Bookkeepers Lincoln Lincolnshire (LN1): To comply with the 2006 Companies Act, if you are a sole trader, operate an online store or own a small business in Lincoln, you are entirely responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 years. If you can't produce this information, you may face disqualification as a Company Director and get a hefty fine. It can pay you to use a professional bookkeeping company or accountant to do this for you, because according to Accounting Today over 40% of small business owners spend over 80 hours annually on their bookkeeping, which is a significant investment of time, and may be better spent on your core business activities.
It's high time to get in touch with a bookkeeper in Lincoln for help and advice, if just the thought of producing balance sheets, preparing profit, loss and fiscal reports, filling out ledgers or tracking liabilities and assets fills you with a sense of terror.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by many small business owners in Lincoln is "Exactly what is the distinction between an accountant and a bookkeeper?" At one time it was typically considered to be to be beneath the experience, qualifications and skill set of an accountant to do bookkeeping, however because of software improvements over the past decade or so, many bookkeeping tasks will now be taken on by accounting firms in Lincoln. To keep their bookkeeping services in step with an independent bookkeeper's fee, it's now common practice for many accountancy firms to have a fixed fee for these services. This is fantastic news for business owners because it gives a wider variety of competition within the industry and can make your bookkeeping cheaper than initially thought.
When thinking about the main difference between a bookkeeper and an accountant, it's the amount of training and qualification that is needed for each discipline. An accountant will normally hold at least a degree in accounting with further training in the field of taxes and other business and fiscal management. Although likely not holding the same financial qualifications, or having this level of training and experience, a bookkeeper in Lincoln will still have a good grasp of all such procedures.
RESPONSIBILITIES OF A BOOKKEEPER IN LINCOLN
The recording of day by day financial transactions of any business or enterprise in Lincoln, describes the process of bookkeeping in the simplest of terms. This can include;
- Logging of all financial incomings; cash, card and electronic payments included.
- Monthly reports and reconciliations.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- Recording invoices received and ensuring payment is completed on time.
- Billing of customers for work completed or goods.
- Payroll services.
Dependant upon service level you require, a professional bookkeeper might just be needed to periodically double-check your records, if you are happy to perform the vast majority of bookkeeping work yourself. As a bare minimum this ought to be from month to month, to enable the rapid detection and rectification of any mistakes or problems. This can be the most cost-effective trade-off, provided that you are confident of remaining up-to-date with your financial transactions without compromising your day by day business operations.
Whatever your current situation is, if you are seriously looking at hiring a bookkeeper in Lincoln, it is fairly likely that you may be having problems with the financial recording aspects of your small business. To facilitate the seamless arrangement of financial data, a decent bookkeeping service will help you to link the latest computer software to your business accounts, and will offer advice and guidance on such things as preparing expense reports, stocktaking and invoicing.
An especially important element of effective bookkeeping is being able to reconcile accounts payable with cash flow. Which means that by scheduling the payment of bills to times when your finances are in good shape, your bookkeeper will avoid the mistake that many small businesses are guilty of at some time or other i.e. paying an outstanding bill immediately, or waiting for an overdue notice. As well as keeping your business on a sound financial footing, this also stands you in good stead with service providers and suppliers. This is a balancing act that can be challenging to accomplish on your own when you're primarily focussed on the operation of your company.
Using a competent bookkeeper in Lincoln, if you are a sole trader, or for your small business also gives them the chance to cast a fresh eye over your financial situation. Business trends and patterns that you may have disregarded might be pinpointed by this sort of dispassionate appraisal. It isn't unusual for a bookkeeper to identify a new opportunity or flag up an area which is decreasing in profits. Spotting these key performance indicators (KPI's) is vital for driving the growth of any business enterprise in Lincoln.
Having to chase up late payments can be an awkward scenario for you, if you give out invoices as part of your business operations. Having a person from outside your business situation, can take away the apprehension of visiting your customer or making that phone call. There are legal techniques a professional bookkeeper can employ, if you've got a repeating late payer, and they can help to clear up the situation before the issue winds up in a small claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are fairly straightforward and simple. Sole traders are expected to track income and expenditure on a monthly basis and save all receipts and invoices. Now, this doesn't seem too tough does it? Yet, it's still a wise move to hire the expertise of a bookkeeper to make sure that it is all done correctly. Offering advice on what bonafide business expenses you can claim back, a specialist sole trader bookkeeper in Lincoln will look after your dealings with HMRC. This could include advertising expenses, consumables, stationery goods, items such as computing equipment and rent and bills if working from home. Chat to your local bookkeeper for more comprehensive advice and see how they can help your small business to grow and prosper.
BOOKKEEPING FOR ONLINE TRADERS
Some businesses that work in niche areas, might need to use a specialist bookkeeping service. If you manage an online store for instance, you'll need a bookkeeper in Lincoln who is familiar with online payments, exchange rate transfers, multi-currency processing and cross-border and international taxes. If you produce or hold the goods that you sell through that store, then it's going to be an important priority for your bookkeeping services and software to control your your inventory on a 24 hours a day basis, since the internet never sleeps.
In conjunction with your bookkeeping service, a virtual office can also be supplied. This is handy in enabling an online only business or sole trader to have a postal address and phone service to provide a physical link with their customer base. If this sort of service is needed, it is definitely worth discussing, although this solution will not be supplied by all bookkeeping companies in Lincoln.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate or Diploma level, and it's not necessary for a professional bookkeeper in Lincoln to hold a degree in accounting. Although there's a number of online courses available, bookkeeping qualifications can still be obtained through further education universities and colleges, if that's the chosen route.
