice, which a lot of small businesses are guilty of, your bookkeeper will prioritise bill payments to a time when your finances are buoyant and in good shape. This does not just keep you in the good books of suppliers and those who supply you with services, but also ensures that your business or enterprise is financially secure. When you are focussed on the operation of your business, this is a juggling act that can be challenging to perform as an individual.
If you are a sole trader, or run a small business, employing a certified bookkeeper in Herne Bay, also gives them the chance to cast an eagle eye over the financial dealings of your business. Business trends and patterns that you might have overlooked might be pinpointed by this sort of unbiased assessment. It's not uncommon for a bookkeeper to identify an opportunity or flag up an area of the business which is falling in profits. These key performance indicators (KPI's) are essential in driving growth for any business enterprise in Herne Bay.
If your business sends out invoices it can sometimes be humiliating to chase up a late payment. By having an individual outside your business bubble visit your customers or make that phone call, some of that embarrassment can be taken away. If you've got a consistent late payer there are legal techniques a professional bookkeeper can employ to help resolve the issue before the situation ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are reasonably uncomplicated and easily understandable. This involves keeping all receipts and invoices relating to the business, and keeping track of income and expenditure from month to month. Even though this may initially sound quite simple, retaining the expertise of a competent bookkeeper is still a good idea. Offering advice on what legitimate business expenses you're able to claim back, a specialist sole trader bookkeeper in Herne Bay will deal with HMRC on your behalf. This could include printer ink, rent and bills if working from home, advertising, items such as laptops and stationery goods. Speak to your bookkeeper for more comprehensive advice and discover how they might help your business grow.
BOOKKEEPING FOR ONLINE TRADERS IN HERNE BAY
There are some niche businesses where a specialist bookkeeper could be required. If, for instance, you run an online store, you're going to need a bookkeeper in Herne Bay who understands cross-border and international taxes, exchange rate transfers, multi-currency processing and online payments. Keeping track of your stock on a 24 hours a day basis is also a vital priority, if the same store sells goods that you hold or produce, after all the internet doesn't sleep, so neither should your bookkeeping software or services.
In conjunction with bookkeeping service, it's also possible to establish a remote virtual office. This is useful in enabling an online only business or sole trader to have a phone service and postal address to provide a physical connection to their client base. It is definitely worth talking about this possibility if it's required, although not all Herne Bay bookkeeping businesses will supply this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified bookkeeper in Herne Bay needn't hold a degree and a great many qualifications in this sector are at Diploma and Certificate level. If the chosen route to qualification is through further education colleges and universities, this option is still available, whereas there there is a selection of bookkeeping courses available online.
There are 2 principal training and certification organisations which represent bookkeepers:
The Association of Accounting Technicians or AAT: Providing advanced qualifications and a training schedule, the Association of Accounting Technicians (AAT), entitles a fully certified member to use the letters AATQB after their name. They are then entitled to become certified AAT bookkeepers, which guarantees their clients a decent level of service which is backed by the association. AAT bookkeepers can can be subject to disciplinary and tribunal procedures if they have a complaint against them or are found to have breached the code of conduct. This helps to safeguard the integrity of AAT membership.
The ICB or Institute of Certified Bookkeepers: The largest organisation in the world is the the Institute of Certified Bookkeepers or ICB, and it offers certification for qualified bookkeepers, in addition to training and reference material to keep their members up-to-date with the latest trends.
By visiting the register of ICB or ATT members on their respective websites, you are able to inspect the qualifications of any bookkeeper. Undertaking such checks is always advised before you actually employ any bookkeeper in Herne Bay.
What Are the Main Advantages of Using a Bookkeeper in Herne Bay Over an Accountant?
There are a number of advantages to using a bookkeeper as opposed to an accountant, including:
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who might have a more standard approach.
- Time: By outsourcing bookkeeping, businesses can save time and focus on other important aspects of their business for example sales and marketing.
