Bookkeepers Kingston upon Thames Greater London (KT1): Regardless of whether you run an online store, are a sole trader or own a small business in Kingston upon Thames, you are entirely responsible for keeping "true and fair", accurate accounting and financial records for a minimum of 6 yrs in accordance with the Companies Act (2006). You might face a fine of thousands of pounds, and perhaps Company Director disqualification, if you can't produce such records. It can pay you to use a professional accountant or bookkeeper to conduct this for you, because according to Accounting Today over 40% of small business owners spend over 80 hours each year doing their bookkeeping duties, which is a significant investment of time, and could be better spent on actually running your business.
The time has come to get in touch within Kingston upon Thames for help and advice, if you're filled with a sense of dread just thinking about tracking assets and liabilities, preparing profit, loss and financial statements, filling out ledgers or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by most small business owners in Kingston upon Thames is "Precisely what is the distinction between an accountant and a bookkeeper?" The reality is that whilst in the past the bookkeeping process, was considered to be beneath the experience, skill-sets and qualifications of an accountant, due to software developments over the past decade or so, most accountancy companies in the Kingston upon Thames area will now consider taking on bookkeeping. It's now quite common for accountancy companies to charge a flat rate for bookkeeping services in line with a typical. This means the cost of bookkeeping is much more affordable than it was previously, and is fantastic news for small business owners in Kingston upon Thames because it offers a wider variety of competition within the industry.
The biggest difference between an accountant and a bookkeeper is the standard of qualification and training required. Generally holding an accounting degree, a professionalwill also have had further training in tax essentials and have qualifications in business and financial management. A bookkeeper in Kingston upon Thames will invariably have a good understanding of these fiscal procedures, but may not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The process of bookkeeping in simple terms, is the recording of the daily fiscal transactions of any business in Kingston upon Thames. This could include;
- VAT submissions and recording.
- Recording the receipt of invoices and ensuring that payment is completed on time.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Monthly reports and reconciliation.
- Billing of clients for work completed or goods.
Dependant upon service level you require, a bookkeeper may only be needed to periodically double-check your figures, if you are in a position to undertake the vast majority of your own bookkeeping work. As a bare minimum this should be done each month, to enable the rapid identification and correcting of any mistakes or problems. As long as it is possible to stay up-to-date with your financial transactions without impacting on your day by day business activities, this trade-off can be the most cost-effective solution.
Whatever the scenario is with your company or small business, if you are seriously looking at hiring a bookkeeper in Kingston upon Thames, there's a fair chance that you could be having problems with the process of recording your financial transactions. A professional bookkeeping service will be able to assist you in linking your business accounts with the most suitable software program to enable the seamless organisation of financial data, and will provide guidance and advice on such things as invoicing, creating expense reports and stocktaking.
One of the most important elements of good bookkeeping practice, is being able to effectively reconcile cash flow with accounts payable. This means that rather than paying off a bill right away, or waiting for an overdue notice, which most small businesses are guilty of, your bookkeeper will prioritise the payment of bills to a time when your finances are buoyant and in good shape. This not only keeps you in good stead with suppliers and those who supply services to you, but also ensures your business is financially secure. When you're mostly focussed on the smooth running of your business, this is a juggling act that can be challenging to perform on your own.
If you're a sole trader, or operate a small business, using an experienced bookkeeper in Kingston upon Thames, also gives them an opportunity to cast an independent eye over the running of your business. It is quite possible that an impartial assessment such as this will showcase business trends and patterns that you haven't previously noticed. It is not at all unusual for a keen eyed bookkeeper to flag up an area where profits are falling, or spot an opportunity which may prove lucrative. Spotting these key performance indicators is important for the future growth of any business in Kingston upon Thames.
If you send out invoices in your business operations, having to chase up late payments can be really uncomfortable. By having someone outside your normal business situation visit your clients or make that telephone call, some of that embarrassment can be eliminated. If you're troubled with a repeating late payer there are legal solutions a professional bookkeeper can employ to help resolve the issue before the situation ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively uncomplicated bookkeeping requirements for sole traders, which are set out in law. This involves retaining all receipts and invoices concerning the business, and keeping a record of income and expenditure on a monthly basis. It is still advisable to retain the expertise of a bookkeeper, even if this might sound simple. When working through your tax returns, a specialised sole trader bookkeeper in Kingston upon Thames will be happy to advise you on what your bonafide business expenses are, and claim these back from HMRC every year. This might include bills and rent if working from home, items such as laptops, advertising, stationery and printer ink. For more detailed advice, speak to your bookkeeper, and see how they can help your small business to thrive and grow going forward.
