Bookkeepers Hornchurch Essex (RM11): You're entirely responsible for keeping "true and fair", accurate financial and accounting records for at least 6 years, if you are a sole trader, run an online store or own a small business in Hornchurch, according to the Companies Act (2006). If you're unable to produce these records you may face a fine of thousands of pounds and possible Company Director disqualification. There is a large investment of time involved with maintaining these financial records on your own behalf, and it can pay you to employ a professional accountant or bookkeeper, particularly when you consider that according to Accounting Today magazine over forty percent of small businesses spend eighty hours plus annually doing their bookkeeping.
The time has come to contact a bookkeeper in Hornchurch for advice, if you are filled with panic merely thinking about producing balance sheets, tracking assets and liabilities, writing ledgers or creating profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by most people in Hornchurch is "Just what is the difference between an accountant and a bookkeeper?" The fact is, due to significant software improvements over the past ten years many accountancy firms in the Hornchurch area will undertake the task of bookkeeping, which was previously deemed beneath their skill set, qualifications and experience. To make sure their bookkeeping services are commensurate with a dedicated bookkeeper's fee, it's now common practice for many accounting firms to charge a set rate for these services. This makes the cost of bookkeeping much more affordable than it was previously, and is excellent news for small businesses in Hornchurch because it offers a greater variety of competition within the industry.
It is basically the standard of qualification and training that is necessary for each discipline, that illustrates the main difference between a bookkeeper and an accountant in Hornchurch. Typically holding a degree in accounting, a professional accountant will also have had training in tax matters and further qualifications in fiscal and business management. While having an understanding of such skills, a bookkeeper in Hornchurch might not have these qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping in simple terms, is the recording of the day to day transactions of any business in Hornchurch. This can include, but isn't limited to;
- Recording of all financial incomings; card, electronic and cash payments included.
- The billing of clients for work completed or goods.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- VAT submissions and recording.
- Monthly reports and reconciliation.
- Documenting the receipt of invoices and making certain that payment is completed on time.
While it is dependent on the extent of the service you're interested in, if you're prepared to undertake a large majority of your own bookkeeping work, a professional bookkeeper may just be needed to periodically double-check your figures. To ensure that any problems or mistakes can be found and corrected promptly, as a bare minimum, this ought to be on a monthly basis. This trade-off can often be the most affordable option if you're able to stay on top of your day to day financial transactions and trading.
It's a good bet that if you are looking to hire a bookkeeping firm in Hornchurch, you're currently getting stressed about the financial recording aspects of your small business. A decent bookkeeping company will help you out with everything from invoicing, stocktaking and creating expense reports, to linking the latest software program with your accounts to enable the seamless processing of your data.
An extremely important aspect of good bookkeeping is being able to reconcile cash flow with accounts payable. Which means that your bookkeeper will organise the payment of bills to a time when your finances are buoyant and in good order, rather than paying off a bill immediately, or waiting on an overdue notice, which a lot of small businesses are guilty of doing. This not only keeps your enterprise or business financially secure, but keeps you in good stead with suppliers and those businesses who supply you with services. When you are firmly focussed on the smooth running of your company, this is a balancing act that can be tough to perform on your own.
Having somebody who isn't connected to the business cast an eye over your financial dealings, is another added benefit of employing a certified bookkeeper in Hornchurch for your small business or if you're a sole trader. Business patterns and trends that you may have overlooked may be pinpointed by this type of unprejudiced appraisal. A bookkeeper recognising a new opportunity or flagging an area of the business where profits are plummeting, is by no means unusual. Spotting such key performance indicators (KPI's) is important for the success of any enterprise in Hornchurch.
Chasing up late payments can be an humiliating situation for you, if you send out invoices in your business operations. If that visit to your client or telephone call is carried out by a professional from outside your normal business bubble, it is possible for most of that apprehension to be removed. If you are troubled with a persistent late or non-payer there are legal options that a professional bookkeeper can use to help resolve the situation before the issue ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are relatively straightforward and simple. This involves keeping all receipts and invoices relating to the business, and tracking income and expenditure on a monthly basis. Whilst this might at first sound simple it is still recommended that you retain the services of a bookkeeping company. When preparing your Self-Assessment tax returns, a specialised sole trader bookkeeper in Hornchurch will be in a position to advise you on what your valid business expenses are, and make certain these are claimed back from HMRC each year. This may include printer ink, items such as laptops, rent and bills if you work from home, promotional advertising and stationery goods. To discover how they can help your business to prosper and grow, talk to your local bookkeeper for more in-depth guidance and advice.
BOOKKEEPING FOR ONLINE TRADERS
Certain businesses that operate in niche markets, might need to employ a specialist bookkeeping service. If online payments, multi-currency processing, exchange rate transfers and cross-border and international taxes are involved, for example if you run a store online, you'll be wise to hire a bookkeeper in Hornchurch who understands these practices. Controlling your inventory and stock on a 24 hours a day basis is also a huge priority, if that same shop sells goods that you produce or hold, as I'm sure you're aware the internet doesn't sleep, therefore nor should your bookkeeping services and software.
