Bookkeepers Lichfield Staffordshire (WS13): To comply with the 2006 Companies Act, if you operate a small business, run an online store or are a sole trader in Lichfield, you are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of 6 years. You could face thousands of pounds in fines, and possibly Company Director disqualification, if you can't produce this information. According to Accounting Today over 40% of small business owners spend over eighty hours per year on their bookkeeping, therefore while you can do these financial records on your own behalf, it's often more cost-effective to use a professional bookkeeper or accountant to do them for you.
If you are filled with a sense of dread just thinking about the possiblility of tracking liabilities and assets, writing ledgers, producing balance sheets or creating profit, loss and fiscal reports, then the time to get in touch with a bookkeeper in Lichfield for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by many business owners in Lichfield is "Precisely what is the distinction between a bookkeeper and an accountant?" The reality is that whilst in the past the bookkeeping process, was looked at as beneath the skill set, experience and qualifications of an accountant, due to software improvements over the past 10 years, many accountancy companies in Lichfield will now consider taking on bookkeeping. Most accountancy companies now have a fixed fee for bookkeeping services, to keep them consistent with what a typical bookkeeper in Lichfield would normally charge. This is fantastic news for business owners as it offers a broader range of competition within the marketplace and can make the cost of your bookkeeping more affordable than previously thought.
It is essentially the standard of training that is required for each discipline, that reflects the biggest difference between an accountant and a bookkeeper in Lichfield. Typically holding an accounting degree, a professional accountant will also have had training in tax essentials and further qualifications in business and fiscal management. Although bookkeepers in Lichfield will invariably have a decent understanding of these fiscal disciplines, they might not necessarily have these qualifications or levels of training and experience in this field.
RESPONSIBILITIES OF A BOOKKEEPER IN LICHFIELD
The process of bookkeeping put simply, is to record the daily monetary transactions of any enterprise or business in Lichfield. This could include, but is not limited to;
- The billing of customers for work completed or goods.
- VAT submissions and recording.
- Monthly reporting and reconciliation.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Documenting the receipt of invoices and ensuring payment is completed promptly.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Logging of all financial incomings; including card, electronic and cash payments.
If you are happy to carry out the larger part of your bookkeeping work yourself; a professional bookkeeper may only be needed to double check your figures on a set schedule. This ought to be monthly at the bare minimum, as this will allow any mistakes or problems to be identified and rectified swiftly. This may be the most cost-effective trade-off, so long as you're confident of keeping on top of your monetary transactions without impacting on your everyday trading tasks.
There's a fair chance that if you are considering hiring a bookkeeping company, you're currently having problems with the financial recording side of your business in Lichfield. A decent bookkeeping service will be able to provide guidance and advice on everything from stocktaking, creating expense reports and invoicing, to linking your accounts with the latest, most up-to-date software to facilitate the seamless organisation of data.
The reconciliation of accounts payable with cash flow is one of the most crucial aspects of good bookkeeping practice. Which means that rather than paying an outstanding bill straight away, or waiting on a final notice, which many small businesses are guilty of doing, your bookkeeper will schedule bill payments to a time when your accounts are in the best possible position. This doesn't just keep your business enterprise on a sound financial footing, but keeps you in favour with suppliers and the businesses who provide you with services. When, as an individual, you are firmly focussed on the smooth running of your daily business activities, this can be a juggling act that is challenging to perform.
Having an individual who is unconnected to the business cast an unbiased eye over your financial dealings, is another good thing about using a qualified bookkeeper in Lichfield if you are a sole trader, or for your small business. It is entirely possible that an independent appraisal such as this will highlight business patterns and trends that have been missed previously. A bookkeeper spotting an opportunity or noticing an area where profits are falling, is by no means uncommon. It is important for the long-term growth of any enterprise in Lichfield, to spot these key performance indicators (KPI's).
Pursuing a late payment can be a fairly embarrassing scenario for you, if you send out invoices as part of your business operations. If that telephone call or visit to your clients is done by a person outside your normal business situation, it's possible for most of that embarrassment to be removed. To help deal with the matter, if you're troubled with a repeating late payer, there are options that can be employed by a bookkeeper, so legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are relatively straightforward. It's required that sole traders must monitor expenditure and income on a monthly basis and retain all invoices and receipts. Even though this may at first sound fairly simple, retaining the expertise of a competent bookkeeper is still a wise move. Advising you on what valid business expenses you can claim back, a specialist sole trader bookkeeper in Lichfield will look after your dealings with HMRC. This could include bills and rent if you work from home, stationery goods, items such as laptops, consumables and advertising expenses. To discover how they can help your small business to grow and prosper, speak to your local bookkeeper for more in-depth advice.
