Bookkeepers Long Eaton Derbyshire (NG10): You are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of six years, if you operate an online store, run a small business or are a sole trader in Long Eaton, according to the Companies Act (2006). If you can't produce such information you could face a fine of thousands of pounds and possibly disqualification as a Company Director. There is a large investment of time involved with compiling these financial records on your own behalf, and it can be more economical to employ a professional accountant or bookkeeper, particularly when you consider that according to Accounting Today magazine over 40% of small businesses spend over eighty hours annually doing their bookkeeping.
If the very thought of writing ledgers, compiling balance sheets, creating profit, loss and fiscal reports or tracking assets and liabilities fills you with dread, then it's high time to contact a bookkeeper in Long Eaton for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between an accountant and a bookkeeper?" Is a question which is asked by many business owners in Long Eaton. The fact is that even though at one time the process of bookkeeping, was considered to be beneath the skill set, experience and qualifications of an accountant, due to software developments over the past ten years, many accountancy firms in Long Eaton will now undertake bookkeeping. It's currently quite common for many accountancy companies to charge a fixed fee for bookkeeping services in keeping with a typical bookkeeper's fee. This is good news for business owners since it generates a broader range of competition within the marketplace and can make the cost of your bookkeeping cheaper than initially thought.
The biggest difference of an accountant over a bookkeeper is the standard of training and qualification required. An accountant will, at the very least, hold a degree in accounting, and will have also had specialist training in business and financial management, and taxes. A bookkeeper in Long Eaton will undoubtedly have a fair grasp of these fiscal procedures, but might not necessarily hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER IN LONG EATON
The bookkeeping process in simple terms, is the recording of the daily transactions of any business or enterprise in Long Eaton. This will likely include, but is by no means limited to;
- Documenting of all financial incomings; including cash, card and electronic payments.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- The billing of clients for goods or work completed.
- Payroll services.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reports and reconciliation.
- Documenting the receipt of invoices and making certain that payment is completed promptly.
Based upon the level of service you require, a professional bookkeeper may just be needed to double check your records on a set schedule, if you're in a position to do the larger part of your own bookkeeping work. To allow for any problems or mistakes to be detected and corrected promptly, this really needs to be done every month at the bare minimum. Providing it is possible to stay up-to-date with your financial transactions without having a negative impact on your day to day trading duties, this option can be an extremely cost-effective trade-off.
It is a good bet that if you're considering hiring a bookkeeper in Long Eaton, you're currently fretting over the financial recording side of your small business. Offering advice and guidance on everything from preparing expense reports, stocktaking and invoicing, a professional bookkeeping company will also be able to guide you through the process of linking your business accounts with the most suitable computer software to enable the seamless processing of all your business's data.
An especially important aspect of good bookkeeping is the ability to reconcile cash flow with accounts payable. This means that instead of waiting on a final notice, which many small businesses in Long Eaton are guilty of doing, or paying a bill right away, your bookkeeper will schedule bill payments to a time when your finances are buoyant. This doesn't just keep your business enterprise financially secure, but keeps you in the good books of suppliers and the businesses who provide you with services. Sadly, this is just one of those juggling acts that can be hard to perform when you are mainly focussed on the streamlined running of your daily business operation.
Having someone who is unconnected to the business cast an eye over your financial affairs, is another good thing about employing a competent bookkeeper in Long Eaton for your small business or if you're a sole trader. It's quite possible that an unbiased appraisal like this will showcase business patterns and trends that have been missed previously. It's by no means unheard of for an intelligent bookkeeper to flag up an area of the business which is falling in profits, or spot an opportunity which could be lucrative. For powering growth in any business in Long Eaton, it is crucial that such key performance indicators are spotted as early as possible.
Chasing up a late payment can be an uncomfortable situation for you, if you send out invoices in your business operations. Some of that awkwardness can be taken away by having an individual outside your normal business bubble make that telephone call or visit to your clients. A professional bookkeeper can make use of legal methods to handle a consistent late payer, and without having to resort to a claims court proceeding, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, start off quite straightforward. It is stated that a sole trader must keep records of income and expenditure on a month by month basis and save all receipts and invoices. It is still a wise move to hire the expertise of a bookkeeping company, even though this might sound easy. Offering advice on what valid business expenses you're able to claim back, a specialist sole trader bookkeeper in Long Eaton will deal with HMRC on your behalf. This may include stationery, printer ink, items such as computers, advertising and bills and rent if working from home. To see how they can help your small business to grow, talk to your bookkeeper for more in-depth advice.
ONLINE TRADERS IN LONG EATON
There are various niche businesses where a specialist bookkeeper may be essential. You will need a bookkeeper in Long Eaton who understands multi-currency processing, exchange rate transfers, online payments and cross-border and international taxes, if you manage a store online for instance. If the same store sells goods that you produce or hold, then supervising inventory on a 24 hours a day basis is a massive priority, as I'm sure you'll be aware the internet does not sleep, so neither should your bookkeeping services and software.