It is also possible to provide a virtual office, which can be used in combination with your bookkeeping service. Offering a physical link with their clients, this allows an online only business or sole trader to have a telephone service and postal address. Although this solution might not be offered by all bookkeepers in Hornchurch, it's certainly worth talking about the possibilities if this service is something that's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a certified bookkeeper in Hornchurch to have a degree, and a good number of the bookkeeping qualifications are held at Certificate or Diploma level. Bookkeeping qualifications can be obtained through further education universities and colleges but there are also a variety of online courses available.
To provide certification and training for bookkeepers, there are basically two principal organisations of interest:
The Association of Accounting Technicians or AAT: Able to use the letters AATQB, a fully trained member of the AAT or Association of Accounting Technicians will have been provided with a training schedule and advanced qualifications in bookkeeping. They are then able to become approved AAT bookkeepers, which guarantees their customers a decent standard of service which is backed by the organisation. AAT bookkeepers can can be liable to disciplinary and tribunal processes if they have a complaint filed against them or are found to have contravened the code of practice. This helps to protect the credibility of AAT membership.
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers (ICB) is the largest on the planet and offers accreditation to certified bookkeepers, along with reference material and training to keep their members informed about the latest trends and innovations.
The qualifications of any bookkeeper can be checked on the register of ICB or ATT members on their websites. Prior to employing any bookkeeping service in Hornchurch, it is usually wise to perform these checks.
Bookkeeping services are available in Hornchurch and also nearby in: Hacton, Ingrave, Emerson Park, West Horndon, Harold Wood, Gidea Park, Heath Park, Rigg Park, Cranham, Warley, Elm Park, Rush Green, as well as in these postcodes RM1 2RT, RM1 2SB, RM11 1PF, RM11 1FH, RM1 2RP, RM11 1EW, RM11 1NU, RM11 1EY, RM11 1EJ, RM11 1LZ. Local Hornchurch Bookkeepers will likely have the postcode RM11 and the phone code 01708. Verifying this should confirm you access local bookkeepers. Hornchurch sole traders and business owners will be able to utilise these and many other similar services.
What Are the Main Advantages of Using a Bookkeeper in Hornchurch Instead of an Accountant?
The following are some reasons why you may want to use a bookkeeper in Hornchurch, as opposed to an accountant:
- Accessibility: Bookkeepers are generally more available to answer questions and provide support on a regular basis than an accountant, who might only be available at certain times.
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Affordability: Bookkeeping services are normally more budget-friendly compared to accounting services, meaning they are a cheaper option for start-ups, sole traders and small businesses.
- Time Savings: By outsourcing their bookkeeping tasks, business owners can save time and concentrate on other aspects of their business, for instance marketing and sales.
- Specialisation: Bookkeepers have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in such tasks.
That being said, it's important to note that while bookkeepers can provide valuable support, they may not have the same level of qualifications or expertise as an accountant in certain aspects such as financial planning or tax preparation. In these instances, it may be necessary to go to an accountant for more specialised services.
VAT Returns in Hornchurch
For small business owners in Hornchurch who wish to stay on top of their tax obligations while minimizing administrative tasks, outsourcing VAT return preparation to a bookkeeper may be a wise decision. Your VAT return can be handled entirely by a bookkeeper, who will manage everything from calculating your VAT obligations or credits to preparing and submitting your return to HMRC, and keeping an accurate account of all your transactions. Furthermore, 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. By enlisting the aid of a bookkeeper, you can relax with the knowledge that your VAT returns are being managed with efficiency and precision, enabling you to dedicate more time to expanding your business in Hornchurch. Also, hiring a bookkeeper can be cost-effective as it can help you avoid any penalties or fines from HMRC due to late submissions or incorrect vat returns, which could save you money in the long run. In summary,by enlisting the services of a bookkeeper in Hornchurch, 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.
Hornchurch Bookkeeper Tasks
Most bookkeepers in Hornchurch will be prepared to offer you the following services: bookkeeping services, maintaining fixed asset registers, PAYE & wages in Hornchurch, bookkeeping and accounting, bookkeeping for freelancers, Xero bookkeeping services, bookkeeping for clubs Hornchurch, double-entry bookkeeping, bank reconciliation, bookkeeping services for charities in Hornchurch, general bookkeeping services, independent bookkeeping services, financial statement preparation, letting agent bookkeeping, bookkeeping for home-based businesses Hornchurch, franchise bookkeeping, Quickbook bookkeeping, bookkeeping for self-employed, partnership tax returns Hornchurch, Kashflow bookkeeping, tax returns, credit control, VAT returns, bookkeeping for organisations, small business bookkeeping, tax return preparation, assistance with registering for self-employment in Hornchurch, bookkeeping for shops, cash books Hornchurch, bookkeeping services for pubs, and more. These are just a handful of the activities that are carried out by local bookkeepers. Hornchurch providers will inform you of their entire range of services. If there are different Hornchurch bookkeeper requirements that you need but don't see here, you should mention them on the QUOTE FORM provided. We'll get back to you with details just as soon as we can.
