Bookkeepers Manchester Greater Manchester (M1): If you operate an online store, are a sole trader or run a small business in Manchester, you are responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of 6 years according to the Companies Act. You could face a hefty fine, and possibly Company Director disqualification, if you can't produce these records. You can carry out these financial records yourself, yet when you consider that according to Accounting Today over forty percent of small business owners spend 80 plus hours annually on their bookkeeping, it's often more cost-effective to use a professional bookkeeper or accountant.
If the thought of compiling balance sheets, writing ledgers, preparing profit, loss and fiscal reports or tracking liabilities and assets fills you with dread, then it's high time to contact a bookkeeper in Manchester for advice.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between an accountant and a bookkeeper?" Is a question that is asked by many people in Manchester. To be honest, due to massive improvements in software over the past decade or so many accountants in the Manchester area will consider taking on bookkeeping, which was at one time considered to be beneath their skill-sets, experience and qualifications. For many accounting firms it is now fairly common to charge a fixed rate for bookkeeping services, so that they're in line with the usual charges of an independent bookkeeper in Manchester. Since it offers a wider range of competition within the marketplace, this is excellent news for small businesses in Manchester, making their bookkeeping costs far more affordable than they previously were.
The level of training and qualification that is necessary is the main difference between an accountant and a bookkeeper. Normally holding an accounting degree, a professional accountant will also have had additional training in tax essentials and have qualifications in business and financial management. Although bookkeepers in Manchester will certainly have a good grasp of these fiscal skills, they might not have these qualifications or levels of experience and training in this field.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in simple terms, is to record the day by day financial transactions of any business enterprise in Manchester. This could include;
- Highlighting and rectifying any discrepancies in financial accounts.
- VAT recording and submissions.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Recording invoices received and ensuring that payment is completed by the due date.
- Payroll services.
- Logging of all financial incomings; card, electronic and cash payments included.
- Billing of clients for work completed or goods.
- Monthly reports and reconciliation.
Depending on the level of service you require, a professional bookkeeper may only be needed to double check your figures periodically, if you are able to do the majority of the bookkeeping work yourself. At the bare minimum this ought to be done on a monthly basis, to facilitate the swift detection and rectification of any problems or mistakes. Providing you are able to stay up-to-date with your financial transactions without having a negative impact on your everyday business operations, this option can be an extremely economical trade-off.
Whatever the circumstances are with your business, if you are currently thinking of hiring a bookkeeper in Manchester, it is a good bet that you could be struggling with the process of financial records and tax returns. Offering advice and guidance on everything from invoicing, producing expense reports and stocktaking, a professional bookkeeping company will also be able to guide you through the process of linking your accounts with the most up-to-date computer software to enable the seamless processing of all your business's transaction information.
Being able to reconcile cash flow with accounts payable, is an extremely crucial element of a good bookkeeper. Which means that rather than paying a bill right away, or waiting on a final notice, which most small businesses are guilty of at some time or other, your bookkeeper will schedule bill payments to times when your accounts are buoyant. This doesn't just keep your business on a sound financial footing, but keeps you in good stead with suppliers and those businesses who provide you with services. When, as an individual, you are inevitably focussed on running your business, this is a juggling act that can be challenging to perform.
If you are a sole trader, or run a small business, using a professional bookkeeper in Manchester, also gives them the opportunity to cast an unbiased eye over the running of your business. It could be that business patterns and trends that you might have overlooked will therefore be highlighted. It is not at all unusual for a clever bookkeeper to flag an area of the business which is decreasing in profits, or spot an opportunity that could be lucrative. Such key performance indicators (KPI's) are vital in enabling growth in any small business in Manchester.
It can sometimes be humiliating to pursue a late payment if your business gives out invoices. Having an independent person from outside your business situation, can take away the apprehension of visiting your customers or making that telephone call. If you've got problems with a persistent late payer there are legal options that a professional bookkeeper can employ to help resolve the issue before the situation winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are fairly straightforward and easy to understand. This involves keeping all invoices and receipts concerning the business, and tracking income and expenditure from month to month. While this might sound easy it is still recommended to hire the services of a bookkeeper. So that you'll be able to claim back any genuine business expenses from HMRC, a specialist sole trader bookkeeper in Manchester will be happy to advise you on what you must do. This might include promotional advertising, consumables, stationery goods, items such as computing equipment and bills and rent if working from home. To discover how they can help your business to prosper and grow, talk to your local bookkeeper for more detailed guidance and advice.
