Bookkeepers Kingston upon Thames Greater London (KT1): In accordance with the 2006 Companies Act, if you operate an online store, are a sole trader or own a small business in Kingston upon Thames, you are entirely responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years. If you're unable to produce these records you may face a hefty fine and possibly disqualification as a Company Director. There is a significant investment of time involved with compiling such financial recordings on your own behalf, and it can pay you to employ a professional bookkeeper or accountant, since according to Accounting Today magazine over 40% of small businesses spend eighty hours plus each year on their bookkeeping activities.
If the thought of tracking liabilities and assets, producing balance sheets, preparing profit, loss and financial statements or writing out ledgers brings you feelings of terror, then it is high time to get in touch with a bookkeeper in Kingston upon Thames for advice.
BOOKKEEPER OR ACCOUNTANT?
For many people in Kingston upon Thames, the first question that springs to mind when faced with this challenge is "What exactly is the distinction between an accountant and a bookkeeper?" The fact is that even though in the past the process of bookkeeping, was regarded as beneath the skill-sets, qualifications and experience of an accountant, due to massive improvements in software over the past decade or so, many accountancy firms in the Kingston upon Thames area will now undertake bookkeeping. For many accountancy firms it is now common practice to charge a set fee for bookkeeping services, to keep them in step with the normal charges of a typical bookkeeper in Kingston upon Thames. This means the cost of bookkeeping is much more affordable than it previously was, and is good news for small businesses in Kingston upon Thames as it generates a wider range of competition within the industry.
When you're considering the differences between a bookkeeper and an accountant, the main one is the amount of training that is needed for each discipline. Usually holding an accounting degree, a professional accountant will also have had additional training in tax matters and have qualifications in financial and business management. Whilein Kingston upon Thames will have a decent understanding of such disciplines, they might not necessarily have the same levels of experience and training in this field, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Put simply, the bookkeeping process is the recording of the day by day financial transactions of any business enterprise in Kingston upon Thames. This will likely include, but is in no way limited to;
- Monthly reporting and reconciliation.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- Logging invoices received and ensuring that payment is completed on time.
- The billing of clients for goods or work completed.
- Payroll services.
- VAT submissions and recording.
- Logging of all financial incomings; including cash, electronic and card payments.
While it depends on the extent of the service you're interested in, if you are in a position to perform most of your own bookkeeping work, a professional bookkeeper might only be needed to double check your records periodically. At the bare minimum this ought to be done from month to month, to facilitate the rapid detection and rectification of any mistakes or problems. So long as you are confident of remaining up-to-date with your monetary transactions without having a negative impact on your day by day business operations, this option can be the most cost-effective solution.
If you are currently thinking of hiring a bookkeeping company in Kingston upon Thames, whatever your circumstances are, it's a good bet that you may be getting stressed about your financial recording procedures. Offering advice on everything from stocktaking, creating expense reports and invoicing, a good bookkeeping company will also be able to guide you through the process of linking your business accounts with the most suitable computer software to facilitate the seamless processing of your business's financial information.
The successful reconciliation of cash flow with accounts payable is one of the most vital aspects of a good bookkeeping service. This means that rather than paying an outstanding bill immediately, or waiting on an overdue notice, which a lot of small businesses in Kingston upon Thames are guilty of doing, your bookkeeper will organise the payment of bills to times when your accounts are in good shape and buoyant. This isn't only to make sure that your enterprise or business is financially secure at all times, but also to keep you in good stead with those businesses who provide your materials or services. When you are mainly focussed on the smooth running of your company, this is a balancing act that can be difficult to accomplish as an individual.
For your small business, or if you're a sole trader, employing a competent bookkeeper in Kingston upon Thames, presents you with the chance to have an eagle eye cast over your business. It may be that business trends and patterns that might have gone unnoticed will therefore be pinpointed. It is not at all uncommon for an astute bookkeeper to flag up an area which is plummeting in profits, or spot a brand new opportunity which could be lucrative. Spotting such key performance indicators is essential for the future growth of any business in Kingston upon Thames.
