Bookkeepers Lewes East Sussex (BN7): For any person in Lewes who operates an online store, acts as a sole trader or owns a small business, it's their sole responsibility to maintain "true and fair", accurate financial and accounting records for at least 6 yrs. This is laid out by the Companies Act (2006). Failure to produce such detailed records may leave you faced with disqualification as a Company Director, together with a fine of thousands of pounds. It can be more cost-effective to use a professional accountant or bookkeeping service to undertake this for you, because according to the magazine Accounting Today over forty percent of small business owners spend at least 80 hours annually doing their accounts, which is a considerable investment of time, and may be more efficiently spent on your core business activities.
If the thought of tracking assets and liabilities, filling out ledgers, compiling balance sheets or creating profit, loss and financial statements fills you with terror, then the time has come to get in touch within Lewes for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
The first question that many small business owners ask is "What exactly is the distinction between a bookkeeper and an accountant?" In the old days it was frequently considered to be to be beneath the skill set, experience and qualifications of an accountant to do bookkeeping, however due to software improvements over the past ten years, many bookkeeping duties will now be undertaken by accountancy companies in Lewes. A lot of accounting firms now charge a set rate for bookkeeping services, to keep them in line with what a typical bookkeeper in Lewes would usually charge. This is excellent news for business owners because it provides a wider variety of competition within this sector and can make your bookkeeping cheaper than previously imagined.
When looking at the biggest difference between an accountant and a bookkeeper, it is the standard of training and qualification that is necessary for each of these disciplines. At least an accounting degree with specialist training in the field of taxes and other business and fiscal management, will usually be held by an. Whilst having a fair grasp of such disciplines, a bookkeeper in Lewes may not necessarily have the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
In the simplest of terms, the bookkeeping process involves the logging of day by day financial transactions of any business in Lewes. This may include, but isn't limited to;
- The billing of clients for goods or work completed.
- VAT submissions and recording.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Logging invoices received and making certain that payment is completed promptly.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Monthly reconciliations and reports.
Dependant upon service level you are looking for, e.g. whether you're prepared to do the majority of bookkeeping work; a professional bookkeeper may only be needed to double check your records on a fixed schedule. To make sure that any problems or mistakes can be discovered and corrected promptly, as a bare minimum, this needs to be each month. This compromise can often be the most affordable solution if you are confident of remaining in control of your daily financial transactions and business operations.
Whatever your situation, if you are looking to hire a bookkeeper it's fairly likely that you may be having problems with the financial recording side of your small business in Lewes. To facilitate the seamless organisation of transactional data, a professional bookkeeper will help you to link the most suitable software program to your business accounts, and will provide advice and guidance on things such as invoicing, producing expense reports and stocktaking.
An especially important element of good bookkeeping is being able to reconcile accounts payable with cash flow. This means that your bookkeeper will prioritise the payment of bills to a time when your accounts are buoyant, instead of paying off a bill immediately, or waiting on a final notice, which a lot of small businesses in Lewes are guilty of. This does not just keep you in favour with suppliers and the businesses who supply services to you, but also makes sure that your business or enterprise is financially stable. When, as an individual, you are mainly focussed on the smooth running of your daily business activities, this is a juggling act that can be challenging to perform.
If you're a sole trader, or own a small business, employing a competent bookkeeper in Lewes, also gives them the chance to cast an eagle eye over the operation of your business. This objective evaluation can allow them to discover business trends and patterns that might have otherwise gone unnoticed. A situation where a keen eyed bookkeeper flags up an area which is plummeting in profits, or spots a new opportunity that could prove worthwhile, is by no means an unheard of occurrence. It is important for enabling growth in any enterprise in Lewes, to spot these KPI's (key performance indicators).
Having to chase up late payments can be a fairly awkward situation for you, if you send out invoices as part of your business operations. If that telephone call or visit to your customer is made by somebody outside your normal business situation, it's possible for most of that embarrassment to be removed. If you've got a persistent late or non-payer there are legal methods a bookkeeper can employ to help resolve the issue before the situation winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are relatively straightforward and easily understandable. It is required that a sole trader must keep track of expenditure and income from month to month and save all receipts and invoices. Whilst this might at first sound simple it is still a wise move to hire the expert services of a bookkeeping company. So that you will be able to claim back all genuine business expenses from HMRC, a specialised sole trader bookkeeper in Lewes can advise you on what must be done. This may include rent and bills if you work from home, promotional advertising, consumables, items such as computers and stationery goods. Speak to your bookkeeper for more comprehensive advice and discover how they might help your business to prosper and grow.
BOOKKEEPING FOR ONLINE TRADERS IN LEWES
Specialisedare required now and again for certain bookkeeping niches. For example, if you run a store online, you will need to employ a bookkeeper in Lewes who understands online payments, multi-currency processing, cross-border and international taxes and exchange rate transfers. Since the internet does not sleep, if the same shop sells goods you produce or hold then monitoring stock on a 24/7 basis is a crucial priority which will need to be dealt with.