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who may only be available at certain times.
- Affordability: Bookkeeping services are typically more budget-friendly compared to accounting services, making them a cheaper option for start-ups, small businesses and sole traders.
- Expertise: Bookkeepers typically have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more efficient and effective in these tasks.
It's vital to note that whilstoffer valuable support, they may not have quite the same level of expertise or qualifications as an in areas such financial planning or tax preparation. In cases like this, seeking the services of an accountant might be essential.
Bookkeeping Herne Bay - Outsourcing Options
All businesses in Herne Bay should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, their incomings and outgoings, the sum total of their liabilities and assets, and more. With the business owner having to handle the concerns and issues of operating a business, the task of performing the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Herne Bay.
If a company in Herne Bay employs a bookkeeper in order to join their ranks, the company will need to fork out a considerable amount of money in training the person for the purpose of doing the bookkeeping work. Moreover, there is no guarantee that the person will stay for long in the company. In those circumstances, the company stands to lose a considerable sum of money for very little return. Aside from that, businesses will need to seek out ways and means to offer incentives and benefits to keep the trained employee there. These are just a taste of the reasons why companies quite often enlist the services of bookkeeping companies and professional bookkeepers in Herne Bay.
With the advent of new technology and the internet there's no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more 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 Herne Bay. The majority of these companies promise and deliver top quality service. It is important for a business to look into the background of these Herne Bay bookkeeping companies when it comes to employing a 3rd party company for bookkeeping purposes.
Business owners in Herne Bay can look for the following options with the bookkeeping company that provides outsourcing services. Find out and check how much savings can be enjoyed by outsourcing the bookkeeping work. Given that the expenses relating to hiring and training the in-house staff is a great concern, it would be prudent on the part of business owner in Herne Bay to focus on 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 is 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 set time. In a nutshell, the company that offers bookkeeping services in Herne Bay should have a well protected system that can be relied on and trusted.
Using a Bookkeeper for Tax Returns
If you are self-employed or have a small business in the United Kingdom, you may be required to file a self-assessment tax return. Especially if you are not acquainted with the process, this task can be challenging. Your records can be kept organised and your tax return can be prepared accurately and on time with the help of a qualified bookkeeper.
Many benefits can be gained by using a bookkeeper to do your tax returns. Your return will be completed correctly, thanks to their expertise and experience. This will help you to stay clear of penalties or interest charges from HMRC. Second, bookkeepers can save you time and effort. So that you can focus on running your business, they'll take care of all of the calculations and paperwork. Third, Herne Bay bookkeepers can provide you with invaluable advice on tax planning and other financial issues. This enables you to increase your bottom line and reduce your tax burden. (70193)
Herne Bay Bookkeeper Tasks
Most Herne Bay bookkeepers will be able to offer you the following bookkeeping and accounting services: cash books in Herne Bay, QUOTE FORM provided. We'll get back to you with specifics as soon as we are able., charity bookkeeping Herne Bay, professional bookkeeping services, Xero bookkeeping services, off-site bookkeeping, bank reconciliations in Herne Bay, bookkeeping for tradesmen, bookkeeping for shops, accountancy packages, in Herne Bay, partnership returns, bookkeeping for retail outlets, management reports, bookkeeping for pubs, bookkeeping for organisations, bookkeeping services for small businesses, bookkeeping quotations, profit & loss reports, tax preparation, corporation tax returns Herne Bay, independent bookkeeping services, bookkeeping for the self-employed, invoice processing, bookkeeping for charities, cash flow analysis, accounting and bookkeeping services, franchise bookkeeping, tax returns, Sage bookkeeping services, and more. Listed are just a few of the duties that are conducted by local bookkeepers. Herne Bay companies will be happy to inform you of their entire range of services. If there happen to be different Herne Bay bookkeeper requirements that you need but can't see here, you can easily list them on the
Bookkeepers Near Herne Bay
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