There are certain niches in bookkeeping where the skills of a specialist might be required. As an example, if you run an online store, you will be wise to employ a bookkeeper in Kingston upon Thames who understands exchange rate transfers, online payment procedures, international and cross-border taxes and multi-currency processing. If you hold or produce the merchandise that you distribute on that store, then it will be a major priority for your bookkeeping software or services to deal with your your inventory on a 24/7 basis, because the internet does not sleep.
Together with bookkeeping services, a remote virtual office can also be supplied. This enables an online only business or sole trader to have a phone service and postal address to offer a physical connection to their customers. Although this option might not be provided by all bookkeepers in Kingston upon Thames, it's definitely worth a discussion if this service is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Diploma or Certificate level, and a qualified bookkeeper in Kingston upon Thames doesn't need to hold a degree. Qualifications can be gained through further education universities and colleges but there's also an ever-growing selection of courses offered online.
To provide training and certification for bookkeepers, there are basically 2 primary organisations of interest:
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have completed advanced qualifications and training in bookkeeping practice. They are then allowed to become licensed AAT bookkeepers, which guarantees their clients a decent level of service which is backed up by the association. AAT bookkeepers can can be liable to tribunal and disciplinary processes if they have a complaint against them or are found to have contravened the code of practice. This helps to safeguard the integrity and values of the AAT membership.
The Institute of Certified Bookkeepers or ICB: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind on the planet, providing certification for bookkeepers, together with reference material and training.
You are able to check the qualifications of any professional bookkeeper on the register of AAT or ICB members on their websites. Prior to hiring any bookkeeping service in Kingston upon Thames, it's usually a good idea to undertake these checks.
Bookkeeping services are available for those living in in Kingston upon Thames and also in nearby places like: West Barnes, Berrylands, Long Ditton, Kingston Vale, Ham, Copse Hill, Tolworth, Hampton Wick, Merton Park, Cottenham Park, Hampton Court, and in these postcodes KT1 1YF, KT1 1SW, KT1 1ER, KT1 1NU, KT1 2DN, KT1 1SH, KT1 1JB, KT1 2EW, KT1 2EL, KT1 1BW. Locally based Kingston upon Thames bookkeeper services will most likely have the postcode KT1 and the telephone dialling code 020. Checking this will ensure that you're accessing local bookkeepers. Kingston upon Thames sole traders and business owners are able to utilise these and lots of other bookkeeping related services.
VAT Returns by a Bookkeeper in Kingston upon Thames
For small business owners in Kingston upon Thames 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. With the assistance of, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. Moreover, a local bookkeeper can offer you significant counsel on ways to lower your VAT liability and ensure that you are obtaining all the allowable VAT reimbursements. A bookkeeper can ensure that your VAT returns are dealt with accurately and effectively, which can help you feel secure and allow you to invest more time in the development of your business in Kingston upon Thames. In summary, engaging a bookkeeper in Kingston upon Thames can offer small business owners a dependable, budget-friendly, and effective approach to managing their VAT returns, helping them adhere to tax regulations, reduce their tax burden, and focus on expanding their business.
Outsourced Bookkeeping Kingston upon Thames
All businesses in Kingston upon Thames should understand the significance of bookkeeping. It helps business people monitor their payables/receivables, the total value of their liabilities and assets, the money left in their bank account, and the like. With the business owner having to deal with a lot of concerns and issues while running a business, the task of performing the bookkeeping is usually outsourced to a bookkeeping company or freelance bookkeepers in Kingston upon Thames.
If a company in Kingston upon Thames employs a bookkeeper so as to become an employee, the company will be required to pay out a considerable sum of money in training that person for the purpose of working on the bookkeeping work. In addition, there is no guarantee that the person will stay for long in the company. In that situation, the company will lose a significant sum of money. Apart from that, businesses will need to seek out ways and means to offer incentives and benefits to keep the fully trained employee in house. These are a few of the reasons behind companies enlisting the services of professional bookkeepers and bookkeeping companies in Kingston upon Thames.
