Bookkeepers Leyland Lancashire (PR25): Whether you are a sole trader, run a small business or operate an online store in Leyland, you are entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of 6 years according to the Companies Act. You may face a fine of thousands of pounds, and perhaps Company Director disqualification, if you can't produce such information. You could do these financial records on your own behalf, yet when you think about the fact that according to the trade magazine Accounting Today over 40% of small business owners spend over 80 hours each year doing their bookkeeping activities, it can be more cost-effective to use a professional accountant or bookkeeping service.
It is time to get in touch within Leyland for assistance, if the thought of creating profit, loss and financial statements, writing ledgers, compiling balance sheets or tracking liabilities and assets fills you with terror.
BOOKKEEPER OR ACCOUNTANT?
Precisely what is the difference between a bookkeeper and an accountant is the first question that springs to mind for many small business owners in Leyland. The fact is that even though at one time the process of bookkeeping, was looked at as beneath the qualifications, skill-sets and experience of an accountant, because of software improvements over the past decade, many accountancy firms in the Leyland area will now undertake bookkeeping. A lot of accounting companies now have a fixed rate for bookkeeping services, to keep them consistent with what an independent bookkeeper in Leyland would generally charge. This is fantastic news for business owners in Leyland since it gives a wider variety of competition within the industry 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, the most notable one is the amount of training that's necessary for each of these disciplines. Anwill usually hold at least a degree in accounting with further training in taxation and other business and financial management. A bookkeeper in Leyland may not have the same levels of experience and training, or hold these qualifications, but should still have a good grasp of these fiscal skills.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, bookkeeping involves the logging of day by day transactions of any business or enterprise in Leyland. This will likely include, but is by no means limited to;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Payroll services.
- The billing of clients for work completed or goods.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Recording the receipt of invoices and making certain payment is completed promptly.
- VAT recording and submissions.
- Recording of all financial incomings; including cash, electronic and card payments.
- Monthly reconciliation and reporting.
Depending on the level of service you need, e.g. you are in a position to perform the larger part of bookkeeping work; a bookkeeper might only be necessary for double-checking your records on a fixed schedule. This needs to be from month to month at the bare minimum, as this allows for any mistakes or problems to be identified and corrected speedily. This compromise can often be the most affordable solution if you are confident of staying on top of your daily trading and financial transactions.
It's fairly likely that if you're thinking of hiring a bookkeeping firm in Leyland, you are currently fretting over the financial recording aspects of your small business. A professional bookkeeping company will be able to assist you in linking the latest software with your accounts to enable the seamless sorting of transactional data, and will offer guidance and advice on things such as invoicing, generating expense reports and stocktaking.
An especially crucial element of good bookkeeping is the ability to reconcile accounts payable with cash flow. Which means that rather than paying off a bill straight away, or waiting on an overdue notice, which most small businesses are guilty of doing, your bookkeeper will arrange bill payments to times when your finances are buoyant and in good order. This is not just to ensure your business enterprise is on a sound financial footing all the time, but also to keep you in the good books of those who supply your services or materials. This is a balancing act that can be difficult to accomplish as an individual when you're inevitably focussed on running your company.
Using a certified bookkeeper in Leyland, for your small business or if you are a sole trader also gives them an opportunity to cast a fresh eye over your business finances. Business trends and patterns that you may have overlooked might be pinpointed by this sort of dispassionate appraisal. A scenario where a clever bookkeeper flags up an area where profits are decreasing, or identifies a new opportunity which could be worthwhile, is not at all an unheard of occurrence. Spotting such key performance indicators is vital for the economic growth of any business enterprise in Leyland.
It can often be rather humiliating to chase up late payments if your business gives out invoices. By having an independent person outside your normal business situation visit your client or make that phone call, some of that embarrassment can be removed. There are legal options that a bookkeeper can make use of, if you have a persistent late or non-payer, and these can help to clear up the situation before the issue ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are fairly straightforward and easily understood. This involves retaining all invoices and receipts relating to the business, and keeping track of expenditure and income on a month by month basis. It is still good practice to retain the expert services of a bookkeeping company, even if this might sound simple. So that you'll be able to claim back any legitimate business expenses from HMRC, a specialist sole trader bookkeeper in Leyland will be in a position to advise you on what must be done. This could include consumables, items such as computers, rent and bills if working from home, advertising expenses and stationery goods. For more comprehensive advice, chat to a trusted bookkeeper, and discover how they can help your small business to grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS
Specialisedare necessary from time to time for particular bookkeeping niches. For instance, if you run a store online, you will be wise to employ a bookkeeper in Leyland who understands online payment procedures, cross-border and international taxes, multi-currency processing and exchange rate transfers. If the same shop sells goods that you hold or produce, then regulating inventory on a 24 hours a day basis is a huge priority, as I'm sure you'll appreciate the internet never sleeps, so nor should your bookkeeping software or services.
In conjunction with bookkeeping services, it's also possible to provide a virtual office. This is beneficial in enabling a sole trader or online only business to have a phone service and postal address to offer a physical link with their customer base. It's certainly worth discussing this possibility if it's required, although not all bookkeeping companies in Leyland will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a certified Leyland bookkeeper to have a university degree, and a good number of the bookkeeping qualifications are held at Certificate or Diploma level. Although there's an ever-increasing selection of bookkeeping courses available online, qualifications can still be obtained via further education colleges and universities, if that is the preferred route.
There are essentially 2 principal organisations that offer certification and training to bookkeepers:
The AAT (Association of Accounting Technicians): With fully certified members entitled to use the letters AATQB, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. This assures a high level of service to their clients which is backed by the association, and enables them to become a approved AAT bookkeeper. To safeguard the credibility of AAT membership, an AAT bookkeeper can be subject to tribunal and disciplinary processes if they have a complaint against them or are found to have broken the code of practice.
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers (ICB) is the largest on the planet and provides accreditation to certified bookkeepers, along with reference material and training to keep their associated members up-to-date with the latest trends and developments.
By viewing the register of ICB or ATT members on their respective websites, you can confirm the accreditations of any Leyland bookkeeper. It is a good idea to implement this check, before you retain the services of any local bookkeeper in Leyland.
Bookkeepers Near Leyland
Also here, residents in the area can obtain quotes for .: Cocker Bar bookkeepers, Wheelton bookkeepers, Pippin Street bookkeepers, Midge Hall bookkeepers, Bretherton bookkeepers, Buckshaw Village bookkeepers, Ulnes Walton bookkeepers, Runshaw Moor bookkeepers, Earnshaw Bridge bookkeepers, Broadfield bookkeepers, Whittle-le-Woods bookkeepers, Thorpe Green bookkeepers and more. In almost all of these towns and villages, individuals who offer are available. The ease of access ensures businesses and individuals alike have the capability to find the necessary support for effective account management. By clicking
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