Bookkeepers Lichfield Staffordshire (WS13): You're entirely responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years, if you run an online store, operate a small business or are a sole trader in Lichfield, according to the Companies Act. If you cannot produce such information, you could be disqualified as a Company Director and face a fine of thousands of pounds. According to the trade magazine Accounting Today over 40% of small business owners spend at least 80 hours per year on their bookkeeping, so although you can carry out these financial recordings on your own, it can pay you to use a professional accountant or bookkeeping company to do them instead.
The time has come to contact a bookkeeper in Lichfield for help and advice, if you are filled with terror merely thinking about creating profit, loss and financial statements, tracking assets and liabilities, writing ledgers or producing balance sheets.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Lichfield, the first question that springs to mind when facing this dilemma is "What is the difference between a bookkeeper and an accountant?" The truth is that while in past times a lot of accountants considered the task of bookkeeping to be beneath their skill-sets, qualifications and experience, a lot of accountancy companies in the Lichfield area will now undertake most bookkeeping duties, because of massive improvements in software over the past decade or so. It is now fairly common for many accountancy firms to charge a fixed rate for bookkeeping services in keeping with a dedicated bookkeeper's fee. This means the cost of bookkeeping is cheaper than it once was, and is good news for business owners in Lichfield because it provides a broader range of competition within the marketplace.
When considering the big difference between a bookkeeper and an accountant, it is the level of training and qualification that's needed for each discipline. Usually holding a degree in accounting, a professional accountant should also have had additional training in tax law and have qualifications in business and financial management. Whilst having a really good understanding of these procedures, a bookkeeper in Lichfield might not necessarily have the qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, the bookkeeping process involves the recording of day by day monetary transactions of any enterprise or business in Lichfield. This may include;
- Documenting invoices received and making certain that payment is completed punctually.
- The billing of clients for goods or work completed.
- Payroll services.
- Recording of all financial incomings; card, cash and electronic payments included.
- Monthly reconciliation and reporting.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
Dependant upon the level of service you require, a professional bookkeeper may only be needed to double check your records on a set schedule, if you're prepared to carry out the majority of the bookkeeping work yourself. At the bare minimum this ought to be from month to month, to enable the quick identification and rectification of any problems or mistakes. If you are able to stay up-to-date with your everyday financial transactions and trading activities, this trade-off can often be the most cost-effective compromise.
Whatever the situation is with your business, if you're seriously considering hiring a bookkeeper in Lichfield, there's a fair chance that you may be stressed with the process of recording your financial details. Offering assistance with everything from invoicing, creating expense reports and stocktaking, a professional bookkeeper will also be able to guide you through the process of linking your accounts with the most suitable software application to enable the seamless processing of all your business's transaction information.
One of the most important elements of good bookkeeping, is being able to correctly reconcile accounts payable with cash flow. This means that instead of paying an outstanding bill immediately, or waiting for a final notice, which many small businesses in Lichfield are guilty of doing, your bookkeeper will optimise bill payments to times when your finances are in good shape and buoyant. This isn't simply to ensure that your business or enterprise is on a sound financial footing at all times, but also to keep you in favour with the businesses who supply your materials or services. This is a balancing act that you may find tough to accomplish on your own when you are purely focussed on the smooth running of your company.
For your small business enterprise, or if you are a sole trader, using a certified bookkeeper in Lichfield, presents you with the opportunity to have an expert eye cast over your business. This independent assessment can enable them to notice business patterns and trends that you might have overlooked. It's not unheard of for a bookkeeper to recognise an opportunity or flag an area where profits are falling. These key performance indicators are vital in driving growth for any enterprise in Lichfield.
It can sometimes be rather awkward to chase up a late payment if your company sends out invoices. By having a person outside your business bubble make that telephone call or visit to your customers, some of that embarrassment can be eliminated. If you're troubled with a repeating late payer there are legal strategies that a bookkeeper can make use of to help to clear up the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the bookkeeping requirements, as laid out by law, start off fairly straightforward. It's stated that a sole trader should monitor expenditure and income on a monthly basis and keep all invoices and receipts. Whilst this might sound easy it is still a good idea to retain the expert services of a bookkeeping company. So that you'll be able to claim back any valid business expenses from HMRC, a specialist sole trader bookkeeper in Lichfield will be in a position to advise you on what needs to be done. This might include consumables, items such as computing equipment, rent and bills if you work from home, advertising expenses and stationery goods. For more in-depth advice, chat to your bookkeeper, and learn how they might help your business to thrive and grow in the future.
