Bookkeepers Livingston Scotland (EH53): Whether you run a small business, are a sole trader or operate an online store in Livingston, you are responsible for keeping "true and fair", accurate accounting and financial records for at least 6 yrs according to the 2006 Companies Act. If you are unable to produce these records you may face a hefty fine and possibly disqualification as a Company Director. You can perform these financial recordings on your own behalf, but when you consider that according to the trade magazine Accounting Today over 40% of small businesses spend over 80 hours per year on their bookkeeping, it can be more cost-effective to use a professional bookkeeping company or accountant.
It is high time to get in touch with a bookkeeper in Livingston for advice, if the thought of creating profit, loss and fiscal reports, compiling balance sheets, filling out ledgers or tracking liabilities and assets fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between an accountant and a bookkeeper?" Is a question which is asked by many people in Livingston. The truth is that while in the past the process of bookkeeping, was considered beneath the experience, skill set and qualifications of an accountant, due to improvements in software over the past decade, a lot of accountancy companies in the Livingston area will now undertake bookkeeping. To keep their bookkeeping services consistent with a dedicated bookkeeper's fee, it's now quite common for accounting companies to have a fixed fee for such services. This means that the cost of bookkeeping is cheaper than it once was, and is fantastic news for small businesses in Livingston as it provides a broader range of competition within this sector.
When you're looking at the differences between an accountant and a bookkeeper in Livingston, the most notable one is the amount of training that's required for each of these disciplines. At least a degree in accounting with further training in the field of taxes and other business and financial management, will normally be held by an accountant. A bookkeeper in Livingston might not necessarily hold the qualifications or levels of experience and training, but will still have a good grasp of these fiscal disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process put simply, is to record the day by day fiscal transactions of any enterprise or business in Livingston. This is likely to include, but is in no way limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- Logging the receipt of invoices and making certain payment is completed promptly.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Monthly reconciliation and reporting.
- VAT submissions and recording.
- Billing of customers for goods or work completed.
While it is dependent on the extent of the service you are looking for, if you are willing to do most of your own bookkeeping work, a professional bookkeeper might just be needed to double check your records periodically. So that any problems or mistakes can be uncovered and rectified quickly, as a bare minimum, this ought to be from month to month. If you're confident of keeping on top of your daily trading and financial transactions, this trade-off can sometimes be the most cost-effective compromise.
Whatever the circumstances are with your small business, if you are seriously considering hiring a bookkeeping service in Livingston, there is a fair chance that you may be getting stressed about the process of recording your financial data. Offering assistance with everything from creating expense reports, invoicing and stocktaking, a professional bookkeeper will also be able to help you link your accounts with the most suitable software application to enable the seamless processing of all your business's data.
One of the most important elements of good bookkeeping, is being able to efficiently reconcile cash flow with accounts payable. Which means that by optimising the payment of bills to a time when your finances are buoyant, your bookkeeper will avoid the mistake that many small businesses in Livingston are guilty of doing i.e. paying an outstanding bill straight away, or waiting for a final notice. This not only keeps you in the good books of suppliers and those businesses who supply services to you, but also makes sure that your business or enterprise is financially sound. Unfortunately, this is one of those balancing acts that can be difficult to accomplish when you're completely focussed on the smooth running of your everyday business operation.
Using a professional bookkeeper in Livingston, for your small business or if you are a sole trader also gives them the chance to cast an unrelated eye over your business finances. This unprejudiced assessment can permit them to discover business patterns and trends that might have gone unnoticed. A scenario where an intelligent bookkeeper flags up an area which is dropping in profits, or identifies a new opportunity that may prove lucrative, is by no means an unheard of occurrence. Spotting such KPI's (key performance indicators) is crucial for the success and growth of any enterprise in Livingston.
If you give out invoices as part of your business operations, having to chase up late payments can be fairly uncomfortable. If that telephone call or visit to your customer is done by a person outside your business situation, it is possible for most of that embarrassment to be taken away. There are legal methods a bookkeeper can make use of, if you've got a repeating late payer, and they can help to clear up the situation before the matter winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are comparatively straightforward and basic. A sole trader is required to monitor income and expenditure on a month by month basis and keep all receipts and invoices. Whilst this might sound simple it is still recommended that you retain the expert services of a competent bookkeeper. A dedicated sole trader bookkeeper in Livingston can give you advice on what you might be able to claim back from HMRC as business expenses. This may include advertising, stationery, rent and bills if working from home, items such as computers and consumables. For more detailed advice, talk to a trusted bookkeeper, and discover how they may be able to help your business to flourish and grow moving forward.
ONLINE TRADERS IN LIVINGSTON
There are a number of business niches where a specialist bookkeeper might be required. As an example, if you run a store online, you'll be better off employing a bookkeeper in Livingston who understands online payment procedures, multi-currency processing, exchange rate transfers and cross-border and international taxes. Given that the internet does not sleep, if the same shop sells goods you hold or produce then regulating inventory on a 24/7 basis is a massive priority which will have to be addressed.
A virtual office can also be supplied in conjunction with your bookkeeping service. This allows an online only business or sole trader to offer a physical connection to their customers, via a postal address and telephone service. Not all bookkeepers in Livingston will be willing to supply this option, however it is worthwhile talking about if it's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a certified Livingston bookkeeper to hold a degree, and a lot of the bookkeeping industry qualifications are held at Diploma and Certificate level. If the preferred route to qualification is through further education universities and colleges, this is still a possibility, although there there is a choice of bookkeeping courses available online.
To provide certification and training for bookkeepers, there are basically two principal organisations of interest:
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation anywhere in the world is the the Institute of Certified Bookkeepers or ICB, and it provides accreditation to bookkeepers, together with reference material and training to keep their members informed about the latest trends and innovations.
