Bookkeepers Keynsham Somerset (BS31): You're responsible for keeping "true and fair", accurate accounting and financial records for a minimum of six years, if you operate a small business, run an online store or are a sole trader in Keynsham, in accordance with the 2006 Companies Act. If you can't produce such records, you may face disqualification as a Company Director and get a fine of thousands of pounds. Accounting Today claims that over forty percent of small business owners spend over eighty hours per year on their bookkeeping, therefore although you can carry out these financial records on your own, it can be more economical to use a professional bookkeeper or accountant to do them for you.
If you're filled with terror just thinking about the possiblility of tracking assets and liabilities, preparing profit, loss and financial statements, writing ledgers or compiling balance sheets, then the time to get in touch with a bookkeeper in Keynsham for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by many business owners in Keynsham is "Just what is the difference between a bookkeeper and an accountant?" The truth is that while in the past many accountants considered the bookkeeping process to be beneath their experience, qualifications and skill set, many accountancy firms in Keynsham will now take on most bookkeeping duties, because of software developments over the past decade or so. It's fairly common for many accounting firms to have a set fee for bookkeeping services in line with a typical bookkeeper's fee. Since it generates a wider range of competition within this sector, this is great news for small business owners in Keynsham, making their bookkeeping much more affordable than it previously was.
It is essentially the amount of training and qualification that's needed for each discipline, that reflects the biggest difference between a bookkeeper and an accountant in Keynsham. An accountant will, at the very least, hold an accounting degree, and will have also had additional training in fiscal and business management, and taxes. A bookkeeper in Keynsham will have a fair grasp of these disciplines, but may not have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the recording of daily monetary transactions of any business in Keynsham. This may include;
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Logging the receipt of invoices and making sure that payment is completed by the due date.
- Billing of customers for work completed or goods.
- Logging of all financial incomings; including electronic, card and cash payments.
- Monthly reconciliation and reporting.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
While it is dependent on the type of service you are looking for, if you're able to do the larger part of your own bookkeeping work, a professional bookkeeper might only be needed to periodically double-check your records. To enable any problems or mistakes to be found and corrected promptly, this ought to be on a monthly basis as a bare minimum. This trade-off can sometimes be the most economical if it is possible to stay on top of your everyday financial transactions and business activities.
Whatever the situation is with your company or small business, if you're currently considering hiring a bookkeeping service in Keynsham, there's a fair chance that you might be stressed with the process of recording your financial transactions. To facilitate the seamless arrangement of financial data, a good bookkeeping service will help you to link the latest software application to your business accounts, and will provide advice and guidance on procedures like stocktaking, invoicing and generating expense reports.
The effective reconciliation of cash flow with accounts payable is one of the most crucial aspects of a good bookkeeping service. Which means that by organising bill payments to times when your accounts are buoyant and in good shape, your bookkeeper will avoid the thing that most small businesses in Keynsham are guilty of i.e. paying off a bill right away, or waiting for a final notice. This does not just keep you in favour with suppliers and those who supply services to you, but also makes certain that your business or enterprise is on a good financial footing. Regrettably, this is one of those balancing acts that can be tough to accomplish when you are completely focussed on the streamlined running of your everyday business activities.
Employing a certified bookkeeper in Keynsham, if you are a sole trader, or for your small business also gives them an opportunity to cast an expert eye over your financial situation. It is quite possible that a nonpartisan evaluation such as this will pinpoint business trends and patterns that have been missed previously. A bookkeeper spotting an opportunity or noticing an area where profits are decreasing, is not at all unusual. Spotting these key performance indicators is essential for the success of any enterprise in Keynsham.
If invoices are sent out by your business it can often be uncomfortable to chase up late payments. Some of that apprehension can be taken away by having an individual outside your normal business situation make that telephone call or visit to your client. A bookkeeper can use legal solutions to take care of a persistent late or non-payer, and without having to resort to claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty uncomplicated sole trader bookkeeping requirements, that are laid out by law. This involves saving all invoices and receipts in relation to the business, and tracking income and expenditure on a monthly basis. It is still good practice to hire the expert services of a bookkeeping company, even if this may at first sound simple. Advising you on what bonafide business expenses you might be able to claim back, a specialised sole trader bookkeeper in Keynsham will look after your financial dealings with HMRC. This might include items such as computing equipment, advertising, consumables, bills and rent if you work from home and stationery. If you would like to get more detailed advice, and discover how your small business can grow in the future, talk to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the skills of a specialist may be essential. You're going to need a bookkeeper in Keynsham who's familiar with multi-currency processing, cross-border and international taxes, exchange rate transfers and online payments, if you operate an online store for example. Overseeing stock on a 24/7 basis is also a major priority, if the same store sells goods that you hold or produce, as I'm sure you'll appreciate the internet doesn't sleep, therefore nor should your bookkeeping services and software.
It's also possible to provide a remote virtual office, which can be used in combination with your bookkeeping services and package. Offering a physical connection to their clients, this enables an online only business or sole trader to have a postal address and telephone service. It's definitely worth discussing this possibility if it is something that could benefit you, although not all Keynsham bookkeeping businesses will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified bookkeeper in Keynsham need not have a degree and a great many the industry qualifications are at Diploma and Certificate level. Although there are an ever-increasing array of online bookkeeping courses available, qualifications can still be gained through further education colleges and universities, if that is the preferred route.