There are niche areas in bookkeeping where a specialist could be needed. If multi-currency processing, online payment procedures, exchange rate transfers and cross-border and international taxes are involved, for example if you manage an online store, you will need to hire a bookkeeper in Lichfield who understands these practices. As the internet doesn't sleep, if the same outlet sells goods that you hold or produce then regulating stock on a 24/7 basis is a major priority which will have to be addressed.
In conjunction with bookkeeping services, it's also possible to supply a virtual office. This enables a sole trader or online only business to offer a physical connection to their clients, via a phone service and postal address. Although this solution may not be provided by all Lichfield bookkeepers, it's certainly worth a discussion if this service is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a professional bookkeeper in Lichfield to hold a university degree, and a good number of the bookkeeping sector qualifications are held at Diploma or Certificate level. If the chosen route to qualification is through further education colleges and universities, this is still a possibility, whereas there there is an ever-growing range of online bookkeeping courses.
Bookkeepers are represented by two primary training and certification organisations:
The AAT or Association of Accounting Technicians: Providing advanced qualifications and training, the Association of Accounting Technicians or AAT, enables a fully certified bookkeeper to use the letters AATQB after their name. This then allows them to become a approved AAT bookkeeper and assures a level of service which is backed up by the association. If a bookkeeper who is a member of the AAT is found to have contravened the code of practice or has a complaint against them, they could be subject to tribunal and disciplinary processes to preserve the values and integrity of the aat.
The Institute of Certified Bookkeepers (ICB): Keeping their members informed about the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation on the planet, providing accreditation to certified bookkeepers, together with reference material and training.
By viewing the register of AAT or ICB members on their respective websites, it is possible to check the qualifications of any professional Lichfield bookkeeper. Prior to retaining the services of any bookkeeping company in Lichfield, it is always a great idea to carry out these necessary checks.
Bookkeeping services are available in Lichfield and also in nearby places like: Whittington Hurst, Burntwood, Canwell, Leamonsley, Hammerwich, Streethay, Hopwas, Fisherwick Wood, Stowe, Netherstowe, Whittington, Wall, Huddlesford, Bromley Hayes, Pipehill, Hanch, together with these postcodes WS13 6BY, WS13 6PQ, WS13 6QD, WS13 6DY, WS13 6LY, WS13 6JP, WS13 6LZ, WS13 6HR, WS13 6LF, WS13 6AZ. Local Lichfield Bookkeepers will probably have the postcode WS13 and the phone code 01543. Verifying this will make sure that you access locally based bookkeepers. Lichfield sole traders and business owners will be able to benefit from these and numerous other comparable services.
Lichfield Bookkeeper Tasks
Most bookkeepers in Lichfield will be ready to offer you the following accounting and bookkeeping services: payroll bookkeeping Lichfield, bookkeeping for pubs, bookkeeping services for shops, Sage bookkeeping services, bookkeeping for sole traders, bookkeeping services for clubs, business bookkeeping, Kashflow bookkeeping, mobile bookkeeping services, bookkeeping services for societies, landlord bookkeeping Lichfield, Quickbook bookkeeping services, bookkeeping services for limited companies, invoice processing, charity bookkeeping Lichfield, Xero bookkeeping services, partnership returns Lichfield, maintaining fixed asset registers, bookkeeping services for the self-employed, double-entry bookkeeping, bookkeeping for tradesmen Lichfield, payment services, general bookkeeping services Lichfield, QUOTE FORM provided. We will get back to you with details just as soon as we can., cash flow analysis, VAT returns, bookkeeping services for freelancers in Lichfield, profit & loss reports, bookkeeping services for restaurants, bookkeeping for organisations, and more. Listed are just a selection of the activities that are performed by local bookkeepers. Lichfield companies will let you know their entire range of services. If there happen to be other Lichfield bookkeeper requirements that you need but cannot see here, you can easily list them on the
Bookkeeping Enquiries Staffordshire
Current Staffordshire bookkeeping enquiries: Tyler Garrett in Denstone, Staffordshire was searching for bookkeeping services for his basketball club. Sophia Lowry was looking forStapenhill, Staffordshire. Gabrielius Stenhouse in Standon, Staffordshire was asking about a bookkeeper for his woodworking business. Mae Compton in Mavesyn Ridware was asking about a bookkeeper for her clothing company. Maira Jordan from Rugeley was searching for bookkeeping for her internet sales business. Owen Tanner from Bednall, Staffordshire was trying to find bookkeeping services for his online business. Daisie Jacobs was looking for a bookkeeper for her franchise business in Seighford, Staffordshire. Orion Worrall from Wigginton, Staffordshire was interested in bookkeeping for his book club. All these people did a search for "Bookkeepers Staffordshire" and came across this webpage on either Yahoo, Google or Bing.
