Bookkeepers Leigh Greater Manchester (WN7): For any individual in Leigh who operates an online store, owns a small business or acts as a sole trader, it is their sole responsibility to keep accurate, "true and fair" accounting and financial records for a minimum of 6 yrs. This is in accordance with the Companies Act (2006). You might face thousands of pounds in fines, and perhaps Company Director disqualification, if you're unable to produce such information. There is a substantial time investment involved with preparing such financial records on your own, and it's often more cost-effective to employ a professional accountant or bookkeeper, because according to Accounting Today magazine over forty percent of small business owners spend eighty hours plus per year doing their bookkeeping.
The time has come to get in touch with a bookkeeper in Leigh for advice and guidance, if the idea of filling out ledgers, producing balance sheets, tracking liabilities and assets or preparing profit, loss and financial statements fills you with terror.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by many small business owners in Leigh is "Precisely what is the distinction between an accountant and a bookkeeper?" At one time it was often looked at as to be beneath the skill set, experience and qualifications of an accountant to do the work of a bookkeper, however due to software improvements over the past decade, many bookkeeping tasks will now be undertaken by accounting companies in the Leigh area. For many accountancy firms it's now quite common to charge a set fee for bookkeeping services, so that they are in line with the standard fees of a dedicated bookkeeper in Leigh. This is fantastic news for business owners in Leigh as it provides a wider range of competition within this sector and can make the cost of your bookkeeping cheaper than previously imagined.
When you're looking at the differences between an accountant and a bookkeeper in Leigh, the main one is the standard of training and qualification that is needed for each of these disciplines. An accountant will typically a least hold an accounting degree with additional training in the field of taxation and other business and fiscal management. While not necessarily holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Leigh will still have a fair grasp of all these disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, the bookkeeping process involves the careful recording of daily transactions of any business or enterprise in Leigh. This could include, but is not limited to;
- Logging the receipt of invoices and making sure payment is completed on time.
- Recording of all financial incomings; including card, cash and electronic payments.
- Monthly reports and reconciliation.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- The billing of customers for work completed or goods.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- VAT recording and submissions.
If you're able to perform a large majority of bookkeeping work yourself; a bookkeeper might only be needed to double check your figures every once in a while. At the bare minimum this ought to be on a monthly basis, to facilitate the quick identification and rectification of any problems or mistakes. So long as it is possible to stay up-to-date with your financial transactions without impacting on your day to day business operations, this option can be the most cost-effective solution.
Whatever your situation, if you are considering hiring a bookkeeper in Leigh, it's fairly likely that you may be struggling with the financial recording aspects of your small business. A decent bookkeeping service will be able to assist you in linking the latest software with your accounts to enable the seamless pull-through of transactional data, and will give guidance and advice on such things as invoicing, stocktaking and creating expense reports.
An extremely crucial element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. Which means that your bookkeeper will arrange the payment of bills to times when your finances are in the best possible position, instead of paying a bill right away, or waiting for an overdue notice, which most small businesses are guilty of doing. This does not just keep your business or enterprise on a sound financial footing, but keeps you in the good books of suppliers and those who supply you with services. When you are completely focussed on the smooth running of your company, this is a juggling act that can be tricky to accomplish on your own.
Using an experienced bookkeeper in Leigh, if you are a sole trader, or for your small business also gives them an opportunity to cast an eagle eye over your business. It may be that business patterns and trends that you have overlooked could thus be brought to the fore. It's by no means unheard of for an astute bookkeeper to flag an area of the business which is decreasing in profits, or spot an opportunity that may prove worthwhile. It's crucial for powering growth in any small business in Leigh, to spot such key performance indicators.
If you give out invoices as part of your business operations, needing to chase up a late payment can be quite uncomfortable. By having a professional outside your business situation make that telephone call or visit to your client, some of that embarrassment can be taken away. If you've got problems with a consistent late or non-payer there are legal procedures a bookkeeper can employ to help resolve the issue before the situation ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are fairly straightforward and basic. This involves keeping all invoices and receipts in relation to the business, and tracking income and expenditure on a month by month basis. Although this might initially sound really easy, hiring the services of a competent bookkeeper is still a wise move. Advising you on what legitimate business expenses you can claim back, a specialised sole trader bookkeeper in Leigh will deal with HMRC on your behalf. This could include stationery goods, promotional advertising, consumables, items such as computing equipment and bills and rent if working from home. To discover how they can help your business to prosper and grow, talk to your bookkeeper for more in-depth advice.
BOOKKEEPING FOR ONLINE TRADERS IN LEIGH
There are certain niches in bookkeeping where the expertise of a specialist may be needed. If, for example, you run an online store, you are going to require a bookkeeper in Leigh who is familiar with exchange rate transfers, international and cross-border taxes, multi-currency processing and online payment procedures. Supervising your inventory on a 24/7 basis is also a massive concern, if the same shop sells goods that you produce or hold, as I'm sure you'll realise the internet never sleeps, therefore nor should your bookkeeping software or services.