Some small businesses that work in niche areas, may need to employ a specialised bookkeeper. As an example, if you run a store online, you'll be wise to employ a bookkeeper in Manchester who understands exchange rate transfers, online payment procedures, cross-border and international taxes and multi-currency processing. If the same shop sells goods you hold or produce, then overseeing your inventory on a 24/7 basis is a major concern, as I'm sure you will be aware the internet never sleeps, therefore neither should your bookkeeping software or services.
It is also possible to establish a virtual office, which can be used in conjunction with your bookkeeping package. Providing a physical connection to their buyers, this allows an online only business or sole trader to have a telephone service and postal address. Although this solution may not be offered by all Manchester bookkeeping companies, it's definitely worth talking about the possibilities if this is something that is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Diploma and Certificate level, and a qualified bookkeeper in Manchester needn't hold a degree. Bookkeeping qualifications can be obtained via further education colleges and universities but there's also a growing variety of online courses available.
Representing bookkeepers, there are 2 key training and certification organisations:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest on the planet and offers accreditation to qualified bookkeepers, along with reference material and training to keep their associated members up-to-date with the latest trends and innovations.
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB, a fully trained member of the AAT (Association of Accounting Technicians) will have been provided with a training schedule and advanced qualifications in bookkeeping. They then become certified AAT bookkeepers, backed up by this well-respected organisation, which guarantees a minimum level of service for their clients. If an AAT bookkeeper has a complaint filed against them or is found to have breached the code of practice they can be liable to tribunal and disciplinary processes to safeguard the trustworthiness of AAT membership.
By viewing the register of ICB or ATT members on their websites, you can verify the qualifications of any bookkeeper in Manchester. Before using the services of any local bookkeeper in Manchester it's always a good idea to perform this check.
What Are the Main Advantages of Using a Bookkeeper in Manchester Over an Accountant?
The following are just some reasons why you may prefer to use a bookkeeper in Manchester, rather than an accountant:
- Expertise: Bookkeepers typically have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more efficient and effective in these tasks.
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who might have a more standard approach.
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save a bit of time and focus on other areas of their business, like marketing and sales.
- Availability: Bookkeepers are generally more accessible and on hand to provide support and answer questions in comparison to an accountant, who may sometimes be hard to reach.
- Affordability: Bookkeeping services are often more budget-friendly compared to accounting services, meaning they are an economical option for sole traders, small businesses and startups.
It is important to note that while bookkeepers offer some amazing services, they may not have quite the same level of expertise or qualifications as an accountant in aspects such financial planning or tax preparation. In these cases, seeking the specialised services of an accountant may become necessary.
Cash Flow Analysis
The financial health of a business can be comprehended by utilising cash flow analysis as a key tool. The responsibility of undertaking cash flow analysis for businesses lies with bookkeepers. The task involves keeping tabs on the amount of cash entering and leaving the business within a set time frame, generally a quarter or a month. Conducting a cash flow analysis enables the bookkeeper to help the business owner understand their current financial situation, detect any cash flow problems, and make plans for the future.
To create a clear picture of a company's financial health, the bookkeeper categorizes and reconciles all cash transactions, including investments, sales and expenses. Estimating the company's cash flow for the next few months or years is a vital component of the analysis and helps the company make informed decisions while avoiding potential cash flow issues.
In addition, a bookkeeper can suggest measures to bolster the business's cash flow, such as adjusting pricing models or improving payment systems. What's more, lenders may be more inclined to provide financing if a company's cash flow analysis demonstrates that it has the ability to pay back the loan. Managing finances effectively is impossible without an accurate and thorough cash flow analysis, which is a necessary tool for any business.