Having to pursue late payments can be an awkward situation for you, if you give out invoices in your business operations. If that phone call or visit to your customer is done by an individual outside your business bubble, it's possible for most of that embarrassment to be removed. To help take care of the matter, if you have problems with a consistent late or non-payer, there are legal options that can be made use of by a bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are relatively straightforward and basic. In essence, sole traders must retain all receipts and invoices, and monitor expenditure and income on a month by month basis. Now, this doesn't sound that hard does it? Yet, it's still a good idea to retain the services of a bookkeeping company to ensure that it's all done accurately. When working through your income tax returns, a professional sole trader bookkeeper in Kingston upon Thames will be happy to advise you on what your legitimate business expenses are, and claim these back from HMRC. This may include bills and rent if you work from home, promotional advertising, printer ink, items such as laptops and stationery. To learn how to help your small business to prosper and grow, speak to your local bookkeeper for more detailed advice and guidance.
There are niche areas in bookkeeping where a specialist could be essential. If, for instance, you run an online store, you'll require a bookkeeper in Kingston upon Thames who is familiar with exchange rate transfers, online payments, multi-currency processing and international and cross-border taxes. Controlling stock on a 24/7 basis is also a massive priority, if the same shop distributes goods that you produce or hold, as I'm sure you're aware the internet never sleeps, so nor should your bookkeeping software or services.
It is also possible to provide a virtual office, which can be used in combination with your bookkeeping service. This allows an online only business or sole trader to have a postal address and phone service to provide a physical link with their customers. It's certainly worth talking about this possibility if it's needed, although not all bookkeepers in Kingston upon Thames will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate or Diploma level, and it isn't mandatory for a professional bookkeeper in Kingston upon Thames to have a degree in accounting. Although there is a range of online courses available, bookkeeping qualifications can still be gained through further education colleges and universities, if that is the chosen route.
Bookkeepers are represented by 2 main training and certification organisations:
The ICB or Institute of Certified Bookkeepers: The largest organisation of its kind in the world is the the Institute of Certified Bookkeepers (ICB), and it provides accreditation to certified bookkeepers, together with training and reference material to keep their members informed about the latest trends and innovations.
The AAT or Association of Accounting Technicians: Providing advanced qualifications and training, the Association of Accounting Technicians or AAT, entitles a fully trained member to use the letters AATQB. They can then become registered AAT bookkeepers, backed up by this well-respected association, which promises a minimum standard of service for their customers. To safeguard the values and integrity of the AAT, if a bookkeeper who is a member of the AAT has a complaint filed against them or is found to have breached the code of conduct they may be subject to tribunal and disciplinary procedures.
By visiting the register of AAT or ICB members on their respective websites, you're able to inspect the accreditations of any Kingston upon Thames bookkeeper. Prior to retaining the services of any bookkeeping company in Kingston upon Thames, it's definitely 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: Long Ditton, Molesey, Teddington, Hampton Wick, Ham, Tolworth, West Barnes, New Malden, Berrylands, Merton Park, Kingston Vale, Surbiton, Twickenham, Hampton Court, Wimbledon, together with these postcodes KT1 2HD, KT1 1EE, KT1 2BH, KT1 1RJ, KT1 1ST, KT1 2DA, KT1 1NU, KT1 2EP, KT1 2BF, KT1 2EG. Locally based Kingston upon Thames bookkeeper services will probably have the postcode KT1 and the dialling code 020. Checking this out should confirm that you're accessing local bookkeepers. Kingston upon Thames sole traders and business owners are able to benefit from these and lots of other bookkeeping related services.
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 money left in their bank account, the total value of their liabilities and assets, and so on. With the owner of the business having to deal with a lot of concerns and issues while running a business, the task of carrying out the bookkeeping is often outsourced to freelance bookkeepers or a bookkeeping company in Kingston upon Thames.