It's also possible to establish a virtual office, which can be used together with your bookkeeping package. Providing a physical link with their buyers, this allows a sole trader or online only business to have a phone service and postal address. Although this option might not be supplied by all Leigh bookkeepers, it is definitely worth a discussion if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Diploma and Certificate level, and it isn't necessary for a professional bookkeeper in Leigh to hold an accounting degree. If the preferred route to qualification is via further education universities and colleges, this option is still available, although there there are a array of online bookkeeping courses.
Training and certification for bookkeepers is mostly provided by two organisations:
The Institute of Certified Bookkeepers or ICB: Offering accreditation to certified bookkeepers, in addition to training and reference material to keep their members up-to-speed with the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind on the planet.
The Association of Accounting Technicians or AAT: The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications enabling a fully trained member to use the letters AATQB after their name. This then allows them to become a registered AAT bookkeeper and promises a certain standard of service which is backed by the association. To safeguard the integrity of AAT membership, a bookkeeper who's affiliated with the AAT can be liable to tribunal and disciplinary processes if they have a complaint against them or are found to have breached the code of practice.
The qualifications of any professional bookkeeper can be checked on the register of ICB or ATT members on their websites. Performing this check is strongly recommended before you hire any professional bookkeeper in Leigh.
Outsourced Bookkeeping Leigh
All businesses in Leigh should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, the total value of their assets and liabilities, their outgoings and incomings, and the like. With the owner of the business having to contend with the concerns and issues of running a business, the task of doing the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Leigh.
If a company in Leigh employs a bookkeeper so as to join their ranks, the company will be required to commit a considerable sum of money in training the person for the purpose of working on the bookkeeping duties. Moreover, there is no guarantee that he or she will stay after the training is concluded. In circumstances like that, the company will have wasted a considerable amount of money for very little return. Besides that, businesses will need to look for ways and means to offer benefits and incentives to keep the employee in place. These are a few of the reasons why companies often enlist the services of professional bookkeepers and bookkeeping companies in Leigh.
These professional bookkeeping companies in Leigh 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 back-up and support.
VAT Returns in Leigh
In Leigh, small business owners can enlist the services of a bookkeeper to handle their VAT returns, which can provide them with peace of mind about tax compliance and allow them to prioritize other business priorities. A bookkeeper can take care of all aspects of your VAT return, including calculating the amount of VAT you owe or are owed, preparing and submitting your return to HMRC, and keeping accurate records of your transactions. In addition, a local bookkeeper can supply you with insightful suggestions on how to decrease your VAT responsibility and make sure that you are obtaining all the admissible VAT reimbursements. Partnering with a bookkeeper can give you the confidence that your VAT returns are being handled with precision and efficiency, providing you with more time to focus on expanding your business in Leigh. To summarise,by enlisting the services of a bookkeeper in Leigh, 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.
Tax Returns
If you're self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. This task can be daunting, especially if you're not acquainted with the process. Keeping your records organised and preparing your tax return on time and accurately are both things that a good bookkeeper can help you with.
To do your tax returns, using a bookkeeper can be beneficial in several ways. First and foremost, they will have the expertise and experience to make certain that your return is completed correctly. This should help you avoid interest charges from HMRC, as well as penalties. Second, a lot of hassle and time can be saved by a bookkeeper. They will take care of all of the paperwork and calculations, so you can focus on running your business. Third, invaluable advice on tax planning can be provided by a bookkeeper in Leigh. This enables you to maximise your earnings and minimise your tax bill. (70193)
Bookkeepers Near Leigh
Also find: Plank Lane bookkeepers, Hope Carr bookkeepers, Glazebury bookkeepers, Astley bookkeepers, Westleigh bookkeepers, Tydersley bookkeepers, Lowton bookkeepers, Higher Folds bookkeepers, Firs Lane bookkeepers, Abham bookkeepers, Leigh End bookkeepers, Lately Common bookkeepers, Bickershaw bookkeepers and more. In pretty much all of these localities, professionals who offer bookkeeping services are available. This accessibility ensures that individuals and businesses alike can easily find the financial support they need to effectively manage their accounts. Residents and businesses in these localities can get quotations for bookkeeping by going here.
Leigh Bookkeeper Tasks
Most bookkeepers in Leigh will be ready to provide you with the following bookkeeping and accounting services: Self-Assessment tax returns Leigh, independent bookkeeping services, Sage bookkeeping in Leigh, business bookkeeping Leigh, assistance with registering for self-employment in Leigh, franchise bookkeeping, VAT returns, bookkeeping price quotes, bookkeeping services for limited companies, bookkeeping for charities, tax return preparation, partnership tax returns, mobile bookkeeping services in Leigh, company cash books in Leigh, bookkeeping for retail outlets, bookkeeping services for sole traders, Quickbook bookkeeping services in Leigh, small business tax returns Leigh, cheap bookkeeping services, bookkeeping for restaurants, off-site bookkeeping, bookkeeping for small business in Leigh, professional bookkeeping services, bank reconciliation Leigh, bookkeeping services for shops in Leigh, Kashflow bookkeeping, general bookkeeping services, bookkeeping for tradesmen, profit & loss reports, bookkeeping services in Leigh, and more. Listed are just an example of the tasks that are conducted by local bookkeepers. Leigh professionals will tell you about their entire range of services. If there happen to be different Leigh bookkeeper requirements that you want but don't see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with specifics just as soon as we can.
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