In combination with bookkeeping service, it is also possible to establish a remote virtual office. This can be beneficial in enabling a sole trader or online only business to have a postal address and telephone service to offer a physical connection to their client base. Although this solution might not be offered by all bookkeepers in Long Eaton, it's definitely worth a discussion if this is something that's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate or Diploma level, and a qualified bookkeeper in Long Eaton doesn't need to have a degree. There's a choice of courses available online, although bookkeeping qualifications can still be obtained via further education colleges and universities.
There are basically two principal organisations that offer certification and training to bookkeepers:
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-date with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation anywhere in the world, providing certification for bookkeepers, in addition to training and reference material.
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the AAT or Association of Accounting Technicians, enables a fully certified bookkeeper to use the letters AATQB after their name. This then allows them to become a accredited AAT bookkeeper and promises a decent level of service which is backed up by the organisation. If a bookkeeper who is a member of the AAT has a complaint filed against them or is found to have violated the code of practice they could be subject to tribunal and disciplinary procedures to protect the integrity of AAT membership.
By going to their websites, it's possible to examine the register of AAT or ICB members, to find the qualifications of any bookkeeper. Undertaking these checks is usually a good idea before you actually hire any bookkeeper in Long Eaton.
What Are the Main Advantages of Using a Bookkeeper in Long Eaton Instead of an Accountant?
There are a number of benefits to using a bookkeeper as opposed to an accountant, including:
- Accessibility: Bookkeepers are generally more available to provide support and answer questions on a regular basis than an accountant, who may only be available at certain times of the year.
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient when compared with accounting services, making them a sensible choice for start-ups, small businesses and sole traders looking to save on expenditure.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants might have a more general approach.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in such tasks.
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save a bit of time and focus on other aspects of their business, for example sales and marketing.
It's vital to note that while bookkeepers offer some amazing services, they might not have the same level of expertise or qualifications as an accountant in aspects such tax preparation or financial planning. In cases like this, seeking the services of an accountant might be essential.
Using a Bookkeeper for Tax Returns
In the UK, those with small businesses or self-employed people may be required to file a self-assessment tax return. This task can be especially challenging if you are not acquainted with the process. To keep your records organised and prepare your tax return on time and accurately, a decent bookkeeper can help you.
To complete your tax returns, employing a bookkeeper can be beneficial in several ways. They'll ensure that your return is completed correctly, with their expertise and experience. This can help you avoid interest charges or penalties from HMRC. Secondly, the use of a bookkeeper can save you a lot of hassle, time and stress. You can leave the calculations and paperwork to them so you can concentrate on your business. Thirdly, Long Eaton bookkeepers can provide you with valuable advice on tax planning and financial strategy. This enables you to reduce your tax burden and increase your bottom line. (70193)
Long Eaton Bookkeeper Tasks
Most bookkeepers in Long Eaton will be able to provide you with the following bookkeeping and accounting services: credit control, double-entry bookkeeping Long Eaton, bookkeeping for clubs, wages & PAYE, management accounts, bookkeeping for societies, mobile bookkeeping services in Long Eaton, Quickbook bookkeeping services Long Eaton, bookkeeping for charities, Xero bookkeeping services, letting agent bookkeeping Long Eaton, accounting and bookkeeping Long Eaton, corporation tax returns, tax returns, cash books, bookkeeping services for sole traders, tax preparation, bookkeeping for retail outlets, Self-Assessment tax returns, independent bookkeeping services Long Eaton, invoice processing Long Eaton, small business bookkeeping, franchise bookkeeping in Long Eaton, maintaining fixed asset registers in Long Eaton, bookkeeping services for startups, bookkeeping services for self-employed people, bank reconciliations, payment services, bookkeeping for home-based businesses in Long Eaton, bookkeeping services, and more. These are just a few of the tasks that are performed by local bookkeepers. Long Eaton companies will keep you informed about their whole range of bookkeeping services. If there are other Long Eaton bookkeeper requirements that you want but don't see here, you can easily list them on the QUOTE FORM provided. We will get back to you with information just as soon as we are able.
Bookkeepers Near Long Eaton
Also find: Barton in Farbis bookkeepers, Attenborough bookkeepers, Dale Abbey bookkeepers, Church Wilne bookkeepers, Risley bookkeepers, Breaston bookkeepers, Clifton bookkeepers, Toton bookkeepers, Stanton by Dale bookkeepers, Draycott bookkeepers, Bramcote bookkeepers, Shardlow bookkeepers, Gotham bookkeepers and more. The majority of these localities are catered for by local bookkeepers. This level of accessibility makes it straightforward for businesses and individuals to secure the financial help required for managing their accounts effectively. Bookkeeping quotations are available to area residents and businesses with a click here.
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