Bookkeepers Liverpool Merseyside (L1): For any individual in Liverpool who acts as a sole trader, owns a small business or runs an online store, it is their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of 6 yrs. This is laid out by the Companies Act (2006). You may be disqualified as a Company Director and receive a hefty fine, if you cannot produce this information. There's a considerable investment of time involved with maintaining such financial records on your own behalf, and it's often more cost-effective to use a professional bookkeeping company or accountant, especially when you consider the fact that according to Accounting Today over 40% of small business owners spend over 80 hours annually on their bookkeeping.
If you're filled with a sense of terror simply thinking about the possiblility of compiling balance sheets, writing out ledgers, creating profit, loss and fiscal reports or tracking liabilities and assets, then the time to get in touch within Liverpool for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
Just what is the difference between an accountant and a bookkeeper is the first question that springs to mind for most people in Liverpool. The truth is that while in the past a lot of accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill set, a lot of accountancy companies in Liverpool will now take on bookkeeping, due to software developments over the past 10 yrs or so. To keep their bookkeeping services in step with a dedicated, it is now quite common for many accountancy companies to have a flat rate for these services. Business owners are now benefiting from this, because it generates a broader range of competition within this sector and can mean that the cost of bookkeeping is far more affordable than it would have been previously.
The amount of training and qualification required is the main difference between an accountant and a bookkeeper. Typically holding an accounting degree, a professionalwill also have had additional training in tax essentials and have qualifications in business and financial management. A bookkeeper in Liverpool will definitely have a good grasp of these disciplines, but may not hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms possible, bookkeeping involves the recording of day by day fiscal transactions of any business or enterprise in Liverpool. This could include;
- Logging of all financial incomings; cash, electronic and card payments included.
- Monthly reconciliations and reporting.
- Payroll services.
- The billing of customers for work completed or goods.
- Highlighting and rectifying any discrepancies in financial accounts.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- VAT recording and submissions.
- Documenting the receipt of invoices and making sure payment is completed on time.
Dependant upon service level you need, e.g. whether you are happy to undertake the vast majority of bookkeeping work; a professional bookkeeper might only be needed to double check your figures every once in a while. This ought to be every month at the bare minimum, as this allows for any problems or mistakes to be uncovered and amended swiftly. If you're confident of staying on top of your everyday trading and financial transactions, this trade-off can often be the most cost-effective compromise.
If you're presently looking at hiring a bookkeeper in Liverpool, whatever your circumstances, there is a fair chance that you might be getting stressed about your financial recording procedures. Offering guidance and advice on everything from creating expense reports, stocktaking and invoicing, a professional bookkeeper will also be able to help you link your accounts with the most suitable software program to enable the seamless processing of your business's data.
The reconciliation of accounts payable with cash flow is one of the most vital aspects of a good bookkeeping service. This means that by organising bill payments to times when your finances are in good order, your bookkeeper will avoid the mistake that most small businesses in Liverpool are guilty of at some time or other i.e. paying an outstanding bill right away, or waiting on a final notice. This doesn't just keep your business enterprise on a good financial footing, but keeps you in good stead with suppliers and those people who supply you with services. This is a juggling act that can be tough to accomplish on your own when you're firmly focussed on the operation of your company.
Having somebody who's unconnected to the business cast an eye over your financial dealings, is another added advantage of using a qualified bookkeeper in Liverpool if you are a sole trader, or for your small business. Business trends and patterns that you might have overlooked might be pinpointed by this sort of nonpartisan evaluation. A bookkeeper spotting a brand new opportunity or flagging an area where profits are dropping, is not at all uncommon. It is important for the long-term growth of any enterprise in Liverpool, to spot such key performance indicators.
It can sometimes be embarrassing to chase up a late payment if your company sends out invoices. By having somebody outside your normal business situation visit your customers or make that phone call, some of that apprehension can be eliminated. If you have problems with a persistent late or non-payer there are legal techniques a bookkeeper can employ to help resolve the situation before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty basic bookkeeping requirements for sole traders, that are set out in law. It's stated that sole traders must keep a record of expenditure and income from month to month and keep all invoices and receipts. While this might sound simple enough it is still a good idea to retain the services of a bookkeeper. Advising you on what legitimate business expenses you can claim back, a dedicated sole trader bookkeeper in Liverpool will deal with HMRC on your behalf. This might include items such as computers, bills and rent if you work from home, printer ink, stationery and advertising expenses. Chat to your bookkeeper for more comprehensive advice and learn how they can help your small business grow.
Certain small businesses that operate in niche markets, might need to hire a specialist bookkeeping service. If multi-currency processing, cross-border and international taxes, online payment procedures and exchange rate transfers are involved, for instance if you run an online store, you will need a bookkeeper in Liverpool who is familiar with these practices. If you produce or hold the merchandise that you distribute on that store, then it will be a huge concern for your bookkeeping services and software to control your your stock on a 24 hours a day basis, because the internet does not sleep.
In conjunction with bookkeeping services, it is also possible to establish a remote virtual office. Offering a physical link with their customers, this allows a sole trader or online only business to have a postal address and telephone service. Not all bookkeepers in Liverpool will be able to provide this option, but it's worthwhile discussing if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Diploma and Certificate level, and a professional Liverpool bookkeeper need not hold a degree. If the preferred route to qualification is via further education universities and colleges, this option is still available, whereas there there are an ever-growing number of bookkeeping courses available online.