BOOKKEEPING FOR ONLINE TRADERS IN LICHFIELD
Specialist bookkeepers are occasionally needed for specific bookkeeping niches. You'll need a bookkeeper in Lichfield who's familiar with cross-border and international taxes, online payments, multi-currency processing and exchange rate transfers, if you operate an online store for instance. Since the internet doesn't sleep, if that same outlet sells goods you hold or produce then regulating stock on a 24/7 basis is an important concern which will have to be dealt with.
In combination with your bookkeeping services, a remote virtual office can also be provided. This allows an online only business or sole trader to have a postal address and telephone service to offer a physical connection to their buyers. If this type of service could be useful, it's definitely worth discussing, although this solution won't be provided by all Lichfield bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Lichfield bookkeeper needn't hold a university degree and a great many the industry qualifications are at Diploma and Certificate level. Qualifications can be gained via further education colleges and universities but there is also an ever-growing variety of courses available online.
There are 2 main training and certification organisations representing bookkeepers:
The Association of Accounting Technicians (AAT): Able to use the letters AATQB after their name, a fully trained member of the AAT or Association of Accounting Technicians will have undergone advanced qualifications and training in bookkeeping practice. They then become authorised AAT bookkeepers, approved by this respected organisation, which guarantees a minimum level of service for their customers. If an AAT bookkeeper is found to have violated the code of practice or has a complaint filed against them, they may be subject to tribunal and disciplinary processes to preserve the integrity of aat membership.
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation in the world and provides certification for qualified bookkeepers, together with training and reference material to keep their associated members up-to-date.
By visiting the register of ICB or ATT members on their websites, you can determine the accreditations of any bookkeeper. Prior to retaining any bookkeeping service in Lichfield, it is certainly wise to perform these checks.
What Are the Main Advantages of Using a Bookkeeper in Lichfield Rather Than an Accountant?
The following are a few reasons why you might want to use a bookkeeper in Lichfield, rather than an accountant:
- Cost-Effectiveness: Bookkeeping services are often more cost-efficient in comparison to accounting services, making them a good choice for startups, sole traders and small businesses looking to save on costs.
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save a bit of time and focus on other aspects of their business, such as marketing and sales.
- Specialisation: Bookkeepers have got a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in such tasks.
- Availability: Bookkeepers are often more accessible and ready to answer questions and provide support compared to an accountant, who may only be reachable during certain times of the year.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants whose approach may be more general.
It is important to note that even though bookkeepers offer some amazing services, they may not have quite the same level of qualifications or expertise as an accountant in aspects such financial planning or tax preparation. In these cases, seeking the specialist services of an accountant may become necessary.
Financial statement preparation - article 211.
Bookkeepers Near Lichfield
Also find: Huddlesford bookkeepers, Whittington Hurst bookkeepers, Stowe bookkeepers, Fisherwick Wood bookkeepers, Pipehill bookkeepers, Leamonsley bookkeepers, Streethay bookkeepers, Netherstowe bookkeepers, Whittington bookkeepers, Hammerwich bookkeepers, Hopwas bookkeepers, Bromley Hayes bookkeepers, Hanch bookkeepers, Wall bookkeepers, Canwell bookkeeper and more. The majority of these areas are serviced by local bookeepers. Lichfield traders and businesses can get rates for bookkeeping services by going here.
Lichfield Bookkeeper Tasks
Most Lichfield bookkeepers will be able to provide you with the following accounting and bookkeeping services: partnership tax returns, profit & loss reports Lichfield, general bookkeeping services, company cash books, bookkeeping services for sole traders, bookkeeping for home-based businesses Lichfield, off-site bookkeeping, Sage bookkeeping services, invoice processing, bookkeeping for limited companies Lichfield, franchise bookkeeping in Lichfield, tax returns, bookkeeping services for retail outlets, bookkeeping services for restaurants Lichfield, letting agent bookkeeping Lichfield, VAT returns, bookkeeping services for societies, corporation tax returns, bookkeeping for charities in Lichfield, tax preparation Lichfield, credit control, bookkeeping services for shops, bookkeeping for tradesmen, charity bookkeeping Lichfield, double-entry bookkeeping, small business tax returns, landlord bookkeeping, mobile bookkeeping services, payment services, assistance with registering for self-employment in Lichfield, and more. Listed are just a few of the activities that are performed by local bookkeepers. Lichfield professionals will be happy to tell you about their whole range of services. If there are some other Lichfield bookkeeper requirements that you need but cannot see here, you should mention them on the QUOTE FORM provided. We'll get back to you with specifics just as soon as we can.
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