Lichfield Bookkeeper Questions
Just last week I thought I'd go through the kinds of questions people in Lichfield ask regarding bookkeepers. A number of our visitors e-mailed in noteworthy enquiries that I thought might be worthy of a mention. The ones I picked are, Do bookkeepers do accounts payable? How much does bookkeeping cost? How does bookkeeping differ from accounting? What are the advantages of a bookkeeper over an accountant? Does a bookkeeper need a degree? Why would a business need a bookkeeper? What are accountant bookkeepers? How can I get bookkeeper in Lichfield? What does bookkeeping consist of? I hope that nearly all of those enquiries have been dealt with in this short article, if not a bookkeeping "Q&A" section is the next thing we'll be introducing. My gratitude goes out to these folks for finding the time to raise these questions; Finley Powell, Eden Ferguson, Sullivan Mccarthy and Valeria Wall. Associated enquiries were likewise received from Stephanie Dennis in Huddlesford, Miguel Thorne in Hopwas and Liliana Crook in Fisherwick Wood.
Bookkeepers Near Lichfield
Also here.: Whittington Hurst bookkeepers, Fisherwick Wood bookkeepers, Bromley Hayes bookkeepers, Pipehill bookkeepers, Canwell bookkeepers, Leamonsley bookkeepers, Hammerwich bookkeepers, Streethay bookkeepers, Burntwood bookkeepers, Huddlesford bookkeepers, Hopwas bookkeepers, Netherstowe bookkeepers, Hanch bookkeepers, Stowe bookkeepers, Wall bookkeepers, Whittington and more. All these locations are served by local bookeepers. Lichfield people can get fees for bookkeeping services by going
- Lichfield PAYE and Wages
- Lichfield Payroll Services
- Lichfield Credit Control
- Lichfield VAT Returns
- Lichfield Tax Preparation
- Lichfield Sole Trader Bookkeeping
- Lichfield Tax Returns
- Lichfield Small Business Bookkeeping
- Lichfield Double-Entry Bookkeeping
- Lichfield Cash Flow Analysis
- Lichfield Bookkeeping Services
- Lichfield Bookkeeping Quotes
- Lichfield Cheap Bookkeeping
- Lichfield Profit and Loss Analysis
Bookkeepers Around Lichfield: People living in the following Lichfield streets and roads have recently requested bookkeeping services - Titan Way, Townfields, The Leasowe, Barley Green Lane, Samuel Close, Bracken Close, Bloomsbury Way, Abnalls Croft, Common Lane, The Woodlands, Darwin Close, Spade Green, Crossfield Road, Baskeyfield Close, Southern Cross, Broad Lane, Covey Close, Swan Road, Cornfield Drive, Dovehouse Fields, Scott Close, The Spires, Bromwich Drive, Ashmole Close, Seckham Road, Ascot Close, Bell Close, Dark Lane, Spencer Road, as well as these local Lichfield postcodes: WS13 6BY, WS13 6PQ, WS13 6QD, WS13 6DY, WS13 6LY, WS13 6JP, WS13 6LZ, WS13 6HR, WS13 6LF, WS13 6AZ.
Bookkeeping Jobs Lichfield: Browse bookkeeping jobs near Lichfield here: Bookkeeping Jobs Lichfield
More Staffordshire Bookkeepers: More Rugeley, Hanley, Kidsgrove, Fenton, Uttoxeter, Burslem, Burton-upon-Trent, Lichfield, Tamworth, Longton, Leek, Burntwood, Biddulph, Wombourne, Hednesford, Stoke-on-Trent, Stone, Heath Hayes, Cannock, Newcastle-under-Lyme and Stafford.:
To get local info about Lichfield, Staffordshire look here
Bookkeepers in WS13 area, 01543.
Kashflow Bookkeeping Lichfield - 01543 - Cheap Bookkeeping Lichfield - VAT Returns Lichfield - Sole Trader Bookkeepers Lichfield - Tax Returns Lichfield - Bookkeeping Accountants Lichfield - Bookkeeper Lichfield - Bookkeeping Quotes Lichfield