There are basically 2 main organisations that offer certification and training to bookkeepers:
The Association of Accounting Technicians or AAT: Providing advanced qualifications and a training schedule, the AAT (Association of Accounting Technicians), allows a fully certified member to use the letters AATQB after their name. They then become licensed AAT bookkeepers, approved by this well-respected association, which promises a standard of service for their clients. If a bookkeeper who is associated with the AAT has a complaint filed against them or is found to have breached the code of practice they could be liable to disciplinary and tribunal procedures to preserve the credibility of the AAT.
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-date with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation in the world, providing accreditation to certified bookkeepers, along with reference material and training.
By going to their websites, you're able to check the register of ICB or ATT members, to verify the accreditations of any professional bookkeeper. It is generally a good idea to implement this check, before you retain the services of any local bookkeeper in Liverpool.
Bookkeeping services are available for those living in in Liverpool and also in: Fairfield, Kensington, Wavertree, Edge Hill, Otterspool, Garston, Vauxhall, Tarbock, Orrell Park, Everton, West Derby, Kirkdale, Bankhall, Childwall, Toxteth, and in these postcodes L1 1NA, L1, L1 3BG, L1 4ED, L1 4AZ, L1 1JE, L1 3BX, L1 0AF, L1 0BG, L1 3NG. Local Liverpool bookkeeper services will most likely have the phone code 0151 and the postcode L1. Checking this out should make certain that you're accessing local bookkeepers. Liverpool sole traders and business owners can benefit from these and numerous other bookkeeping related services.
Cash Flow Analysis
To comprehend its financial health, any business must employ cash flow analysis. A vital task for bookkeepers is to conduct cash flow analysis on behalf of a business. One must track the cash inflows and outflows of the business during a specific time frame, normally monthly or quarterly. The bookkeeper can aid the businessperson in comprehending their current financial position, recognising anyproblems, and planning for the future by conducting a cash flow analysis.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as expenses, sales and investments, to offer a clear picture of the company's financial health. Part of the analysis also involves predicting the company's cash flow for the forthcoming months or years, allowing the business to make informed decisions and avoid potential cash flow problems.
Furthermore, a comprehensive cash flow analysis can be advantageous for businesses seeking to secure financing by providing lenders with a clear view of the company's financial status and capacity to repay loans. Any business that desires to manage their finances effectively must have an accurate and complete cash flow analysis as a vital tool.
Liverpool Bookkeeper Tasks
Most Liverpool bookkeepers will be willing to provide you with the following accounting and bookkeeping services: payment services, QUOTE FORM provided. We will be in touch with details as soon as we are able.in Liverpool, bookkeeping for retail outlets in Liverpool, bookkeeping for shops Liverpool, bookkeeping for limited companies, management reports, bookkeeping for clubs, partnership returns in Liverpool, professional bookkeeping services, Self-Assessment tax returns Liverpool, corporation tax returns, bookkeeping services for societies, bookkeeping price quotes, bookkeeping services for small business Liverpool, bookkeeping for organisations, , bookkeeping for payroll, , accountancy packages, bookkeeping services for the self-employed, , tax return preparation, bookkeeping services, bank reconciliation, bookkeeping services for startups in Liverpool, company cash books, bookkeeping services for charities in Liverpool, tax returns, accounting and bookkeeping, financial statement preparation, and more. These are just an example of the activities that are handled by local bookkeepers. Liverpool providers will inform you of their whole range of bookkeeping services. If there happen to be additional Liverpool bookkeeper requirements that you need but can't see here, you should list them on the
Bookkeepers Near Liverpool
Also: West Derby bookkeepers, Bankhall bookkeepers, Tarbock bookkeepers, Childwall bookkeepers, Kirkdale bookkeepers, Garston bookkeepers, Everton bookkeepers, Orrell Park bookkeepers, Vauxhall bookkeepers, Edge Hill bookkeepers, Kensington bookkeepers, Wavertree bookkeepers, Toxteth bookkeepers, Otterspool bookkeepers, Fairfield bookkeepers and more.
- Sole Trader Bookkeeping
- Small Business Bookkeeping
- Bookkeeping Quotations
- Tax Returns
- Double-Entry Bookkeeping
- VAT Returns
- Self-Assessment Bookkeeping
- Cash Flow Management
- Bookkeeping Services
- Wages and PAYE
- Bank Reconciliations
- Tax Preparation
- Profit and Loss Analysis
- Payroll Services
More Merseyside Bookkeepers: More Crosby, Haydock, Heswall, Halewood, Bebington, Bootle, St Helens, Wallasey, Southport, Formby, Prescot, Kirkby, Liverpool, Litherland, Maghull, Newton-le-Willows and Birkenhead.:
If you need local Liverpool info take a look here
Bookkeepers in L1 area, and dialling code 0151.
Bookkeepers Liverpool - Quickbooks Bookkeeping Liverpool - Bookkeeping Accountants Liverpool - Sole Trader Bookkeepers Liverpool - Small Business Bookkeeping Liverpool - Bookkeeping Services Liverpool - VAT Returns Liverpool - Small Business Bookkeepers Liverpool - Bookkeeping Liverpool