If a company in Kingston upon Thames hires a bookkeeper in order to join their ranks, the company will need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay for long in the company. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Kingston upon Thames.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find a lot many companies offering financial bookkeeping services catering to all kinds of clients and industries in Kingston upon Thames. A majority of these companies promise and deliver quality service. It assumes importance 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.
Greater London Bookkeeper
In the Greater London area you will likewise find: Harold Wood bookkeeping, Osterley bookkeeping accountants, Wood Green bookkeeping, Kingston Vale accounts services, Vauxhall bookkeepers, Alperton bookkeeping accountants, Norbiton accounts services, Earlsfield bookkeeper, South Hornchurch bookkeeping accountants, Gidea Park bookkeepers. In every corner of the Greater London region it should be possible to find bookkeepers who'll provide you with various services for all your security requirements. If you're unable to identify the right in Kingston upon Thames itself then you shouldn't have any issues locating a decent one someplace nearby., Lamorbey bookkeeper, Balham accounts services, Southgate bookkeepers, Paddington bookkeeping services, Chalk Farm , Bayswater accounts services, Osidge bookkeeping services, Orpington bookkeeping, Totteridge accounts services, Sydenham Hill , East Ham bookkeepers, Aldgate accounts services, Sudbury bookkeeping accountants, Turnpike Lane , Whetstone accounts services, Chelsea bookkeeping, Biggin Hill accounts services, Selhurst accounts services, Crouch End
Kingston upon Thames Bookkeeper Tasks
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Greater London Bookkeeping Enquiries
Recently posted Greater London bookkeeping enquiries: Maisy Ogden was looking for a bookkeeper for her letting business in Harefield. Lucia Poole in Poplar was looking for bookkeeping services for her internet sales business. Mikail Nesbitt in Northumberland Heath, Greater London was asking about bookkeeping services for his bar. Dara Reyes from Upper Ruxley was searching for a bookkeeper for his online business. Isha Ring from West Brompton was asking about a bookkeeper to do her Self-Assessment tax returns. Coby Walters from Clerkenwell was looking for a bookkeeper for his plumbing business. Leonard Rich from Upper Clapton, Greater London was looking for a bookkeeper to do his tax returns. Athena Chandler from Tooting Bec, Greater London was trying to find bookkeeping for her clothing company. All of these local clients did a search for "Bookkeepers Greater London" and found this web page on either Yahoo, Google or Bing.
Bookkeepers Near Kingston upon Thames
Also here.: Ham bookkeepers, Molesey bookkeepers, New Malden bookkeepers, Wimbledon bookkeepers, Tolworth bookkeepers, Long Ditton bookkeepers, Kingston Vale bookkeepers, Merton Park bookkeepers, Hampton Wick bookkeepers, West Barnes bookkeepers, Twickenham bookkeepers, Berrylands bookkeepers, Teddington bookkeepers, Surbiton bookkeepers, Hampton Court and more. Most of these areas are served by local bookeepers. Kingston upon Thames businesses can get pricing for bookkeeping services by clicking
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Bookkeepers Around Kingston upon Thames: People who live in the following Kingston upon Thames roads have recently requested bookkeeping services - Clifton Road, Tangmere Grove, Chatham Road, Clifton Place, Coombe Park, Carrington Close, Sigrist Square, Somerset Road, Caversham Road, Salamander Quay, St Peters Road, Salamander Close, Barge Walk, Baygrove Mews, Craven Road, Borough Road, Cotswold Close, Alfred Road, Station Approach, Dutch Gardens, Thames Street, The Cloisters Mall, Beard Road, Coombe Hill Glade, Deer Park Close, The Parade, as well as these Kingston upon Thames area postcodes: KT1 2HD, KT1 1EE, KT1 2BH, KT1 1RJ, KT1 1ST, KT1 2DA, KT1 1NU, KT1 2EP, KT1 2BF, KT1 2EG.
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Bookkeepers in KT1 area, phone code 020.
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