The AAT (Association of Accounting Technicians): The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications allowing a fully certified bookkeeper to use the letters AATQB. This promises a level of service to their customers which is backed by the organisation, and enables them to become a accredited AAT bookkeeper. To preserve the values and integrity of the AAT, a bookkeeper who's associated with the AAT can be subject to disciplinary and tribunal procedures if it's found that they have breached the code of conduct or had a complaint against them.
You can check the qualifications of any Livingston bookkeeper on the register of AAT or ICB members on their respective websites. Before you use any local bookkeeper in Livingston it's recommended that you carry out this check.
Bookkeeping services are available in Livingston and also in: Dechmont, Kirkton Campus, East Calder, East Whitburn, Seafield, Uphall, Polbeth, Kirknewton, Deans, Winchburgh, Pumpherston, Livingston Village, together with these postcodes EH54 5JB, EH54 0SA, EH54 0DU, EH53 0TN, EH54 0JB, EH54 0AT, EH54 0FQ, EH54 0TT, EH54 0JA, EH54 0TU. Locally based Livingston bookkeeper services will probably have the postcode EH53 and the telephone dialling code 01506. Checking this out will ensure that you access local bookkeepers. Livingston sole traders and business owners will be able to utilise these and numerous other comparable services.
Franchise bookkeeping Livingston.
Livingston Bookkeeper Questions
In the past month or so I have been reading through the questions that folks in Livingston ask with regards to bookkeepers. Some of you have e-mailed reasonable enquiries that I considered to be relevant to this article. The ones which I picked were, Are bookkeeping and accounting the same? What are the advantages of a bookkeeper over an accountant? Can a bookkeeper do payroll? How can I get bookkeeper in Livingston? What makes a great bookkeeper? Does a bookkeeper have to be registered? Why choose a bookkeeper in Livingston? How much should bookkeeping cost? What does bookkeeping involve? The majority of these enquiries will have hopefully been dealt with in the preceding article, and if that isn't the case we will be introducing a bookkeeping "Q&A" feature before long. A huge thank you goes to Sonny Walker, Xander Gordon, Calum Arnold and Rachel Sanderson from Livingston, for sending in these questions. We also received questions from Elena Rice in Dechmont, Alejandro Dalton in Livingston Village and Evelyn Barnard in Winchburgh.
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Livingston Bookkeeper Tasks
Most Livingston bookkeepers will be ready to provide you with the following accounting and bookkeeping services: letting agent bookkeeping Livingston, bookkeeping services for pubs in Livingston, bookkeeping services for clubs in Livingston, Kashflow bookkeeping, invoice processing Livingston, management reports, partnership returns, Sage bookkeeping services Livingston, bookkeeping services for limited companies in Livingston, general bookkeeping services, bookkeeping services for organisations, bookkeeping services, company cash books in Livingston, management accounts, QUOTE FORM provided. We will get back to you with specifics as soon as we can.Livingston, , bookkeeping for startups in Livingston, bookkeeping for self-employed people, bank reconciliation, , wages & PAYE Livingston, franchise bookkeeping Livingston, landlord bookkeeping Livingston, charity bookkeeping Livingston, payment services, bookkeeping services for retail outlets, cash flow analysis, accounting and bookkeeping services, and more. Listed are just a handful of the duties that are undertaken by local bookkeepers. Livingston providers will inform you of their entire range of bookkeeping services. If there are some other Livingston bookkeeper requirements that you want but don't see here, you can mention them on the
Bookkeepers Near Livingston
Also here.: Seafield bookkeepers, Polbeth bookkeepers, East Calder bookkeepers, Deans bookkeepers, Kirknewton bookkeepers, Pumpherston bookkeepers, Kirkton Campus bookkeepers, Livingston Village bookkeepers, East Whitburn bookkeepers, Dechmont bookkeepers, Uphall bookkeepers, Winchburgh and more. All of these towns and villages are catered for by local bookeepers. Livingston businesses and traders can get prices for bookkeeping services by going
- Livingston Sole Trader Bookkeeping
- Livingston VAT Returns
- Livingston Tax Preparation
- Livingston Credit Control
- Livingston Double-Entry Bookkeeping
- Livingston Self-Assessment Tax Returns
- Livingston Bookkeeping Services
- Livingston Profit and Loss Analysis
- Livingston Bookkeeping Estimates
- Livingston Self-Assessment Bookkeeping
- Livingston Cash Flow Analysis
- Livingston Payroll Services
- Livingston Wages PAYE and CIS
- Livingston Cheap Bookkeeping
Bookkeepers Around Livingston: People who live in these local Livingston roads and streets have just recently requested bookkeeping services - St. Johns Court, Sandy Gait Cottage, The Loft, Bankton Avenue, Harburn Avenue West, Cloverbank, Crathes Gardens, Logan Way, Ballantyne Place, Lochshot Place, Fairbairn Road, Moncrieff Way, Deer Park Golf & Country Club, Dovecote Place, Murieston Green, Cameron Way, Burnvale, Elm Grove, Murieston Drive, Sinclair Way, New Calder, Nether Dechmont Cottages, Bankton Walk, Lady Place, Kirkton South, Larch Grove, Oldwood Place, Newyearfield Farm Cottage, Braid Green, as well as these Livingston area postcodes: EH54 5JB, EH54 0SA, EH54 0DU, EH53 0TN, EH54 0JB, EH54 0AT, EH54 0FQ, EH54 0TT, EH54 0JA, EH54 0TU.
To read local information on Livingston, Scotland take a look here
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Bookkeepers in EH53 area, (dialling code 01506).
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