Hornchurch Bookkeeper Questions
Last month I was having a good look at the types of questions folks in Hornchurch ask in regard to bookkeeping. Quite a few of our web visitors mailed in some justifiable queries which are worth mentioning here. Those that I picked out were, Does a bookkeeper have to be registered? Who would a bookkeeper work with? How much do bookkeepers charge per hour? What are the benefits of a bookkeeper? Does a bookkeeper do payroll? Which bookkeeper certification is best? How is bookkeeping related to accounting? What do bookkeeping services offer? Why is bookkeeping so important? We hope that the majority of those enquiries have been answered on this page, and if that isn't the case we'll soon be adding a bookkeeping "Questions and Answers" section. My thanks go to the following people for taking the time to raise these excellent questions; Aiden Mills, Ivan Dixon, Faris Buckley and Jennifer Weston. We also got offerings from Ashley Hogg in Cranham, Connor Kenny in Warley and Emilia Underwood in Hacton.
Bookkeepers Near Hornchurch
Also find: Emerson Park bookkeepers, Cranham bookkeepers, Gidea Park bookkeepers, Ingrave bookkeepers, Rush Green bookkeepers, West Horndon bookkeepers, Rigg Park bookkeepers, Heath Park bookkeepers, Warley bookkeepers, Hacton bookkeepers, Harold Wood bookkeepers, Elm Park bookkeeper and more. All of these towns and villages are covered by local bookeepers. Hornchurch businesses and traders can get quotes for bookkeeping services by going here.
Bookkeeping Services Hornchurch
- Cash Flow Solutions
- Double-Entry Bookkeeping
- Small Business Bookkeeping
- Payroll Services
- Bookkeeping Services
- Bookkeeping Price Quotes
- Self-Assessment Bookkeeping
- Credit Control
- Profit and Loss Reporting
- Tax Preparation
- PAYE and Wages
- Sole Trader Bookkeeping
- VAT Returns
- Tax Returns
Bookkeepers Around Hornchurch: People living in these local Hornchurch roads and streets have just recently requested bookkeeping services - Gerard Gardens, Whybridge Close, Victory Road, Marsh Way, Knightswood Road, Dagenham Road, Avelon Road, Princes Park, Lowen Road, Blackwater Close, Consul Avenue, Alexandra Road, Queens Gardens, St John's Close, Collingwood Road, Ongar Way, Courtyard Mews, Spencer Road, Seaburn Close, Nelson Road, Esmond Close, Burwood Gardens, Jersey Road, Cherry Walk, Askwith Road, as well as the following local Hornchurch postcodes: RM1 2RT, RM1 2SB, RM11 1PF, RM11 1FH, RM1 2RP, RM11 1EW, RM11 1NU, RM11 1EY, RM11 1EJ, RM11 1LZ.
Hornchurch Bookkeeping Jobs: Find bookkeeping jobs in Hornchurch by clicking here: Bookkeeping Jobs Hornchurch
More Essex Bookkeepers: More Essex bookkeepers: Great Wakering, Rayleigh, South Woodham Ferrers, Danbury, Walton-on-the-Naze, Saffron Walden, West Thurrock, Ilford, Halstead, Corringham, Hornchurch, Writtle, Langdon Hills, Chelmsford, Brentwood, Hullbridge, Wivenhoe, Harlow, West Mersea, Rainham, Southend-on-Sea, South Benfleet, Barking, Canvey Island, Rochford, Pitsea, Southchurch, Leigh-on-Sea, North Weald Bassett, Chipping Ongar, Brightlingsea, Harwich, Maldon, Stansted Mountfitchet, Great Dunmow, Billericay, Braintree, Great Baddow, Colchester, Clacton-on-Sea, Buckhurst Hill, Shoeburyness, South Ockendon, Laindon, Heybridge, Tiptree, Hadleigh, Loughton, Stanford-le-Hope, Galleywood, Ingatestone, Epping, Chingford, Westcliff-on-Sea, Tilbury, Frinton-on-Sea, Burnham-on-Crouch, Coggeshall, Basildon, Manningtree, Grays, Stanway, Holland-on-Sea, Chafford Hundred, Romford, Hockley, Upminster, Hawkwell, Purfleet, Wickford, Witham, Dagenham, Chigwell, Waltham Abbey, Southminster and Parkeston.
If you need local info about Hornchurch, Essex go here
Bookkeepers in RM11 area, and dialling code 01708.
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