In combination with bookkeeping services, it's also possible to establish a remote virtual office. Offering a physical link with their buyers, this enables a sole trader or online only business to have a phone service and postal address. Not all bookkeepers in Lewes will be able to supply this solution, however it is worthwhile talking about the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a qualified bookkeeper in Lewes to hold a degree, and a lot of the bookkeeping qualifications are held at Certificate and Diploma level. Qualifications can be obtained via further education colleges and universities but there are also an ever-increasing number of courses available online.
Certification and training for bookkeepers is mostly provided by two organisations:
The AAT (Association of Accounting Technicians): With fully trained bookkeepers being able to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. This guarantees a decent level of service to their clients which is backed by the organisation, and permits them to become a registered AAT bookkeeper. If an AAT bookkeeper is found to have broken the code of conduct or has a complaint against them, they will be liable to tribunal and disciplinary processes to safeguard the trustworthiness of the aat.
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, together with reference material and training to ensure their members are informed about the latest trends and developments.
By visiting their websites, it is possible to check out the accreditations of any bookkeeper in Lewes on the register of ICB or AAT members. Prior to retaining the services of any bookkeeping company in Lewes, it is clearly a wise idea to perform such checks.
Outsourced Bookkeeping Lewes
All businesses in Lewes should understand the significance of bookkeeping. It helps business people monitor the money left in their bank, their outgoings and incomings, the total value of their assets and liabilities, and so on. With the business owner having to contend with a lot of concerns and issues while operating a business, the task of undertaking the bookkeeping is usually outsourced to freelance bookkeepers or a bookkeeping company in Lewes.
If a company in Lewes employs a bookkeeper in order to become an employee, the company will need to pay out a substantial amount of money in training the person for the purpose of working on the bookkeeping duties. Moreover, there's no guarantee that the individual will stay for long in the company. In that situation, the company will have wasted a significant sum of money. Aside from that, firms will need to seek out ways and means to offer benefits and incentives to keep the fully trained employee there. These are just a taste of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Lewes.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who may continue with out-of-date accounting practices. Again, they're not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You will find many companies offering financial bookkeeping services catering to all kinds of industries and clients in Lewes. The majority of these companies promise and deliver quality service. It is important for a business to look into the background of these Lewes bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
Business owners in Lewes can look for the following options with the bookkeeping company that delivers outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is an enormous concern, it would be prudent on the part of business owner in Lewes to look for an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is extremely important to get high quality accounting services and greater security for your financial data. By quality, we mean precise, reliable, and real-time bookkeeping data delivered within the set timeframe. In a nutshell, the company that offers bookkeeping services in Lewes should have a well protected system that can be trusted and relied on.
These professional bookkeeping companies in Lewes should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary back-up and support.
What Are the Main Advantages of Using a Bookkeeper in Lewes Instead of an Accountant?
The following are a few reasons why you may prefer to use a bookkeeper in Lewes, instead of an accountant:
- Affordability: Bookkeeping services are generally more budget-friendly in comparison to accounting services, making them an inexpensive option for small businesses, startups and sole traders.
- Time Management: By choosing to outsource bookkeeping, small business owners can save a bit of time and focus on other vital aspects of their business like sales and marketing.
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
- Accessibility: Bookkeepers are generally more available to answer questions and provide support on a regular basis than an accountant, who may only be available at specific times.
It's important to note that even thoughoffer valuable support, they might not have the same level of qualifications or expertise as an in aspects such tax preparation or financial planning. In these cases, seeking the specialised services of an accountant may be necessary.
Lewes Bookkeeper Tasks
Most bookkeepers in Lewes will be able to provide you with the following bookkeeping services: company cash books, QUOTE FORM provided. We'll be in touch with information as soon as we can., financial statement preparation, charity bookkeeping Lewes, bookkeeping for sole traders, professional bookkeeping services, PAYE & wages, letting agent bookkeeping, cash flow analysis, bookkeeping for pubs, bookkeeping services for limited companies, Sage bookkeeping, bookkeeping services for organisations Lewes, bookkeeping for tradesmen, in Lewes, corporation tax returns Lewes, accounting and bookkeeping, profit & loss reports, mobile bookkeeping services, invoice processing, bookkeeping quotes, Self-Assessment tax returns, independent bookkeeping services, Lewes, bookkeeping for clubs Lewes, general bookkeeping services, Xero bookkeeping services, bookkeeping services for charities, in Lewes, management reports, and more. Listed are just a small portion of the duties that are undertaken by local bookkeepers. Lewes providers will let you know their whole range of bookkeeping services. If there are other Lewes bookkeeper requirements that you need but cannot see here, you can list them on the
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