Bookkeepers Hinckley Leicestershire (LE10): Regardless of whether you are a sole trader, operate a small business or run an online store in Hinckley, you are responsible for maintaining "true and fair", accurate financial and accounting records for a minimum of six years as stated by the Companies Act (2006). If you're unable to produce this information you face thousands of pounds in fines and possible Company Director disqualification. It's often more cost-effective to employ a professional accountant or bookkeeping company to do this for you, because according to Accounting Today magazine over 40% of small business owners spend 80 plus hours every year doing their bookkeeping activities, which is a significant time investment, and might be better spent on your primary business activities.
It's high time to contactin Hinckley for guidance and advice, if the very thought of preparing profit, loss and fiscal reports, producing balance sheets, filling out ledgers or tracking liabilities and assets fills you with a sense of dread.
BOOKKEEPER OR ACCOUNTANT?
Precisely what is the difference between an accountant and a bookkeeper is the first question many folks in Hinckley ask. The fact is that even though at one time the process of bookkeeping, was considered to be beneath the experience, skill set and qualifications of an accountant, because of massive improvements in software over the past decade or so, many accountancy companies in the Hinckley area will now consider taking on bookkeeping. Most accountancy firms now have a set fee for bookkeeping services, to keep them in step with what an independent bookkeeper in Hinckley would routinely charge. Business owners in Hinckley are now benefiting from this, since it provides a wider variety of competition within the industry and can make the cost of bookkeeping more manageable than it would have been previously.
When you are considering the differences between an accountant and a bookkeeper in Hinckley, the most notable one is the level of training that is needed for each of these disciplines. At least a degree in accounting with specialist training in the field of taxes and other business and financial management, will generally be held by an. A bookkeeper in Hinckley will undoubtedly have a good grasp of these fiscal disciplines, but may not hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN HINCKLEY
In the simplest of terms, bookkeeping involves the careful recording of day by day transactions (financial) of any business or enterprise in Hinckley. This will likely include, but is in no way limited to;
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- VAT submissions and recording.
- Logging the receipt of invoices and ensuring payment is completed promptly.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reporting and reconciliations.
- The billing of clients for goods or work completed.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Payroll services.
Based on the level of service you require, e.g. whether you're happy to undertake most of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your accounts on a set schedule. This should really be done from month to month at the bare minimum, as this allows for any mistakes or problems to be uncovered and rectified promptly. This could be the most cost-effective trade-off, providing that you are confident of keeping up-to-date with your monetary transactions without impacting on your day by day trading tasks.
Whatever the scenario is with your small business, if you are currently thinking of hiring a bookkeeping company in Hinckley, there's a fair chance that you might be getting stressed about the process of financial records and tax returns. Offering assistance with everything from creating expense reports, stocktaking and invoicing, a professional bookkeeping company will also be able to guide you through the process of linking your accounts with the most suitable software program to enable the seamless processing of your business's financial information.
One of the most vital elements of good bookkeeping practice, is the ability to correctly reconcile cash flow with accounts payable. Which means that by organising the payment of bills to times when your accounts are buoyant and in good order, your bookkeeper will avoid the mistake that a lot of small businesses are guilty of doing i.e. paying an outstanding bill immediately, or waiting for an overdue notice. This doesn't just keep you in favour with suppliers and those businesses who supply services to you, but also ensures your enterprise or business is on a secure financial footing. When you are mainly focussed on running your business, this is a juggling act that you may find tough to perform as an individual.
Employing a qualified bookkeeper in Hinckley, for your small business or if you're a sole trader also gives them an opportunity to cast an eagle eye over your business. Business trends and patterns that you might have disregarded could be pinpointed by this sort of unbiased assessment. A situation where a smart bookkeeper flags up an area where profits are dropping off, or identifies an opportunity that may be lucrative, is not at all an unusual occurrence. Spotting these key performance indicators (KPI's) is essential for the future growth of any business enterprise in Hinckley.
If invoices are sent out by your company it can sometimes be uncomfortable having to chase up late payments. By having an independent person outside your normal business situation visit your client or make that phone call, some of that embarrassment can be eliminated. To help with resolving the matter, if you've got problems with a persistent late or non-payer, there are techniques that can be used by a bookkeeper, so that legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively straightforward bookkeeping requirements for sole traders, which are set out in law. Essentially, sole traders should save all invoices and receipts, and keep a record of income and expenditure on a month by month basis. Even though this might initially sound fairly easy, hiring the expertise of a competent bookkeeper is still recommended. A dedicated sole trader bookkeeper in Hinckley will be happy to advise you on what you can claim back from HMRC as business expenses. This may include advertising, stationery goods, rent and bills if working from home, items such as laptops and printer ink. To see how to help your small business to prosper and grow, speak to a trusted bookkeeper for more in-depth guidance and advice.
ONLINE TRADERS IN HINCKLEY
Certain businesses that operate in niche areas, may need to hire a specialised bookkeeping service. You are going to require a bookkeeper in Hinckley who understands international and cross-border taxes, multi-currency processing, online payments and exchange rate transfers, if you operate an online store for example. Controlling stock on a 24/7 basis is also a huge priority, if that same outlet distributes goods that you produce or hold, as I'm sure you will appreciate the internet never sleeps, so neither should your bookkeeping software or services.
In conjunction with bookkeeping services, a remote virtual office can also be provided. Providing a physical link with their clients, this allows an online only business or sole trader to have a phone service and postal address. It is certainly worth talking about this possibility if it's required, although not all bookkeeping businesses in Hinckley will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a professional bookkeeper in Hinckley to have a university degree, and a good number of the bookkeeping sector qualifications are held at Diploma and Certificate level. There are a growing range of courses available online, although qualifications can still be obtained through further education colleges and universities.
Certification and training for bookkeepers is mostly provided by two key organisations:
The Institute of Certified Bookkeepers (ICB): Offering accreditation to certified bookkeepers, along with reference material and training to keep their members up-to-speed with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation in the world.
The Association of Accounting Technicians (AAT): The Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications entitling a fully trained bookkeeper to use the letters AATQB after their name. This promises a certain level of service to their clients which is backed up by the organisation, and enables them to become a accredited AAT bookkeeper. If an AAT bookkeeper has a complaint against them or is found to have breached the code of practice they may be liable to tribunal and disciplinary procedures to protect the trustworthiness of the AAT membership.
You are able to check the accreditations of any bookkeeper in Hinckley on the register of ICB or ATT members on their respective websites. Carrying out this check is highly recommended before getting involved with any local bookkeeper in Hinckley.
What Are the Main Advantages of Using a Bookkeeper in Hinckley Rather Than an Accountant?
There are a few advantages to using a bookkeeper instead of an accountant, including:
- Specialisation: Bookkeepers have got a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in these tasks.
- Affordability: Bookkeeping services are often more budget-friendly when compared with accounting services, making them an inexpensive option for start-ups, small businesses and sole traders.
- Availability: Bookkeepers are normally more accessible and readily available to provide support and answer questions compared to an accountant, who may sometimes be hard to reach.
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save time and concentrate on other aspects of their business, such as sales and marketing.
- Customisation: Bookkeepers can provide services that are tailored to a business's specific needs, unlike accountants who might have a more standard approach.
That being said, it is important to note that whilstcan provide valuable support, they may not have the same level of expertise or qualifications as an in certain areas such as tax preparation or financial planning. In such cases, it may be necessary to go to an accountant for more specialist services.
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Hinckley Bookkeeper Tasks
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Bookkeepers Near Hinckley
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