To provide training and certification for bookkeepers, there are basically 2 primary organisations of interest:
The ICB or Institute of Certified Bookkeepers: Keeping their members current with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation anywhere in the world, providing certification for bookkeepers, together with reference material and training.
The AAT (Association of Accounting Technicians): Providing advanced qualifications and training, the Association of Accounting Technicians (AAT), allows fully certified members to use the letters AATQB. They're then able to become certified AAT bookkeepers, which guarantees their clients a decent level of service which is backed up by the association. To preserve the credibility of the AAT, a bookkeeper who's a member of the AAT can be liable to disciplinary and tribunal processes if they are found to have contravened the code of practice or had a complaint made against them.
By visiting their websites, you can check the qualifications of any professional bookkeeper on the register of ICB or AAT members. Carrying out such checks is generally advisable before actually retaining the services of any professional bookkeeper in Lincoln.
What Are the Main Advantages of Using a Bookkeeper in Lincoln Over an Accountant?
The following are a few reasons why you might choose to use a bookkeeper in Lincoln, instead of an accountant:
- Cost-Effectiveness: Bookkeeping services are often more cost-efficient when compared with accounting services, which makes them a smart choice for small businesses, startups and sole traders looking to save on expenditure.
- 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.
- Time Management: By choosing to outsource bookkeeping, businesses can save a bit of time and focus on other crucial areas of their business for example sales and marketing.
- Availability: Bookkeepers are generally more accessible and ready to provide support and answer questions in comparison to an accountant, who may sometimes be hard to reach.
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who may have a more standard approach.
It's vital to note that whilst bookkeepers offer some amazing services, they may not have quite the same level of expertise or qualifications as an accountant in aspects such tax preparation or financial planning. In these cases, seeking the services of an accountant may become necessary.
VAT Returns by a Bookkeeper in Lincoln
If you're a small business owner in Lincoln looking to ensure tax compliance and reduce the burden of VAT return preparation, hiring a bookkeeper could be an excellent option. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by a bookkeeper. On top of that, a bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. A bookkeeper can ensure that your VAT returns are dealt with accurately and effectively, which can help you feel secure and allow you to invest more time in the development of your business in Lincoln. Having a bookkeeper can be a wise financial decision as it can help you avoid any HMRC penalties or fines due to errors in your VAT returns or late submissions, potentially saving you money in the future. All in all, in Lincoln, hiring a bookkeeper can provide small business owners with a dependable, economical, and efficient solution for managing their VAT returns, allowing them to stay compliant with tax regulations, decrease their tax liability, and dedicate more time to growing their business.
Outsourced Bookkeeping Lincoln
All businesses in Lincoln should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, their payables/receivables, the money left in the bank account, and so on. With the owner of the business having to contend with the concerns and issues of operating a business, the task of doing the bookkeeping is sometimes outsourced to a bookkeeping company or freelance bookkeepers in Lincoln.
If a company in Lincoln hires a bookkeeper in order to become an employee, the company will have to spend a considerable sum of money in training the person for the purpose of performing the bookkeeping work. Moreover, there is no guarantee that the individual will stay for long in the company. In that situation, the company stands to lose a significant amount of money. As well as that, businesses will have to look for ways and means to offer benefits and incentives to keep the fully trained employee within the business. These are a few of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Lincoln.
Financial statement preparation - article 211.
Lincoln Bookkeeper Tasks
Most Lincoln bookkeepers will be ready to provide you with the following bookkeeping and accounting services: financial statement preparation, bookkeeping for home-based businesses, bank reconciliations Lincoln, bookkeeping and accounting in Lincoln, independent bookkeeping services, bookkeeping for sole traders, company cash books in Lincoln, general bookkeeping services, bookkeeping rates, invoice processing, Xero bookkeeping, VAT returns, bookkeeping services for pubs Lincoln, bookkeeping services for tradesmen in Lincoln, bookkeeping services for clubs, Quickbook bookkeeping services, professional bookkeeping services, bookkeeping for retail outlets, cash flow analysis, small business tax returns, accountancy packages, bookkeeping services for restaurants in Lincoln, tax preparation, maintaining fixed asset registers, double-entry bookkeeping in Lincoln, corporation tax returns, bookkeeping services for organisations, profit & loss reports, bookkeeping services in Lincoln, management accounts, and more. These are just a few of the activities that are carried out by local bookkeepers. Lincoln companies will keep you informed about their entire range of bookkeeping services. If there are other Lincoln bookkeeper requirements that you want but cannot see here, you should list them on the QUOTE FORM provided. We will get back to you with details just as soon as we can.
Bookkeepers Near Lincoln
Also find: Burton bookkeepers, Canwick Hill bookkeepers, Ermine bookkeepers, Washingborough bookkeepers, St Giles bookkeepers, New Boultham bookkeepers, Bracebridge bookkeepers, Canwick bookkeepers, Swanpool bookkeepers, Newland bookkeepers, Heighington bookkeepers, Boultham Moor bookkeepers, North Greetwell bookkeepers, Greetwell bookkeeper and more. All these locations are covered by local bookeepers. Lincoln residents can get quotes for bookkeeping services by going here.
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