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're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. You will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Kingston upon Thames. The majority of these companies promise and deliver quality service. It is important for a business to look into the track record of these Kingston upon Thames bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
The business owner in Kingston upon Thames 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. As the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner in Kingston upon Thames 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's extremely important to get 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 timeframe. In short, the company that offers bookkeeping services in Kingston upon Thames should have a well protected system that can be trusted and relied on.
These specialist bookkeeping companies in Kingston upon Thames should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
Using a Bookkeeper for Tax Returns
If you're self-employed or have a small business in Kingston upon Thames, you may have to file a self-assessment tax return. This task can be daunting, as the process can be complex if you aren't familiar with it. To keep your records in order and prepare your tax return on time and accurately, a bookkeeper can help you.
Employing a bookkeeper to complete your tax returns has many benefits. First, they will have the experience and expertise to ensure that your return is completed correctly. This will help you avoid interest charges from HMRC, as well as penalties. Second, bookkeepers can save you a lot of time and effort. They'll look after all of the paperwork and calculations, so you can concentrate on running your business. Third, Kingston upon Thames bookkeepers can provide you with invaluable advice on tax planning and other financial matters. This enables you to minimise your tax liability and maximise your profits. (70193)
Kingston upon Thames Bookkeeper Tasks
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Kingston upon Thames Bookkeeper Questions
Last Saturday I was going through the kinds of questions that people ask with regards to bookkeeping in Kingston upon Thames. Some of our visitors e-mailed in some helpful queries that I considered to be relevant to this post. The ones I chose are, Who would a bookkeeper work with? Is bookkeeper and accountant the same? How do bookkeeping services work? Can bookkeeping be done remotely? Why is bookkeeping important to any business in Kingston upon Thames? Does bookkeeping require a degree? What are the advantages of an accountant over a bookkeeper? Which bookkeeper certification is best? What do bookkeeping services charge? We hope nearly all of these enquiries have been addressed somewhere on this webpage, if there are any left to be answered a bookkeeping "Questions and Answers" section is presently being written. My thanks go to Jensen James, Robbie Marsh, Rogan Preston and Isabelle Burrows from Kingston upon Thames, for finding the time to raise these excellent questions. We were also thankful to receive appropriate questions from Riley Potts in Berrylands, Oliver Storey in West Barnes and Amy Gee in Ham.
Bookkeepers Near Kingston upon Thames
Also: Long Ditton bookkeepers, Berrylands bookkeepers, Hampton Wick bookkeepers, Hampton Court bookkeepers, Kingston Vale bookkeepers, West Barnes bookkeepers, Tolworth bookkeepers, Merton Park bookkeepers, Ham bookkeepers, Copse Hill bookkeepers and more.
- Bookkeeping Estimates
- PAYE Wages and CIS
- Payroll Services
- Small Business Bookkeeping
- Double-Entry Bookkeeping
- Sole Trader Bookkeeping
- Self-Assessment Tax Returns
- VAT Returns
- Cash Flow Management
- Cheap Bookkeeping
- Self-Assessment Bookkeeping
- Bookkeeping Services
- Tax Preparation
- Profit and Loss Reporting
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Bookkeepers Around Kingston upon Thames: People who live in these local Kingston upon Thames streets and areas have recently requested bookkeeping services - Burritt Road, Cowleaze Road, Cedars Road, Anglesea Road, Becketts Place, Albany Mews, The Cloisters Mall, Chivenor Grove, Sopwith Way, Arundel Road, Berkeley Close, Coombe End, Surbiton Hall Close, The Parade, Bearfield Road, Alexandra Road, Balmoral Road, Chatham Road, Auckland Road, The Farthings, Dickerage Road, Beverley Lane, Salamander Close, Cherrywood Close, Cromwell Road, Apple Market, Brook Gardens, Athena Close, as well as the following Kingston upon Thames area postcodes: KT1 1YF, KT1 1SW, KT1 1ER, KT1 1NU, KT1 2DN, KT1 1SH, KT1 1JB, KT1 2EW, KT1 2EL, KT1 1BW.
Bookkeeping Jobs Kingston upon Thames: Browse bookkeeping jobs in Kingston upon Thames by going here: Bookkeeping Jobs Kingston upon Thames
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Bookkeepers in KT1 area, telephone code 020.
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