Outsourced Bookkeeping Manchester
All businesses in Manchester should understand the significance of bookkeeping. It helps business people monitor their outgoings and incomings, the total value of their assets and liabilities, the money left in the bank account, and so forth. With the business owner having to handle the concerns and issues of operating a business, the task of performing the bookkeeping is usually outsourced to a bookkeeping company or freelance bookkeepers in Manchester.
If a company in Manchester employs a bookkeeper in order to become an employee, the company will be required to fork out a considerable amount of money in training the individual for the purpose of working on the bookkeeping duties. On top of that, there's no guarantee that the person will stay after the training is finished. In that situation, the company can lose a considerable amount of money. Apart from that, businesses will have to seek out ways and means to provide benefits and incentives to keep the fully trained employee there. These are just a handful of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Manchester.
Business owners in Manchester can look for the following options with the bookkeeping company that delivers outsourcing services. Find out and check how much savings he can enjoy by outsourcing the bookkeeping work. As the expenses related to hiring and training in-house staff is an enormous concern, it would be wise on the part of business owner in Manchester to look for an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's extremely important to get top quality accounting services and greater security for your financial data. By quality, we mean reliable, precise, and real-time bookkeeping data delivered within the set timeframe. In short, the company that offers bookkeeping services in Manchester should have a well protected system that can be trusted and relied on.
These professional bookkeeping companies in Manchester should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary back-up and support.
VAT Returns by a Bookkeeper
A bookkeeper based in Manchester can offer small business owners a reliable and time-saving solution for their VAT returns, freeing them up to concentrate on other important aspects of their business. When you engage a bookkeeper, they can manage every detail of your VAT return, such as computing your VAT liability or refund, preparing and submitting your return to HMRC, and maintaining precise records of your transactions. Likewise, a bookkeeper can offer valuable advice on ways to reduce your VAT liability and ensure that you are claiming all of the allowable VAT that you are entitled to. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with efficiency and accuracy, enabling you to concentrate on the advancement of your business in Manchester. All in all, a bookkeeper in Manchester can provide small business owners with an affordable, dependable, and efficient solution for managing their VAT returns, enabling them to comply with tax regulations, minimize their tax obligation, and focus on the growth of their business.
Financial statement preparation - article 211.
Bookkeepers Near Manchester
Also find: Firstwood bookkeepers, Old Trafford bookkeepers, Cheetham Hill bookkeepers, Miles Platting bookkeepers, Moss Side bookkeepers, Ardwick bookkeepers, Strangeways bookkeepers, Fallowfield bookkeepers, West Gorton bookkeepers, Hulme bookkeepers, Rusholme bookkeepers, Ancoats bookkeepers, Longsight bookkeepers, Castlefield bookkeepers, Beswick bookkeeper and more. All these villages and towns are covered by local bookeepers. Manchester businesses and traders can get rates for bookkeeping services by going here.
Manchester Bookkeeper Tasks
Most bookkeepers in Manchester will be ready to offer you the following services: bookkeeping for sole traders, management reports in Manchester, bookkeeping for shops, off-site bookkeeping, bookkeeping for home-based businesses, Xero bookkeeping, tax returns, corporation tax returns, payroll bookkeeping, Self-Assessment tax returns Manchester, bank reconciliations in Manchester, bookkeeping for limited companies, mobile bookkeeping services, bookkeeping services for clubs, bookkeeping quotations Manchester, bookkeeping for charities, accounting and bookkeeping services, independent bookkeeping services, letting agent bookkeeping Manchester, Kashflow bookkeeping in Manchester, double-entry bookkeeping, cheap bookkeeping services, PAYE & wages, management accounts Manchester, business bookkeeping, cash books, small business tax returns, bookkeeping for freelancers, accounting and bookkeeping, general bookkeeping services in Manchester, and more. Listed are just a few of the duties that are carried out by local bookkeepers. Manchester companies will let you know their whole range of bookkeeping services. If there are additional Manchester bookkeeper requirements that you want but cannot see here, you should mention them on the QUOTE FORM provided. We will get back to you with information just as soon as we are able.
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