Bookkeepers Maidstone Kent (ME14): For any individual in Maidstone who runs a small business, operates an online store or acts as a sole trader, it's their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is in accordance with the Companies Act (2006). Failing to produce these detailed records may leave you faced with disqualification as a Company Director, along with a hefty fine. Accounting Today reports that over 40% of small business owners spend over eighty hours every year on their bookkeeping, therefore whilst you can undertake these financial recordings on your own, it's often more cost-effective to employ a professional accountant or bookkeeper to do them for you.
The time has come to get in touch with a bookkeeper in Maidstone for assistance, if you are overcome with a sense of dread just thinking about the possiblility of producing balance sheets, preparing profit, loss and financial statements, tracking assets and liabilities or filling out ledgers.
BOOKKEEPER OR ACCOUNTANT?
The first question that most folks ask is "Just what is the distinction between an accountant and a bookkeeper?" The truth is that whilst at one time the process of bookkeeping, was considered beneath the experience, qualifications and skill-sets of an accountant, due to software improvements over the past 10 yrs, a lot of accountancy firms in the Maidstone area will now take on bookkeeping. It is common practice for many accounting firms to have a flat rate for bookkeeping services based on a typical bookkeeper's fee. Because it provides a wider range of competition within the industry, this is excellent news for small businesses in Maidstone, making their bookkeeping costs cheaper than they previously were.
When considering the main difference between an accountant and a bookkeeper in Maidstone, it is the standard of training and qualification that is required for each of these disciplines. An accountant will, at the minimum, hold an accounting degree, and should have also had specialist training in business and fiscal management, and taxes. Whilst probably not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Maidstone will undoubtedly have a decent understanding of all such disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN MAIDSTONE
The recording of day by day transactions (financial) of any enterprise or business in Maidstone, describes the act of bookkeeping in the simplest of terms. This can include, but isn't limited to;
- Documenting the receipt of invoices and ensuring that payment is completed promptly.
- Logging of all financial incomings; electronic, card and cash payments included.
- VAT submissions and recording.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Billing of customers for work completed or goods.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Payroll services.
- Monthly reporting and reconciliation.
Contingent upon the level of service you are looking for, e.g. whether you're happy to undertake the majority of bookkeeping work; a bookkeeper might just be needed to double check your records on a fixed schedule. This needs to be every month as a bare minimum, as this allows for any problems or mistakes to be found and rectified swiftly. This trade-off can sometimes be the most affordable compromise if you are able to stay in control of your everyday trading and financial transactions.
Whatever the scenario is with your company or business, if you're seriously considering hiring a bookkeeper in Maidstone, it is a good bet that you may be stressed with the process of recording your financial data. To facilitate the seamless pull-through of transactional data, a professional bookkeeping service will help you to link the most up-to-date software program to your accounts, and will give assistance with procedures like generating expense reports, invoicing and stocktaking.
An especially crucial element of effective bookkeeping is the ability to reconcile cash flow with accounts payable. This means that by arranging the payment of bills to times when your finances are in the best possible position, your bookkeeper will avoid the mistake that most small businesses are guilty of i.e. paying an outstanding bill immediately, or waiting on an overdue notice. This isn't merely to make certain that your business enterprise is on a secure financial footing all the time, but also to keep you in good stead with the businesses who supply you with materials or services. This is just one of those juggling acts that can be tricky to accomplish when you are inevitably focussed on the streamlined running of your everyday business activities.
Employing a certified bookkeeper in Maidstone, for your small business or if you're a sole trader also gives them the chance to cast a critical eye over your business affairs. It is entirely possible that an objective assessment like this will highlight business trends and patterns that you haven't previously noticed. A scenario where an intelligent bookkeeper flags up an area which is falling in profits, or spots an opportunity which may prove lucrative, is by no means an unheard of occurrence. Such key performance indicators are vital in driving growth for any enterprise in Maidstone.
Pursuing late payments can be an humiliating situation for you, if you send out invoices as part of your business operations. If that phone call or visit to your clients is carried out by a professional from outside your normal business bubble, it's possible for most of that apprehension to be eliminated. A bookkeeper can employ legal solutions to take care of a consistent late or non-payer, and without having to resort to court proceedings, help to resolve the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are reasonably straightforward and easy to understand. A sole trader is expected to monitor income and expenditure from month to month and save all invoices and receipts. It's still recommended to retain the services of a bookkeeper, although this may at first sound simple. Offering advice on what legitimate business expenses you can claim back, a dedicated sole trader bookkeeper in Maidstone will deal with HMRC on your behalf. This could include rent and bills if you work from home, consumables, stationery, items such as computing equipment and advertising. To see how to help your small business to grow, chat to your local bookkeeper for more detailed advice.
ONLINE TRADERS IN MAIDSTONE
There are niches in bookkeeping where a specialist may be required. You'll require a bookkeeper in Maidstone who's familiar with exchange rate transfers, cross-border and international taxes, multi-currency processing and online payment procedures, if you run a store online for example. Overseeing your stock on a 24 hours a day basis is also a vital priority, if the same shop distributes goods that you hold or produce, as I'm sure you will realise the internet doesn't sleep, therefore neither should your bookkeeping software or services.