There are 2 primary training and certification organisations representing bookkeepers:
The Association of Accounting Technicians (AAT): Providing advanced qualifications and a training schedule, the AAT or Association of Accounting Technicians, entitles a fully trained member to use the letters AATQB. This promises a level of service to their customers which is backed by the organisation, and entitles them to become a licensed AAT bookkeeper. To protect the credibility of AAT membership, if a bookkeeper who's a member of the AAT is found to have violated the code of conduct or has a complaint filed against them, they can be subject to tribunal and disciplinary processes.
The ICB or Institute of Certified Bookkeepers: Keeping their members up-to-speed with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind on the planet, providing accreditation to certified bookkeepers, together with reference material and training.
The qualifications of any bookkeeper in Keynsham can be verified on the register of AAT or ICB members on their respective websites. It is advisable to perform this check, before you use the services of any professional bookkeeper in Keynsham.
What Are the Main Advantages of Using a Bookkeeper in Keynsham Over an Accountant?
The following are just some reasons why you might want to use a bookkeeper in Keynsham, rather than an accountant:
- Time: By outsourcing bookkeeping, small business owners can save a bit of time and concentrate on other important aspects of their business like sales and marketing.
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who might have a more standard approach.
- Cost-Effectiveness: Bookkeeping services are frequently more cost-efficient compared to accounting services, making them a shrewd choice for start-ups, small businesses and sole traders looking to save money.
- Expertise: Bookkeepers frequently have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more efficient and effective in such tasks.
- Availability: Bookkeepers are usually more accessible and on hand to provide support and answer questions in comparison to an accountant, who may sometimes be difficult to reach.
That being said, it is important to note that while bookkeepers can provide valuable support, they might not have the same level of qualifications or expertise as an accountant in certain areas such as financial planning or tax preparation. In these cases, it may be necessary to check with an accountant for more specialised services.
Cash Flow Analysis
Businesses cannot gauge their financial health without utilising cash flow analysis, which is an essential tool. One of the significant duties of a bookkeeper is to carry out a cash flow analysis for a company. One must track the cash inflows and outflows of the business during a specific period of time, usually quarterly or monthly. The bookkeeper can support the businessperson in understanding their current financial standing, identifying any cash flow problems, and preparing for the future by doing so.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as expenses, investments and sales, to offer a clear picture of the company's financial health. Estimating the business's cash flow for the next few months or years is a vital component of the analysis and helps the company make informed decisions whilst avoiding potential cash flow issues.
Additionally, a bookkeeper can also provide recommendations to improve the cash flow of the business, such as adjusting the pricing strategy or implementing more efficient payment processes. A cash flow analysis that is thorough and accurate is a vital tool for any business that wishes to manage their finances effectively.
Tax Returns
Those with small businesses or self-employed people in the UK may be required to file a self-assessment tax return. Especially if you're not acquainted with the process, this task can be challenging. On time and accurately, a qualified bookkeeper can help you prepare your tax return, as well as keeping your records organised.
Many benefits can be gained by employing a bookkeeper for your tax returns. They'll have expertise and experience to ensure the correct completion of your return. This should help you to stay clear of penalties or interest charges from HMRC. Secondly, bookkeepers can save you time and hassle. You can leave the calculations and paperwork to them so you can concentrate on your business. Thirdly, invaluable advice on tax planning can be provided by a bookkeeper in Keynsham. This can help to maximise your earnings and minimise your tax bill. (70193)
Bookkeepers Near Keynsham
Also find: Saltford bookkeepers, Hanham bookkeepers, Barrs Court bookkeepers, Hengrove bookkeepers, Bitton bookkeepers, Chewton Keynsham bookkeepers, Willsbridge bookkeepers, Pensford bookkeepers, Knowle bookkeepers, Brislington bookkeepers, Longwell Green bookkeepers, Stockwood bookkeepers, Marksbury bookkeepers and more. Individuals offering bookkeeping services serve all of these villages and towns. This accessibility ensures that businesses and individuals alike can easily find the financial support they need to manage their accounts successfully. For bookkeeping estimates, residents and businesses in the area simply need to click here
Keynsham Bookkeeper Tasks
Most Keynsham bookkeepers will be ready to provide you with the following bookkeeping and accounting services: maintaining fixed asset registers, management reports, payroll bookkeeping in Keynsham, small business tax returns, accounting and bookkeeping services, bookkeeping for shops, bookkeeping services for retail outlets, bookkeeping services for freelancers, independent bookkeeping services, general bookkeeping services, franchise bookkeeping, assistance with registering for self-employment in Keynsham, Quickbook bookkeeping services, bookkeeping for restaurants in Keynsham, cash flow analysis in Keynsham, bookkeeping services for sole traders Keynsham, charity bookkeeping Keynsham, double-entry bookkeeping, cheap bookkeeping services, professional bookkeeping services, PAYE & wages, bookkeeping for home-based businesses, bookkeeping for societies, bookkeeping for organisations, off-site bookkeeping, invoice processing, profit & loss reports in Keynsham, Kashflow bookkeeping Keynsham, bookkeeping services for startups in Keynsham, bookkeeping for tradesmen, and more. These are just a few of the activities that are handled by local bookkeepers. Keynsham providers will be happy to tell you about their whole range of services. If there are different Keynsham bookkeeper requirements that you want but can't see here, you should mention them on the QUOTE FORM provided. We will be in touch with information just as soon as we can.
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