In conjunction with bookkeeping service, it's also possible to provide a virtual office. Providing a physical link with their customers, this allows a sole trader or online only business to have a postal address and phone service. Not all Maidstone bookkeeping businesses will be able to provide this option, however it is worthwhile talking about if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the field of bookkeeping are at Diploma and Certificate level, and a qualified Maidstone bookkeeper doesn't need to have a degree. Bookkeeping qualifications can be obtained via further education colleges and universities but there's also an ever-growing choice of online courses available.
There are two main training and certification organisations representing bookkeepers:
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-speed with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation on the planet, providing accreditation to certified bookkeepers, together with training and reference material.
The Association of Accounting Technicians (AAT): Able to use the letters AATQB, a certified member of the Association of Accounting Technicians or AAT will have undergone a training schedule and advanced qualifications in bookkeeping practice. They're then allowed to become approved AAT bookkeepers, which promises their clients a decent standard of service which is backed up by the organisation. Bookkeepers who are associated with the AAT can can be liable to disciplinary and tribunal processes if they have a complaint filed against them or are found to have broken the code of practice. This helps to preserve the trustworthiness of AAT membership.
By viewing the register of AAT or ICB members on their respective websites, it's possible to check out the accreditations of any professional Maidstone bookkeeper. It is a good idea to implement this check, before you use any local bookkeeper in Maidstone.
Bookkeeping Maidstone - Outsourcing Options
All businesses in Maidstone should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, the money left in the bank, their incomings and outgoings, and so forth. With the business owner having to contend with the concerns and issues of operating a business, the task of carrying out the bookkeeping is frequently outsourced to a bookkeeping company or freelance bookkeepers in Maidstone.
If a company in Maidstone hires a bookkeeper so as to become an employee, the company will need to fork out a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that the individual will stay for long in the company. In that case, the company will lose a considerable amount of money for very little return. As well as that, firms will need to look for solutions to provide benefits and incentives to keep the employee there. These are just a taste of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Maidstone.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who might continue with outdated accounting practices. Again, they're not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You will find a lot of companies offering financial bookkeeping services catering to all kinds of clients and industries in Maidstone. A majority of these companies promise and deliver high quality service. It assumes importance for a business to look into the reputation of these Maidstone bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
Business owners in Maidstone can look for the following options with the bookkeeping company that delivers outsourcing services. Find out and check how much savings can be enjoyed by outsourcing the bookkeeping work. Given that the expenses relating to hiring and training in-house staff is a great concern, it would be prudent on the part of business owner in Maidstone to focus on an outsourcing company that can offer savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's very important to get high quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set timeframe. In a nutshell, the company that offers bookkeeping services in Maidstone should have a well protected system that can be trusted and relied on.
Cash Flow Analysis
Cash flow analysis is an important instrument for businesses to gauge their financial wellbeing. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. The task involves keeping tabs on the amount of cash entering and leaving the business within a set period of time, generally a month or a quarter. The bookkeeper can aid the businessperson in comprehending their current financial position, recognising any cash flow issues, and planning for the future by conducting a cash flow analysis.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as sales, expenses 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.
Managing finances effectively is impossible without a thorough and accurate cash flow analysis, which is a necessary tool for any business.
Maidstone Bookkeeper Tasks
Most Maidstone bookkeepers will be ready to provide you with the following services: bookkeeping for home-based businesses in Maidstone, accounting and bookkeeping in Maidstone, payroll bookkeeping Maidstone, charity bookkeeping Maidstone, Kashflow bookkeeping services Maidstone, partnership tax returns, financial statement preparation, profit & loss reports, bookkeeping for self-employed, corporation tax returns, professional bookkeeping services, bookkeeping for restaurants, bookkeeping services for small business, payment services, bookkeeping services, bookkeeping services for shops, bookkeeping services for charities in Maidstone, general bookkeeping services, maintaining fixed asset registers, letting agent bookkeeping, Xero bookkeeping, off-site bookkeeping services Maidstone, VAT returns, tax returns in Maidstone, bank reconciliation, mobile bookkeeping services in Maidstone, credit control Maidstone, assistance with registering for self-employment in Maidstone, accountancy packages, company cash books, and more. Listed are just a small portion of the tasks that are handled by local bookkeepers. Maidstone companies will inform you of their full range of bookkeeping services. If there happen to be other Maidstone bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We'll get back to you with information just as soon as we can.
Bookkeepers Near Maidstone
Also find: Thurnham bookkeepers, Allington bookkeepers, Barming bookkeepers, Hollingbourne bookkeepers, Tovil bookkeepers, Weavering bookkeepers, Sandling bookkeepers, Parkwood bookkeepers, Mereworth bookkeepers, Walderslade bookkeepers, East Farleigh bookkeepers, Penenden Heath bookkeepers, Yalding bookkeepers, Detling bookkeepers, Downswood bookkeepers and more. Bookkeeping services are provided to practically all of these locations by companies. Such accessibility guarantees that both individuals and businesses can effortlessly locate the financial assistance required to effectively manage their accounts. By clicking here, residents in the area can obtain price quotes for bookkeeping.
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